Expectations about the support of the new Colombian government for Crowdfunding

Next August 8, the new President of Colombia and the new government take office. There is an expectation of the support that will be given to the alternative forms of financing of projects, SMEs and entrepreneurs.

Next August 8, the new President of Colombia and the new government take office. There is an expectation of the support that will be given to the alternative forms of financing of projects, SMEs and entrepreneurs.

Colombia must remove the obstacles to crowdfunding in particular, the one according to which any form of collective financing outside the traditional financial system is a crime of illegal collection of money (delito de captación illegal de dinero).

If Colombia wants to stimulate local entrepreneurship and localization in our country of foreign talents, we cannot be shy in the modern schemes of financing companies. The excessive requirements to operate these new forms of financing or state intervention as if we were dealing with the traditional financial system are not compatible with the need for the Colombian digital economy to grow.

It cannot depend solely on foreign investment, but it is necessary that entrepreneurs have sufficient sources of capital to develop their talent. Capital funds for digital ventures should have tax incentives and citizens in general should be able to support digital business incubation projects either with a donation or in exchange for an equity or partnership in the companies.

The new vision of the Financial Superintendency (Superintendencia Financiera) as well as of the Financial Regulation Unit of the Ministry of Finance (Unidad de Regulación Financiera del Ministerio de Hacienda) should be to support the new forms of collective financing of entrepreneurs and should remove constitutional, legal and regulatory obstacles. There is not much waiting time because the competition for the knowledge and talent of entrepreneurs is global.