Mexico’s technology start-ups are growing in number, and the industry looks to have a bright future, but the country should gradate more students with engineering degrees, says Antonio Garza, former U.S. ambassador to Mexico.
In a recent podcast with Nearshore Americas, the diplomat, who still lives south of the border, said a large number of venture capital funds are showing interest in investing money into Mexican start-ups.
The only drawback is lack of skilled technology workers, he said. “Thousands of Mexican youths are graduating with engineering degree every year, yet the number is not big enough for the country to keep pace with the growth of its technology industry,” he said. “In terms of the number of engineering graduates, I think Mexico can do more.”
He said the arrival of venture capital funds has enabled young tech entrepreneurs to “marry their idea with capital.” Garza has written several blog posts about the potential of Mexican economy as well as the country’s technology industry. He is of the firm belief that technology will change Mexico’s economic landscape.
In one of his blog posts, he wrote that Mexico’s technology industry is growing at three times the global average. Yet he cited the lack of skilled technology professionals as a major obstacle for the country to expand the industry.
“Many Mexican startups are struggling…..One problem is attracting the personnel. Even with roughly 115,000 engineering and tech students graduating each year from Mexico’s universities, many end up working elsewhere or going abroad,” he wrote in one of his posts.
Despite the political rhetoric against Mexicans in the US presidential race, Garza said he is not finding US investment in Mexico decreasing. “Mexico is not only our neighbor, it is also our trade partner,” he said in the podcast.
To listen to the full podcast, click here.