“Being entrepreneurial in Latin America is like dancing, two steps forward and one step backwards; but always advancing” – Craig Dempsey, CEO and Founder of the Biz Latin Hub
Craig Dempsey – Australian Entrepreneur in Colombia
Before embarking on his entrepreneurial journey in Latin America, Craig’s path was shaped by his distinguished military service in the Australian Army. As a commissioned officer, he completed multiple combat tours in Central Asia and the Middle East, developing the leadership skills and strategic thinking that would later prove invaluable in the business world. Following his military career, Craig transitioned into the mining sector, quickly advancing to executive roles across Australia, Canada, Peru, and Colombia.
His academic journey is equally impressive – a graduate of both the Royal Military College and the Australian Defence Force Academy, Craig also holds a Professional Mechanical Engineer degree from the University of New South Wales and a Master’s in Project Management.
The Birth of Biz Latin Hub
Founded on September 1, 2014, the Biz Latin Hub Group has grown from a single-office startup in Bogotá, Colombia, into a multinational enterprise encompassing all key markets within Latin America. “As one of the fastest-growing Australian-owned businesses in the region, we now operate in 18 countries and employ a diverse team representing over 20 nationalities,” Craig notes. “This remarkable growth has been achieved in less than five years, showcasing the potential that Latin America holds.”
Navigating the dynamic landscape of Latin America presents both unique challenges and rewarding opportunities for entrepreneurs and business owners. As the initial point of contact for clients looking to enter this vibrant region, Craig plays a pivotal role in guiding them through the intricacies of the local market.
“Latin America is one of the fastest-growing regions in the world, characterized by a large and expanding middle class,” Craig explains. “We believe the region is on the cusp of a golden age. However, this potential comes with its own set of unique challenges. Our mission is to empower entrepreneurs, business owners, and managers to recognize and navigate these challenges while seizing the best opportunities.”
The company’s esteemed client portfolio includes notable companies such as Imperial Group (UK), Cargo Jet (Canada), Sedgman (Australia), Laconia Resources (Australia), MHM Metals (Australia), Horton Works (United States), Ascot Resources (Australia), Hexa Resources (UK), NexPay (Australia), HubSpot (US), Vistra (UK), Velocity Global (US), MedReleaf (Canada), Novum (US), and Hopper (US).
The Latin American Business Landscape
The region stands at an exciting crossroads in 2024, with projected growth of 2.2% and further acceleration to 2.4% in 2025. This resilience is particularly evident in the declining inflation rates, which have dropped to 3.7% in 2023 and are expected to reach 3.4% in 2024. Export performance remains encouraging, with a 1.3% growth in Q1 2024.
Craig Dempsey is a successful business owner and entrepreneur in Latin America
What makes this landscape particularly interesting is its diversity:
- South America is showing steady growth at 1.6%
- Central America and Mexico are pushing ahead at 2.7%
- The Caribbean region continues to demonstrate strong performance with 2.8% growth
The business environment is evolving rapidly, with subscription-based services growing at 15% annually and e-commerce projected to reach $160 billion by 2024. We’re seeing particular momentum in fintech innovations and digital transformation across the region.
Craig’s Advice for New Entrepreneurs
Drawing from years of experience across multiple markets, my advice to new entrepreneurs and business owners centers on a few key principles:
1. Know Your Market
Each country in Latin America presents its own unique opportunities:
- Brazil’s massive digital transformation journey
- Colombia’s emerging tech ecosystem
- Chile’s stable regulatory environment
- Mexico’s manufacturing prowess
- Panama’s strategic position as a logistics hub
2. Build Strong Foundations
Success in Latin America requires:
- Understanding local regulations and compliance
- Building strong local partnerships
- Adapting to cultural nuances
- Maintaining flexibility in your approach
- Having patience and persistence
3. Start Smart, Scale Gradually
The most successful entries follow a pattern:
- Begin with thorough market research
- Validate your business model locally
- Build strong local teams
- Expand strategically across regions
4. Focus on Value Creation
Understanding and solving specific challenges in each market is key to growth and maintaining long-term client relationships.
5. Think Long-term
Building a successful business in Latin America requires patience and persistence. Take a long-term view and focus on building sustainable relationships in each market.
About Biz Latin Hub Today
The Biz Latin Hub Group has evolved into the leading provider of market entry and back-office services in Latin America. Our presence spans across El Salvador, Guatemala, Honduras, Belize, Panama, Costa Rica, Mexico, Brazil, Colombia, Ecuador, Peru, Chile, Argentina, Dominican Republic, Puerto Rico, Paraguay, Bolivia, and Uruguay, allowing us to offer comprehensive support throughout the region.
What sets us apart is our deep understanding of both local markets and international business requirements. We’ve built our success on helping companies navigate the complexities of Latin American markets while maintaining international standards of service.
“I encourage aspiring entrepreneurs and business owners from Australia and around the globe to take the leap,” Craig shares. “With commitment, determination, and hard work, anything is possible. You just need a solid idea, an opportunity, and a great team behind you.”
