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SENA expects Fondo Emprender to fund around 420 entrepreneurial ideas that will create more than 2,000 new jobs.

"You need a bunch of other expertise around the table in addition to raw engineering talent," says Casnocha. "There is still work to be done in terms of the human capital."

The five top winners of the Ecopetrol Awards may receive more than $8,000 USD, and another 12 winners will walk away with $2,000 USD or more.

Select startups will receive mentorship, a spot in the Google Developers Launchpad program, and the chance to pitch their business to around 30 investors.

NetSuite's global push is primarily focused on adding data centers, but it is also adding 13 field offices across the world.

Amazon Web Services highlighted the "growing demand and acceleration of cloud computing services" in the country.

"Our objective in that area is to advance women and minority-owned small businesses globally," said Jenny Robertson of FedEx.

More than 1,500 attendees gathered in the capital for the fourth edition of Colombia Startup.

Lorenzo Garavito believes the best investment in Colombia is to bet on the consumer. Retail, restaurants, and grocery stores are all low-risk plays with good returns.

"This service business is going to be the new starting point that will make Medellín a more modern, more digital, less polluted city," says Sergio Escobar of ACI Medellín.