Internationalization Challenges for MSMEs in the South of the Aburrá Valley, Colombia: A Detailed Analysis

Abstract

This research work focused on analyzing the current situation of the business fabric in the area of influence with respect to internationalization processes in the subregion of Sur del Valle de Aburra, Colombia. To achieve this objective, a methodology was used that included the selection of a representative sample of 369 MSMEs from a total population of 9035 business records. In addition, an instrument designed to diagnose the intervention needs of the companies in relation to internationalization processes was applied.The results of the study indicate that a very high percentage of these microenterprises are relatively new to the market, with a limited organizational structure and owners with limited academic training. In addition, a large number of them have no export experience and face significant challenges in terms of access to financing and government support. The main intervention needs identified in the study include lack of knowledge about internationalization processes, lack of access to financing, and lack of government support.The results suggest that companies in the region face significant challenges in terms of access to financing and government support, as well as a lack of knowledge about internationalization processes. In addition, most of the companies are relatively new microenterprises in the market, with a limited organizational structure and owners with restricted academic backgrounds. These findings indicate the need for policies and programs that address the identified intervention needs and promote business development in the region. Overall, this study advances the understanding of the population and sample of MSMEs in the region and provides useful information for future research and business development projects.