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02
Product & Growth Strategy
Startups continue to grow at a fast pace and "test and learn" is in the core of their strategy.
Growth and product development are among the main priorities for startups
Startups top priorities
% respondents that selected each lever as one of their top 3 priorities
Source: McKinsey LatAm Startup Study (2023)
Despite the down cycle, startups continue to grow almost as if nothing has happened
YoY Growth
% of startups by annual growth range
Grew +90% in 2022
Source: McKinsey LatAm Startup Study (2023)
The main source of this growth is customer acquisition
Main lever of value creation driving startup’s growth
% of respondents
1. Others include international expansion, M&As and other levers
Source: McKinsey LatAm Startup Study (2023)
And organic growth is the main strategy to acquire new customers
Source: McKinsey LatAm Startup Study (2023)
Pivoting is also a core strategy, after all, startups are all about test and learn
% of surveyed startups that pivoted one aspect of their strategy
Source: McKinsey LatAm Startup Study (2023)
In terms of geography, international footprint is relevant, and contributes to ~20-40% of surveyed startups’ total revenue
Source: McKinsey LatAm Startup Study (2023)
