After the visit to Creditas, we spent our afternoon on the seedbed of Business start-up--the headquarter of Cubo Itaú. Cubo Itaú is a Non-profit Association working on match-making of business start-up in Sao Paulo, and it was founded by one of the biggest banks in Latin America. There are currently 55 small businesses in the headquarter which most of them are technology based start-up. For example, Foxtrot Systems calculates and optimizes delivery from daily situations and variables such as traffic, customers, sales, driver behavior and external events. According to Foxtrot Systems, their approach has reduced the distance of delivery by 19 percent, tracking time by 27 percent, and their punctuality is 98 percent. Looqbox is another start-up business working on simplified search and integration of data, which now has thousands of users from different companies. One purpose of Cubo Itaú is to provide business connections for start-ups, which is advantageous compared to starting a business at random places. Most start-ups in Cubo Itaú develop their relationships with other companies by having supplier contracts, some of them even get absorbed by large companies.
Innovation is an essential factor for economic development, especially in a country where economic recession reset its wealth and economy. As a place for new ideas and technology, Cubo Itaú is going to play an increasingly crucial part in Brazil's future, which includes hope for an efficient, effective, and transparent economic system.
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