Latin America

Mexico City, Montevideo, São Paulo

HBS has had a longstanding footprint in Latin America for over 20 years. The Latin America Research Center (LARC) opened in 2000 to satisfy strong interest on the part of the HBS faculty in this dynamic region. As a result, the LARC’s work has greatly increased the volume of in-depth research and course materials that focus on business management issues specific to Latin American companies. This has also enabled HBS to strengthen its relationships with important companies and organizations, fostering increased student engagement in the region. Since its inception, the LARC has supported HBS faculty in developing most of the HBS research cases and projects on management and economic issues in Latin America. To further encourage research being carried out in this region, HBS established a research center in São Paulo, Brazil, coupled with an office in Mexico City.

Locations

Latin America Research Center: Montevideo
Montevideo, Uruguay

Latin America Research Center: Mexico City
Mexico City, Mexico

Latin America Research Center: São Paulo
São Paulo, Brazil

News & Highlights

MAY 2025
EVENT

How AI is Reshaping Work: A Discussion with Prof. Joe Fuller

In May, Professor Joe Fuller (in the Region for FIELD Global Capstone) met with a select group of HBS and Harvard alumni from Argentina, for an insightful discussion on How AI is Reshaping Work. Drawing from his research at the Managing the Future of Work initiative, Professor Fuller explored the profound ways artificial intelligence is transforming labor markets, job design, and the skills required for the workforce of the future. He shared global trends, emerging challenges, and opportunities for business leaders to adapt and thrive in this rapidly evolving landscape.

MAY 2025
EVENT

Conversation on Tariffs and Globalization with Prof. Laura Alfaro

Professor Laura Alfaro joined members of the HBS Club of Brazil and the Harvard Club of Brazil for an engaging discussion on Tariffs and Globalization. The event brought together HBS and Harvard alumni, along with current MBA students who were in São Paulo participating in the FIELD Global Immersion Capstone. Drawing on her extensive research and policy experience, Professor Alfaro offered valuable insights into the shifting dynamics of global trade, the impact of tariffs on emerging markets, and the evolving role of globalization in today’s economic landscape. The conversation sparked thoughtful dialogue among attendees, connecting academic perspectives with real-world implications for business and policy in Latin America.

APRIL 2025
MBA ADMISSIONS EVENT

MBA Admissions Event with HBS Club of Brazil

LARC together with the admissions team invited newly admitted students from Brazil to join an event with the HBS Club of Brazil on readiness to transition from the corporate world to boards. As part of the program, Roberto Rittes—an accomplished executive and board member—shared his professional journey, offering a candid and inspiring perspective on the shift from operational leadership to strategic governance. Drawing from his own experiences, he encouraged attendees to expand their view of career growth beyond traditional executive roles and consider the long-term impact they can have through board participation. The event provided a valuable opportunity for the new admits to connect with the local HBS community, gain insights into post-MBA leadership trajectories, and begin building relationships that will support them throughout their HBS journey and beyond.

MARCH 2025
EVENT

Personalization and AI in Marketing with Prof. Eva Ascarza and Prof. Ayelet Israeli

In March the HBS Latin America Research Center, in partnership with Centrum PUCP, hosted a dynamic and intellectually engaging event in Lima, Peru. The session featured Harvard Business School Professors Eva Ascarza and Ayelet Israeli, who presented their cutting-edge research on Personalization and Artificial Intelligence in Marketing. Drawing from real-world case studies and data-driven insights, the professors explored how AI is transforming marketing strategies—enabling firms to deliver more tailored customer experiences, optimize campaign performance, and drive long-term business value. The event brought together over 50 participants, including prominent business leaders, academics, and marketing professionals. Following the presentation, a lively Q&A session allowed attendees to dive deeper into the implications of personalization technologies, ethical considerations, and practical applications across Latin American markets.

March 2025
EVENT

BiGS Roundtable in Mexico City

On March 13, 2025, in Mexico City, Harvard Business School’s Institute for Business in Global Society (BiGS) and the Latin America Research Center hosted a solutions-driven roundtable, bringing together business leaders, policymakers, and civil society representatives to explore the role of business in addressing economic inequality in Mexico and beyond. Participants engaged in thought-provoking discussions on navigating the evolving expectations of business in society. The conversation focused on actionable measures for Latin American firms to address inequality, highlighting emerging strategies for expanding equity ownership, poverty alleviation, and fostering deeper community collaborations.

New Research on the Region

July 2025
Teaching Material

Hyperscaling Dreams: Ualá's Path from Startup to Fintech Champion

By: Juan Alcácer and Manuel Franck

Teaching Note for HBS Case No. 725-408. Ualá, a fintech startup founded in Argentina in 2017 by Pierpaolo Barbieri, aimed to increase financial inclusion in Latin America through a digital platform linked to a prepaid card. After rapid success in Argentina, it expanded into Mexico and Colombia, acquiring banking licenses to deepen its offerings. Fueled by over $500 million in funding, Ualá scaled to 4 million users and over 1,300 employees. However, hypergrowth created internal strain, leadership challenges, and pressure from investors to shift focus from growth to profitability. In 2022, Barbieri faced key decisions on leadership structure, user growth strategy, and talent development for Ualá's next phase.

June 2025
Case

Konko AI: Automating Work with AI Agents

By: Shikhar Ghosh, Shweta Bagai and Liang Wu

In January 2025, Jean Marc Goguikian and Michael Haddad, co-founders of Konko AI, faced a critical strategic decision. After the company’s developer platform for private large language models (LLMs) struggled to gain traction, they had pivoted to building AI sales agents for fintech loan originators. Konko’s multi-agent system delivered strong results—achieving 40% revenue growth for the first three clients and converting leads 140% more effectively than human sales agents. However, implementation required extensive customization, making scaling challenging. During this time, an unexpected opportunity emerged in Latin American medical clinics. Unlike the heterogeneous fintech market, hundreds of clinics shared standardized pain points around patient engagement. Konko secured eight clinic commitments in less than a month—faster progress than they had achieved in fintech over months. The founders had to choose between doubling down on proven success in financial services or pivoting to medical clinics—a potentially larger, more homogeneous market they were just beginning to understand. This decision would determine product development strategy, market positioning, team focus, and future fundraising in the rapidly evolving AI agent landscape.

May 2025 (Revised June 2025)
Teaching Material

Social Enterprise in Latin America

By: Brian L. Trelstad and Karina Souza

This research note provides an overview of the social enterprise ecosystem in Latin America, exploring current dynamics across key markets, including country-specific insights on Brazil, Mexico, Argentina, Colombia, Chile, and Central America. In a region characterized by persistent inequality, informal economies, and limited access to essential services, social enterprises have emerged as innovative actors capable of addressing systemic social and environmental challenges by applying market-based solutions. The note examines the ecosystem’s key drivers, including the influence of international organizations (such as Ashoka, IDB, and IFC), family and corporate foundations, and a growing network of impact investors. The note also highlights how regulatory progress has begun to formalize the sector in countries like Colombia, Peru, and Uruguay. It examines the complexity of financing pathways for early-stage ventures and tracks the evolution from microfinance to impact investing. It also identifies representative enterprises, ecosystem leaders, and local investors, offering a comprehensive view of the region’s efforts to build inclusive and sustainable development through social entrepreneurship.

See more research