ULACIT innovation chief Allan Matarrita says Costa Rica has the talent, industries and links to the US to become a major launchpad for Latin American founders – while his university is training students to think like entrepreneurs, test ideas quickly and turn them into real-world ventures

Great ideas are “worthless” unless entrepreneurs have the courage and skills to turn them into tangible reality, one of Costa Rica’s leading startup experts has warned.

Allan Matarrita, director of entrepreneurship and innovation at Costa Rica’s Latin American University of Science and Technology (ULACIT), said aspiring founders should stop obsessing over the next big idea and concentrate instead on execution, experimentation and finding a genuine purpose.

He said founders need something strong enough to sustain them through the long hours, uncertainty and setbacks involved in building a company.

Matarrita, who has spent more than 20 years working across innovation, technology and entrepreneurship, also warned that money was a poor motivation for starting a business and said founders needed a genuine purpose.

He told The European: “What’s the value of an idea on its own? Zero. Ideas are worthless unless you do something with them. You have to test them, fail fast and pivot if necessary.

“If your main motivation is money, you’re unlikely to succeed. I’ve seen that many times. Money alone is not a good reason to become an entrepreneur.

“Maybe you want to change the world, solve a problem or help someone. You need a reason strong enough to get you up every morning, keep you working late and carry you through the difficult times, because building a business is not easy.”

Matarrita, who has founded startups in his native Costa Rica and in the U.S, said the term “entrepreneur” was too often reserved for people who set up companies rather than those who spot opportunities, solve problems and turn ideas into something valuable.

Those individuals might include employees inside established businesses who develop new products or services, as well as people who turn scientific research into commercially viable ideas.

They may also be students willing to identify problems, test solutions and quickly change course when an idea fails – including his own undergraduates at ULACIT.

The university has overhauled the way entrepreneurship is taught, he said, by replacing a traditional business creation course with one focused on innovation, technology and entrepreneurial thinking.

Unlike students on more traditional business courses, those at ULACIT are taught to identify problems, develop solutions, use agile methods and pitch ideas to investors as part of the programme.

Matarrita said the aim was to develop an entrepreneurial mindset rather than simply teach conventional business skills in isolation from the realities of building and growing ideas in the real world.

“I can teach you how to do a cash flow, marketing plan, strategy, and so on. You can learn that at any university,” he added.

“But that won’t make you a business person. That won’t make you an entrepreneur because what the first skill that we have to work is your mindset, how you think.”

ULACIT is now seeking to bring entrepreneurship and scientific research together through its Innovation and Technology Centre, with the aim of turning university discoveries into deep-tech startups.

Matarrita said Costa Rica already has many of the ingredients needed to become a major regional startup hub, including skilled workers, strong medical device and software industries, investment and close links to the U.S.

The problem, he said, is that universities, businesses and government still operate like separate “islands”, while larger companies can be slowed by internal bureaucracy.

He wants ULACIT to help connect those parts of the ecosystem and turn Costa Rica into what he calls a “startup beach” – a launchpad for entrepreneurs across Latin America seeking access to the American market.

“I want to turn this country into a more innovative place, more friendly for startups, attract investments from outside the country,” he added.

You can watch the full interview with Allan Matarrita on The European’s YouTube channel here.

Do you have news to share or expertise to contribute? The European welcomes insights from business leaders and sector specialists. Get in touch with our editorial team to find out more.