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Marcio Cruz

Marcio Cruz is Principal Economist in the Private Markets Group of the Development Economics (DEC) Vice Presidency at the World Bank Group. His research focuses on firm dynamics, technology adoption, entrepreneurship, international trade, and impact evaluation. Before joining the World Bank Group, he was a tenured professor in the Department of Economics at the Federal University of Paraná in Brazil and worked as an economist for the Secretary of Planning of the state of Paraná. He holds a PhD in International Economics from the Geneva Graduate Institute.
Development

The Foreignness of Africa’s Startup Ecosystem

Emanuele Colonnelli
Startups in Africa rely heavily on an equity market dominated by foreign investors and founders who studied or worked outside the continent. In new research, Emanuele Colonnelli, Marcio Cruz, Mariana Pereira-Lopez, Tommaso Porzio and Chun Zhao show that this dynamic exists because local equity is expensive, the pool of local entrepreneurs seeking out funding is small, and local entrepreneurs have limited access to foreign investors.

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The publication of the Stigler Center at The University of Chicago Booth School of Business

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