BRA 324 · Introduction to Brazil: Innovation and Entrepreneurship in Emerging Markets

Credits: 3 US semester credits (45 contact hours)
Prerequisites: None
Taught in: English (with integrated Portuguese & culture modules)

Options:

• BRA 324 · Introduction to Brazil: Innovation and Entrepreneurship in Emerging Markets (Session A2 only)
• SOC 324 · Introduction to Brazil: Innovation and Entrepreneurship in Emerging Markets - with a focus on social issues (Session A2 only)
  
• POL 324 · Introduction to Brazil: Innovation and Entrepreneurship in Emerging Markets - with a focus on policy issues (Session A2 only)
  

Course Description
This course examines Brazil’s economic, cultural, and political landscape with a focus on its dynamic role in global innovation. Students analyze the rise of Brazil’s startup ecosystems, explore regional economic drivers, and evaluate the challenges and opportunities of doing business in a diverse, emerging market. Academic learning is directly linked to professional visits with entrepreneurs, investors, and managers in Brazil’s leading cities, as well as cultural immersion activities that contextualize innovation within society.

Learning Objectives
By the end of this course, students will be able to:

1. Describe Brazil’s economic history and current role as Latin America’s largest market.
2. Analyze how regulation, policy, and culture shape entrepreneurship in emerging markets.
3. Compare regional ecosystems (São Paulo, Rio, Belo Horizonte, etc.) and identify their economic drivers.
4. Evaluate the challenges of scaling startups in contexts of inequality, infrastructure gaps, and political volatility.
5. Apply cross-cultural skills in professional and academic contexts through field visits and immersion.
6. Connect Brazil’s innovation trajectory with global markets and comparative emerging economies.

Course Structure
The course integrates:

• Lectures & Seminars: Faculty-led discussions introducing Brazil’s institutions, economy, and innovation case studies.
• Professional Visits: Startups, accelerators, co-working hubs, corporates, and NGOs.
• Cultural Immersion: Portuguese language basics, history, and cultural fieldwork.
• Daily Debriefs: Guided reflection linking visits to theory.

Weekly Modules (Suggested Itinerary)

Week 1 – Foundations in São Paulo, Rio

• Brazil’s political & economic history: From import substitution to global player
• Startup ecosystems: Why São Paulo leads innovation in Latin America
• Visit: Venture capital firm + early-stage startup in fintech or edtech
• Activity: Portuguese crash course & cultural orientation

Week 2 – Regional Drivers and Social Innovation

• Beyond São Paulo: Rio de Janeiro, Belo Horizonte, Recife, Porto Alegre
• Challenges of infrastructure, inequality, and informality in business
• Visit: Social enterprise or NGO leveraging tech for inclusion
• Activity: Cultural immersion visit (e.g., Afro-Brazilian history or favela tour with community leaders)

Week 3 – Regulatory Frameworks and Market Entry

• Brazilian regulatory and tax environment
• Role of BNDES (development bank), ANATEL (telecom), and innovation policy
• Visit: Co-working hub with startups tackling regulatory hurdles (healthtech, mobility, or agritech)
• Activity: Group case analysis on a global company entering Brazil

Week 4 – Global Context and Student Projects

• Brazil in the BRICS and Mercosur: South-South innovation networks
• Opportunities and risks for foreign investors and partners
• Visit: Multinational subsidiary navigating the Brazilian market
• Activity: Final group presentations & written reflection

Assignments and Assessment

• Participation and Debriefs (20%): Active contributions to class discussions, debriefs, and site visits.
• Field Reflection Papers (30%): Three short analytical essays linking visits to course concepts.
• Group Project (30%): Research and present an innovation sector in Brazil (fintech, agritech, healthtech, etc.).
• Final Exam (20%): Integrative assessment of course themes.

Readings
(Representative Selection)

• The Brazilian Economy: Growth and Development by Werner Baer
  
• Selected articles from The Economist, Harvard Business Review, and Brazilian media (Valor Econômico, Exame)
• Case studies on Nubank, 99 (mobility app), Embraer, and Mercado Livre
• The Brazilian New Economy: Why Entrepreneurs Are Overrunning Traditional Businesspeople by Diego Barreto (2025) — focuses on Brazil’s shift toward a dynamic startup culture and how technology and data are reshaping traditional sectors
  
• New Developmentalism: Introducing a New Economics and Political Economy (2024) by Luiz Carlos Bresser-Pereira — presents a contemporary Brazilian perspective on development economics informed by post-Washington Consensus thinking
  
• Emerging Markets Report series (2021–22) and From Copycats to Leaders: Innovation from Emerging Markets (2021), co-edited by Lourdes Casanova — valuable for comparative insights on Brazil’s innovation in the broader emerging-market context
  

Unique Features

• Multi-city travel component with guided professor-led debriefs
• Direct engagement with Brazilian entrepreneurs and managers
• Integrated Portuguese language and cultural modules to deepen context
  
  

     Notes:

• Students may take either one or two courses.
• All students attend the Introduction to Brazil module together, and will be in smaller groups with individual professors
• After class students are free to lunch on their own, with friends or with professors.  After lunch, students will have free time and will periodically attend cultural and professional visits.

ESPM lecture auditorium Rio

Note: course offerings are subject to change.