Case 1: Entrepreneurship in the Brazilian Offshoring Industry Brazil is one of the nations included in the BRIC (Brazil, Russia, India and China). In the past, Brazil's outsourcing sector has been the smallest of the four BRIC countries. This is very surprising given the close proximity to the United States and the current trend towards “near-shoring”. However, thanks to recent government support and capital inflows, Brazil has started to improve and could perhaps surpass Russia, India and China in the offshoring sector. The most promising sector in Brazil is the IT sector. Capital Access Index 2009Access to capitalBrazil is the fourth best country in Latin America for access to capital by entrepreneurs. Much of this improvement can be seen in significant advances in bond market development and alternative sources of capital[1]. By the end of 2008, local and foreign investors had committed $28 billion in venture capital and private equity to Brazilian companies. This is an increase from $6 billion in 2004, representing a substantial 50% compound annual growth rate over the past four years[2]. On June 25, 2009, Brazil's Bovespa stock exchange hosted the world's largest IPO, a $4.3 billion offering by Brazilian credit card processor VisaNet. Conditions in Brazil have steadily improved. The country has achieved macroeconomic stability and institutional maturity and is now experiencing large and rapid expansion, driven by rising income and social ascension, as well as an increasingly important position in international trade. Furthermore, foreign direct investment (FDI) will reach an annual record of $60 billion in 2011[8]. While entrepreneurs currently enjoy easy access to capital, it is a concern that co… ......et e Trade Profile, December 2011, Visit Britain. http://www.visitbritain.org/Images/Brazil_tcm29-14673.pdf[10]Nes, Egil, 23 May 2011, The Brazil Business. http://thebrazilbusiness.com/article/trends-of-doing-business-in-brazil-in-2011[11] Brazil's Economic Outlook in Brief, June 26, 2011, Finance N Investment.com. http://www.financeninvestments.com/economics/brazil-gdp-growth.html[12]Background: Brazil, November 30, 2011, US Department of State. http://www.state.gov/r/pa/ei/bgn/35640.htm[13] Baby Steps, September 17, 2011, The Economist. http://www.economist.com/node/21529045[14] Comparison of Goods Exports Among BRIC Nations, November 8, 2011, Seeking Alpha. http://seekingalpha.com/article/306378-comparing-exports-of-goods-among-bric-nations[15]Underwood, Graham, 2012, sourcingfocus.com. http://www.sourcingfocus.com/site/opinionscomments/757/