For the same reason, there is no Disney World in Latin America. Make-believe sold at a steep price generally doesn’t go over well outside of the U.S.
I say that jokingly and not. Venture capital on the whole over the last 20-years has turned subprime, and the only way to sell subprime risk to greater-fools is to sell make-believe. Such pursuit of subprime risk requires a network of investors, all putting minimal, fragmented and diversified risk to work to gradually increase the valuation until the last of greater-fools, the public, is about to find out post-IPO the value does not quite match its temporal valuation. Because the innovation in question lacks renewable socioeconomic value, the world cares about in the first place.
So, the problem you describe may not be a problem, for 99.4% of investors in Silicon Valley fail miserably anyway, precisely because of the subpriming of innovation arbitrage. Latin America does not have a tightly knitted investor network in which the pursuit of the avoidance and fragmentation of risk can be supported. And that is a good thing — risk organically adjusted to reality.
What is key in the pursuit of innovation is that you build renewable value to society, and many companies in Latin America do so without (subprime) venture capital as its instrument to achieve success. With fewer crashes to boot in which the public would otherwise lose its hard-earned money, twice.
So, be glad you skip the mess induced by venture capital asleep at the wheel of creative destruction of outlier innovation. But it will take a while for the world to run out of greater-fools, so don’t be jealous of valuations that promulgate the biggest bank-robbers of society. Instead, pursue real value that builds the world you want to see, and you’ll be rewarded with something your kids will show you, endless respect.