Intellectual Capital is more important than finance or technology in the implementation phase. Most international joint ventures and strategic alliances are doomed to failure. The number one cause of failure is not lack of market, technology or financing. It is the lack of cultural affinity. Parties fail to recognize each other national cultural uniqueness and their corporate cultures idiosyncrasies.
Culture is more a source of conflict than of synergy.
In Latin America it is important to go much beyond the superficial diagnosis of protocol and etiquette. For example, it is known that as opposed to the angle-saxon culture, in Latin America friendship and trust precede business relations. The traditional concepts of motivation, loyalty, commitment, leadership, rewards and so forth that are taken for granted by Americans and Europeans need to be redefined in light of the local reality. Foreign investors should not to compromise on goals, but to recognize that different national and corporate cultures have different ways of doing things. Also, it would be wise to cultivate diversity at home hiring relevant hispanics and minorities at your headquarters.