Brazil: The entrepreneur who founded the “Favela Stock Exchange”
RIO DE JANEIRO, BRAZIL – From a young age, Gilson Rodrigues heard that he was fated to be part of “people who are no good.” “I never knew my father. My mother passed away when I was 9 years old and they didn’t know what to do about me and my brother. They said we had bad blood,” said Rodrigues, who grew up in the Paraisópolis favela (São Paulo).
As a teenager, the boy decided to challenge fate: he went to school and discovered his leadership and entrepreneurial skills. He became president of the community’s residents’ association, attracted companies, and set up large social projects that changed Paraisópolis into a model favela.
Two years ago, Gilson also founded the G10 – a bloc that comprises the 10 largest favelas in Brazil – to solve problems in these communities and inspire others.
Among the G10 Favelas’ most recent initiatives are the creation of a bank and a “Favela Stock Exchange.” Together, the 10 largest favelas in the country have a potential consumption of R$7.7 (US$1.4) billion.
Launched in early 2021, the G10 Bank wants to be a kind of BNDES (Brazilian Economic Development Bank) for the favelas. Initially, the bank is offering microcredit and financing to entrepreneurs from the favelas who have businesses with the potential to operate on a larger scale.
The “Stock Exchange” was launched on November 19 in partnership with the DIVI-Hub platform with the initial stock offering (IPO) of two companies. The investment is realized through the purchase of DIVIS – a fraction of one of these businesses – at a price of R$10 each.
The project is authorized by the Brazilian Securities and Exchange Commission and the launch event included the traditional bell present in the New York and São Paulo stock exchanges, the B3.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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