Brazil - Big opportunities or am I jaded?

Thread geared towards people that have done, or are interested in doing, business in Brazil.

My wife is Brazilian and so I've made a handful of trips (2 months in total) to visit her family just outside of Salvador, Bahia. Amazing place, best beaches, great food, vibrant culture, big city etc.

Most Brazilians I've talked to carry similar sentiment - that Brazil is broken, there aren't any opportunities, and that they're stuck. I can't help but think that this has to do with living in the cultural echo chamber and the lack of good education for the majority. I'm not saying their feelings are wrong, but I think that a change in perspective would do wonders.

I always leave Brazil feeling that there are tons of overlooked business opportunities, abundance of educated people wishing to find a job in their field, innovators and risk takers looking to execute, and an improving infrastructure.

After I exit my business I'm considering a move down there to start another one. Probably in tech again, but who knows.

I'm curious to hear from people who have been, or done business in Brazil - aside from exchange rates, tax laws, and political risk - why there aren't more people doing/investing in/starting businesses in the largest and most populous country in South America? Where do you see upside? Downside?

BBMP. Obrigado voces.