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Agustin Feuerhake, Fintual: Redefining what it means to invest in Latin America, Ep 138 For retail investors in Latin America, the options to invest are limited. This space is often dominated by traditional banks that charge very high fees and involve processes that are quite complex for non-experts.    As co-founder and CMO of robo advisor Fintual, Agustin Feuerhake intends to change that reality by helping Latin Americans invest well. Fintual is a digital platform that makes investing in mutual funds more accessible through lower fees and simpler processes.   I sat down with Agustin to talk about his endeavors over the years as one of the most prolific entrepreneurs we’ve had on the podcast. He shares with us his reflections on reaching an exit with QueHambre as a young entrepreneur, as well as what it was like to have co-founded the first Chilean company to get into YCombinator. Exiting QueHambre When Agustin and his team were building the food delivery startup QueHambre –a novel concept for Latin America at the time– they were not comfortable with the idea of raising capital. According to Agustin, they had the wrong approach and thought of it as asking for money rather than selling part of their company. Once they ran out of money, instead of pursuing growth, they decided to sell the business.   Listen to this episode of Crossing Borders to find out why small exits are extremely important for budding ecosystems and what Agustin learned from this experience. The best of both worlds It was clear that Agustin and his team were on to something when they founded the software firm Platanus. There was high demand for their solutions which allowed them to filter through and pick the projects that they truly believed in. Sometimes, as in the case of Fintual and Buda, they would personally get involved with the projects. Agustin explains that this dynamic allows Platanus’ team to keep working together, while also working on individual businesses that each is passionate about.   Learn more about how Agustin works with his team and the success stories that have emerged in this episode of Crossing Borders. Getting the YC badge Agustin had been a fan of Paul Graham’s essays for a long time– before YC started to accept international companies into the program. So when his co-founder suggested they apply, it seemed like a long shot. But, much to his surprise, they got a callback and eventually became the first Chilean company to get into YC. Their investment prospects immediately changed after that.    Learn more about their experience applying for YC and why it was hard to raise capital in Chile before the program in this episode of Crossing Borders.   Agustin is changing the investment landscape in Latin America through Fintual. And by creating programs like Platanus’ Demo Day, he is giving back to the ecosystem by providing tech founders with the contacts and entrepreneurial know-how needed to transform their ideas into successful businesses.   Outline of this episode: [1:28] - About Fintual [5:03] - Early signs of a businessman [7:24] - First job as a young professional [8:42] - Getting into QueHambre [10:50] - Major takeaways from QueHambre [12:08] - QueHambre’s blog post series [17:27] - About Platanus  [20:12] - Creating Buda [22:57] - Agustin’s business strategy [24:46] - Criteria for choosing a project [26:18] - The first Chilean company at YC [28:50] - Lessons learned at YC [30:25] - Struggling to raise money in Chile [32:47] - Changing his view on raising money [33:34] - Advice to Agustin’s younger self [34:44] - Books, blogs, and podcast recommendations [36:44] - Platanus’ Demo Day [38:34] - What’s next for Fintual?   Resources & people mentioned: Agustin Feuerhake Como vendimos una empresa de 2 empleados en cerca de $1M Fintual Jaime Bünzli QueHambre Platanus Ventures Buda Voxound Betterment Wealthfront Books: Lifespan, Made to Stick, Thinking Fast and Slow

Jose Miguel Cortes, Fondo de Fondos: Supporting the venture capital industry in Mexico and Latin America, Ep 137   A fund of funds raises capital from different investors to invest in Venture Capital or Private Equity funds. These investors –mostly institutional– pick funds of funds so that they can trust a professional manager to pick the best VC funds to invest in.    Jose Miguel Cortes is the Head of Venture Capital and Impact Investing Strategies for Fondo de Fondos, a leading Mexican private equity and VC fund of funds and co-investment alternative investment management firm.    I sat down with Jose Miguel to talk about what a fund of funds model entails, from their investment criteria to what it’s like raising capital. We also discuss the impact of COVID-19 on the VC market in Mexico and Latin America and the vision behind Fondo de Fondos’ new impact fund. “I have a lot of respect for VCs” Raising capital as an entrepreneur can be challenging, but raising capital as a VC is a lot harder. Jose Miguel understands how painful it can be to raise money in a region where capital is very scarce for these asset classes. However, though similarly challenging, Jose Miguel explains that raising capital for a fund of funds has its own peculiarities.    Learn about why the fund of funds model makes sense for certain investors in this episode of Crossing Borders. COVID-19 aftermath in Latin America When COVID-19 hit in late March, Jose Miguel along with other investors in the fund became concerned about their companies’ performances. They were surprised by the industry’s resilience through the hardships brought on by the pandemic, with several industries like e-commerce and last-mile delivery advancing by three to eight years.   Listen to this episode of Crossing Borders to find out why Jose Miguel thinks Latin America’s VC industry will come out stronger after the pandemic. Fondo de Fondos’ impact fund Jose Miguel explains that they launched the new impact fund to find investment opportunities that are tackling some of society’s most pressing problems. Most funds that receive institutional investment must comply with ESG requirements when evaluating potential investments. According to Jose Miguel, issues like polluted oceans, deforestation, climate change, and even social protests can be partially addressed with conscious investments.   Find out more about Fondo de Fondos’ impact fund in this episode of Crossing Borders.   Through Fondo de Fondos, Jose Miguel is finding the best fund managers in the region to invest in that are creating economic value but also have the capacity to create environmentally and socially conscious investments.   Outline of this episode: [1:25] - About Fondo de Fondos [3:06] - From engineer to investor [6:27] - Goal behind Fondo de Fondos [9:49] - Investing in funds [11:55] - Raising money for a fund of funds [15:36] - Ticket sizes at Fondo de Fondos [16:40] - Insights on the VC market in Mexico and LatAm [21:09] - Attracting local and foreign investors to the region [23:27] - The importance of impact investing [26:28] - Advice to Jose Miguel’s younger self [27:36] - Books, blogs, and podcast recommendations [28:49] - What’s next for Fondo de Fondos?   Resources & people mentioned: Jose Miguel Cortes Fondo de Fondos LAVCA AMEXCAP Diego Serebrisky ALLVP Dila Capital

Daniel Rodriguez, Picap: Delivery and Logistics in Latin Americans, Ep 136   Daniel Rodriguez lives in Bogotá, the third most traffic-congested city in the world. He knows a thing or two about the frustration that comes from spending hours inside a car in slow-moving traffic when you need to get somewhere.    Daniel’s usual response to these situations was to hitch a ride on a motorcycle. The ease and speed with which they would navigate Bogota’s congested streets made him realize that many other Colombians could benefit from this solution. So he decided to launch Picap, a ride-hailing platform that boasts one of the largest motorcycle fleets in Latin America.   I sat down with Daniel to talk about some of his first endeavors from selling empanadas at school to eventually founding his first startup Smart Taxi. We also discuss the real problems that Picap is solving through its ride-hailing and logistics services, as well as how they overcame the regulatory hurdles that disruptive businesses often have to face. Adding value to Picap’s drivers Daniel explains that Picap first started out as a ride-hailing platform before branching into logistics. As his startup grew, he became very passionate about Picap’s drivers and how he could add value to their lives. He realized that there was a missing link between his drivers who were looking for opportunities to grow and companies looking for logistics services. Putting two and two together, he decided to launch a logistics vertical for drivers to start delivering packages.   Listen to this episode of Crossing Borders to learn more about Picap’s logistics vertical. Drawing comparisons with Gojek Although it was further down the line that Daniel discovered that there was a similar solution to Picap’s in Indonesia by the name of Gojek, he comments that there were many lessons he learned from that comparison. One of the main takeaways from observing Gojek’s trajectory was that they had faced the same problems with the government and regulations and the solution was to focus on solving the problem and grow fast.   Learn more about the lessons Daniel learned from investors and mentors on how to overcome regulatory hurdles in this episode of Crossing Borders. The root of the problem One of the reasons motorcycles are a great solution for Latin America’s largest and most congested cities is that they can go where cars cannot. Daniel explains that in Latin America, many cities were built and have continued to grow with no proper planning. The result? Small roads overcrowded with cars.   Learn more about why motorcycles are a great option for transport and deliveries in Latin America in this episode of Crossing Borders.   Daniel is helping the ecosystem grow by contributing to the economic development of the region through Picap’s logistics services. He is passionate about adding value to the livelihood of Latin Americans.    Outline of this episode: [1:43] - About Picap [5:28] - Raised in a family of entrepreneurs [10:10] - Drawing inspiration from Gojek in Indonesia [13:44] - Overcoming regulatory hurdles [16:13] - Motorcycles as a solution to car congestion [17:58] - The inner workings of Picap [20:28] - Advice to Daniel’s younger self [21:33] - Books, blogs, or podcast recommendations [22:44] - What’s next for Daniel and Picap?   Resources & people mentioned: Daniel Rodriguez Picap Books: A Purpose-Driven Life

Brynne McNulty Rojas: Leading Colombia’s Real Estate Industry into the Future, Ep 135 Born and raised in New Jersey, Brynne McNulty Rojas’ interest in the real estate industry goes back to one of her classes about international housing finance systems while an undergraduate at Wharton, where she learned about how property ownership rights in informal communities drive economic development.   After graduating, she joined Goldman Sachs where she spent 4 years investing in property across the US. She later joined a proptech startup in New York before studying for two years at Harvard, and spent time at a San Francisco online mortgage origination startup. These experiences made her aware of how tech was affecting an antiquated industry, something that remained with her as she moved to another country.    I sat down with Brynne to talk more about her experience in real estate and decision to start Habi. We also discuss the process of buying and selling a property in Colombia and how Habi is improving it, and some of her learnings from raising US capital.  Previous experience paired up with a fragmented market   Moving to Colombia and starting a company hadn’t been part of Brynne’s professional plans, but after graduating from Harvard she moved to Colombia with her husband. Brynne initially joined McKinsey as a consultant, but had become increasingly aware of the inefficiencies in the Colombian real estate market and saw the opportunity to solve them. She also met her Habi co-founder, Sebastian, a successful entrepreneur, and decided to make the jump and build Habi.    Learn more about Brynne’s journey in real estate and entrepreneurship in this episode of Crossing Borders.    Starting with a capital intensive model Buying and selling a house in Colombia is an extremely manual, person to person and with many friction points for the consumer. 70% of middle class apartments are not listed online and one of the most common ways to sell an apartment is to put up a sign in the window and hope someone calls. Real estate is fragmented, with no broker controlling more than 2% of the transactions. Brynne and Sebastian realized that in order to solve those difficult pain points, they needed to own the asset, and the entire transaction process.    Learn more about Habi’s decision to start with their current model and how it works in this episode of Crossing Borders.    Raising Venture Capital Brynne acknowledges that part of the fundraising process involves timing and luck, but shares some of her experience on raising capital from the US for a Colombian startup, and gives some advice on how to make the most of conversations with investors who might not be familiar with the size of the opportunity you’re targeting.    Listen to this episode of Crossing Borders to learn more about Brynne’s experience fundraising.   Outline of this Episode:   1:44 About Habi2:20 Buying and selling a property in Colombia4:25 From New Jersey to Colombia5:54 Brynne’s previous stops before starting Habi8:50 Starting something of her own9:47 Why Habi started with an MLS and Ibuyer model12:06 Buying and selling a property through Habi13:10 Habi’s experience while fundraising 15:10 Advice on raising money from the US for a Colombian solution16:41 Habi’s next milestones17:26 Advice to Brynne’s youngerself   Resources and people mentioned: HabiBrynne McNulty RojasSebastian NogueraMLS (Multiple Listing Service)Opendoor 

Rodrigo Sánchez-Ríos, La Haus: Helping Latin Americans Find their Ideal Homes, Ep 134   Rodrigo Sanchez Rios’ childhood dream was to be like Bruce Wayne. He grew up in Tijuana, Mexico surrounded by great role models in his family who instilled in him a strong sense of ambition and hunger for knowledge. After obtaining an engineering degree at MIT, working on Wall Street, and completing a Master’s in business at Stanford, Rodrigo decided his next step was to become an entrepreneur.   A trip to Colombia with his Stanford classmates Tomas and Jeronimo Uribe opened his eyes to the amazing business opportunities the Colombian market has to offer. Together, they founded Jaguar Capital, a real estate development and investment fund that currently has $350M in assets under management. As Rodrigo learned more about Colombia’s challenging real estate industry, he realized that there was an opportunity to disrupt the market and decided to start La Haus, a proptech that is helping Latin Americans find their ideal home.   I sat down with Rodrigo to learn more about his decision to go into finance and his experience working at Lehman Brothers until right before the firm declared bankruptcy in 2008. We also talk about Colombia’s broken real estate industry, how he first bootstrapped La Haus with Jaguar Capital before raising outside funding, and the importance of mentorship and role models. From boom to bust When Rodrigo landed a banking internship on Wall Street in 2006, he recalls feeling like a kid in a candy store. However –as we all know– that financial boom turned into a bust two years later. Rodrigo had left Lehman Brothers right before the crash when his colleagues saw their world collapse before them. That experience taught Rodrigo valuable life lessons about risk.   Learn more about Rodrigo’s experience being in the “eye of the hurricane” during the 2008 financial crisis in this episode of Crossing Borders. “In Colombia, selling and purchasing a house can take up to 14 months” It was through Jaguar Capital that Rodrigo and his co-founders were able to identify the market opportunity that would lay the foundation for launching La Haus. Three factors had aligned that made the timing for a solution like La Haus’ perfect. For instance, real estate developers in Colombia were making decisions based on instinct in terms of what and when to develop, presenting an enormous opportunity to optimize that process.   Listen to this episode of Crossing Borders to learn more about the two other factors that make La Haus such a timely solution for the Latin American market.  Finding true believers of La Haus’ solution Rodrigo explains that when you find someone who already believes in the market opportunity, the pressure to obtain the sponsorship lies in convincing the person that you are the right vessel for that vision. For La Haus, that true believer was Pete Flint, founder of Trulia and current managing partner at NFX. With Pete’s backing, La Haus was able to make the jump from Medellin to Bogota and eventually attract the attention of Kaszek Ventures.   Dive deeper into La Haus’ zero-to-one story in this episode of Crossing Borders.   Rodrigo is revolutionizing the real estate industry in Latin America, leveraging technology and data to help Latin Americans purchase their dream homes. La Haus’ success has already been replicated in Mexico City and Bogotá,    Show notes:   [2:47] - About La Haus [3:21] - Growing up in Tijuana, Mexico [4:07] - Studying in the US [6:43] - From computer nerd to finance [8:51] - Leaving Lehman Brothers [10:45] - Choosing Stanford over Harvard [12:30] - A life-changing trip to Colombia [15:00] - Building blocks for La Haus [16:37] - Latin America’s broken real estate industry [20:35] - From idea to solution [23:29] - Raising money in Colombia [25:57] - Bootstrapping La Haus [28:23] - Advice to Rodrigo’s younger self [30:29] - Books, blogs, & podcast recommendations   Resources & people mentioned:   Rodrigo Sánchez-Ríos Jaguar Capital.co Pratt & Whitney Lehman Brothers Tomas Uribe Jeronimo Uribe Pete Flint Trulia David Velez Nubank Kaszek Ventures Books: How will you measure your life?      

Brian Requarth, Viva the Entrepreneur: Founding, Scaling and Raising Venture Capital in Latin America, Ep 133   Over a decade ago, Brian Requarth bought a one-way ticket to Colombia and never looked back. Since then, he’s become a seasoned entrepreneur and investor, having founded, scaled, merged, and exited VivaReal, a leading proptech startup in Brazil.   Well acquainted with the challenges that are unique to Latin America, Brian is now focusing on helping early-stage founders build the next generation of world-class tech companies through his newest project, Latitud.   In his second time around on the podcast, I sat down with Brian to talk about the growing pains of merging operations with Grupo Zap and why acquihiring is one of the most underutilized strategies of large tech companies in the region. We also discuss how the ecosystem has evolved since 2009 and what inspired him to write his book Viva the Entrepreneur: Founding, Scaling and Raising Venture Capital in Latin America. Merging with a competitor Brian explains that the VivaReal merger was particularly complicated because the DNAs of the companies were very different. While VivaReal was a relatively small company, Grupo Zap was much larger – so much so that telenovelas would organically mention them in their shows. This difference in size resulted in unbalanced power dynamics between the companies which became an obstacle for swift decision making.   Listen to this episode of Crossing Borders to learn more about Brian’s major takeaways from merging with Grupo Zap. Viva the Entrepreneur Inspired by how The Hard Thing About Hard Things made him feel at a low point in his life, Brian decided to write a book of his own. He had been named Entrepreneur of the Year in Brazil and had just raised money, but was really struggling as a founder. Ben Horowitz’s book provided him with the comfort he needed in what is often a lonely journey as an entrepreneur. Through Viva the Entrepreneur, Brian hopes to pass on his lessons learned and help other entrepreneurs in Latin America get through the tough times.   Learn more about Brian’s new book and his journey as an entrepreneur in Latin America in this episode of Crossing Borders. The Breakfast Club Brian knows how important it is to build a community when starting a company. Being able to connect with like-minded people over breakfast when building VivaReal was his way of creating his own community in Latin America when the ecosystem was still nascent. This experience inspired Brian to give back to the ecosystem through Latitud, where he is helping entrepreneurs build the next leading tech companies in the region.    Find out how Brian is empowering the next generation of Latin American entrepreneurs in this episode of Crossing Borders.   Brian’s mission is to help cultivate a healthy ecosystem for Latin American tech startups, where talented entrepreneurs can thrive and build value through iconic companies. Through Latitud, Brian aims to make mentorships and investment opportunities more accessible in Latin America’s ecosystem.   Outline of this episode: [1:40] - About Brian [3:58] - From merge to exit [7:45] - Merging with a competitor [12:11] - Advice for companies looking to buy instead of build [14:58] - How the ecosystem has evolved since 2009 [17:00] - Brian’s latest book [21:22] - Angel investing in Latam with Latitud [27:00] - Do’s and don’ts of investing in tech [34:00] - Where do you see the market going? [36:43] - Advice to Brian’s younger self [39:25] - Next steps for Brian   Resources & people mentioned: Brian Requarth Books: Viva the Entrepreneur: Founding, Scaling and Raising Venture Capital in Latin America, Hard Thing About Hard Things VivaReal Grupo Zap OLX Brasil Latitud Gina Gotthilf Yuri Danilchenko Ep 15 Brian Requarth, Building THE Online Portal for Real Estate in Brazil Monashees Kaszek Ventures Marcos Galperin Mercado Libre Gabriel Braga David Velez Nubank Thomaz Srougi Dr. Consulta Daniel Hatkoff Pitzi

Alejandro Freund: The path to shutting down a Latin American Startup, Ep 132 It's not easy to shut down a start up anywhere in the world. But in Latin America, founders feel even more pressure to not lose investor money or admit that their company isn't turning out how they wanted it to.   Alejandro Freund was the co-founder and CEO of YaEsta, at the time, a leading ecommerce company in Ecuador. Since winding down YaEsta, he’s landed on his feet and is now the Country Manager for Rappi in Ecuador.   I want to thank Alejandro for this moment of vulnerability and leadership where he shares with me and the rest of the world the painful process of shutting down a company. In this episode, he talks about the hardships and sacrifices that come with the job, such as managing personal relationships and knowing when to let go of a startup. YaEsta in hindsight When Alejandro launched YaEsta, he believed that all the conditions were in his favor for them to succeed: the idea, the team, the funding. Ecuador was shaping up to be a hotspot for digital businesses and there were few things he would have done differently. However, if there is one factor that is truly out of anyone’s control is the timing.    Listen to this episode of Crossing Borders to learn more about why Alejandro and his partners decided to shut down YaEsta. A commitment for the whole family Alejandro explains that when managing personal relationships in parallel to building a startup, transparency is key. The intensity of the experience can put a strain on relationships with friends and family, leading to many frustrating situations. Communicating the risk involved and the reality of the journey can help set the expectations down the line.   Find out more about the sacrifices that come with the entrepreneurial life in this episode of Crossing Borders. Landing on your feet One of the most valuable lessons Alejandro takes away from this experience is that life moves on. Pulling the trigger on a startup is one of the hardest decisions an entrepreneur can make. The signs to close shop may all be there, but pressure from family, friends, investors, and society in general may be blinding you from seeing clearly and realizing that it’s time to move on to the next project.     Learn more about the cultural differences between Latin America and the US when dealing with failure in this episode of Crossing Borders. I want to thank Alejandro once more for doing this community service for the Latin American ecosystem. We need more entrepreneurs willing to talk about this side of starting and running a business in the region.     Alejandro has gone through the process of building and winding down a startup and has the battle scars to show it. Since then, he’s landed back on his feet and is ready for the new experiences that await him as Country Manager at Rappi.   Show notes:   [1:35] - Building Rappi in Ecuador  [2:26] - YaEsta in 2017 [5:18] - Winding down the company [23:18] - What would you have done differently? [28:05] - Advice to other founders going through tough times [33:02] - Knowing when to shut down     People & resources mentioned: Alejandro Freund YaEsta Rappi Brad Feld Jerry Colonna Podcast: Quitting to Win, Stefi Cohen Ep 11 Alejandro Freund, Pioneering Ecommerce in Latin America

Juliana Sarmiento, Envíoclick: Reimagining the logistics industry in Latin America, Ep 131 Juliana Sarmiento always knew she wanted to create value for her community by starting her own company. Raised in a family of entrepreneurs, she knew what she would be getting herself into by choosing this path. Along with the challenges that come with starting a business, she had also been exposed to the positive impact that entrepreneurship could have on society.   Today, Juliana is co-founder and Chief Revenue Officer of Envíoclick, a Mexico City-based logistics platform that connects freight and courier companies with businesses in Latin America. Their clients range from leading e-commerce companies like Mercado Libre to small and medium-sized businesses that need help in running more efficient operations.   I sat down with Juliana to talk about how Envíoclick’s solution is transforming the logistics and delivery industry in Mexico and Latin America. We also discuss how the e-commerce landscape has changed since 2014 and Envíoclick’s decision to expand to Colombia. Educating the market about logtech   Although Latin America presented a huge opportunity for logistics companies, Juliana explains that couriers and delivery companies were skeptical about the value that new technologies could bring. It took a lot of conversations about the logistics gap that exists in the region for their future clients to understand that Juliana’s solution was key to helping the market develop faster.   Listen to this episode of Crossing Borders to learn more about Latin America’s broken logistics industry. The entrepreneurial experience at Linio   Early on in her career, Juliana had the foresight to know that tech would soon take Latin America by storm. So when she was contacted to work at the first pure e-commerce company in Latin America, she immediately accepted and stayed on for five years. As one of Linio’s ealy employees, she describes the experience to be like that of an entrepreneur. She had the freedom to make her own decisions while she educated the market about this new way of buying products.   Check out this episode of Crossing Borders to find out how Juliana’s experience at Linio inspired her to dive deeper into the logistics industry. An organic partnership Juliana explains that choosing a business partner was an easy decision for her. As the Commercial Regional Managing Director for Linio, she worked closely with Rosa who was Regional Head of CRM for the company. They both realized that logistics in LatAm needed to evolve. After forming a strong work relationship at Linio, it only made sense for them to take the leap together.    Find out how Juliana and Rosa overcame their hesitations and thrived as female founders with Envíoclick in this episode of Crossing Borders.   Juliana believes that starting Envíoclick was one of the best decisions in her life. The logistics startup has since expanded into two countries and boasts over 600 clients. With this solution, Juliana is helping bridge the gap between businesses and logistics for more efficient and scalable companies in Latin America.    Outline of this episode: [1:38] - About Envíoclick [3:05] - Reality of logistics in LatAm [5:56] - Choosing to become an entrepreneur [7:12] - Jumping into tech [10:33] - E-commerce in LatAm in 2014 [13:09] - Changes in logistics  [15:47] - Choosing a business partner [18:25] - The ups and downs of the business [21:42] - Advice to other female entrepreneurs [23:49] - Decision to expand to Colombia [26:42] - Envíoclick’s response to COVID-19 [29:05] - Books, blogs, & podcast recommendations [31:03] - Advice to Juliana’s younger self   Resources & people mentioned: Juliana Sarmiento Envíoclick Rosa Ma. Costes Vélez Linio Rocket Internet Innohub Books: Good to Great, Delivering Happiness: A Path to Profits, Passion, and Purpose

James Currier, NFX: Transforming How Innovators are Funded, Ep 130 James Currier is General Partner at NFX, an early-stage venture capital firm that focuses on network effect businesses. As a serial entrepreneur and co-founder of four VC-backed companies, James has become an expert on network effects and growth.    Through software and educational content, James and his co-founders are building a venture firm with a founders first approach that allows them to share their knowledge about growth and network effects to build impactful companies.   I sat down with James to talk about his experience as an entrepreneur and an investor and starting and working with some of today’s leading internet companies. James gives great advice on starting a company, choosing a co-founder, and approaching a meeting with a VC. We also touch on NFX’s selection criteria for founders and how they tripled the rate at which they were investing when COVID-19 hit. Building a website with 175M users when the Internet had 600M   After graduating Harvard Business School, James was stuck between two paths: work at a VC or learn about growing a company. He chose the latter and dived into a 16-year long career as an entrepreneur. His first company –of many– was Tickle, a viral media company pioneering A/B testing and other viral growth mechanisms. Tickle won many accolades including Webby’s fastest growing website of the year in 2002.   Listen to this episode of Crossing Borders to learn more about how James exited Tickle and led many other successful companies. Co-founder dynamics According to James, one of the biggest reasons for startup failure is co-founder disagreement. Finding the right partner is essential for a business to succeed, so it is important to look out for warning signs of incompatibility between founders in a work environment. James explains that it’s easy to romanticize the idea of starting a business with a friend or a family member. However, founders should experience working with them first for a couple of years to understand what they are like as a business partner.    Learn more about work relationships between founders in this episode of Crossing Borders. The best mindset for a meeting with a VC James explains that many founders go into a VC meeting with the wrong attitude. He advises founders to approach these meetings with the intention to collaborate as an equal. Dedicate a part of the meeting to presenting and another to discussion. VC firms can see the market through a wider lens. A founder that is open to having a dialogue can greatly benefit from that perspective.   In this episode of Crossing Borders, James provides other pieces of wisdom and useful tools for founders to build great relationships with venture capital firms.   James Currier has learned important lessons about what it takes to create successful companies over the years as a founder. Now, as an investor at NFX, he is sharing that expertise with present and future founders to build the next generation of leading tech companies.   Outline of this episode: [1:40] - About NFX  [2:36] - Big returns from Latin America [5:49] - Lessons learned as a founder [10:19] - Things to consider for co-founder dynamics [13:00] - NFX selection criteria for founding teams [15:57] - NFX’s investment thesis [20:00] - Servicing the founders [24:08] - A meeting with NFX [29:42] - What’s next for NFX?   Resources & people mentioned James Currier NFX Signal The Company Brief Jiff Tickle La Haus Trulia Zubale Nuvocargo Battery Ventures Harvard Business School Princeton University Philips Exeter Academy  

Álvaro Silberstein, Wheel the World: Creating Accessible Travel Experiences, Ep 129 A trip to Torres del Paine in the south of Chile became an opportunity for Álvaro Silberstein to put his startup idea to the test. Most travel platforms provide basic information about price, location, transportation, accommodation, and excursion options. However, few platforms cater to the specific needs of people with disabilities.   Álvaro is the co-founder and CEO of Wheel the World, a travel platform that goes one step further by empowering people with disabilities with travel experiences around the world that are more inclusive and accessible.   In this episode, I sat down with Álvaro to talk about how Wheel the World changes the user experience for people with disabilities that want to explore the world. We also discuss their fundraising process and participation in different accelerator programs, as well as how they’ve responded to the COVID-19 pandemic which has put traveling on hold for most people. Entrepreneurship, a family legacy Being an entrepreneur was something that was expected in Álvaro’s family. So when he started a fantasy soccer platform or when he tried to build an Uber for people with disabilities, his friends and family weren’t surprised. While studying abroad he discovered his next venture when he realized that it was much easier to explore places as a person with a disability in the US than in his home country Chile.   Listen to this episode of Crossing Borders to learn more about the story behind Álvaro’s decision to found Wheel the World. Pitching Wheel the World to investors When Wheel the World was just starting to seek investors and accelerators Álvaro explains that they were seen as a business for a very small market. However, the market research and the traction they were achieving proved otherwise. Naturally, the first investors were angel investors who were involved with people with disabilities and saw the value of what they were trying to build.    Find out how Wheel the World quickly caught the attention of key players in Chile and Silicon Valley in this episode of Crossing Borders. Adjusting to the pandemic Many startups were forced to switch gears as the world was taken by surprise by COVID-19. With the travel industry being one of the hardest-hit sectors, Wheel the World refocused its efforts on fine-tuning its systems in the meantime. Due to the travel downturn, Álvaro and his team were forced to cut down on salaries, which he explains was an experience that only reinforced the trust he has in his team.   Learn more about what Álvaro and his team have been up to as the travel industry gradually revives in this episode of Crossing Borders.   Álvaro Silberstein believes that people’s curiosity to explore the world will be stronger than before the pandemic as traveling reactivates, and Wheel the World will be there to make those experiences possible for people with disabilities. The startup offers information on accommodation and tours in 40 destinations in 8 different countries and has a community of 60 thousand people supporting their mission.   Outline of this episode: [1:56] - About Wheel the World [5:27] - A family of entrepreneurs [8:03] - Why this business? [11:21] - The inflection point [14:00] -  Fundraising process for Wheel the World [18:48] - Impact of COVID-19 on business [21:09] - Advice to Alvaro’s younger self  [22:05] - Books, blogs, & podcast recommendations [24:00] - What’s next for Wheel the World?   Resources & people mentioned: Alvaro Silberstein Wheel the World Wheel the World videos: Torres del Paine, Mark Zuckerberg presents Wheel the World, and other destinations Booking.com accelerator Fondo CLIN Plug and Play Documentaries: Crip Camp    

Javier García, Femsa: Collaborating with the most disruptive startups in Latin America, Ep 128   Javier García knew that there were at least 50 ways of doing corporate venture capital the wrong way, which is why he took a couple of years to figure out how to do it right with FEMSA. Today, Javier is the Director of Corporate Venturing and Growth Capital at FEMSA’s corporate venture capital fund. FEMSA is a publicly-traded conglomerate company that started out as a brewery and has produced popular brands like Dos Equis and Tecate.    Founded in 1890, FEMSA has since branched out into other business verticals such as drugstores, gas stations, and restaurants, including OXXO, the  largest chain of small-format stores in Mexico.   I sat down with Javier to talk about his transition from consulting to working at FEMSA and getting involved with Latin America’s venture capital ecosystem. We discuss innovation in corporations and Javier shares tips on how to collaborate with startups and large corporations. Getting a slice of the innovation pie According to Javier, FEMSA’s venture capital arm started as a mission to collaborate with the most disruptive external sources of innovation. He started to learn about the different ways to approach this collaboration by investigating and conducting over 30 interviews with people involved in the corporate venture capital world. Choosing the right way was another challenge.   Learn more about how Javier built an operational design for FEMSA to collaborate with the best startups on their business platform in this episode of Crossing Borders. Engaging with the ecosystem from a perspective of learning   After studying mechanical engineering at university, Javier considered working in the aerospace industry as one of his potential paths. However, his first experience working for a consulting firm made him realize he liked problem-solving and that he wanted to be in a space where he would be closer to the execution of solutions and be continuously faced with learning opportunities. He explains that he found the ideal formula working with FEMSA and learning about Latam’s venture capital ecosystem.   Listen to this episode of Crossing Borders to learn more about how Javier got involved in Latam’s venture capital ecosystem.  A misalignment of incentives   Collaborating with a corporate venture capital fund can be very different from working with a traditional VC. Javier explains that there tends to be a misalignment of expectations between big corporations and entrepreneurs with regard to what actually happens at the startup. He sees this confusion during startup pitches where the entrepreneur prioritizes an investment over the actual collaboration.   Find out more about Javier’s recommendations for working with big corporations in this episode of the Crossing Borders podcast.   Javier García is making amazing collaborations happen between startups and corporations through FEMSA’s venture capital arm. His thirst for knowledge and his passion for problem-solving and execution are key to positioning corporate venture capital funds as attractive business partners.   Outline of this episode: [1:41] - About FEMSA [7:30] - Mechanical engineering in Monterrey [11:55] - FEMSA’s investment strategy [23:52] - Recommendations for working with big companies [29:38] - Lessons learned from collaborating with startups [36:24] - Advice to Javier’s younger self [38:16] - Books, blogs, & podcast recommendations [42:11] - What’s next for Javier and FEMSA ventures?   Resources & people mentioned: FEMSA Javier García OXXO Dos Equis Tecate Bain & Company Books: Masters of Corporate Venture Capital, Corporate Venturing, The Three-Body Problem, Atomic Habits Ep 26 Mak Gutierrez, Supporting Makers and Startups In Guadalajara    

Manuel Olguín, Keynua: E-signatures for the Latin American market, Ep 127 As a serial entrepreneur in Latin America, Manuel Olguín is very familiar with the unique challenges that the region holds that can turn into amazing opportunities. One of those pain points is the time-consuming process of signing legal documents. While in the US e-signatures have been widely adopted, in Latin America this is still a novelty.   Having gone through this process on numerous occasions with his own startups, Manuel decided to co-found Keynua, an electronic signature provider that has the added component of identity verification through facial recognition. At Magma Partners, we’ve invested in Keynua’s disruptive solution which has also received backing as part of YCombinator’s 2019 winter batch.    I sat down with Manuel to talk about his first experience as an entrepreneur when LatAm’s VC industry was just getting started and how he combined his love of tech and his experience in the movie industry to found Cinepapaya. We also talk about how Keynua is providing a solution to fix Latin America’s broken notary services industry. A Peruvian startup success story  Originally from Peru, Manuel decided to go back home after having worked at several tech companies in the US and Europe to try his luck starting his own. With his background in movie distribution and production, he created an online solution for the movie industry. He founded Cinepapaya, a movie ticket selling platform in Peru that eventually grew and expanded into more than 12 South American countries.    Listen to this episode to learn more about Cinepapaya and its eventual acquisition by Fandango in this episode of Crossing Borders. From the Netflix of LatAm to movie tickets for LatAm Cinepapaya had initially started off as a streaming service, but this changed when Netflix entered Latin America. Even though they were close to finishing the product, Manuel and his team had to make the tough decision to pivot. They took a look at the market opportunities and realized that they could repurpose their database to create an online ticketing platform. They found a space in LatAm’s market that hadn’t yet been filled.   Learn more about how Manuel and his team successfully pivoted Cinepapaya in this episode of Crossing Borders. Latin America’s broken notary services industry Manuel’s decision to found Keynua came from his personal frustration with the document signing process while scaling Cinepapaya. While the US-based legal teams would send electronically signed documents, in LatAm they were still sending physically signed documents with wet signatures which would sometimes require a notary public stamp. This would add another few weeks to the process and significantly slow down business transactions.   Find out how Keynua is transforming this sector with its digital solution in this episode of Crossing Borders.   Manuel Olguín is changing the way documents are signed in Latin America with Keynua, helping many Latin Americans save time and money with their efficient and secure solution. Outline of this episode [1:18] - About Keynua’s solution [6:35] - Manuel’s nomadic upbringing [7:20] - A serial entrepreneur  [8:38] - Lessons learned from his first ventures [9:39] - Why Cinepapaya? [11:14] - Pivoting due to competition [13:26] - Building a business in Latam in 2012 [15:23] - Cinepapaya’s regional expansion [17:47]  - Getting acquired by Fandango [19:55] - Why Keynua? [22:18] - Latam’s notary market [26:00] - The YC experience [27:27] - Getting started with Keynua [29:57] - Advice to Manuel’s younger self [30:56] - Books, blogs, & podcast recommendations [31:46] -  What’s next for Keynua   Resources & people mentioned Manuel Olguín Keynua Cinepapaya (now Fandango) Yupi Internet Inc. Wayra Startup Chile 500 Startups Book: American Colossus  

Amir Salihefendic, Doist: Best Practices for the Remote Work Revolution, Ep 126 Although Amir Salihefendic has been an advocate for remote work for over a decade, he never envisioned that the worldwide shift to remote would take place as a result of a pandemic. Amir is the founder and CEO of Doist, a remote-first company that specializes in productivity software and currently offers two products: Todoist and Twist.   Todoist is one of the most popular task management tools in the world, while Twist helps teams balance work with collaborative conversations. As a remote-work pioneer, Doist’s 80 person team is spread across 30 countries and multiple time zones and has an employee retention rate of over 95%.    This is the second time I sit down with Amir to talk about the future of work. In this episode, Amir talks about how he experiences remote work in a post-COVID world and provides tips to those who have only recently transitioned into this modality. We also discuss the power of asynchronous work and how to build culture in a remote-first company. The remote work revolution   While most of the world has shifted to remote work, Amir has been doing it for over 14 years. COVID-19 has forced many companies to switch to remote work, and Amir explains that many are doing it wrong. Poorly designed setups that try to reproduce the office setting could end up creating a traumatic experience for employees.    Learn more about the do’s and don’ts of remote work in this episode of Crossing Borders. Doist’s superpower: asynchronous communication With a fully distributed team spread across several time zones, Amir explains that real-time communication is almost impossible. Doist’s winning strategy has been to combine remote work with asynchronous collaboration. This enables Amir and his team to hire the best from anywhere in the world. An asynchronous setup allows employees to work uninterrupted and yield better results in a less stressful environment.   Listen to this episode of Crossing Borders to learn more about how asynchronous work encourages productivity. Understanding the value of work   Amir stresses that companies need to view their employees through a different lens and forget about trying to recreate the office environment when working remotely. One way in which this perspective changes is how work is valued. At Doist, they don’t care about the number of hours people work, they only care about the output. The output speaks for itself, which is why it’s important to hire team leaders that are experts in their field and can assess the quality of a deliverable.   Check out this episode of Crossing Borders to learn more tips from Amir about how to successfully manage a remote team.   Amir Salihefendic has developed numerous guides and blog posts at Doist sharing the best practices for globally distributed teams from his own experience. He’s opened the eyes of many to the enormous benefits and opportunities that can arise from remote work.    Outline of this episode: [2:50] - About Doist [4:09] - Remote work in 2007  [5:10] - Global shift to remote work [7:06] - Best practices of remote work pre-pandemic [10:44] - Importance of asynchronous work  [16:18] - Building a culture remotely [19:40] - Do’s and don’ts of remote work [23:37] - LatAm’s place in a remote-first world  [29:26] - Advice to Amir’s younger self [31:14] - What’s next for Amir and Doist?   Resources & people mentioned Amir Salihefendic Doist Doist blog Doist guides GitLab GitHub Buffer Book: The Talent Code: Greatness Isn't Born. It's Grown. Here's How    

Andrea Baba, FitCo: Digitizing Fitness Centers in Latin America, Ep 125 Andrea’s first experience as an entrepreneur was starting her own Zumba studio when she was 18 years old. Within a year of operating, she started to expand her business, hiring more instructors and gaining more clients. However, Andrea saw that managing her business solely on Excel spreadsheets and notebooks was limiting her company’s growth.    In true entrepreneurial spirit, Andrea decided to find a solution to her own problem. Together with her co-founder Alex, they set out to build a tool that would help fitness centers in Latin America to scale their businesses. And Fitco was born.    I sat down with Andrea to talk about how she combined her passion for fitness and her background in finance to start Fitco in Peru’s budding startup ecosystem. We also discuss their experience at Techstars’ Boulder Accelerator as the first LatAm startup to be accepted into the program and how Fitco has responded to the COVID-19 pandemic. Becoming Fitco’s first client Managing a Zumba studio meant that Andrea was doing everything from teaching classes to answering Whatsapp messages from clients to managing the payroll. To take the next step in her business, she needed a tool that would help her scale her business in an efficient way. After several mockups, Andrea put her product to the test and her Zumba studio became Fitco’s first paying customer.    Listen to this episode of Crossing Borders to learn about how Andrea built Fitco and found a niche in Latin America’s fitness studios. Catalysts of change in Peru’s startup ecosystem Peru’s startup ecosystem has transformed significantly over the past couple of years. Andrea recalls the early days of her startup and the struggles she faced in finding people to hire for Fitco. Today, she is proud of how far the ecosystem has come. She considers that government led initiatives have played a huge role in giving Peruvian startups the recognition and support needed to grow and attract investors to the ecosystem.   Find out more about how Peru’s startup ecosystem has transformed in this episode of Crossing Borders. First Latin American startup to participate in Techstars Boulder Accelerator program Andrea explains what it was like to be physically on the same block as Brad Feld and David Brown as the first LatAm startup to receive investment from Techstars Boulder program. There, they learned about how to continue scaling Fitco and build a great business from the experience of other founders and mentors in the US. One of their greatest takeaways was Techstars’ people driven approach. Andrea and her co-founder were inspired to bring that philosophy to their team, and focus on people first, which in turn will lead to a better business.    Learn more about Andrea’s lessons learned from her experience at Techstars Boulder program in this episode of Crossing Borders.   Andrea Baba is helping the fitness industry transform its services to meet the demands and consuming habits of today’s customers. Fitco enables fitness center owners to digitize their businesses to better connect with their communities online.   Outline of this episode: [1:50] - About Fitco [2:30] - The entrepreneurial mindset [5:00] - Solving her own problem [6:29] - Focusing on a tech tool [7:49] -  Catalysts of change in the Peruvian ecosystem [12:44] - Techstars Boulder Accelerator [17:46] - Advice for going through an accelerator [21:13] - Responding to the lockdown [24:43] - Being a female founder in Latam vs. the US [27:43] - Books, blogs, & podcast recommendations [28:52] - Advice to Andrea’s younger self [30:23] - What’s next for Fitco?   Resources & people mentioned: Andrea Baba Alexander Mayor Fitco UTEC Ventures Techstars Boulder Accelerator Brad Feld David Brown Culqi Crehana Books: Lean In: Women, Work and the Will to Lead, From Impossible to Inevitable, The Sales Acceleration Formula, Hacking Growth, Venture Deals    

Mariana Castillo, Ben & Frank: Direct-to-Consumer Eyewear for the Mexican Market, Ep 124   Mariana Castillo believes that the eyewear shopping experience in Mexico is broken. It’s generally reduced to an impersonal exchange that only considers the basic optical measurements, rather than catering the product to the customer’s style and personality.    Mariana is the co-founder and co-CEO of Ben & Frank, a direct-to-consumer eyewear brand that seeks to transform the way Mexicans buy eyewear by providing fashionable and affordable options.   I sat down with Mariana to talk about why an internship at ALLVP played a key role in her decision to become an entrepreneur, the lessons she learned from working at Mexico’s Central Bank, and the insights she’s gained about the direct-to-consumer category in Latam; from building a brand to fundraising. And lastly, Mariana shares advice on how to remove biases in the ecosystem to empower female founders. A career-defining moment at ALLVP Before discovering her entrepreneurial journey, Mariana immersed herself in the investment world. She learned about venture capital and realized that she wanted to get involved with early-stage investment and started an internship at ALLVP, a VC firm based in Mexico City, for three months. Fascinated by the ability of some of the startups she worked with to execute ideas quickly, Mariana decided she wanted to pursue a career that would involve entrepreneurship in any way.    Listen to this episode of Crossing Borders to learn more about Mariana’s lessons learned from her early days at Mexico’s Central Bank to her time at ALLVP. Redefining what it means to be a “four-eyes” Through Ben & Frank, Mariana has built a strong eyewear brand. She explains that consistency is key to building a successful brand in Mexico. That means that everything related to the brand reflects the same values, mission, and vision. From the unboxing experience to how a company reacts when they’ve made a mistake are all part of what makes a brand. At Ben & Frank, Mariana explains that they are very intentional about the language they use. For example, they’ve chosen to reclaim what it means to be a “four-eyes”.    Learn more about building a successful brand in this episode of Crossing Borders.  The untapped potential of direct-to-consumer companies in Latam   Mariana explains that direct-to-consumer brands caught on quickly in Mexico. Customer centricity is what traditional retailers in Mexico lack, and what direct-to-consumer brands excel at providing. As consumer habits change from generation to generation, companies will need to adapt to the demands of customers that are more conscious about the value for money and what a brand stands for.    Check out this episode of Crossing Borders to learn more about the opportunities and the barriers that exist in the retail industry in Mexico.    Mariana Castillo is transforming the meaning of “four eyes” in Mexico to be synonymous with cool and fashionable with Ben & Frank. The startup is breaking the barriers of the traditional retail industry and unleashing the potential of direct-to-consumer brands for the digital age.   Outline of this episode: [2:10] - About Ben & Frank [2:36] - Traditional retail experience for eyewear in Mexico [3:55] - Mexico roots, nomadic upbringing [4:53] - Entrepreneurial journey [5:40] - Internship at ALLVP [7:38] - Lessons learned at the Central Bank and ALLVP [8:36] - Why tackle this specific problem? [9:42] - Ben & Frank’s inflection point [12:26] - Building a brand in Mexico [13:58] - Insights on Latam’s direct-to-consumer category [15:14] - Competing with traditional retailers [18:13] - Expanding Mexican direct-to-consumer brands [19:05] - Advice to Mariana’s younger self [19:33] - Fundraising for a direct-to-consumer startup [24:14] - Being a female founder in Latam [27:26] - Avoiding biases in the VC ecosystem  [30:00] - What’s next for Mariana and Ben & Frank?   Resources & people mentioned: Mariana Castillo Ben & Frank ALLVP Federico Antoni Fernando Lelo de Larrea YCombinator  

Claire Díaz-Ortiz, Magma Partners: Investing in Latin American Female Founders, Ep 123   Claire Díaz-Ortiz has been passionate about investing in women and supporting the underrepresented since her days at Stanford, where she completed an undergrad in Feminist Studies and History. However, it wasn’t until later in her career as an angel investor, and now as a VC Partner, that she truly understood the business case for investing in women.    Having spent the last 6 months working in stealth mode, Claire joined Magma Partners as a Partner to lead both Southern Cone and Brava, an initiative that seeks to invest in more Latin American female founders. Brava is committed to investing in at least 20 female-founded Latin American startups through Magma’s fund III.    I sat down with Claire to officially welcome her on the team and talk about the importance of investing in women and doing business in emerging markets. We touch on topics of privilege and the biases that exist in the world that are reflected in the venture capital industry. We also discuss Claire’s career trajectory, from starting a nonprofit organization in an orphanage in Kenya, to becoming one of Twitter’s early employees and famously ‘getting the Pope on Twitter’. Claire also talks about her decision to move to Argentina where she has been living for the past ten years. Being a “wandering delinquent” After graduating from Stanford, Claire says she spent the next 5 years living her life like– what her father jokingly called– a “wandering delinquent”. In her first year, she moved to a town in Mexico and started building an international life that would lead her to an orphanage in Kenya. There, she started a non-profit called Hope Runs. In hindsight, the difficulties she encountered while trying to start an organization has helped her empathize with LatAm founders and understand the resilience that is required to start a business in an emerging market.   Learn more details about this nomadic chapter in Claire’s life in this episode of Crossing Borders. “The Woman who got the Pope on Twitter” Right at the time Claire was blogging about her nonprofit on Blogger.com, the website was incubating what would become Twitter. A series of events and encounters landed Claire an internship at Twitter which would extend to a career of over 5 years at the company. When she entered Twitter, there were a little over 50 employees, and when she left, the headcount was at 5000. Undoubtedly, one of Claire’s career highlights was working with the Vatican and getting the Pope on Twitter.   Check out this episode of Crossing Borders to learn about Claire's experience working with the Vatican through Twitter.  The business case for investing in women It was later on in Claire’s career that she started to think about investing in women from a business standpoint rather than solely from a social impact perspective. In the last five to ten years, she’s seen a wave of studies stating that teams with female founders or female co-founders in the C-suite end up performing better. For instance, studies have found that female founders generate 2.5X more revenue per dollar than their male counterparts. The data also shows that despite the obvious business case for them, we are not investing in enough women.   Listen to this episode of Crossing Borders to learn more about why diversity on a team can be beneficial for a business and the statistics that back that claim.   We are so excited to have Claire Díaz-Ortiz join Magma Partners as Partner and Head of Brava. Her passion for investing in the underrepresented and her advocacy for female founders makes her the perfect fit for Brava.    Outline of this episode: [2:00] - Claire joining Magma [2:34] - Brava’s first four investments  [3:28] - About Brava [4:25] - The business case for investing in women [11:15] - Magma’s diverse team [12:30] - Working with the Vatican [20:55] - Lessons learned from running a nonprofit  [24:40] - Investing in US versus LatAm [27:12] - Books, blogs, & podcast recommendations [28:22] - Advice to Claire’s younger self [29:37] - What’s next for Brava + Magma Partners?   People & resources mentioned: Claire Díaz-Ortiz Brava Magma Partners Hope Runs Jeffrey Skoll Skoll Scholarship Blogger.com Biz Stone Books: The Way of Transition, Slowing Down to the Speed of Life Maren Thomas Bannon January Ventures      

Dan Green, Gunderson Dettmer: Legal Structures for Startups in Latin America, Ep 122   An avid traveler from a young age, Dan Green’s relationship with Latin America stretches all the way back to his childhood trips to Mexico and Ecuador and visits from an aunt who dazzled him with stories about doing business in Chile. Driven by his passion for the region, Dan was set on becoming a link between the US and Latin American markets.    In 2004, Dan started practicing law in Silicon Valley, immersing himself in the venture capital and startup world. Today, Dan is a corporate partner at Gunderson Dettmer, a law firm that focuses on global venture capital and emerging technology and has been practicing in and around Latin America for over 15 years.   I sat down with Dan to talk about how his trip to Latin America during his 20s inspired him to focus on building a bridge between Silicon Valley and the region, supporting top-level entrepreneurs like the current founders of Cornershop. We also discuss the advantages and disadvantages of different corporate structures for entrepreneurs starting their own business. The mirror image of California through an atlas Growing up in California, Dan’s aunt had told him stories about Chile from her ventures selling sonar fishing equipment to fishermen around the world. His aunt’s stories had intrigued him enough to choose Chile in his third year of undergrad at Stanford to complete a study abroad program. There, he fell in love with his future wife as well as with the country, the culture, and the people of Latin America.    Listen to this episode of Crossing Borders to learn more about how this chapter in his life inspired him to follow a career that would allow him to continue connecting with Latin America. ‘The Valley’ awakening to Latin America Over the years, Dan has witnessed how the Latin American tech landscape has transformed. From broadband connection to access to mobile phones and a rising trust in eCommerce. The first investments, which are always the hardest when breaking into a market, took place in Brazil. According to Dan, these investments in Brazil unlocked the rest of the region for foreign investment.   Check out this episode of Crossing Borders to learn about the first investments that paved the way for other investors in the Valley. An emerging standard in legal structures for business in Latam One of the most important steps in starting a business is deciding on a legal structure. According to Dan, if done correctly this decision can save millions of dollars in terms of taxes and costs down the road. However, the answer is not always clear. This is especially true in the initial stages of a business when there is still so much uncertainty revolving around questions like how much you are going to raise or what your operating or exit path is. Dan explains that the more clarity you have about these questions, the more guidance you will be able to receive.   Learn about the advantages and disadvantages of different legal structures in this episode of Crossing Borders.    Dan Green is helping high impact businesses grow in Latin America and the US, leveraging his legal expertise and connections in Silicon Valley to become a bridge builder for the best entrepreneurs and investors in both regions.   Outline of this episode: [1:32] - About Gunderson Dettmer [2:16] - From Silicon Valley to Latam [6:59] - Changes in the ecosystem [11:08] - What corporate structure should you have? [19:19] - What you need to know about Delaware Corporations [22:16] - Setting up in Cayman   Resources & people mentioned: Dan Green Gunderson Dettmer Needish ClanDescuento Peixe Urbano Santi Subotovsky Rodolfo Gonzalez Kaszek Ventures Monashees  

Mandeep Rai, The Values Compass: What 101 Countries Teach Us About Purpose, Life, and Leadership, Ep 121   Mandeep Rai’s meeting with a Sikh person in the middle of Panama during her sabbatical across Latin America led her on a journey to not only start to understand that the tropical country was a cultural melting pot, but was also a pivotal moment on her journey to write a book titled “The Values Compass”, which talks about the power she discovered from understanding the values and cultures of different countries and how we can learn from them to lead a more fulfilled life.   She’s only an international best-selling author, but also an investor, mentor, and broadcast journalist for the BBC World Service. Mandeep started her career in investment banking at JP Morgan, and has worked for the United Nations, the European Commission, and several grassroots NGOs.   I sat down with Mandeep to talk about how a short trip to Latin America served as inspiration for her international best-selling book. We also discuss the impact of value-driven businesses and how startup founders and investors can see eye to eye in terms of the values that they look for in the other. “My secret aim was to be a Cuban in Cuba” During her sabbatical, Mandeep traveled all over Latin America, enrolled in Spanish classes, learned to dive, and found her place in the most unexpected corner of the world. As she immersed herself in the cultures, she was met with levels of diversity and a celebration of life she had never seen anywhere else before. As she made her way along the Southern continent, she was inspired to document the variety of attributes and values that she found in each country and city.    Listen to this episode of Crossing Borders to learn more about the values Mandeep found during her travels across the globe. Building a business from a values standpoint Mandeep worked in venture capital firms before and after completing her studies at business school, and has several years of experience working in startups and advising their founders. One of her major observations is that investors and founders find that value-driven businesses have a greater chance of success. For investors, this means a greater return on their investment in startups that align with their values.   Learn more about how to build a value-driven organization in this episode of Crossing Borders. Inspired by Peru’s positivity Investors have to consider several factors before betting on a company, with one of the most important variables– that can sometimes be overlooked– being attitude. Mandeep explains that she was blown away by Peru’s optimism, which was reflected in their use of language and way of thinking. She learned from Peruvians that there lies great power in being able to transmit positivity within a team, startup, or organization.   Check out this episode of Crossing Borders to hear Mandeep elaborate on her choice of values for Chile and Colombia in her book.   Mandeep Rai gathers important lessons and insights in her book about how we can lead a more fulfilled life if we focus and make decisions based on our values. This mindset starts at a personal level but can achieve amazing things if applied to the way we think about building startups, organizations, or investing.    Outline of this episode: [3:31] - About “Values Compass” [5:16] - Motivation for travelling to +150 countries [6:27] - Becoming a Cuban in Cuba [9:45] - Pivotal moment in Panama [11:10] - Value-driven businesses  [14:05] - Tips on sustaining values in high growth companies [16:36] - Discovering a startup founders’ values  [17:45] - Asking employers about their values [18:36] - Latin American values: Chile, Peru, Colombia [24:15] - Advice to Mandeep’s younger self   Resources & people mentioned:  Mandeep Rai LinkedIn Facebook Instagram Twitter The Values Compass  

Santiago Pineda, Mensajeros Urbanos: Transforming Latin America’s Last-Mile Delivery Industry, Ep 120 Santiago Pineda started his entrepreneurial journey straight out of highschool at 18 years old. He would spend hours at his university’s library learning how to code to launch his company’s website. Originally from Colombia, where the floral sector represents one of the main industries for the country, Santiago decided to start an e-commerce for flowers during his university years.   After his first experience as a founder, Santiago was hooked on the idea of building a big company. Today, he is the CEO of Mensajeros Urbanos, a last-mile logistics platform that is using technology and a diverse collaborative logistics network to bring fast low-cost deliveries to Latam.   I sat down with Santiago to talk about his early entrepreneurial beginnings, followed by his experience founding a stock simulator with his brother, to eventually joining Mensajeros Urbanos. We also discuss the opportunity that the last-mile logistics industry represents in Latam and Santiago identifies Mensajeros Urbanos’ inflection points. Getting acquired after Startup Chile ‘11 Following a significant financial loss in Colombia’s Forex market, Santiago discovered his next business opportunity. He decided to start a stock simulator to promote financial education. First, he did it for the Colombian market. And after two years of good traction, he decided to start another stock simulator with his brother, focusing on the Latam market. They participated in Startup Chile, and after five years, their company got acquired.   Learn more about the process behind Santiago’s first exit in this episode of Crossing Borders. Joining Mensajeros Urbanos Santiago recalls the lessons he learned from joining Mensajeros Urbanos and what that decision entails for the founders. Considering the work and sacrifices founders have to make to start a company, introducing new people can be a difficult decision to make. As founders themselves, Santiago and his brother recognized the humility and maturity of the Mensajeros Urbanos’ team to allow them to join.   Find out how Santiago and his brother helped Mensajeros Urbanos gain traction and became CEO and COO, respectively, of the company. The power of networks Santiago explains that at Mensajeros Urbanos, they believe that the decision to expand to another market, even if it’s just to another city, does not make sense if your network hasn’t expanded first. After focusing on 10 Colombian cities, Mensajeros Urbanos decided to expand into Mexico with the help of one of their clients in Colombia.    Listen to this episode of Crossing Borders, to learn more about how Santiago and his team evaluate decisions to expand into new markets.   Santiago Pineda is using his experiences as an entrepreneur to help others build their visions into successful businesses. He is tackling the needs of the last-mile delivery industry in Latam with Mensajeros Urbanos’ solution.   Outline of this episode: [1:35] - About Mensajeros Urbanos [3:06] - Creating a marketplace for flowers in Colombia [4:57] - An 18-year old entrepreneur [5:52] - Winding down a business as a university student [6:34] - Starting over again [7:45] - Lessons learned from exiting Starbull [10:18] - Mensajeros Urbanos’ story [11:35] - Introducing new C-Levels to a company [13:12] - Why logistics and last-mile deliveries? [14:33] - Inflection point for Mensajers Urbanos [15:55] - Looking into other markets [17:51] - Growth versus positive unit economics [19:48] - Advice to Santiago’s younger self [20:21] - Top lessons learned in Santiago’s entrepreneurial journey [21:27] - Books, blogs, and podcast recommendations [22:23] - Next steps for Mensajeros Urbanos   Resources & people mentioned: Santiago Pineda Mensajeros Urbanos GainBull StarBull Books: High Growth Handbook, Blitzscaling    

Matías Muchnick, NotCo: Building The Future of Food From Chile, Ep 119 Matías Muchnick left the investment banking world in pursuit of a solution that would bring sustainability to the broken food industry. He could not have predicted that a couple of years later he would be training an algorithm to understand humans’ taste preferences to create a plant-based mayonnaise that would appeal to the mass market.    In 2015, Matías cofounded NotCo, a food tech company that is using AI to take animals out of the equation in the production of milk, cheese, eggs, and meat. Just eight months after launching their first product in 2017, NotCo achieved 8% market share of the total mayo category in Chile in the first stores they launched in, a country that has ranked third in mayo consumption per capita in the world.   I sat down with Matías to talk about his experience in the investment banking world, starting a vegan food startup in 2012 and, ultimately, his decision to leave the company. We also discuss his transformative experience in the US where he connected with his current co-founders, then getting accepted into IndieBio, and eventually raising money from Kaszek Ventures and Jeff Bezos. Matías also talks about his most recent round of funding and preparations for launching in the US. “R&D in the food industry was operating on coal”   Inspired by other entrepreneurs’ stories, Matías left his job as an investment banker and started thinking about what he wanted to do next. He had always been curious about the food industry but didn’t fully understand it. As a finance major, he likened it to the subprime crisis of 2008, where there was a disconnect between companies and customers who were buying and selling products they didn’t understand. At the time, the consumer was also changing, demanding a more sustainable way of producing food. Matías realized that what the food industry needed was disruption.   Learn more about why Matías decided he wanted to disrupt the food industry in this episode of Crossing Borders. Cutting animals out of the equation When Matías realized that the next step to advance his vision was to invest in technology, he immersed himself in the world of food, science, and entrepreneurship. During his postgraduate program at UC Berkeley, he became close to the biotech department where he learned about how the pharmaceutical industry was innovating using machine learning. That’s when Matías started questioning how these technologies could be applied to the food industry. He started surrounding himself with extremely qualified scientists including his co-founders Karim and Pablo, who were curious to explore this uncharted territory in the food space.   Listen to this episode of Crossing Borders to learn more about how Matías formed his founding team and got started with NotCo. Breaking the biotech barrier in Latam’s VC industry Matías and his co-founders had been bootstrapping NotCo when they received a call from Ryan Bethencourt, the former Program Director at IndieBio. Ryan offered them a waiver to get into the prestigious biotech accelerator, which they hadn’t even applied for because they thought they had zero chance of getting in. Under IndieBio’s spotlight, NotCo became the first startup to receive a term sheet before Demo Day, and got the attention of Kaszek Ventures, who instantly became interested in their industry and invested in their Series A and subsequent rounds.   Find out more about NotCo’s growth trajectory and milestones they have achieved over the years in this episode of Crossing Borders, including becoming the first Latam startup Jeff Bezos invested in.    Matías Muchnick is revolutionizing the way in which we think about food through NotCo’s vision for food production that is sustainable and efficient. The next generation of consumers is already changing, and Matías is making sure that the food industry continues to innovate to accompany that change.   Outline of this episode: [2:16] - About NotCo [7:46] - Becoming an entrepreneur [14:24] - Reaction of friends and family [16:22] - The breaking point with Eggless [19:50] - NotCo’s inflection point [25:07] - How NotCo raised money from Jeff Bezos and Top VCs [31:14] - Next steps after raising $85M in a Series C  [34:55] - Advice to Matías’ younger self [36:37] - Books, blogs, and podcast recommendations   Resources & people mentioned: Matías Muchnick Karim Pichara Pablo Zamora Eduardo Bendek NotCo Eggless Documentaries: Cowspiracy, What the Health Impossible Foods Beyond Burger UC Berkeley’s Sutardja Center for Entrepreneurship & Technology Harvard Business School Stanford IndieBio Ryan Bethencourt Kaszek Ventures The Craftory Elio Leoni Sceti Jeff Bezos L Catterton Future Positive Books: Hard Things About Hard Things