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10 Lessons learned Latin American Startup Ecosystem

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10 Lessons learned from my time within the Latin American Startup Ecosystem. Sometimes you have to ignore investors. What counts is creating something people love. Ignore company culture at your peril, etc.

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10 Lessons learned Latin American Startup Ecosystem

  1. 1. 10 lessons I’ve learned within the Latam Startup Ecosystem Alan Colmenares BBVA Open Innovation & Ecosystem Builder Latam November 17, 2015
  2. 2. ! Today, I’ll be talking about the mistakes you will make along the way.
  3. 3. 3 Prove me wrong! ! Please!
  4. 4. ! First, a bit about myself…The ! expert on what NOT to do.
  5. 5. ! 2009
  6. 6. 6 an all-in-one healthcare social media, care taker rating site! The world needs…
  7. 7. 7
  8. 8. 8 a new fashion brand for Latin America. I meant, the world needs…
  9. 9. 9
  10. 10. My journey
  11. 11. 11
  12. 12. TROPICAL GRINGO Startups & Innovation
  13. 13. 13 Open Innovation & Ecosystem Builder Latam
  14. 14. ! The startup context
  15. 15. 16 Many in Latam don’t understand the startup journey. 1
  16. 16. ! What is a “STARTUP”?
  17. 17. 18 Product/ Market fit Transition Big company The Startup Process
  18. 18. 19
  19. 19. 20 Lucky to pass “validation” phase
  20. 20. ! of high growth Internet startups fail due to premature scaling. -Startup Genome Project 74%
  21. 21. ! Why did we need a new business development methodology like Lean Startup?
  22. 22. 25
  23. 23. 26
  24. 24. ! What does success look like?
  25. 25. 29 Not everything is predictable
  26. 26. ! What’s a good analogy to describe the journey you’re on?
  27. 27. 32
  28. 28. 33 The scarcest resource is not money, but time & focus! 2
  29. 29. 34 One Thing
  30. 30. 36
  31. 31. 37 Look for the “eye of the tiger”
  32. 32. 38 But, don’t run out of money. ! 3
  33. 33. ! REVENUE VS. ! (GROSS/NET) BURN RATE
  34. 34. 40
  35. 35. 41
  36. 36. 42 Growth = Value 4
  37. 37. ! 5-7%
  38. 38. 44 VS
  39. 39. 45
  40. 40. 46 Culture can work for you or against you. 5
  41. 41. 47
  42. 42. 49
  43. 43. 50
  44. 44. 51
  45. 45. 53 Customers are your best mentors. ! 6
  46. 46. 54
  47. 47. 55 Do things that don’t scale
  48. 48. A common occurrence after product launch…
  49. 49. 60 Investors are not the superstars. YOU are!! 7
  50. 50. 61
  51. 51. 62 Latam investor
  52. 52. ! What does it mean to take VC money?
  53. 53. ! This is the position you need to put investors in…
  54. 54. ! Some investors, advisors, etc. can help, but only to a point.
  55. 55. 69 Many Latam investors still don’t know how startups create value. 8
  56. 56. ! THE secret to creating a successful startup…
  57. 57. ! Are you ready?
  58. 58. 73 Respect the CAP table. ! 9
  59. 59. 74
  60. 60. ! These conversations can be difficult, but are incredibly important.
  61. 61. 76 ABL. Always Be Learning. ! 10
  62. 62. ! The only rule is there are no rules.
  63. 63. ! Now, please prove me wrong!
  64. 64. 79 Thank you. ! Twitter: @TropicalGringo ! Email: alan.colmenares@bbva.com

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