Podcast appearances and mentions of nathan lustig

This week's Espresso covers updates from Welbe, Syncfy, and more!Outline of this episode:[00:28] - Syncfy closes $10M seed round[00:45] - tea secures $8.9M in seed round[01:03] - Welbe closes $4.1M seed round[01:21] - WeKall completes a $1.5M pre-seed round[01:50] - Interview with Antonio Soares on LatAm fintech trends in 2023[05:19] - How to be the Difference's Holiday Special[05:29] - New Crossing Borders episodeResources & people mentioned:Companies & Startups: Syncfy, tea, Welbe, WeKall, Dock, Gunderson Dettmer.VCs, Accelerators, Institutions: Point72 Ventures, Acuitas Group Holdings, Volpe Capital, Nazca, Carao Ventures, Imagine Ventures. People: Antonio Soares, Johanna Molina, Paul Lynskey, Daniel Green, Nathan Lustig.

In this episode of How to be the Difference, hosts Johanna Molina and Paul Lynskey selected eight clips of the most interesting and exciting interviews that were presented this last season. In this special edition, we include the best insights from experts working in very different industries: from foreign affairs to venture capital, all the way to funding startups and working in the corporate world.Stay ahead of the curve with actionable insights that are reshaping the processes of talent acquisition, human capital management, remote and hybrid workforce development among others.Tune in every other Monday and don't forget to follow us on social media! A selection of the best How to be the Difference podcast moments of 2022As a first selection, we revisit the episode featuring Gina Gotthilf, the co-founder, and COO at Latitud. This company was created to solve problems and remove the obstacles in the path of many brilliant entrepreneurs trying to change the reality of Latin America. In the clip, we learn how Gina helped scale Duolingo from 3 to 200M users, starting with PR to get reporters to talk about Duolingo for free, while learning what messages appealed to them for those stories.Our second clip comes from Jaime Bermudez, former Minister of Foreign Affairs in Colombia and Ambassador of Colombia in Argentina. Jaime is now the President of the Lazard Investment Bank in Colombia but has spent most of his career working in communications, public affairs, and studying social behavior from different perspectives. He discusses the differences between working in the corporate world versus working in politics.The third selected guest is Nathan Lustig, Managing Partner at Magma Partners. Founded in 2014, Magma is an early-stage venture capital fund based in Latin America. Nathan gives his opinion on the future of work and on what professionals should focus on to be part of it.Next, we revisit the very exciting path of Lydia Kibandi, CEO at Lensational, a non-profit social enterprise that aims to elevate the voices of underrepresented women through photography. Lydia has earned recognition as a young leader in her country and globally through a nomination in Kenya's Business Daily Top 40 under 40 women in leadership and her contribution to panels including New York Times Climate Hub at COP26. In this holiday special, Lydia talks about the connection between storytelling and photography.In another very inspirational conversation, Johanna and Paul sit down with Brian York, a serial entrepreneur & angel investor who built Liftit, the largest last-mile truck delivery platform in Latin America, and now CEO and cofounder of Cubbo, the fastest-growing e-commerce fulfillment business in LatAm. Brian shares his idea of the future of work and the skills needed to be ready for it.Our next selection comes from a Webinar on How the Talent Competition is Changing with Tatiana Goldberg, Head of HR at Unilever Prestige, and Sergio Cadavid, Head of HR at Holcim. In this clip, Tatiana and Sergio talk about solutions for talent retention for companies worldwide, hybrid working at Unilever, and how to build a remote work culture for employees.Next, we revisit a clip from Julian Torres, serial entrepreneur and cofounder of Ontop. Julian has created five other businesses before Ontop, including Fitpal, a company that offers a subscription for unlimited access to gyms and fitness centers. He is also a musician, singer, Forbes contributor, and best-selling author. We talk again with Julian about the best habits to improve mental health and the future of work.Last but not least, we revisit the episode featuring Stela Barcelos, Former Global HR Director in consumer goods multinationals Unilever and Diageo. Stela has over 20 years of experience in senior HR roles partnering with teams across the Americas, Asia, and Europe. In this episode, Stela shares how companies can attract the best talent, insights on global talent acquisition, and some advice to companies unwilling to implement remote work.Outline of this episode:[03:06 ] - Gina Gotthilf: Upscaling Duolingo[09:06] - Jaime Bermudez: Working in the corporate world versus in politics[11:36] - Nathan Lustig: The future of work?[18:05] - Lydia Kibandi: The connection between storytelling and photography[26:41] - Brian York: The skills for the future of work[36:21] - Tatiana Goldberg and Sergio Cadavid: Solutions to talent retention for companies worldwide[47:07] - Julián Torres: Habits to improve mental health[56:59] - Stela Barcelos: Insights on the global talent acquisition and remote workResources and people mentioned:Gina GotthilfDuolingoLatitudJaime BermudezLazard Investment BankNathan LustigMagma PartnersLydia KibandiLensationalBrian YorkLiftitCubboTatiana GoldbergSergio CadavidUnileverHolcimTalanta Julian TorresOntopStela BarcelosUnileverGalapagos TeamJohanna MolinaPaul Lynskey

This week's Espresso covers updates from Talently, Kredito, Latitud, and more!Outline of this episode:[00:28] - Seedstars launches investment platform Seedstars Capital[00:47] - Talently receives $750k from the IDB's Innovation Lab[01:11] - Latitud's new LatAm Tech report[01:41] - Wynwood House closes $7M equity and debt round[01:59] - Interview with Juliane Butty on Platzi's female founders' report[07:22] - Kredito closes $6M round and partners with Grupo Penta[07:47] - Baubap receives $20M loan from Park Cities Asset Management[08:09] - Racional raises a $2 million round[08:30] - Choosing a New Partner at Your VC Firm? Factor in the EQ by Susana García-Robles[08:50] - 9 startups leading Uruguay's tech and innovation ecosystem[09:00] - What the Tech Hiring Scene Will Look Like for Latin America in 2023 by Gino Ferrand[09:15] - New Hacking Insurance episode[09:22] - New How to be the Difference episode[09:37] - New Crossing Borders episode Resources & people mentioned:Companies & Startups: Talently, Latitud, Wynwood House, Platzi, Kredito, Baubap, Racional, Tecla, Flourish Fi.VCs, Accelerators, Institutions: Magma Partners, Seedstars, IDB Innovation Lab, FEN Ventures, Innogen Venture Capital, Grupo Penta, Genesis Ventures, Amarena, Park Cities Asset Management, Capria Ventures.People: Juliane Butty, Susana García-Robles, Gino Ferrand, Nathan Lustig, Pedro Moura, Pedro Pablo del Campo, Rodrigo Alfonso, Joanna Danger, Johanna Molina, Paul Lynskey.

This week's Espresso covers updates from GoodMeal, clicOH, Tul, and more!Outline of this episode:[00:28] - GoodMeal receives funding from angel investors and crowdfunding campaign[00:52] - Netzun closes a $1.4M Pre-Series A round[01:19] - Tul obtains credit line from Bancolombia for $7.7M[01:41] - Flourish Fi secures $2.3M in a seed round[02:09] - El Salvador presents law proposal to facilitate the issuance of cryptobonds[02:31] - Lemon Cash lays off 38% of its workforce[02:49] - clicOH invests $5M to reach Peru[03:06] - Latamlist's featured articles[03:35] - New episode of Crossing Borders with Maricel SáenzResources & people mentioned:Companies & Startups: GoodMeal, Betterfly, SimpliRoute, Examedi, Netzun, Tul, Flourish Fi, Lemon Cash, clicOH, Compound Foods.VCs, Accelerators, Institutions: Bancolombia, Magma Partners, Impacta VC.People: Alexey Solovyov, Nathan Lustig, Maricel Saenz.

This week's Espresso covers updates from Billpocket, Laboratoria, Tienda Pago, and more!Outline of this episode:[00:28] - Ping raises $15M in seed round [00:54] - Tribal Credit acquires Paykii[01:22] - Billpocket signs agreement with Mastercard and the Ministry of Economy of Nuevo Leon[01:53] - MacKenzie Scott donates $4M to Laboratoria[02:17] - Trully closes $4.1M seed round[02:43] - Tienda Pago announces $12M Series B round[03:13] - Finkargo announces new round for $75M[03:37] - Brazil's Central Bank to release Pix' protocols[04:03] - 20 startups (co) founded by Latin American Women[04:21] - New Crossing Borders Episode[04:51] - New How to be the difference EpisodeResources & people mentioned:Companies & Startups: Laboratoria, Talanta, Ping, Tribal Credit, Paykii, Billpocket, Mastercard, Tienda Pago, Trully, Finkargo, Pix.VCs, Accelerators, Institutions: Y Combinator, Costanoa Ventures, Women's World Banking Asset Management, IDC Ventures, FEMSA Ventures.People: MacKenzie Scott, Roberto Campos Neto, Javier García, Johanna Molina, Paul Lynskey, José Caparroso, Nathan Lustig.

This week's Espresso covers updates from Nubank, Franq, Selina and more!Outline of this episode:[00:28] - Selina goes public and continues expansion in LatAm[00:53] - Wareclouds closes $1.2M round[01:21] - Ubanku closes $1M pre-seed round[01:51] - Kapital arrives in Colombia[02:15] - Nubank introduces its digital currency Nucoin[02:37] - Franq raises $12M in Series A round[03:00] - Quinio raises $40M in equity and debt[03:31] - New episode of How to be the Difference[03:45] - New episode of Crossing BordersResources & people mentioned:Companies & Startups: Selina, BOA Acquisition, Wareclouds, Ubanku, Kapital, Sivo, Nubank, Franq, Quinio, Ontop.VCs, Accelerators, Institutions: ChileGlobal Ventures, Newtopia VC, Irie VC, EF Venture Capital, Quona Capital, Globo Ventures, Broadhaven Capital, Valor Capital Group, Northgate Capital, Cometa, Dila Capital, AlleyCorp, Western Technology Investment, Alchimia Investments.People: Rafael Museri, Mike Hennessy, Johanna Molina, Paul Lynskey, David Mead, Santiago Aparicio, Nathan Lustig.

Hoy estoy con Nathan Lustig, Managing Partner de Magma Partners, un fondo de venture capital chileno que ha invertido en startups como Kushki, Nuvocargo, Truora y muchas otras. Magma nació queriendo ser un fondo regional.Hablamos de sus primeras startups en Estados Unidos y luego cómo llego a latinoamerica. Nos da varios tips para levantar capital para tu startup y de una estrategia muy peculiar que les ha generado valor a largo plazo. No te lo pierdas! Libros mencionados:Factfulness - Hans RoslingThe Razor's Edge - W. Somerset Maugham Sobre el invitado:Conecta con Nathan en LinkedinAprende más de Magma Partners Follow Us:NewsletterEscribe una ReseñaEncuesta de AudienciaTikTokInstagramTwitterLinkedinWeb 

This week's Espresso covers updates from Vozy, Plerk, Foodology, and more!Outline of this episode:[00:28] - Colombian Foodology raises $50M in funding round[01:04] - Vozy raises a $5M Pre-Series A round[01:31] - Lulo Bank receives a $200M investment from International Holding Company[02:02] - Arch closes a $5M seed round [02:28] - Plerk announces a partnership with WeWork[02:52] - Elenas raises $20M in a Series B round[03:17] - HoyTrabajas and Zulu close $5M seed rounds [03:58] - New episode of Crossing Borders[04:17] - Latamlist's featured articleResources & people mentioned:Companies & Startups: Arch, HoyTrabajas, Foodology, Vozy, International Holding Company, Plerk, Lulo Bank, WeWork, Elenas, Zulu, R5.VCs, Accelerators, Institutions: Chimera, Andreessen Horowitz, Wollef, Kayyak Ventures, TriplePoint Venture Capital, GoHub Ventures, Digital Currency Group, Upload Ventures, Ripio Ventures, TechStars, Soma Capital, Genesis Block Ventures, Dila Capital, Newtype Ventures, Cadenza Ventures.People: Arash Ferdowsi, Fernando Sucre, Nathan Lustig.

This week's Espresso covers updates from Ualá, Cortex, Solvento and more!Outline of this episode:[00:28] - Ali closes a $25 million Series A round[00:46] -Tax reform discussion in Colombia introduces change on wealth tax calculation for private companies[01:19] - Interview with Solvento's CPO and cofounder Pedro Bosch on their seed round[03:50] - Greenenergy raises a $5 million common equity investment [04:15] - Cortex secures $48 million in a Series C round[04:39] - Ualá announces a $150 million investment in Latin America[05:01] - clicOH lands in Colombia via the acquisition of Logysto[05:22] - New episodes of Crossing Borders and How to be the Difference[05:51] - Latamlist's selection of 14 Paraguayan startupsResources & people mentioned:Companies & Startups: Ali, Solvento, Greenenergy, Cortex, Ualá, clicOH, Logysto, VexiVCs, Accelerators, Institutions: BTG Pactual, Deetken Impact Sustainable Energy, Lightrock, Softbank, Riverwood.People: Pedro Bosch, Nathan Lustig, Cinthia Merlos, Johanna Molina, Paul Lynskey, Stela Barcelos, Alejandra Cruz.

This week's Espresso covers updates from Nubank, Bitso, Mono, and more!Outline of this episode:[00:28] - Minteo secures a $4.3 million seed funding round[01:03] - Interview with Humberto Pacheco, Naya Homes' cofounder, on their seed round[07:51] - Colombian fintech Mono launches Mono VC[08:20] - Interview with Stiven Rodríguez, Heru's cofounder, on their seed round[11:14] - Nubank leaves Brazil's stock market[11:42] - Bitso launches in Argentina the first crypto payments with QR codes in LatAm[12:04] - Global66 launches new Mastercard prepaid card[12:31] - Latamlist's featured articles[12:57] - New Crossing Borders episodeResources & people mentioned:Companies & Startups: Heru, Minteo, Naya Homes, Mono, Nubank, Bitso, Global66, Oxio.VCs, Accelerators, Institutions: Gradient Ventures, Magma Partners, QED, ALLVP.People: Humberto Pacheco, Stiven Rodríguez, Alejandra Cruz, Greg Mitchell, Meghan Stevenson-Krauz, Nathan Lustig, Nicolas Girard.

This week's Espresso covers updates from Kavak, Kushki, Heru, and more!Outline of this episode:[00:28] - Heru raises a $6M seed round.[01:03] - Kavak signs structured financing agreements worth $810M.[01:44] - RappiPay obtained a $112M financing.[02:15] - Kushki is officially launching operations in Peru.[02:35] - Ebanx announces expansion to Africa. [02:57] - Colombia approaches Brazilian authorities to import Pix.[03:24] - Leoparda Electric closes an $8.5M seed round.[04:02] - New episode of Crossing Borders.Resources & people mentioned:Companies & Startups: Heru, Kavak, RappiPay, Rappi, Kushki, Niubiz, MC Procesos, Ebanx, Leoparda Electric, Divibank.VCs, Accelerators, Institutions: Gradient Ventures, SOMA Capital, GFC, Moving Capital, Magma Partners, Flourish Ventures, HSBC, Goldman Sachs, Banco Santander, Banco Davivienda, Bancolombia, Banco de Bogotá, Itaú, Colombian Fintech Association, Pix, Monashees, Construct Capital.People: Mike Shoemaker, Nathan Lustig, Rebecca Fischer.

This week's Espresso covers updates from uDocz, Impacta VC, DolarApp and more!Outline of this episode:[00:28] - Finaktiva raises $25M in debt[00:54] - Interview with Gustavo Ribas, K Fund's Venture Partner[03:00] - Alima closes a $1.5M seed round[03:28] - Ubii closes its first investment round at $4.5M[03:47] - uDocz secures a $2M seed round[04:16] - Salkantay Ventures closes its first VC fund at $26M[04:40] - Impacta VC launches Impact Fundraising Strategy Program[05:04] - IDB Lab approves a $2M loan for Prestamype[05:25] - DolarApp announces a $5M seed round [05:47] - New Crossing Borders and Hacking Insurance episodesResources & people mentioned:Companies & Startups: Finaktiva, Alima, Ubii, uDocz, Prestamype, DolarApp, Belo, Lizit, Efinti.VCs, Accelerators, Institutions: Bancolombia, responsAbility, K Fund, Soma Capital, Y Combinator, The Dorm Room Fund, Seed9, Pareto, Salkantay VC, GSV Ventures, Impacta VC, IDB Lab, Kaszek Ventures.People: Gustavo Ribas, Nathan Lustig, Manuel Beaudroit, Rodrigo Alfonso, Daniel Botero, Andres Tobon.

This week's Espresso covers updates from R2, Auronix, Efinti, and more!Outline of this episode:[00:28] - R2 closes $15M Series A round[00:58] - Auronix receives $14.5M investment from Alloy Capital [01:26] - MEDU closes $4M seed round[01:53] - Plurall receives $20M in debt capital from Fasanara Capital[02:21] - Qanlex closes $3M seed round[02:50] - Efinti raises $1M in an investment round[03:12] - This week's new How to be the difference and Crossing Borders episodes[03:33] - Featured article on How to Recruit the Best LATAM Software Engineers by Gino FerrandResources & people mentioned:Companies & Startups: R2, PayU, Auronix, MEDU, Plurall, Qanlex, Efinti, Ontop, Leasy.VCs, Accelerators, Institutions: Gradient Ventures, General Catalyst, 166 2nd, Magma Partners, Femsa Ventures, Alloy Capital, MaC Venture Capital, Fasanara Capital, Carao Ventures, The LegalTech Fund, Preface Ventures, FJ Labs, J Ventures, Inversiones Andamas.People: Johanna Molina, Paul Lynskey, Julian Torres, Nathan Lustig, Gregorio Gilardini, Gino Ferrand.

En el episodio de hoy tenemos como invitado a Nathan Lustig, Managing Partner en Magma Partners. Magma Partners es un fondo de Venture Capital que invierte en entre $25k y $5M en fundadores levantando rondas pre-semilla, semilla y serie A en America Latina.En nuestra conversación, Nathan nos compartió la historía de cómo comenzó y creció Magma Partners. A la fecha han invertido, mediante sus cuatro fondos, en más de 85 startups. Además, Nathan nos brindó consejos de levantamiento de capital para aquellos founders subestimados, es decir, los que quizás no asistieron a una universidad Ivy League, no están en una ciudad con un ecosistema vibrante de startups o no cuentan con una red de contactos.Enlaces de interésLinkedIn de Nathan LustigPágina web de Magma PartnersBlog de Magma PartnersLa Guía para Fundadores Latinoamericanos Subestimados para Recaudar Venture Capital por Magma PartnersTemas del episodioEl inicio de Magma Partners (06:41)El Magma memo para startups (14:53)Modelos mentales y valores de Magma (21:00)Definición de founders subestimados y la diferencia con los subrepresentados (27:10)Consejos para fundadores subestimados (34:20)La pregunta de la máquina del tiempo (47:04)Ayúdanos a compartir lo bueno. Así lograremos fortalecer la comunidad de startups de Latinoamérica.También puedes sumarte al grupo de oyentes que respalda este podcast con su contribución económica. Con tan solo $3 al mes, nos puedes apoyar a cubrir los costos de producción de este podcast. Visita https://www.patreon.com/innovacion

This week's Espresso covers updates from Billpocket, Rebill, Pomelo, and more!Outline of this episode:[00:28] - Kushki acquires Billpocket[00:54] - Interview with Alejandro Guízar, CEO and founder of Billpocket[04:25] - Argentina-based startup Rebill raises $3.6M[05:01] - Pomelo extends its Series A to $50M[05:30] - New hybrid startup studio and human capital agency RYZ Labs is launched[05:51] - Interview with Jordan Metzner, founder of RYZ Labs [08:33] - Casai and Nomah announce a merger agreement[09:06] - New episode of Crossing Borders with Juan José Leaño, founder of Parco[09:30] - New episode of How to be the Difference with Jamie TurnerResources & people mentioned:Companies & Startups: Kushki, Billpocket, Rebill, Pomelo, Casai, Nomah, RYZ Labs, HipTrain, Offsiteio, Parco.VCs, Accelerators, Institutions: Tiger Global Management, Y Combinator, Soma Capital, Andreessen Horowitz, Loft, monashees.People: Jordan Metzner, Sam Nadler, Alejandro Guízar, Nathan Lustig, Juan José Leaño, Jamie Turner, Johanna Molina, Paul Lynskey.

This week's Espresso covers updates from Kushki, Cargo Produce, Talanta, and more!Outline of this episode:[00:28] - SINAI Technologies announces a partnership to reduce the impact of climate change.[00:47] - Kushki becomes Ecuador's first payment aggregator.[01:14] - Bia raises $6M in a pre-seed round.[01:39] - Talanta announces the beginning of the Global Apprenticeship Program.[02:08] - Cargo Produce will expand to Mexico after a $1.1M seed round.[02:41] - New episode of Crossing Borders with Daniel Otero, CEO and Co-founder of Ozon.[02:58] - Alejandro Guízar's article on How to maintain liquidity in uncertain times.[03:20] - New episode of Hacking Insurance with Hilario Itriago and Pablo Tiscornia.Resources & people mentioned:Companies & Startups: SINAI Technologies, Future Carbon Group, Kushki, Bia, Talanta, Cargo Produce, Topsort, Migrante, Ozon.VCs, Accelerators, Institutions: Canary, Nazca, 8VC, Global Founders Capital, Marathon Ventures, MatterScale Ventures, Opera Ventures, MIT Open Learning.People: Francisco Larraín, Diego Fleischmann, Nathan Lustig, Daniel Otero, Alejandro Guízar, Rodrigo Alfonso, Hilario Itriago, Pablo Tiscornia.

This week's Espresso covers updates from Nowports, Pandas, Bornlogic, and more!Outline of this episode:[00:28] -Pandas raises $6.3M in pre-seed round[00:57] -Nowports becomes a unicorn after a $150M Series C[01:49] -Welbe raises its first pre-seed investment round of $3M[02:31] -Experian acquires 51% stake of Brazilian fintech MOVA[03:10] -Bornlogic raises $10M in a Series A round[03:39] -New episode of How to be the difference with Nathan Lustig, Managing Partner at Magma Partners[03:56] -New episode of Entrepreneurship in Latam 101 on the successes and failures of leading a startup.Resources & people mentioned:Companies & Startups: Pandas, Nowports, Welbe, Kavak, Jüsto, Ben & Frank, Experian, MOVA, BornlogicVCs, Accelerators, Institutions: Third Kind Venture Capital, Acequia Capital, Picus Capital, Tekton Ventures, Partech, SoftBank Latin America Fund, Tiger Global, Foundation Capital, Monashees, Soma Capital, Broadhaven Ventures, Mouro Capital, Tencent, Base10 Partners, Nazca, Astella InvestimentosPeople: Johanna Molina, Paul Lynskey, Nathan Lustig, Doménica Obando, Courtney McColgan

The future of work is here! Are you ready for it?As the working environment continues to evolve, many companies and professionals around the world are adapting, and better yet, leading the way.Join our knowledgeable hosts, Johanna Molina, Talanta's Co-founder and Head of Impact and Paul Lynskey, Talanta's Head of Experience, as they delve into deep discussions with industry thought leaders from top companies around the globe, only on How to be the Difference.Stay ahead of the curve with actionable insights that are reshaping the processes of talent acquisition, human capital management, remote and hybrid workforce development among others.Tune in every other Monday and don't forget to follow us on social media!A witness to Latin America's startup ecosystem transformationIn this episode of How to be the Difference, Johanna and Paul sit down with Nathan Lustig, Managing Partner at Magma Partners. Founded in 2014, Magma is a seed-stage venture capital fund based in Latin America, the USA, and China.Originally from Wisconsin, USA, Nathan bought a startup while he was studying to major in Political Science. He purchased ExchangeHut, which was a local tickets and textbooks trading site, and transformed it into a national business with over 125,000 users. In 2008, he co-founded Entrustet, a company that allows people to get their digital assets transferred or deleted when they die. He sold both after they gained great success.Nathan then moved to Chile and participated in the Startup Chile pilot program. In 2012, he began teaching a class at a Chilean university titled “How To Build a Startup”. This was when he started giving students advice and support on how to create their own businesses. The path led him down to creating Magma Partners in 2014, and to this date, the VC firm has invested in over 110 startups from Latin America. Since 2014, the startup ecosystem in Latin America changed dramatically, and Nathan witnessed all of it. In conversation with Johanna and Paul, Nathan explains what Magma looks for in startups. He also shares what he thinks are the trends that companies and professionals should hop on to be aligned with the future of work: remote work, flexibility, asynchronous work, and more. Nathan also gives his insights into why tech companies are currently going through serious trouble. To learn more about amazing internship opportunities, check out Talanta's website.Outline of this episode:[03:10] - Introduction to the guest[04:40] - Nathan's background[05:43] - How and why did Nathan create a VC fund in Latin America[07:40] - What changed in Latin America since Magma's first investment?[10:15] - What Magma looks for in startups[12:10] - Skills looking for in a startup's team[15:16] - Nathan's opinion on the future of work[19:58] - How to attract and retain talent[23:54] - What should professionals focus on to be part of the future of work?[26:33] - The importance of learning within frameworks[28:30] - How is repricing affecting Latin American startups[30:26] - Why did startup investments go crazy?[37:20] - Why should startups focus on creating content? [40:53] - What is next for Magma PartnersResources and people mentioned:Nathan LustigMagma PartnersEntrustetExchangeHutStartup ChileBook Startup Chile 101CornershopJohanna MolinaPaul Lynskey

In this week's Espresso, we cover updates from Strike, Kambio, Picus Capital and more!Outline of this episode:[00:28] - Cybersecurity startup Strike raises $5.4M in a seed round.[01:02] - Proptech Kambio closes a $1M pre-seed round.[01:34] - Colombian startup Ayenda reaches 500 establishments in its low-cost hotel chain.[02:15] -VC firm Picus Capital will open offices in São Paulo.[02:43] -PayU acquired Colombian startup Ding and led a $46M investment for the Colombian fintech Treinta. [03:08] - Latest Crossing Borders episode revisiting Deepak Chhugani's interview. [03:21] - New episode of Entrepreneurship in Latam 101 on scaling a business to other countries.Resources & people mentioned:Companies & Startups: Strike, Kambio, Ayenda, Clara, Xepelin, Kamino, PayU, Ding, Treinta, NuvocargoVCs, Accelerators, Institutions: Picus Capital. Magma Partners, Greyhound Capital, FJ Labs, Canary, NXTP, VentureFriends, Latitud, Orok Ventures, First Check Ventures, PlugAndPlay, WeWork Alumni Fund, Bluebox Ventures, Assymetry Ventures, ProsusPeople: Santiago Dañino Beck, Nathan Lustig, Deepak Chhugani, Madeleine Clavijo, Mafalda Barros, Mariana Costa

In this week's Espresso, we cover updates from Treinta, Crehana, Softbank and more!Outline of this episode:[00:27] - Jüsto raises $152 million in a Series B. [01:07] -Treinta raises $46 million in a Series A.[01:41] -Crehana acquires the talent management startup Acsendo.[02:14] -Softbank's investment arm creates a new fund for Latin America called Upload Ventures.[02:39] -Alejandro Guízar's article on The future of work in the digital economy.[02:52] -Latest episode of Crossing Borders where Nathan Lustig revisits Caterine Castillo's interview.[03:04] -New How to be the difference podcast episode with Jaime Bermúdez.[03:19] -New episode of Entrepreneurship 101 on how to choose the right partners for your business. Resources & people mentioned:Companies & Startups: Jüsto, Treinta, Crehana, Acsendo, Softbank, Billpocket, Neivor.VCs, Accelerators, Institutions: Upload Ventures, Tarsadia Capital, Citius, Arago Capital, Foundation Capital, Quiet Capital, PayU, Prosus, Liontree, Ethos VC, Ten13, Soma Capital, FJ Labs, WeXchange.People: Alejandro Guízar, Nathan Lustig, Caterine Castillo, Jaime Bermúdez, Amparo Nalvarte, Andrea Baba, Johanna Molina, Paul Lynskey.

Gregorio Gilardini es el cofundador y CEO de , una fintech que financia autos a conductores de apps de taxi. Nacido en Italia y graduado en Londres, encontró en Perú una oportunidad de empredes. La idea de LEASY empezó en sus viajes con Uber, donde conversaba con los drivers y poco a poco se dio cuenta de que habia una oportunidad: los drivers alquilaban el carro (en muy mal estado) a un tercero por un precio excesivamente alto. Gregorio decidio apostar por una solución. Empezó financiando tres carros en su MVP, al final del año ya financiaba 14; hoy en dia su cartera es de 500 carros, con más de 1,500 en lista de espera. Este 2022 levantó una de las rondas más grandes de Lationamerica en etapa semilla, $2 millones de equity de Magma Venture Partners de Nathan Lustig, y $15 millones de deuda de Architect Capital. Este año estan abriendo operaciones en México. Ecuado está en su lista de paises a expandirse. BuenTrip Ventures es parte de los inversionistas de Leasy.

Stefan Moller, CEO of Klar, a Mexican fintech democratizing access to banking, wants to change the way Mexicans think about money.Stefan grew up between Mexico and Germany and worked traditional jobs to finance his own ventures. His experience working traditional jobs and startup companies led him to start Klar to try to make Mexicans' lives better.According to Stefan, traditional banking in Mexico is monopolistic and most Latin Americans have a negative experience dealing with banks. Klar makes it easy for Mexicans to use their smartphones to access better loans, savings, and investment products. In this episode, Stefan shares his entrepreneurial experience growing up in different cultures. We also talk about fintechs in Mexico and how Klar builds trust with its users.Lessons from growing up in Mexico and Germany Spending time between two different countries gave Stefan a unique perspective. Stefan spent time between Mexico and Germany, giving him a unique perspective. He saw how experiences and motivations can be completely different in each culture, which helped him decide to build better financial solutions for Mexico.In this episode, you'll learn how Stefan built a team with top-tier talent.Klar's long-term strategy for successBefore Klar, Stefan created several successful ventures, including selling 2 million Chinese Hologram bracelets in Mexico. In Germany, he built a market intelligence company that packaged business research papers to sell to large companies.The lessons learned while starting this company allowed Stefan to launch Klar. This also helped him to create a strategy to build the users' trust in the product. Check out this Crossing Borders episode to learn Klar's thesis and why it is compelling for both users and investors.Simplifying access to financial services for MexicansIn Mexico, opening a bank account involved signing many papers and long waiting times for service. Stefan describes Mexicans' relationship with banks as a “necessary evil.” Klar is developing better relations between banks and their users to change how people think about money. For example, Klar allows Mexicans to access payroll advances with the click of a button.In this episode, learn how Klar provides effective, tailored, and secure financial services.Outline of this episode:[01:35] - About Klar[02:01] - How Klar is an alternative to traditional financial services[03:55] - The problem with traditional banks [05:30] - Stefan's background[07:35] - Growing up across different cultures [09:16] - Stories of Stefan's past businesses[11:25] - Lessons learned through his path in entrepreneurship [13:00] - Why did Stefan fund Klar?[15:50] - Creating Klar from the start[18:38] - Stefan's take on neobanks[20:58] - Discussing the exit of Citi's retail banking from Mexico[22:58] - Fintech's strategy of bundling services and products[25:05] - Raising funding rounds for Klar [27:15] - Advice for younger self[29:26] - Book recommendations[30:30] - The future of KlarResources & people mentioned:Stefan MollerKlarCiti exiting retail banking from MexicoBook How Will You Measure Your Life? By Clayton Christensen.Nathan Lustig

In this week's Espresso, we cover updates from Queplan.cl, Emi Labs, Recorrido and more!Outline of this episode:[00:27] - Tpaga announces a $10M Series A funding round[01:01] - Queplan.cl launches new platform InternationalHealth.com[01:29] - Interview with Ryan Kerr, cofounder of Queplan.cl[09:50] - Chilean marketplace Recorrido is acquired by Busbud.[10:11] - Emi Labs raises $11M Series A funding round[10:44] - Latest Crossing Borders episode with Doménica Obando[11:02] - Latamlist picks for International Women's DayResources & people mentioned:Companies: Tpaga, Queplan.cl, InternationalHealth.com, Emi Labs, Busbud, Recorrido, Talently.VCs, Accelerators, Institutions: Merus Capital, Koshla Ventures, EWA Capital, Mountain Partners, Star 26, Fundación Botnar, New VenturesPeople: Ryan Kerr, Nathan Lustig, Doménica Obando.

In this week's Espresso, we cover updates from Notco, Technisys, Valoreo, Cometa Ventures and more!Outline of this episode:[00:27] - Technisys wil be acquired by SoFi and reach unicorn status.[01:01] - Mundi announces a $16 million Series A funding round[01:20] - NotCo announces a joint venture with Kraft Heinz [01:54] - Valoreo announces an $80M Series B funding round[02:24] - EmpleosTI is now Hireline and starts its expansion to Latam.[02:38] - Interview with Emmanuel Olvera, Hireline's CEO[04:15] - Mezubo announces a $5.5M seed funding round[04:42] - Capria Ventures partners with the VC firm Cometa[05:08] - Featured article by Alejandro Guízar, Billpocket's CEO on payment processors.[05:24] - New Crossing Borders and How to be the Difference episodes.Resources & people mentioned:Startups & Companies: SoFi Technologies, Technisys, Mundi , NotCo, Kraft Heinz, Valoreo, Hireline, Mezubo, Bitso, Cabify, Kueski, BillpocketVCs, Accelerators, Institutions: Union Square Ventures, L Catterton, Canary Ventures, Dila Capital, Capria Ventures, CometaPeople: Matías Muchnick, Emmanuel Olvera, Alejandro Guízar, Nathan Lustig, Gina Gotthilf, Daniel Undurraga

In this week's Espresso, we cover updates from Neon, Hireline, Velvet, and more!Outline of this episode:[00:27] - Velvet announces $200M funding.[00:59] - Neon becomes a unicorn after a $300M round.[01:35] - delt.ai processes $25M in debt financing from TrustToken[02:07] - Interview with José de la Luz López Sanguino, delt.ai's CEO[07:54] - Financial Health Innovation Fund announces new investments[08:35] - Viva Translate announces $4M in funding.[09:11] - New Crossing Borders episode with Luis Rubén Chávez.Resources & people mentioned:Companies & Startups: Velvet, Neon, delt.ai, TrustToken, Finerio Connect, Chari, Hireline, Viva Translate, ZenfiVC funds, Institutions, Accelerators: BBVA, Y Combinator, Village Capital, MetLife FoundationPeople: José de la Luz López Sanguino, Nick Grassi, Luis Rubén Chávez, Nathan Lustig

In this week's Espresso, we cover updates from Betterfly, Ualá, the IFC, and more!Outline of this episode:[00:27] - IFC and We-FI launched a new call for applications for IFC ScaleX[00:53] - Betterfly became the third Chilean unicorn[01:21] - Sooper raised a $5.7M seed funding round[01:51] - Ualá announced it would begin its operations in Colombia[02:18] - Interview with Natalia Ríos, Country Manager of Ualá in Colombia[06:12] - Creditas announced a $260M Series F funding round[06:42] - Inspectorio raised $50 Million in a Series B round[07:16] - Melonn announced a $20M Series C funding round[08:06] - Featured article “The low hanging fruit of Mexico's financial system” [08:25] - New Crossing Borders episode with Sophia WoodResources and people mentioned:Companies & Startups: Betterfly, Cornershop, NotCo , Sooper, Ualá, Creditas, Inspectorio, Melonn, VCs, Funds, Programs and Institutions: IFC ScaleX, IFC, We-Fi, Glade Brook Capital. Greycroft, Mundi Ventures. Lightrock, QED Investors , DST Global Partners, Canary VC, Kaszek Ventures, Fidelity Management & Research LLC, Insight Partners, Techstars, Flexport, Ecolab ,Matchstick Ventures, QED Investors. Global Founders Capital , NFX, Pear and WollefPeople: Natalia Ríos, Alejandro Guízar, Nathan Lustig, Sophia Wood.

In this week's Espresso, we cover updates from Habi, Mono, Village Capital and more!Outline of this episode:[0:27]- Healthtech Nilo Saúde raises $10 million in a Series A[1:02]-Proptech Habi acquires Mexico's Okol[1:32]- Inventa announces a $20 million Series A funding round[1:58]-Fairplay raises $35M in a Series A funding round[2:35]-Mono will participate in the next Y Combinator's cohort[3:05]-Launch of new program called YLAI Americas Accelerator[3:40]-Episode 161 of Crossing Borders with Daniel Peña[4:02]-Episode 26 of How to be the differenceResources & people mentioned:Companies and Startups: Nilo Saúde, Habi, Propiedades.com, Tu Cantón, Inventa, Fairplay, Mono, The Intern Group, LocalAdventuresVCs, Institutions and funds: GFC, SoftBank Latin America Fund, Tau Ventures, MAYA Capital, Canary Ventures, Andreessen Horowitz, Monashees, Dila Capital, Kayyak Ventures, Speedinvest, Elevar Equity, Architect Capital, Y Combinator, Village Capital, US Department of State , IREX, YLAI People: Daniel Peña, David Lloyd, Johanna Molina, Paul Lynskey, Lee Carlin, Nathan Lustig

In this week's Espresso, we cover updates from AgendaPro, Parrot, Vozy and more!Outline of this episode:[0:27]- AgendaPro closes a financing round for $3.7M[0:55]-Interview with Julio Guzmán, AgendaPro's CEO[8:22]-Parrot secures $9.5M in a round led by F Prime Capital[8:54]-Interview with Roberto Cebrian, founder of Parrot[12:45]-Klar raises a $70M Series B funding round[13:13]-Laika raises a $48M Series B funding round [13:45]-Vozy partners with Latin Leap through its Seed Investment Club.[14:25]-Ubits announces a $25M Series B funding round[14:52]-a55 raises $16M in a Series B [15:22]-Featured article: 2022: The future of payments,​​ why cash is no longer king[15:43]- Crossing Borders episode with Miguel Medina from PlerkResources & people mentioned:Companies and Startups: AgendaPro, Parrot, Klar, Laika, Delivery Hero, Vozy, Ubits, a55, Billpocket, PlerkVCs and funds: Kayyak Ventures, F Prime Capital, General Atlantic, Prosus, Quona, IFC, Mouro Capital, SoftBank. JAM Fund, FJ Labs, Latin Leap, Riverwood Capital, Roble Ventures, EndeaPlerkvor Catalyst, Owl Ventures, Móvile. Mouro Capital.People: Julio Guzmán, Roberto Cebrián, Alejandro Guízar, Miguel Medina, Nathan Lustig

Levantar capital sigue siendo bastante difícil para la mayoría de emprendedores que no tuvieron la oportunidad de estudiar en una universidad de renombre, trabajar en profesiones élite como banca de inversión o consultoría, o simplemente tienen menor acceso a capital por condiciones geográficas o sociales. Para conversar de esto, invitamos a Nathan Lustig, socio y fundador de Magma Partners, uno de los fondos semilla líderes en Latinoamérica.Para revisar las notas del episodio, visita https://startupeable.com/magma-partners/Además, si te gusta nuestro Podcast, la manera más sencilla de ayudarnos es dejando una reseña en Apple Podcasts: https://ratethispodcast.com/startupeable y siguiéndonos en:- Web: https://startupeable.com/- LinkedIn: https://www.linkedin.com/company/startupeable/- Twitter: https://twitter.com/startupeable- Instagram: https://www.instagram.com/startupeable/- YouTube: https://www.youtube.com/c/Startupeable

Nathan Lustig, the managing partner of Magma Partners, a seed stage investment fund, shares his perspective on how he views founders with a failed startup under their belt.Learn more about Nathan:- Blog: https://www.nathanlustig.com/about/- Twitter: https://twitter.com/nathanlustig- Magma Partners website: https://www.magmapartners.com/- Crossing Boarders podcast with Nathan Lustig: https://latamlist.com/crossing-borders-with-nathan-lustig/- Episode with Alejandro Freund: https://latamlist.com/alejandro-freund-the-path-to-shutting-down-a-latin-american-startup-ep-132/

After spending the last seven years routinely moving from country to country in Latin America, Nathan Lustig’s nomadic life was upended when the Coronavirus pandemic began to grip the entire world. As the Managing Partner of Magma Partners, Nathan became accustomed to a transient lifestyle as he worked to build his early-stage venture capital firm. Now facing the first prolonged travel hiatus of his recent career, Nathan sits down with Jerry to unpack the ways in which his aversion to setting roots has served him personally and professionally. Jerry reminds Nathan that in this moment lives an opportunity to reflect clearly on the lessons he’s learned in lockdown, and to inquire deeply about who he wants to be moving forward, and most importantly, what his work is to do in the world. Leave us a review on Apple Podcasts! Follow our step by step guides: - How To: Leave a Review on Your Computer: - How To: Leave a Review on Your iPhone: Never miss an episode! Sign up for our newsletter to stay up to date on all our episode releases.

Pierpaolo Barbieri: Uala’s arrival in Mexico, Ep 17   For this week’s Espresso, we invited Pierpaolo Barbieri, founder of Uala, to talk about the fintech’s recent expansion into Mexico. We also have updates from Nubank, Credijusto, and Cornershop, as well as two unicorn announcements (Kavak and VTEX) in the region!   Outline of this episode:  [0:26] - Unicorn boom: Kavak  [1:17] - Unicorn boom: VTEX [1:40] - UberEats updates [2:07] - News from Nubank [2:30] - Pierpaolo Barbieri, Uala [5:03] - Featured articles of the week   Resources & people mentioned: Pierpaolo Barbieri Uala Startups: Credijusto, Cornershop, Nubank, VTEX, Kavak Featured articles:  “EU Adds Cayman to its “Blacklist”. Has the Cayman/LLC Sandwich Gone Stale?” by Juan Pablo Cappello and Peter Eccles “Latin America’s Tech Tailwinds Will Remain Strong” by Nathan Lustig  

Nathan Lustig: How Magma Partners thinks about InsurTech in Latin America, Ep 6 In this week’s Espresso, we invited Nathan Lustig, Managing Partner at Magma Partners, to talk about the enormous opportunity insurtech presents in Latin America. Latam’s ecosystem also saw investment news from two Argentine unicorns, SVB Financial Group, and FitBank, along with updates from Cofece and Cornershop.    Outline of this episode: [0:27] - Uber’s new service with Cornershop [1:00] - Nathan Lustig, Magma Partners [4:56] - Investments: SVB Financial Group, JP Morgan, Globant Ventures,  Auth0 [6:20] - Cofece on digital markets [6:50] - Featured article of the week   Resources & people mentioned: Guest: Nathan Lustig Magma Partners form Startups: FitBank, Woocar & Drixit, Auth0, Wizeline, Cornershop Bismarck Lepe Institutions: Cofece    

In 2010 Nathan Lustig moved to Latin America as part of the “Startup Chile's” accelerator program.  When Nathan arrived in Santiago Version 2.0 of the TecnoLatino was just coming together.  In the past 10 years since Nathan's arrival in Chile the amount of dollars invested in tech enabled businesses in LatAm has grown 31x times, from $150mm invested in 2010 to $4.6 billion invested in 2019.From the get-go Nathan began to give back to help grow the tech ecosystem throughout LatAm.   He has written two books that help foreigners doing business in Chile.  And he hosts the popular podcasts Crossing Borders and Cruzando Fronteras as well as his blog Staying Out of The Cubicle.Nathan Lustig is the co-founder of Magma Partners, an early-stage investment firm that supports the best Latin American entrepreneurs to launch and scale in the US.  Magma Partners recently announced the acquisition of Rampa Ventures, a Guadalajara-based startup accelerator.   Nathan is viewed by many throughout Latin America as the next generation leader of the TecnoLatino. In the tech world Juan Pablo is known as one of the partners of Patagon.com, one of the first on-line banks that was bought by Banco Santander for more than US$700 million. Juan Pablo has co-founded Idea.me, Lab Miami, Lab Ventures & Wonder (purchased in 2020 by Atari). He also publishes a widely read column on the TecnoLatino https://latamlist.com/author/jpcappello/ and continues advising entrepreneurs in the region from PAGLaw https://www.pag.lawThe podcast “Aqui & Ahora” asks: What are the leaders of the TecnoLatino doing “here & now”? How are they facing the changes and challenges we are living? “Aqui & Ahora” offers tips for entrepreneurs, investors and supporters of the TecnoLatino.Sponsored by PAGLaw

"Lo que más hemos visto que funciona en el emprendimiento es el trabajo duro.  El mayor problema del emprendedor, es un problema de ego".  Sophia es norteamericana nacida en la ciudad de Seattle, famosa por ser cuna del grunge y además donde se han desarrollado negocios y emprendimientos como los de Starbucks, Microsoft y Amazon.  Así que Seattle produce gente excepcional y Sophía lo es.    Sophía es inversionista, emprendedora y conservacionista.  Graduada en la Universidad de Georgetown con una Licenciatura en Asuntos Internacionales, Sophia ha seguido su pasión por el desarrollo sostenible.  Si bien su experiencia laboral temprana y su investigación académica se centraron primero en organizaciones sin fines de lucro, después avanzó en apoyar a las nuevas empresas locales en las economías emergentes como Colombia y Chile, era una forma más efectiva de seguir una carrera impulsada por su misión.  Sophia ahora divide su tiempo entre Santiago, Chile y la Amazonía ecuatoriana, donde apoya los esfuerzos locales hacia el desarrollo económico, la creación de empleo y la conservación del medio ambiente.  Anteriormente ha vivido y trabajado en Fiji, Colombia y Senegal, además de completar investigaciones en Kenia, Chile, Sudáfrica y Ruanda. Esto es parte de su impronta internacional.  Fue cofundadora y directora de marketing de VamosA, un programa latinoamericano de bootcamp para fundadores en etapa inicial en Medellín, Colombia. Sophía (y como vamos a ver en la entrevista), es Principal del fondo de Venture Capital, Magma Partners.  Magma Partners es el primer fondo de capital de riesgo 100% privado en Chile, fundado en 2014 por un emprendedor estadounidense, Nathan Lustig, junto a dos socios chilenos, Francisco Saenz y Diego Philippi.  Sus inversiones llegan a más de 60 startups en 20 paises en todo Latinoamerica y EEUU.   Sophía se mudó a Chile por primera vez en 2015 para hacer un año de intercambio en distintas universidades chilenas.  Y se enamoró de Chile, de sus cerros, de sus pueblos indígenas, del mar y de la vida rápida y colorida en Santiago (hay que indicar en el contexto de esta entrevista que fue realizada un poco antes de la crisis social).  ¡Volvió a terminar sus estudios en EEUU y quería puro volver a Chile!  Y después de varios distintos tipos de trabajos y experiencias que nos va a contar, se encontró con el equipo de Magma Partners y ahora la tenemos aquí con nosotros.  Quiero decirles que esta entrevista ha sido para mí un honor en encontrar a una persona tan apasionada por lo que hace y consecuente con lo que son sus convicciones de vida y de ética del trabajo.  https://www.linkedin.com/in/sophiarwood/ https://www.linkedin.com/company/magma-partners/

Mixergy's Andrew Warner interviews Nathan Lustig on the Mixergy Podcast. I decided to cross post this interview, since we cover my story getting to chile, what it's like doing business in Latin America and my experience with previous startups. You can find Andrew's original podcast and show notes on his website: https://mixergy.com/interviews/magma-partners-with-nathan-lustig/ From Mixergy: Nathan Lustig is the co-founder of Magma Partners, an early-stage investment firm that supports the best Latin American entrepreneurs to launch and scale in the US. Nathan literally wrote the book on what it’s like to do business in different parts of Latin America. It’s called “Crossing Borders: A Venture Capitalist’s Guide to Doing Business in Latin America.” I wish I had read it before I flew to Mexico City to do my first set of interviews because he really explains how the world south of the American border operates when it comes to startups and business.

Jie Hao is a partner at Magma Partners who previously built and sold two companies before heading to Chile to look at investment opportunities in 2012. To make this podcast, I repurposed a segment of a conversation we had while I was in Shanghai for the launch of the partnership between Kr Space and Magma Partners to create the Sino-Latin American Accelerator. This conversation was a part of our doing business in Latin America course through 36Kr, China's version of TechCrunch, where we taught Chinese entrepreneurs and investors about the growing opportunities for investing in Latin America. In this short form episode of Crossing Borders, we talk about how Magma Partners got involved in China, why Chinese investment is important for Latin America, and how China and the US are looking at Latin America differently. From Magma Fund I to the Sino-Latin American Accelerator After working with us on Fund I, Jie tried to raise funds in China for Fund II, and was originally met with skepticism. We realized Chinese investors, like US investors, knew very little about Latin America, so Jie worked with the 36Kr team, the Chinese version of TechCrunch, to allow us to write a guest column on doing business in Latin America. The course was such a success that we created a business, then a partnership with Kr Space, a Chinese version of WeWork and 36Kr subsidiary, to encourage business relations between Latin America and China. China seizing opportunities in LatAm while the US steps back As the US has taken a step back from Latin America, China has leaned in. Jie speculates that Chinese technology is more applicable to the Latin American context than tech in the US. Giant Chinese companies like Didi Chuxing and AliExpress are already operating in Latin America, while US competitors have not taken their investment in LatAm to the next level. Many Latin American businesses that are solving real problems are already profitable, and have much lower valuations than in the US or China. This makes startups in LatAm an attractive investment for Chinese and US investors. The Sino-Latin American Accelerator, and Magma’s event series, China-Latin America Innovation Year, look to bring China and LatAm together for greater investment and technology transfer between the two regions. Show Notes [1:24] - Nathan Lustig explains how he met Jie and how Magma started working in China [6:39] - How Jie started working with Magma Partners [8:45] - What the LatAm tech ecosystem looked like when Nathan arrived in 2010 [10:10] - The trend toward Silicon Valley and Chinese capital coming to Latin America [12:36] - Why Latin American businesses are becoming so valuable [15:16] - How the US and Latin America are different from China [17:34] - How Chinese investment in Latin America is growing exponentially

Through my Crossing Borders podcast, I’ve had the opportunity to interview dozens of Latin America’s most inspiring entrepreneurs. In this special episode, I decided to turn the tables to bring a former guest, GroupRaise CEO Devin Baptiste, back to the show to ask me about my first days as an entrepreneur, and how that eventually brought me to Chile. I sat down with Devin, a close colleague and friend, to delve into how ticket reselling, and helping people plan for their deaths, brought me to Latin America and put me on a path to help found Magma Partners. Don't worry, we'll be back to our regularly scheduled guests next week! Refereeing soccer games at age 12 was the first step to becoming an entrepreneur. Nathan Lustig made his first money as a twelve-year-old soccer referee back home in Wisconsin. As an independent contractor, he enjoyed planning a game schedule and being in control of his income, most of which he saved. Sports become a common theme in Nathan’s journey to becoming an entrepreneur, as he became well-versed in the market of buying and selling tickets as a long-time sports fan. In many ways, his love of sports and attending sports games foreshadowed his first venture, a college ticket-selling marketplace called ExchangeHut. Companies are sold, they are not bought. Nathan got into ticket selling when he lost the lottery for season tickets at University of Wisconsin in his freshman year. As he looked for ways to buy tickets for himself, friends lined up to ask for help with the same problem. A year later, Nathan had purchased ExchangeHut alongside a childhood friend, using some of the funds he saved reffing soccer. Over the course of two years, they grew the platform from 1000 users on one campus, to nearly 250K users on eight university campuses. Getting acquired was a deliberate process. Neither Nathan nor his partner wanted to operate ExchangeHut after graduation, so they researched and contacted potential buyers, and were eventually acquired by the ad network that operated on the site.   Nathan emphasizes that companies looking to be acquired should be on the hunt for interested buyers. Few acquisitions come from companies that were shopping around to buy and find their acquisition target from a day of Googling. Selling to morticians and how Nathan ended up in Chile. After selling ExchangeHut, Nathan moved onto his next challenge, as co-founder of Entrustet, a service that helped families access, transfer, and delete online accounts when someone died. While they got great PR because the idea was just so novel, B2C marketing was near impossible. Very few people wanted to think about or plan for their death, except, surprisingly, in Japan and Mexico. As they pivoted, Nathan and his partner stumbled across an article about Start-Up Chile in Forbes and applied. They became a part of the program’s first class. The ecosystem in Chile was in its nascent stages at that time, but even then it was evident that something big was brewing. Nathan sold Entrustet after Start-Up Chile and made his way back to Latin America to work on his Spanish. The Magma Partners investment thesis After a stint as a Spanish language marketer, and as a university professor, Nathan settled into mentoring startups in Chile. When he met Francisco Saenz in 2013, they realized an opportunity to make an outsize impact in Latin America’s entrepreneurship ecosystem through a private fund that would combine capital investment, mentorship, and US best practices, giving Latin American startups access to support of the kind found in Silicon Valley. Francisco and Nathan founded Magma Partners with a US$2.5M fund they invested in pre-seed and seed stage companies that either sold to businesses in Latin America, or to a US audience. A lot of people thought their investment thesis was crazy, that Latin America was too risky an investment. Yet Magma I has already seen their original investment reach US$7.5M; their portfolio has also generated over 350 jobs. The 3 Mega Trends Happening in Latin America now. Devin and Nathan closed out their conversation looking forward at the future of tech in Latin America, just weeks after the announcement of Magma II, a US$15M fund to be invested under the same thesis. Nathan sees three huge trends in the Latin American startup ecosystem, with Magma Partners riding the wave of all three. Latin America’s tech scene is maturing at a very high rate and will be producing many highly profitable businesses over the next decade. Chinese businesses and investors are starting to look into investments in Latin America. Magma Partners also announced the opening of the first Sino-Latin American accelerator to help Chinese and Latin American entrepreneurs work together. The US is taking notice of Latin America. Nathan summed up our conversation explaining the long-term impact of Magma Partners on the startup ecosystem. “Magma is a multi-decade project,” says Nathan, “and we want to be a core building block of the ecosystem to continue building what other amazing funds in Argentina, Brazil, and Mexico have done.”  Check out the rest of the episode to hear Nathan’s story in detail and learn how he went from soccer referee to Managing Partner at Chile’s first private venture capital fund! Outline of This Episode: [1:16] Devin Baptiste introduces Nathan Lustig [3:00] Starting the entrepreneurship journey as a soccer referee [8:10] Buying his first business at age 19 with a childhood friend [12:50] Growing your user base from 1000 to 250k within 2 years [21:10] Buying and selling tickets shows you what people’s true character is [23:40] Companies are sold, they are not bought [26:35] How do you get a company to sit down and talk acquisition? [34:50] Deciding not to compete against Facebook Marketplace was a mistake [36:15] Branching out: how did you get into your next company? [40:30] How do you sell a product that people use after they die? [42:43] How many people on Facebook die in a year? [50:37] Joining the first class of Start-Up Chile with no expectations [58:40] Giving a speech to Sebastian Piñera, President of Chile [59:23] Why Magma Partners and why Chile? [1:06:10] Do we want to be in the death industry for the next 5-7 years? [1:11:30] Learning Spanish in Chile as a Spanish language content writer [1:15:41] What values inspired the Magma Partners investment thesis? [1:21:44] Has your investment thesis been validated? [1:25:45] US reactions to a Latin American VC fund [1:30:33] Magma II - the investment thesis is playing out [1:32:20] Where is the China-Latin America business relationship going? [1:36:16] Three mega trends that Magma Partners is excited about [1:39:02] Lessons learned in Fund I to be applied to Fund II [1:44:30] Thanks to Start-Up Chile for bringing so many great entrepreneurs to Latin America   Resources and People Mentioned: ExchangeHut Entrustet - acquired by SecureSafe Start-Up Chile Welcu GroupRaise FounderList Magma Partners AliExpress Devin Baptiste Joseph Boucher Francisco Saenz Diego Philippi Adrian Fisher Jesse Davis Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Movile is a global leader in mobile marketplaces with a dream to make life better for 1 billion people through marketplaces on their mobile devices. Movile is a remarkable story of innovation from Latin America, driven by people who are willing to take risks to learn and grow quickly. I sat down with the CEO and founder of Movile, Fabricio Bloisi, to talk about why he started Movile and how he and his team grew it to the largest mobile company in Brazil and Latin America. Movile focused on innovating and exploring advanced technologies In its early stage, Movile focused on text messages (SMS) and then enabled ringtone commerce in Brazil, as well as the development of the country’s first Wireless Application Protocol (WAP) search portal. In 2007, Bloisi focused on expansion. In 2008, and Movile built itself into the largest company in the Latin American mobile commerce industry through new products and mergers and acquisitions, establishing a presence in over ten countries with offices in Brazil, Argentina, Peru, Colombia, and Mexico. Movile expanded to food delivery, ticketing, gaming, and education Movile has business lines that include logistics, delivery, ticketing, online gaming and education, but it’s the food business that has grown the fastest. As of September 2017, its iFood unit had reached 6.2 million monthly orders and become the largest food delivery company in Latin America. With more than 100 million active users, Movile is Latin America’s largest mobile commerce platform. The company has over 400 employees and is connected to over 40 carriers that collectively have 700 million mobile subscribers. The culture behind Movile’s success The culture at Movile is dynamic and always improving. Fabricio says they are a company obsessed with results and passionate about innovation. They understand that the world is changing quickly now, and will only continue to do so in the future. With this in mind, they make small, incremental changes every year that help the company grow. Much like Silicon Valley and China, Movile always has new projects in development. Fabricio was confident that several of their projects would be successful in the near future. He is also aware that many of the projects will never take off, but the 10% that do usually bring about massive growth for the company. Besides this dynamic approach to innovation, Movile also rewards people according to their results. They create opportunities for people to grow according to their capacity to deliver. Advice for founders and venture capital investors I asked Fabricio what advice he would give to other founders in Latin America. His advice was to dream big, right from the start. He set very high goals for his team in the beginning, and they often thought he was crazy...until they reached, then surpassed those goals over and over again. He mentioned that people are often more capable than what they realize, so a little encouragement can go a long way. Fabricio is one of the most active investors in Latin America, so his advice to try and work more with the founders initially, instead of just the lawyers, is very important. By doing so, the founder and the investor can brainstorm, dream and plan, and the legal stuff can come after. Check out the rest of the episode to hear more from Fabricio Bloisi and his plan on how he wants to make 1 billion lives better! Outline of This Episode [1:22] Nathan introduces Fabricio Bloisi [2:00] Movile is on a mission to help 1 billion people [3:30] How Fabricio started Movile [4:30] How competition can create more success [5:30] Movile expands into other sectors [6:30] Movile branched out into food delivery, grew from 20,000 to 6 million deliveries per month [10:00] The culture and people who work at Movile [11:30] Why Movile launches 100s of different innovation projects every year [13:00] Comparing Movile to Silicon Valley [15:00] How Movile's culture is obsessed with results [15:45] What Fabricio learned from Chinese startups like Tencent, Alibaba and Meituan [20:00] Expanding to Colombia and France [23:45] Advice for founders: Think big [27:15] Advice for venture capital investors Resources & People Mentioned Fabricio Bloisi TWITTER Movile.com Dream Big BOOK iFood Rapiddo Alibaba AB InBev Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Alba Rodriguez is on a mission to solve hunger and malnutrition in Mexico. Alba is the founder and CEO of Gricha, a company that sources crickets as the main ingredient in a high-quality, sustainable protein powder. On this episode, I sat down with Alba to talk about how she came up with the idea to feed people crickets, how she got started as an entrepreneur and what it's like building a business from the ground up. Her story will inspire you, whether you are launching your own startup or looking for a creative way to solve a problem. Thanks for listening! Alba’s quest for the perfect cricket cookie Alba had no idea that she would be the founder of a successful startup in Guadalajara, or that she would be promoting eating crickets for a living. While she was studying nutrition at university, Alba’s eyes were opened to the fact that animal-based protein was not a long-term viable option. With this in mind, she set out to find an alternative food source. As it turns out, crickets were the solution. When processed into a powder, crickets contain twice the protein of chicken or beef. Alba tested over 500 cookie recipes before she found one that tasted great and could be easily recreated. Once she had the formula, she took to Facebook to sell the idea, even before she had her own line of products. Problems are often an opportunity waiting to be discovered Like many entrepreneurs, Alba looked at a problem that did not have a clear solution and saw an opportunity to affect change and better the lives of people around her. Alba sets a great example for future entrepreneurs, in that if you are willing to create a high-quality product that solves a problem, there is a high likelihood you will be able to generate sales. Convincing her family and friends that crickets were a viable food source was not without its challenges, but her end goal was clear and she has been able to get her business off the ground as a result. Starting a business is hard, no matter where you are A steady paycheck from an established company might be easier, but for Alba and many other entrepreneurs, the challenges of solving a problem or launching a new product far outweigh the security of a “regular” job. I asked Alba to share what it’s like to be a female founder in Mexico, as well as some of the challenges she faced with Gricha. Besides learning how to cook, she also had to convince business associates that she was in the game long-term. Many businessmen in that region assume that female founders are only in business as a transition to having a family, so long-term planning is not always considered. Alba said she drew inspiration from her parents, both of whom pursued higher education then started companies of their own. As an entrepreneur, not knowing what to do next may be the scariest part As an entrepreneur, you may not always know what your next move is, or the right strategy for growth. Alba says sometimes you don’t have a clear idea what to do next, but you don’t have the time to delay, so you have to step out and do your best, regardless of the outcome. The products you are producing are important, but they are not the only things to consider. Alba was open about the fact that she doesn’t know much about hiring new employees, sourcing product manufacturing, and product distribution at this stage, but she is learning them because that is what her company will need. Outline of This Episode [1:15] Nathan introduces Alba Rodriguez [4:00] Have you ever wondered what cricket protein tastes like? [7:00] Alba’s background in research and her start as an entrepreneur. [13:15] Trust the process, even if it takes you 500 attempts [20:30] What happens when you can’t supply the the market demand for your product? [24:15] What’s it like living in Guadalajara [25:45] Starting a business is hard, no matter where you are [27:00] What’s it like being a female founder in Mexico? [29:45] The best advice Alba has received [35:15] What advice would she give her younger self? [40:00] Gricha is moving online [41:00] Bonus material in Spanish Resources & People Mentioned Gricha I will teach you to be rich BOOK The hard things about hard things   Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Nestor de Haro grew up in Guadalajara, where he learned about the auto parts industry from his father. After obtaining a B.S. Degree in Industrial Engineering, Nestor co-founded Rigs Inc, an online marketplace for selling auto parts in Latin America. We talk about his inflection point from an underperforming business model to a new marketplace model and his advice for other entrepreneurs who are just getting started. If you speak Spanish, be sure to stay tuned after the normal outro, as I am testing a new segment where I put new content in Spanish after we finish the English section of the podcast. I hope you enjoy this conversation I have with Nestor de Haro. Learning to Code: Necessity is the mother of innovation When Nestor had the idea to start RIGS, Inc, he had a partner who knew how to program in HTML and Java. Before the project got off the ground, that developer abandoned the project. Many entrepreneurs would have given up or hired another developer to create the program, but Nestor did not have that luxury. His team did not have the money to hire a developer, and he had little experience pitching investors for funding. The process was long and complicated, and many of the students graduating with technical degrees were being snapped up by the larger, more established corporations. This did not diminish the need or the opportunity, so Nestor taught himself how to code and created Rigs, Inc from scratch. Every startup needs a mentor In Latin America, business mentors are not as common as places like Silicon Valley or New York. Startups don’t usually fail because there is a lack of funding, but a lack of good mentorship. A startup can save time and money if there was a mentor around to say “this doesn’t make sense” or “try a different approach.” If you are a successful entrepreneur, I highly encourage you to coach or mentor a startup, especially one outside of the Silicon Valley culture. It could mean the difference between success and failure for that startup. At a time when RIGS was not turning a profit, a mentor offered Nestor’s team a piece of advice on how to change their business model. This was a critical shift that allowed RIGS to start turning a profit after nearly two years. Listen to learn how he did it. How can LatAm startups build consumer trust? Nestor said when RIGS first launched, it was hard to build consumer trust in Mexico. Some people doubted that they could revolutionize the industry, other people just thought they were crazy and that the whole project was a waste of time. To make things more difficult, companies from the united states that were operating in Mexico were almost instantly trusted by the general consumer. The question then, is how can startups and entrepreneurs in Latin America overcome these challenges and build consumer trust? Nestor’s approach is to go all in. “You have to dedicate yourself 100%, mind, heart, and soul,” he said. The first person to invest in RIGS only did so because he saw Nestor’s dedication to the company and his willingness to do whatever was necessary to succeed. Looking back and planning ahead When I asked Nestor what advice he would give his younger self, he said he would tell himself to learn code early on. He is proficient at it now, but it has taken him a few years. Projects that used to take him 15 or more hours can now be accomplished in a fraction of that time. He also said that knowing code gives him an advantage when he is talking to programmers and developers working for RIGS. He can spot problems and offer solutions to his team because of his coding experience. As the company grows, Nestor is confident that RIGS Inc can lead innovation in the auto parts industry throughout Latin America and other underdeveloped countries. His goal is to create “Astonishingly successful tools that help people make the best decisions when buying auto parts.” I have a feeling he will be successful. Outline of This Episode [1:30] Nathan introduces Nestor de Haro [6:30] How Nestor started RIGS Inc [10:45] Nestor’s process for learning code [13:30] The early years, Nestor’s background as an entrepreneur [18:45] Educated as industrial engineer [19:30] The fight to make RIGS Inc profitable [22:15] How a mentor’s advice saved the company [25:15] The importance of mentorship for startups [32:30] In LatAm, tech is often seen as an expense instead of an investment [35:00] Nestor’s salary comparison - startup vs. large companies [39:00] RIGS Inc joins “Hacker’s and Founders” [43:15] Challenges of selling auto parts across borders [44:30] Building consumer trust [50:00] Nestor’s advice to his younger self [51:45] Expansion plans for RIGS Inc [56:15] Spanish bonus material Resources & People Mentioned RIGS Inc Amazon Ebay Motors Continental Mass Challenge Crunchbase Pricing Compass Alibaba Mercadolibre Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

I asked Cristobal Perdomo to join me on this episode of crossing borders to talk about venture capital in Latin America. Cristobal is one of the founders of Jaguar Ventures, a Latin American based VC firm. After getting an MBA and consulting for a couple of large companies in Brazil, he realized that the VC world was largely ignoring the rest of LatAm, so he set about to expand funding opportunities for startups in Argentina and Mexico. He shares advice for managing a business in multiple countries, investing in startups across the region and tips for managing teams across borders.    The need for VCs in Latin America “It’s easy to see the impact that venture capital can have on a region or community,” Cristobal said when I asked him why he preferred VC work over other traditional jobs. He made the point that many startups in Argentina, Mexico, and Chile are overlooked by venture capitalists, but at the same time, these areas have tremendous potential for growth. “There has to be something here that no one is seeing,” he said about funding for places other than Brazil. There was no clear way for startups and entrepreneurs to gain access to funding. Once he decided to focus on VC, he quickly realized the need for VC funding. Over the course of two years, his team funded a number of startups, many of them have been successful. Managing a company across borders If anyone has experience in businesses that cross borders, it’s Cristobal. I asked him to share what it was like to lead teams in multiple countries, visit offices as a high-level executive and what advice he would share with other execs. Some companies plan a whole itinerary around a visit from senior leadership, Cristobal said. That can get disruptive, so I tried to keep things casual as if just another team member was in the office that day. He also talked about how sharing information about the whole company, not just that office can help people realize they are working towards a larger goal. “We had some employees that had no idea the company was larger than just their office,” he said. Besides this tactic, he also encouraged healthy competition between different offices, and would often have a team member from one office travel to a different office and work with members of the same department. Cristobal had tons of great things to share on this episode. LatAm’s 4 distinct markets and how to excel in them Latin America’s markets are, generally speaking, divided into four areas. Brazil, Mexico, Argentina and “everything else,” according to Cristobal. I asked him to share some of the nuances of working in each one, and how VCs can choose where their funding should go. Brazil and Mexico are similar in many ways, he said. Traditionally, both of those countries have been focused on their local markets, they don’t often think about expanding past that. He mentioned that because Brazil and Mexico are large enough to support their own economies, this could potentially slow growth outside of the region. Argentina, on the other hand, is not, so typically entrepreneurs in that country are looking to take businesses across borders more quickly. For VCs looking to invest in these regions, this is valuable information. Cristobal shares this and more on this episode! Startups, VC’s and investors Cristobal has been on both sides of the table when it comes to VC funding. He shares valuable insights for both entrepreneurs looking for funding and VC’s looking for investors. If a VC is funding you, don’t be afraid to disagree with them, Cristobal said. He shared what it's was like to assume that a VC had all the right answers, just because they had the money.  “The entrepreneurs are the ones who are grinding and watching how a product develops and where it could be implemented,” he said. Don’t discount that. For VCs raising funds, he shared that fundraising takes time, that there is no way to escape this process. This may be one of the best parts of our conversation, so don’t miss it!   Outline of This Episode [1:30] Nathan Introduces Cristobal [5:30] How Cristobal got involved in venture capital [10:45] Cristobal shares what it's like working in a company experiencing exponential growth [11:30] Best practices to follow when working with a VC [20:45] Startup factors to account for when crossing borders [23:00] Cristobal shares advice for digital marketing strategies in latam   [28:30] Executive level management tips for managing one company across borders [32:45] Cristobal shares best practices on how to negotiate a management salary/package [40:15] LatAm’s four distinct markets and how they operate [46:40] Why funding startups is still the best business approach [52:30] Cristobal’s advice to his younger self [62:00] How to join Jaguar Ventures as an investor     Resources & People Mentioned Cristobal Perdomo Jaguar Ventures Groupalia Navent Venture Deals BOOK High Output Management BOOK Amazon Annual Letters to Shareholders Snapstorms Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

When I first got to Chile in 2010, it took me five years to understand all the nuances of how business was conducted. There are several important cultural differences between LatAm and the US that foreign entrepreneurs should pay attention to if they want to be successful. There are also very important differences across Latin American countries that should also be accounted for. Here is a distilled list of what I’ve learned about doing business across borders. Adapting to a local culture If you're planning to do business in Latin America, start by learning Spanish. If you plan to do business in Brazil, learn Portuguese. Knowing the local language eliminates one excuse a client or business partner might have to not do business with you. When launching a startup in Latin America, it is also critical to adapt the business to the local market. Even if the idea is successful in the United States, an exact clone in LatAm will often fail. The companies that have learned to be successful at this figured out how to adapt quickly, so as to make the locals comfortable with the idea.   Lastly, foreign entrepreneurs should understand that Latin America is not monolithic. Each country has its own traditions, history and business practices. Language barriers, economic conditions, and the acceptance of new technologies are all factors that should be considered when launching a startup. Money does not always equal value Venture Capital does not flow in Latin America like it does in Silicon Valley. There is less overall capital available for startups, the valuations for LatAm companies are much lower than their counterparts in the United States, and many Latin Americans prefer the security of working at a larger, more established company. Startups are considered uncertain, even if they pay more money up front. In the United States, many employees will jump at the chance to have stock options in the company they work for. Employees in Latin America take a completely different approach to stock options, usually preferring cash in hand rather than taking a risk with company stock. If foreign entrepreneurs will spend the time to educate their LatAm employees on the benefits of stock options, they stand a better chance at being successful and retaining employees.   If software is eating the world, Latin America might be dessert Latin America is proof that you don't need an abundance of technology to be profitable. There are several large companies I know of that see millions of dollars in revenue that are still tracking sales on paper and using typewriters. This is not to say that these companies couldn’t benefit from tech, but many of those products are not available like they are in the United States. For foreign entrepreneurs, offering a viable solution to this problem could potentially be very lucrative. If your startup believes in hiring the best person for the job, not just the person with the best credentials on paper, then Latin America offers a distinct advantage. Larger companies usually only hire people who have graduated from the top universities. I have hired several employees who did not graduate from a prestigious university, but have the tech skills that startups are often looking for. If these individuals lived in the US, they would be snapped up for tech jobs by companies like Google, Facebook, and Uber.   Cutting through the red tape   If you called me and said “Nathan, I'm starting a business in Chile, what do I need to know?,” I would tell you to be prepared for the bureaucracy, it’s a long and tedious process. Simple paperwork can take weeks to get approved, the fees are higher than in the united states, and there are several government rules that cannot be avoided. I would also tell you to avoid the gringo price, meaning that foreigners will always be charged more, so it’s a good idea to find a local business partner who understands this and recruit their help. There are multiple communication dynamics in Latin America that foreign entrepreneurs should be aware of. For example, “yes” can mean “yes, no or maybe.” If a customer service representative doesn't give you the satisfaction you're looking for, hang up and call again. I am always surprised at how often this works. I have found the best way to move a project forward is to propose solutions to the problem, and don't take no for an answer right away. Outline of This Episode [2:45] Learn Spanish or Portuguese [3:33] If cloning, adapt to local culture [5:15] Latin America is not monolithic [8:15] Latin America is not Silicon Valley [10:30] Don’t expect Silicon Valley valuations [12:30] Hiring employees is more conservative [14:15] Most employees don’t understand stock options [15:45] It’s hard to raise money [17:45] Sales people are terrified of getting fired [19:35] Exits are harder [21:40] If software is eating the world, Latin America is dessert [22:40] B2B is where the money is [23:20] Don’t follow cultural hiring biases [26:25] Yes Can Mean Yes, No or Maybe. No Can Mean Yes, No or Maybe [31:15 ] What “being early is the same as being wrong” means [32:30] Bureaucracy [37:15] Avoid the gringo price [38:40] If customer service doesn’t give you satisfaction, hang up and call again [39:15] Propose solutions to problems [39:40] Don’t take no for an answer right away [40:10] Press means nothing Resources & People Mentioned  Uber Salesforce Facebook.com Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Amir Salihefendic joins me on this episode of Crossing Borders to talk about why working remotely is the way of the future. Listen to hear how he helped bootstrap a fully remote company, his perspective on funding a startup and how to create products that help solve real problems. Amir also shares how companies can gain a competitive edge, find outstanding talent and increase workplace productivity by being fully remote. Fully bootstrapped and fully remote Amir is the founder and CEO of Doist, a productivity software that helps simplify and organize daily tasks. Doist was fully bootstrapped and is fully remote, with employees in 23+ countries. When I asked Amir why his team chose to bootstrap the startup instead of seeking venture capital, he said that he wanted to focus on building a product with a great business plan that was not solely dependent on VC funding. Amir was adamant in saying that having a solid business plan from the beginning is crucial to the long-term success of any company. We talked about mistakes startups can avoid when optimizing for growth and how to avoid distractions that can ultimately cause a company to fail. Does Scandinavia hold the secret to success? When Amir was five years old, his family moved from Bosnia to Denmark. Even though he was the only immigrant at the school he attended, he mentioned that his Danish classmates were very friendly and very trusting. He also learned that Scandinavians are some of the most productive people in the world, despite only working ~37 hours per week. Amir suggested that employees in countries like Chile and the United States could develop a better work-life balance and be more efficient if they took a cue from Scandinavia. He talked about how countries like Denmark are focused on building a culture of trust and working smarter, not harder.       Create products that solve problems The best products are the ones that help solve a problem. Amir founded Todoist, an online task management app, even though it was not the first of it’s kind. Why? Because it solved a problem he had. Todoist started as a side project and now has more than 10M users around the world. Amir talked about Twist, a new tool Doist developed to help solve the issue of communication across multiple time zones with fully remote teams. Before Twist, communication was sent in real-time, and much of the chatter was not productive. The company addressed the issue and Twist was the solution. For tech startups and entrepreneurs, figuring out what problem you are solving is a great place to start.   Access the whole world, remote-first Doist is not the only company working remote-first, but they have certainly mastered the approach. Amir said that working remotely is very beneficial for both employers and employees. By allowing employees to work remotely, companies have access to talented people all over the world that otherwise might not apply, due to the cost of living in that city or overwhelming competition.    For employees, the ability to work remotely means they have the freedom to choose where they live and the quality of life they would like to have. Outline of This Episode [2:00] Nathan introduces Amir [4:30] Why Amir chose to bootstrap Doist [11:15] Amir on what we can learn from Scandinavia [16:30] The benefits remote-first companies [21:30] Amir on the challenges of his first startup endeavor [28:00] Lessons from failure   [32:00] What makes a great product. [41:30] why remote work is the way of the future [48:15] Amir’s advice to his younger self Resources & People Mentioned  Amir Salihefendic Plurk Brenna Loury Who Owns the Future BOOK Slack App Doist Todoist Twist Deep Work BOOK Time Well Spent The Intern Group   Zapier Blog.doist Nomad List Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn 

Nathan Lustig, Managing Partner of Magma Partners, a Latin-America-focused fund, talks about their strategy, as well as the dynamics of the LatAm market.

Sometimes the best ideas happen while sharing a meal. In the case of GroupRaise, it’s not just ideas that get shared, but a percentage of the profits as well. GroupRaise is a fundraising organization that partners with restaurants across 50 states to offer time slots where local organizations and international charities can book fundraisers in a few clicks. But most people don’t realize that GroupRaise is one of the most cost effective ways of getting new clients into the restaurant and getting them to come back again. Of 100 people who go to a GroupRaise, 40 are new clients, 82 spend more than average and 96 come back in the future! On this episode of Crossing Borders, Sean Park, one of the GroupRaise co-founders, joined me at the Magma Partners office in Chile to talk about how he helped start the tastiest way to change the world. This is a great conversation I think you will enjoy!            Position yourself to lead, regardless of where you are Every entrepreneur could tell a different story of how they gained leadership experience when they started and the most notable lessons they learned along the way. For Sean Park, that story started in South Korea, led him to Canada and then eventually Chile. “I moved to Canada on my own to attend school when I was 14,” he said. Soon after finishing school, Sean traveled back to South Korea to serve as a medic in the military, as was required by the Korean government. At 21 years of age, he was leading more than 50 people for several months at a time. “Most 21-year-olds don’t get that kind of leadership exposure,” he stated. That experience allowed him to learn the process of creating a leadership culture, a skill that he now uses to manage a remote GroupRaise team in Santiago, Chile. Check out the rest of his story, he shares some great leadership perspectives.            How I got to Chile and why I never left After two years in the military, Sean received an invitation to join the GroupRaise project. This ultimately led him to Chile, where his team received funding from Start-Up Chile. When I asked him why he never left, this is what he had to say. “I didn’t have to convince anyone that staying in Chile was a good idea,” he laughed. There were business reasons, as well as personal that influenced the decision. Besides developing a local team that worked very well together, the lifestyle Chile affords was also a motivating factor. After living in snowy Canada for 10 years, the sunny weather offered him the chance to get out and explore. “Bi-weekly, I go up into the mountains, or I go to the beach and surf” he offered. For anyone who has an interest in Chile, Sean offers a great taste of the culture one might experience.   The first is the most important I asked Sean to share advice for leaders building teams across borders, and what challenges remote teams might face. “The first employee you hire is the most important...you need to hire someone who can lead because they will establish the culture for all of the employees that come after,” Sean said. For him and his co-founders, a deep trust was established early on, which then became a foundation for the culture he wanted to build within the company. He also emphasized the importance of clear communication, and how building a “culture sheet” can organize how companies handle issues and answer important questions around company identity and long-term vision.       A remote team is not the same as outsourcing Sean and I addressed a common misconception that remote teams are “just support” for the teams based in the United States. Remote teams are often seen as “outsourcing” work when in reality, they carry as much responsibility and importance as their US partners. Businesses are going to operate within the reality that works best, that makes the most sense for that company, Sean said. Remote individuals are one thing, teams are another. He shared that companies with remote teams should pay careful attention how communication is happening across borders. To solve some of these issues at GroupRaise, the company assigns specific tasks for certain days, they plan times to share content with teams in other countries and time zones and work to communicate everything, not just the “necessary” information. Sean says that the sensitive communication dynamics means an increased level of detail and planning, a culture that is strong at GroupRaise. There is a ton of great content that he talks about, so make sure to listen to this episode.      Outline of This Episode [3:00] Sean’s background, From South Korea to Canada to Chile [12:30] Why Sean considers his military experience invaluable [16:00] Sean shares valuable lessons and advice from the restaurant industry   [19:30] How to build an effective leadership team [24:15] Sean’s transition to Chile and the entrepreneurial lifestyle [29:30] Unique leadership struggles Sean had to overcome [34:10] The outsourcing misconception   [37:30] Practical steps to build a strong employee culture [46:15] Sean’s advice to his younger self: learn how to learn [49:30] The value of knowing where you are headed next      Resources & People Mentioned GroupRaise Delivering Happiness BOOK How to Win Friends and Influence People BOOK   Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Being able to open a bank account, exchange currency, open a credit card or have access to business credit in something that we take for granted in the United States. I know I did before moving to Latin America. In the US, most people can easily open bank accounts, apply for loans, and transfer money digitally. But that’s not the case for the bottom 80% of income earners in much of Latin America. It took me 3 years to get a bank in Chile to allow me to open a business account when all I wanted to  Village Capital is a global VC firm with offices in Mexico City that finds, trains, and invests in entrepreneurs solving real-world problems, like the Fintech problems I just mentioned. VilCap works to build communities around entrepreneurs and their ventures to improve opportunities for growth and success. In this conversation, I’m speaking with Amanda Jacobson, Regional Manager for Latin America for the Village Capital team. She explains how VC is changing the way people live and work in Latin America and how Fintech in Latin America is one of the biggest areas of focus for them right now. People like to talk. The more you let them the more you build relationships. Amanda Jacobson moved to Mexico City alone. She had never been there before and had very little knowledge about the specifics of what it would take to set up and staff Village Capital’s Latin American office. But she was committed to learning quickly and asking for help as she needed it, so she was confident she could succeed. One of the things she discovered is that people love to talk about the things they know. So she asked lots of questions and let people talk. Not only did she get the education she needed, she also built great connections that would serve her long term. The entrepreneurs who live where the money is are not the only ones with great ideas. One of the many reasons Amanda Jacobson loves what Village Capital is doing in Latin America is that the company actively seeks out entrepreneurs to fund. The reason they do so is simple: they know that it’s not possible that every entrepreneur with world-changing ideas lives in a place where capital is easy to come by. That's why the VC team goes looking for them - and what they find is brilliant people with great ideas that can solve the problems in energy, agriculture, education, and fintech in Latin America. Find out how Village Capital does it, the kinds of companies they are most interested in building, and why Amanda is committed to helping communities through venture capital. New models of investing will arise in Latin America. It’s often a mistake to attempt to apply a financial or business model from the United States to businesses and economies in other parts of the world. The local regulations and ways of doing things simply don’t line up the same, so it can be very frustrating and sometimes impossible to do. That’s why Amanda Jacobson believes new models of investing that are not the typical VC approach will arise in Latin America over time. Creative financing and investing are what will enable the funding of culture-changing companies, and Amanda is excited to be a part of the solution. The entrepreneurs with the greatest self-awareness are the most successful. When I asked Amanda for her advice to entrepreneurs who are seeking to build a company in Latin America she said those with the greatest amount of self-awareness are usually the founders and leaders who succeed. She says one of the reasons it’s so important is because leaders have to be able to see their own weak spots as well as those in their company. When they can, they are able to come up with a plan that will assure investors that they will effectively address those areas. This is a great conversation with a self-taught, savvy venture capitalist who’s making a huge difference through VC funding in Mexico City. I hope you’ll take the time to listen. Outline of This Episode [1:05] Village Capital’s support of Latin American companies that are solving problems in the region. [5:09] How Amanda wound up in Mexico City doing investing in Latin America. [10:01] Amanda’s advice to those starting out: listen and observe. [13:22] How friends and family reacted as Amanda took the harder road. [16:47] Amanda’s experience when she first arrived in Mexico City. [24:20] Why fintech is one of the best opportunities in Latin America. [34:40] Why Village Capital is expanding outside Mexico. [39:08] Advice to investors about supporting companies in Latin America. [45:16] Advice to entrepreneur who are starting to raise money. Resources & People Mentioned Village Capital Bayonet IO Rapi Credit El Mundo Financiero Uber Lyft Sidecar oDesk Task Rabbit Blackrock PayPal Banco Santander ePesos Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher  

In this episode, I reconnected with my friend Brenna Loury, one of the original founders of Startup Chile, and the current head of marketing and PR at Doist to talk about her experience of learning a new job in a new country, the challenges and rewards of working across borders, and how she helped bootstrap a tech startup that now has more than 13,000,000 users worldwide.    Brenna shares how her company now manages more than 50 employees in 20 countries, all of them working 100% remotely. She offers tips on how to best position your company to start working remotely, mistakes startups should avoid when pitching ideas or raising funds and a formula for hiring top-notch employees. The conversation is packed with useful information and inspiring stories you don’t want to miss! How to have a startup mindset Most people are timid when it comes to learning a new language, moving to a new country or starting a new job. Entrepreneur Brenna Loury is not most people though. These were just a few of the challenges she overcame after moving from Colorado to Chile for a new job. Brenna shared several great tips on adjusting to a new culture, including best practices for learning a new language, how to overcome the discomfort felt in a new culture and how to position yourself to accelerate your learning. If you are working across borders, you should absolutely tune in.   Startup culture or stable career? Entrepreneurs are often faced with the decision of moving away from startups into careers that seem more stable or well established. Brenna also faced this decision, here’s what she had to say. After Startup Chile, you can’t go back to a normal job, she said. Every day is transformative, for the businesses and the entrepreneurs, as well as the clients or users who benefit from the services. At the time that Brenna was in Chile, the idea of a “Startup” was virtually unknown and there was a serious need for effective PR in the tech space. Not one to shy away from a challenge, Brenna decided to stay in tech, a decision that helped lead her her to success today. Hear the rest of the conversation below.     Mistakes, mergers and measuring success Every startup hopes to be successful, but how do you know when you have reached that point? For some, it’s a buyout offer from a larger company...for others, it’s remaining small or privately owned. Brenna has had the unique experience of seeing both sides of startup success, from bootstrapping a company that has had several offers from larger corporations to pitching capital investors on behalf of Startup Chile. During our conversation, she shares several mistakes that startups can avoid, including the right way to pitch an idea and the importance of groundwork. She also shares tips and tricks to look for if a merger in on the table.          How to hire the best employees to work remotely The people you hire will largely determine the success of your company. Doist, the company that Brenna works for has successfully grown to over 50 employees, in 20 countries. All of the Doist employees work remotely. Here’s how they do it. We look for self-starters, yes, but more importantly people who are a good cultural fit, she says. As your business crosses borders, look for people who can adapt to the new culture. She also points out the potential downfalls if only some of your employees are working remotely. If working remotely is an option, she thinks it needs to be 100%. She shares the logic of this approach and more on this episode of Crossing Borders.   Outline of This Episode [3:30] How Brenna started working remotely [10:45] Brenna on how to position yourself in environment where you are forced to learn [18:15] Hurdles Brenna had to overcome with Startup Chile [21:15] The mindset behind accepting a challenge [28:30] Common challenges when expanding across borders   [30:00] Brenna shares her motivation to stay in startups career vs other types of jobs [35:00] Tips for running a successful PR startup campaign and mistakes to avoid [40:00] How Brenna started with Todoist App [46:00] Mistakes to avoid regarding valuations, acquisitions and mergers with large companies    [50:00} How to hire remote workers across borders: best practices [58:15] The best of what Brenna has learned so far, regarding startups and working remotely. Resources & People Mentioned Todoist App Doist Habitat for Humanity Deloitte Financial Advisory Evernote Babytuto Songkick Truecaller App DentalLink ArchDaily Twist App Slack BOOK Crossing the Chasm BOOK Radical Candor BOOK Start with Why Blog.todoist.com @brennaKL Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Juan Vera joins me in this episode of Crossing Borders to talk about entrepreneurial business in Latin America. Juan’s experience as an engineer and CEO has helped him start several businesses, then scale those businesses to Mexico and the United States. Listen to hear Juan share how he bootstrapped his early startups to eventually raising several million in venture capital, and everything he learned along the way. The early adopter Juan shared that his love of building new things and automating systems started as an engineer in college. Even though he is now known for his expertise in the tech space, his entrepreneurial mindset started when he was 17, working in construction and later real estate. Juan said that the term “entrepreneur” did not exist in Columbia around the time he finished college. All he knew was that he wanted to start his own business, so he left his stable job to build a new company. He shares what he learned about innovating and what he would tell his younger self just starting out.       Ahead of the curve In the late 90’s, portable digital tech was almost unheard of, certainly in the mobile sales force. While everyone else was capturing information on paper, Juan found a way to surge ahead of the competition and add value to his clients. Juan shared how he and his team disrupted the mobile sales space by creating mobile sales software that allowed information to be transmitted electronically. Since this was before smartphone technology, his software created a massive shift in how business was being conducted and allowed him to scale his company nationwide. He offers many great ideas on how to innovate that are still relevant to today’s tech startups. Find a need, then create a product to solve it Juan’s approach is to look for the need and then build a product that meets that need. If a company follows this formula, he says, they will continue to build trust and create client loyalty. That formula has worked for him many times and drives his innovative spirit. It has also allowed his companies to be very successful. His practical advice in this area is useful to any business looking to launch a new product or service.    Scaling across borders Juan started his first company in Columbia, then expanded to Mexico City and eventually the United States. He shares real-world experience on how businesses can cross borders. Knowing when to scale, not how is most important, he said. Take advantage of personal connections, set aside resources for a growth year and build the basics are just a few of the things he recommends businesses focus on before scaling up.   Outline of This Episode [4:00] How Juan started as an entrepreneur [16:30] What he learned from his first failed startup [20:30] Juan offers practical advice on raising startup capital [26:30] Juan on how he started Nimblr.ai, his current company [30:30] The importance of capitalizing on strengths in different countries   [37:30] Everything you should know about scaling across borders [40:00] Knowing when to scale vs. how to scale, and why building the basics matters [42:30] How to know if your company is ready for global expansion   Resources & People Mentioned Juan Vera Sysgold https://nimblr.ai Spring Mobile Solutions Pontificia Universidad Javeriana Blue Messaging Truello SMS service Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

What would it look like to manage sales teams and business units in multiple countries simultaneously? On this episode of Crossing Borders, my guest Neil Coleman shares exactly what that looks like, and offers advice for companies looking to scale sales teams and business internationally. Neil Coleman is an Irish entrepreneur and technology professional. His interest in tech started while he was attending Dublin City University and he has since gone on to manage international teams for companies like IBM, Google, AdRoll, and Snapchat. This is one conversation you don’t want to miss! You adapt to your team, don’t make them adapt to you That was a key point Neil mentioned when I asked him about his time in India working for Google. It requires understanding that new culture, different communication styles and different ways to motivate people, he said. Neil’s experience as an entrepreneur and tech professional has taken him all over the world and given him a unique perspective on companies with international business units. When asked what advice he would share with companies or managers that are planning to expand internationally, he said one of the most valuable things he learned was to pay attention to both sides, or both cultures. He mentioned that while people from both cultures are working together, they may not understand each other’s approach. He believes that businesses that understand both sides can stay ahead of the curve. There are some great takeaways worth sharing. Opportunities present themselves to anyone willing to find them For professionals looking to advance their careers, tech companies that are expanding quickly offer many chances to make yourself visible to company leadership. If a company is passionate about expansion they will also be looking for people to take on projects. Neil shared that many of the responsibilities he was given happened because he was attentive to areas where management started placing emphasis/ He was vocal about his desire to learn and volunteered for projects outside of his normal area. Be sure to listen closely, he offers some great points! Create the best profile of the employee you want Hiring new employees can be an encouraging milestone for small startups but it can also lead to headaches and a lack of productivity if not managed well. Since early-stage hires can be so critical, Neil says to think through the process and have systems in place to follow. Adding several people all at once may help you increase your total revenue, but you are also dramatically increasing your expenses as well.So think through your cost mapping and determine what works best for the current need. Put some thought toward future leaders as you hire new employees or promote current ones. Audit your training and CRM systems because more people also means a greater chance of error or redundancy when communicating to clients. If you are planning an expansion, this section is invaluable! Sales mistakes to avoid after raising venture capital Many startup founders, pushed by their investors, immediately try to go after the biggest names in their industry right after raising capital Neil talks about why that can be a mistake, and why it might be better to go after second and third tier clients to start. Outline of This Episode [2:00] Neil talks about how he got started in the tech Industry [7:30] Understanding multinational European enterprises [10:10] Neil talks about his experience managing a UK customer support team in India [16:00] Nathan and Neil discuss the dynamics of work & advertising cultural in multinational companies [17:30] Practical advice for growing small multinational companies [22:30] India to Poland, understanding diverse business cultures [28:00] Advice for professionals in tech companies looking to advance or promote [34:30] The dynamics of leading and scaling a team quickly [40:30] Mistakes every startup should avoid [45:44] Neil talks about sales mistakes recently funded startups should avoid [46:37] Strategies to use when competition is bigger or better established [48:15] Books and blogs Neil recommends [49:30] Advice to himself on how to get through tough situations Resources & People Mentioned Football Association of Ireland GAA Ireland Jack Welch, Author Google Snapchat Howard Business Review Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Most people in Silicon Valley would not intuitively think of building startups in Guadalajara, Mexico. But Mak Gutierrez is part of a team working through Hackers and Founders to support and fund startups in one of the most historic cities in Latin America. In this conversation, Mak and I talk about his background, how Science Fiction has influenced his thinking about the future and the role of tech in the world, and why Guadalajara is one of the best places in Latin America to start a company. The first time playing multiplayer games over dial-up was an eye-opening moment for Mak Gutierrez. It’s always fascinating to hear the turning points that start an entrepreneur or tech startup founder in the direction they go. Mak Gutierrez says that he was always interested in the possibilities that could come from computers and technology, but when he played his first game of “Doom” in a multi-player environment via dial-up, his eyes were opened to what technology might be able to do in the future. We’ve come a very long way from dial-up and Mak says it’s only the beginning. You can hear what he’s doing as part of the Hackers and Founders team to support and encourage the development of companies in Guadalajara, Mexico and how he’s come to believe that smaller tech companies in developing countries will one day be the backbone of their economies. I think Latin Americans have largely been followers rather than leaders. ~ Mak Gutierrez During our conversation about Science Fiction and the role it’s played in Mak’s vision of technology and the future, Mak said that he thinks there hasn’t been much Science Fiction to come out of Latin America because the culture has not been focused on producing leaders, people who see a bigger vision of the future than normal. He’s hoping to change that as he works with Hackers and Founders to not only inspire and encourage innovation and startups in Guadalajara but to cast a wider vision for what could come of Latin American innovation in the global marketplace. You’ll enjoy hearing Mak’s enthusiasm so I hope you will listen. Why value is not created by polishing, it’s created by producing. Mak Gutierrez says one of the most valuable lessons he’s learned in building his own companies and in supporting startups in Guadalajara Mexico is that value is not created for the end-user of any product or service by the business waiting to release until things are perfectly polished. Nobody will be helped until you actually produce something - and whatever it is, it doesn’t have to be perfect. You can hear how Mak suggests startup founders think about the development and release of their products and services, on this episode of Crossing Borders. Few Latin American startups fail because they lack capital. In any country, including those in Latin America, there is nothing more important for a startup than to find a need and meet it. And those needs typically come from the local environment and the needs it contains. In Latin America in particular, those needs tend to be fundamentally beneficial to the culture at large and therefore have a transformative impact. Mak Gutierrez says when he’s helped startups in Guadalajara understand that mindset, they are able to get the funding they need without a problem - because it’s obvious that the company is seeking to meet a need that is in great demand. That’s a winning situation for the startup and for its investors. Mak’s story and insights are so helpful… I hope you take time to listen. Outline of This Episode [1:18] Mak’s work in Guadalajara, building the Hackers and Founders team and program. [6:59] How Mak became interested in tech and began learning. [10:12] The role science fiction has played in Mak’s growth and ideas. [17:10] The difference speaking a different language has on your cultural perspective. [23:48] Mak’s steps into coding and building small businesses. [35:10] The support Mak received from family as he built his own businesses. [41:13] Mak’s experience at 500 Startups. [46:36] Changes that have happened in Guadalajara’s business culture in recent years. [50:24] What it’s like to live in Guadalajara. [56:48] Mak’s view on what’s important in building an ecosystem in Latin America. [1:02:50] Why American’s should consider Latin America for startups and investment in startups. [1:06:50] What people tend to misunderstand about Latin America and Guadalajara. [1:12:39] The next steps for Mak and Hackers and Founders. Resources & People Mentioned Hackers and Founders Hackers and Founders Facebook Page Episode 24 with Jonathan Nelson Episode 16 with Santiago Zavala Ray Bradbury Isaac Asimov Liu Cixin, Science Fiction author “The Remembrance of Earth’s Past” - the “Three Body” trilogy eLance 99 Designs Santiago Zavala Jonathan Nelson 500 Startups Shilpa Dalmia & Chandini Ammineni Fontacto Evernote Intel Makerfaire Campus Party - 25k person event in Guadalajara Epicentro Eventbrite www.Meetup.com Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher  

As I’ve featured Latin American entrepreneurs over the last 24 episodes I’ve learned more than anyone. The insights these guys and gals have are extremely helpful to anyone who’s looking to start their own company or grow an existing one. I decided to share my key takeaways with you on this 25th episode, so what you’re going to hear is a shorter “best of” session featuring a handful of the great entrepreneurs I’ve spoken with over the last few episodes. I also take a few moments after each clip to share why I thought the advice shared is so valuable. And just in case you want to hear each of the interviews in their entirety, I’ve linked these great Latin American Entrepreneur’s names to their original episodes in the bullet point outline below. You can’t learn when you’re talking, so learn how to listen more than you speak. Patricio Williams Becú believes that one of the most important things for any entrepreneur to make sure is happening in their experience is that they are learning. And he’s learned the hard way that you can’t learn when you’re talking - so it’s vital to learn how to listen more than you speak. This lesson is powerful when applied to customers especially because they are the people who can best tell you what you’re doing right and what you’re doing wrong from the viewpoint of the end user. That's valuable information for any founder to know. You have a limited amount of time. Focus on your industry to get maximum impact. One of the things that stood out to me from my conversation with Federico Vega is that he’s become very focused on the things that will actually move his business forward. One area where he’s effectively narrowed his focus is in the decisions he makes about what events to attend. He doesn’t attend general networking events anymore. Instead, he’s focused on building relationships with those inside his industry, those who he can learn from in specific ways that are most relevant to what he does. I find this advice very helpful. In my experience, it’s those types of connections that are most impacting long-term. In fact, both of the businesses I’ve sold were sold to people I’d met within my industry. If you are the leader or CEO in an organization, you can’t be the bottleneck. As Brian Requarth has built VivaReal he’s learned that company growth is something that has to be managed wisely. It’s tempting - and many startups make the mistake - to add a load of new people all at once when funding comes through. But a measured, paced approach is better in the long run. It enables you to wisely offload the things you shouldn’t be doing anymore as CEO, and it helps you instill the proper cultural mindset into every new team member. Brian’s advice is something we all need to heed if we’re going to see our teams grow in terms of culture and in terms of competence and skill. The opportunity to learn quickly often reveals the right decision. We all have a hard time discerning which opportunities we should take, which ones will pay off the most. Guimar Vaca Sittic has a philosophy that makes a lot of sense when it comes to choosing opportunities. He says if he has an option that will force him to learn a lot and another that won’t, he’ll choose the learning opportunity every time. It’s not always about immediate, fast-track growth for the company. Sometimes it’s about the future that you can’t see yet, and learning now is what sets you up for success then. Guimar is one of the Latin American Entrepreneurs those of us from the United States can learn a lot from. I hope you’ll take time to listen, and learn. Outline of This Episode [0:49] Patricio Williams Becú on learning from clients by listening. [2:06] Diego Saez-Gil about seeking for criticism from smart people. [2:56] Adrian Fisher on the lesson he learned from his dad about learning to invest in himself, taking the time to earn results. [4:17] Federico Vega about why he doesn’t waste time on networking events. [5:16] Jonathan Nelson on the role of true leaders. [7:32] Marco de Mello about spending time with your team to instill vision and values. [9:17] Marco de Mello on receiving open, respectful feedback at any time. [11:18] Codie Sanchez about asking for what you want and expecting to get it. [12:30] Alejandro Freund about determining the best market in light of competition. [14:42] Brian Requarth on growing a company wisely, in phases. [17:55] Guimar Vaca Sittic on choosing the right opportunities. Resources & People Mentioned DTA - http://dtalatam.com/ ASECH - Association of Entrepreneurs in Chile BlueSmart - PropertySimple CargoX Hackers and Founders Psafe www.CodieSanchez.com YaEsta VivaReal FJ Labs Venture Capital Derek Sivers Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

There are many roads to Silicon Valley, but you’ll likely not hear one as unusual as the one my guest today took. Jonathan Nelson started out as the son of missionaries in Honduras and Costa Rica and learned the role of a serving leader by watching his Dad lead a mission organization. But he left Central America for nursing school, a computer science education, and finally headed to Silicon Valley. Today, Jonathan runs Hackers and Founders, the largest network of entrepreneurs in the world. In this conversation we walk through the steps that led him from nursing school to startup founder, how he created an entrepreneurial meetup in a bar that led to an acceleration co-op, and the ways he’s iterating to bring more funding and more improvement to the cultures of Latin America through his company, Hackers and Founders. Why Jonathan decided to sell something other than his time. One of the lessons Jonathan learned as he worked as a nurse is that everybody is selling something, and for most people in the world the thing they are selling is their time. That’s what he was doing as a nurse and what he saw happening around him day after day. He wanted something different. If he was going to sell something, why couldn’t it be a company that could net him millions of dollars? That’s what led him to pursue computer science and step into the world of startups. Jonathan is a fascinating guy who sees things a bit differently than most people - which is exactly what has made him so successful and what is opening doors of opportunity for startups and founders across Latin America. Be sure you take the time to hear his story and get a taste for the creative ways he's empowering startups to solve problems. The serving leader is the only type of leader that makes startups thrive. Being the founder of a startup is not about making a name for yourself, it’s about serving the people your company was built to serve. But before you can get there, you’ve got to learn how to serve the people who make your company’s operations possible in the first place - your team. Jonathan Nelson says that the serving leader will be more likely to experience success because he is not concerned about who gets the credit for the team’s accomplishments. Her role is simply to see that the team has what it needs to accomplish the goals they are all striving for. That is service, and it’s what makes a company cohesive, strong, and ultimately successful. Helping more tech companies be more successful in emerging markets. Hackers and Founders was never intended to become a funding mechanism for startups, it just sort of happened - flowing out of a bunch of entrepreneurs meeting together in a bar to discuss their challenges and get and give advice. The needs represented in the room each week made Jonathan realize that there was great potential there that needed to be realized, so with the nudge of a well-known angel investor, Naval Ravikant, Jonathan took the plunge. Today, Hackers and Founders is aimed at helping more tech companies be more successful, particularly in emerging markets. Jonathan has seen how the entire community surrounding a startup is helped when it is based in Latin America and he wants to see that happen more and more, improving the quality of life for people all across Central and South America. Outline of This Episode [1:12] The birth of Hackers and Founders. [4:38] How entrepreneur meetups turned into an opportunity to launch a startup accelerator. [12:13] The path Jonathan followed to try out different business models. [14:23] Jonathan’s childhood as the kid of missionaries in Honduras and his winding career path as an adult. [19:32] Growing up in Honduras and Costa Rica in the 1970s and 1980s. [22:43] The biggest things Jonathan learned growing up in Central America. [31:49] Tweaking the angel investing model to connect investors directly with entrepreneurs. [36:37] The financial model Jonathan’s company uses and how you can invest in it. [39:39] What Jonathan saw that made him want to move into Mexico. [48:00] Why startups are primarily merit-based organizations. [50:38] The next step to scale the funding platform: Hack Coin (cryptocurrency) [54:33] Jonathan’s vision for the next 3 to 5 years in Latin America. [57:18] The advice Jonathan would give to himself if he were starting over. Resources & People Mentioned Hackers and Founders http://ICO.hf.cx Angel List Naval Ravikant Mak Gutierrez BOOK: The New Geography of Jobs BOOK: The Hard Thing About Hard Things BOOK: The Ascent of Money BOOK: An Economic History of the World Since 1400 BOOK: A Short HIstory of Nearly Everything BOOK: The Americas in the Revolutionary Era Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn

Digital security is a problem globally, not just in the more highly developed countries of the world. My guest today is Marco de Mello, a startup founder from Brazil who has built one of the most successful mobile app security companies in the world. His story is incredible, from his experience at Microsoft to startup founder, and you can hear his entire Journey on this episode. Marco's company, Psafe has produced one of the top 5 apps in Brazil and continues to pave the way when it comes to digital security. In this conversation, the two of us chat about digital security in general, Marco gives his advice for Latin American founders launching in the U.S., tells why U.S. based VCs should take a closer look at Latin America, and shares what he learned reporting to Bill Gates during his time at Microsoft. The advantage of testing an app in Brazil VS the U.S. As Marco and his team were building their business in Brazil they discovered that the growth of technology and its availability in Brazil coincided to create a perfect opportunity for them. The enthusiasm about technology created a massive user base for them as they were developing their product. That enthusiasm carried over into a willingness to help the company develop its app even further by troubleshooting and providing user feedback. Marco says there is a huge advantage to testing an app in Brazil or Latin America because of that enthusiasm factor. You can hear more of Marco’s insights about Latin American Business and the tech ecosystem in that part of the world, on this episode of Crossing Borders The avid enthusiasm about technology in Latin America is surprising. It's surprising to see how widespread the use of technology is outside borders of the United States. Marco de Mello says that Latin America contains an avid enthusiasm about technology, which is part of what explains the success of his digital security company, Psafe. In this conversation, Marco shares why he left Microsoft to move back to Brazil and begin his own digital security company, as well as how he's gone about building a world-class team and a world-class app at the same time. Clear, easy transfer of information is essential for any startup or company. One of the lessons Marco learned working at Microsoft is that no company can survive, much less thrive, if there isn't clear easy transfer of information to those who need it. Every startup or established company has to be able to communicate with its team members in ways that move the work forward rather than hinder it. At Microsoft, that lesson was amplified for Marco in his role on teams containing thousands of members spread all across the globe. Marco's insight into business and what it takes to run a successful one are rare, so take the time to listen. You will enjoy hearing him share them on this episode. If it’s digital, it’s hackable. Accept it and apply this advice. During our conversation, I asked Marco if he could share some of the biggest misconceptions people have about digital security. The first thing he said is that most people feel that digital security is not that important. But he says that if you are concerned about your physical life, you should also be concerned about your digital life because the repercussions of its misuse or abuse can be almost as damaging to you practically as a threat to your physical well-being. In this conversation, he gives us some very clear steps that everyone should take in order to secure their digital identity as well as how you can secure the devices you use to interact online. You've probably heard some of these before, but have you taken action on them? Outline of This Episode [1:22] The new San Francisco headquarters for Psafe and how the company began and grew. [7:11] The flip from desktop emphasis to mobile device emphasis. [9:37] Marco’s experience in the military prior to getting into business and technology. [13:40] Being part of “building the internet” as part of the Microsoft team. [16:32] There are no stupid questions but there are stupid assumptions. [22:35] The top misconceptions and best advice for dealing with security on mobile. [29:06] Why Marco decided to leave Microsoft. [31:52] How to ensure ownership happens in your company. [38:17] The jump to starting Psafe and making the move back to Brazil. [43:34] Advice to Latin American founders who want to find funding in Silicon Valley. [47:12] The misconceptions about talent in Latin America and why they stay long term. [50:59] Marco’s advice to himself if he were starting over today. Resources & People Mentioned Psafe - Marco’s company Spot Runner Microsoft Red Point Jeff Brody BOOK: Hard Drive BOOK: The Hard Thing About Hard Things Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

Most American investors don’t immediately think of putting their money to work in a place like Peru. But business in Peru is growing exponentially and the startup ecosystem is one of the places some of the greatest gains are being made. Greg Mitchell works with Angel Ventures, a VC company that focuses on Peru and the rest of Latin America. In this conversation, Greg and I chat about what’s going on in Peru, specifically in the world of the Peruvian tech ecosystem, what opportunities exist for both local investors and investors from outside the country, and the exciting things happening in the business community within Peru. The benefits that come from investing alongside other investors who are on the ground locally. One of the most exciting things about the way Angel Ventures operates in Peru is that it works directly with investors who live in the country as well as those outside. This enables investors from the outside of the country to have a greater sense of confidence regarding the direction startups are taking because investors who are on the ground are involved to see that the company is responding to local conditions and markets. This was a fascinating conversation and Greg has a good deal of experience across Latin America from which he shares, so do what you can to listen to this episode. The leader of the startup is just as important as the product or business model. It's not uncommon to hear that venture capital firms are looking for more than just great product ideas or innovative business models, they're also looking seriously at the founders and teams who will be running the companies they support. Greg Mitchell says that his company, Angel Ventures is no different. Latin American companies need great leadership just like any others and it's encouraging to see that the venture capital ecosystem is taking the issue seriously. The only way Peruvian startups can succeed is by working together. So they do. There many unique things about starting a company in Latin America. One of those is that the lack of resources requires teamwork and innovation, even between companies. In this conversation, Greg Mitchell describes how startups in Latin America often work together and how venture capital firms and the people who work for them tend to have a broader perspective than only the projects they are working on at the time. Greg shares some very useful Insight on this episode, so I encourage you to listen if you are at all interested in investing in Latin American startups. His job in the startup community in Peru is much bigger than one role in one company. As Greg Mitchell speaks about the startup ecosystem in Peru you can definitely hear that his enthusiasm is not limited to the projects that his company, Angel Ventures, is involved with. He says he is happy and even excited to make the connections between startups and investors or VC firms that Angel Ventures is not able to work with. He sees it as his responsibility to the broader Community across Latin America. Outline of This Episode [1:02] How Greg wound up in Latin America and what he’s doing now in Peru. [3:18] The history of Angel Ventures and how the process works in Latin America. [8:15] What it’s like to work locally to find investors and entrepreneurs to work with in Peru. [15:03] The types of companies Greg is looking to invest in. [19:05] Success stories from Greg’s work with startups in Peru. [23:39] Why Greg loves living in Lima and Peru overall. [26:53] The state of the Peruvian tech ecosystem. [29:00] Where Greg sees the startup community in Peru heading in the next few years and why startups should consider working in Lima. [31:55] Surprising things about the startup ecosystem in Peru. [35:15] Who should contact Greg to see if working with Angel Ventures is a good fit. [40:54] What’s next for Angel Ventures Peru? Resources & People Mentioned Angel Ventures Peru Chile Global Angels Startup Peru Deenty Endeavor in Peru Fandango CinePapaya ComparaOnline EFL Scoring Blazing DB Rodrigo Aramburu Ragi Burhum Amigo Cloud Uber Cabify Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

No matter where you live in the world, it can be difficult for female entrepreneurs to succeed, but in Latin America it's especially true. In this episode of Crossing Borders, I speak with Rocio Fonseca, Executive Director of Start-Up Chile. We talk extensively about her first startup, what it was like starting a tech business in Chile in the early 2000s, why she moved to the US to study at MIT and work in Silicon Valley, why she came back to Chile to join Start-Up Chile, and the variety of programs within Start-Up Chile, including S-Factory, which focused exclusively on helping female entrepreneurs. We wrap up the conversation talking about where she sees Start-Up Chile heading in the next 5 to 10 years. The hardest part of a startup is effectively communicating your idea. Rocio Fonseca has been involved in one way or another in over 1500 startups. Her perspective on the mistakes and successes founders and teams experience is a unique one. In this conversation, I asked her about the hardest part of running a startup effectively and she was quick to say that it has to do with how you communicate your idea. You can hear the experience she has had starting her own companies and what she has noticed other founders doing - both good and bad - for casting a vision for their product or service. Outsourcing the financial part of your startup could be a huge mistake. There are many potential pitfalls to launching and running a startup. But Rocio Fonseca says that one of the biggest mistakes she has seen startup founders make is to outsource their bookkeeping and financial tasks to someone who doesn't have a clear eye on the mission and vision of the company, rather than one of the founders. In her mind, when you don't have an intimate idea of what's going on in your company day to day from a financial perspective, you don't have a finger on the pulse of what is really happening. She says that's a huge mistake that could wind up costing you your company. Find out why she says that and what she advises founders to do instead, on this episode of Crossing Borders. You can change an entire country and culture by empowering women. Start-Up Chile has developed a program, S-Factory, that is exclusively aimed at helping female entrepreneurs start companies and successfully fund and run them from Latin America. When I asked my guest today, Rocio Fonseca, why Startup Chile has placed that kind of emphasis on helping women get started as entrepreneurs she was quick to say that the impact that comes from empowering women is powerful. In her view, you can change an entire country and culture by giving the women of that country opportunities like education, business coaching, and role models. Find out how she's seen women advance and countries change as a result of empowering and equipping women toward entrepreneurship, by listening to this conversation. Why U.S. investors should be looking to Latin America for opportunities. Rocio Fonesca, Executive Director of Start-Up Chile, says that one of the reasons U.S. investors should consider opportunities in Latin America is because the problems entrepreneurs in those countries are trying to solve are practical, daily, life-changing things. From clean drinking water issues to economic development, these are problems that must be solved in will be solved by someone - it's only a matter of time and funding in most cases. Those who invest in companies that are working on those solutions will be the recipients of success eventually and will also have the benefit of being part of something life-changing for thousands if not millions of people. You can find out more about the opportunities in Latin America by listening to this episode of Crossing Borders. Outline of This Episode [0:13] My intro of Rocio Fonseca, Executive Director of Start-Up Chile. [2:05] How Rocio came to study hard sciences at MIT. [7:38] The patent Rocio created and the water treatment business she started as a result. [8:55] The hardest part of a startup: How to communicate your vision. [13:01] Lessons-learned from her time in Silicon Valley. [16:28] The impact Start-Up Chile has had on immigration and the new tech visa process. [19:40] The 3 different funding lines available through Start-Up Chile. [23:12] Why is it so important to empower women entrepreneurs in Chile? [27:05] Rocio’s best advice to women who want to pursue an entrepreneurial path. [29:29] Biggest lessons-learned from 1500 startups about success in Latin America. [35:23] Why should U.S. investors be looking at Latin America for opportunities? [37:13] The advice Rocio would give to herself if she was starting over. [40:19] The next big milestones for Start-Up Chile. Resources & People Mentioned Startup Chile Fundacion Chile Arc Daily Groupon MIT Uber Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

Every startup has a growth curve. It looks different for each company depending on many factors, but my guest on this episode says founders need to push their company through its growth curve as fast as possible. Thomas Allier left his home in Paris France to found a startup in Columbia. It's not the normal path of a Latin American company but his decision paid off. His company - Viajala - is now the largest discount flights search engine in Latin America. You’ll enjoy this conversation. Family doesn’t always understand when a founder quits everything to launch a startup. When I asked Thomas Allier what his family’s reaction was when he told them he was going to leave his secure job in Paris and move to Columbia to start a Latin American company, he laughed. That’s often the reaction people have to those who are willing to take the risk required to build a company that adds value to the marketplace. And Thomas is one of those people who has made good on his ambitious decision. In this episode of Crossing Borders you’ll hear his story and walk through the steps he took to expand his discount flight search company from Columbia, to Mexico, to Argentina and Brazil, and beyond. The growth of a Latin American startup can be frustrating, but there’s always a way. The bureaucratic nature of government can be pretty frustrating at times. But in Latin America, it happens on an entirely higher level. That can be problematic for startups as they try to navigate the laws and red tape to provide their services to the end user. But Thomas Allier says there’s always a way to make it happen if you are willing to be patient, work with the system, and keep at it. You’ll be inspired by his unrelenting attitude, so be sure you take the time to listen. The startup growth curve requires that you move fast to make the most of your opportunity. That’s what Thomas Allier says as advice to any founder or entrepreneur who’s considering a startup. He says if he could start all over he’d do things at a much faster pace simply because you don’t have your funding forever and you need to make the most of the opportunities that arise when they come. Thomas has a lot of great advice for anyone who’s trying to grow a business. It’s a great conversation. Simple things are best. That’s what gives startups an advantage. When Thomas Allier was telling me about books he’s read recently he mentioned that one of the things he learned from the recent biography of Steve Jobs is that simple is better. It’s what makes the user experience of Apple products so powerful. He says startups have the same advantage because they have to work lean and smart in order to compete. He believes that founders who focus their growth curve on staying simple will ultimately come out the winners. Outline of This Episode [0:12] Who is Thomas Ailler? [4:10] Why Latin American airlines don’t share their data. [6:19] How Thomas decided to attack the problems he’d experienced in travel in Latin America. [8:22] Why Thomas was attracted to Startup Chile even though he was from France. [13:50] The beginning states of the company in Chile and Columbia. [20:43] What it is like day to day in Medellin, Columbia (where Thomas is based). [25:17] Recruiting and finding talent in Medellin. [28:19] The expansion efforts made to move into Mexico. [33:54] Doing business in Mexico and Brazil as a Columbian company and why it’s better for a startup to keep things simple and centralized. [36:50] The steps taken to expand into Brazil and Argentina. [40:17] The reaction of Thomas’ family when he announced he was moving to Columbia. [41:57] Thomas’ advice to American companies or founders considering Latin America. [46:30] The challenges and strategies of working with a distributed team. [50:37] Thomas’ advice to his younger self if he were starting over. [55:04] Advice to those considering a startup. [57:45] Resources Thomas recommends to other entrepreneurs. Resources & People Mentioned https://viajala.com.co/ - Thomas’ company Startup Chile Rakuten JetSmart Kickstarter Azul - Lowcost airline in Brazil Flybondi - Lowcost airline in Argentina Parallel18 Sebastian Vidal Expedia Accent Capital - Colombian fund Velum Ventures BOOK: Remote by Jason Fried Basecamp FirstRock Capital Rappi - Colombia grocery delivery app, A16Z invested Cornershop - Mexican/Chilean grocery delivery app, $21M investment Indie VC  - Investing in real businesses in the US Kayak BOOK: Steve Jobs BOOK: Let My People Go Surfing Patagonia Lessons from Latin American Entrepreneurs   Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher

The term International Business Strategy is typically used to describe U.S. or Western companies looking to maximize profits through offshoring or outsourcing, or extending their sales into foreign markets. But Andres Barreto is doing things in the opposite direction. He’s working to encourage Latin American startups to focus on the U.S. Market and scale there, as well as encourage American companies to look to Latin America for the talented engineers and developers they need. Talent is everywhere but opportunity is not. What does it mean for US companies? One of my favorite sound bytes from this conversation with Andres Barrito is the moment when he said, “Talent is everywhere but opportunity is not.” He was speaking to the fact that many Latin American software engineers are immensely talented, equal to their U.S. based counterparts but simply don’t have the opportunity to put their skills to use. Andres believes that U.S. companies that are able to get over the cultural difference and search out team members in Latin America can not only cut costs but give worthy individuals the opportunity to improve their lives and their local economies. Andres is passionate about this topic so you’ll get a much better feel for how he views it by listening to him describe it on this episode. Follow the advice to move to Silicon Valley to begin your startup and you’ll waste money. Traditionally, Silicon Valley has been the place founders are advised to move in order to make a go at a tech startup. But is that the smartest decision? With the advances in technology that enable remote work and communication, being in the heart of Silicon Valley is no longer the only viable option. Andres Barreto shares how he has seen many Latin American companies build a huge presence in the U.S. Market without making the shift to a Silicon Valley location. He also shares insights into the benefits those companies experience from staying in Latin America and the impact it has on the value they deliver to their customers. When going up against a big competitor, build less and do it better. Andres Barreto says that he’d much rather build an online marketplace to compete with Amazon than try to build a company that is attempting to be the “Amazon of Latin America.” In his mind, the key to success is to focus on building less and doing it better than the giant competitor. This not only enables the company to scale faster, it also sets it up for a very profitable acquisition down the line. As a venture capitalist, if you think you’re doing a startup a favor, you shouldn’t invest in it. Though we talked a lot about International business strategy, Andres Barreto is really a venture capitalist, running a very successful venture capital firm, First Rock Capital. His advice to those who want to invest in ventures is to keep their perspective clear. He says as a VC partner you need to find companies where you believe the founder will do a much better job than you ever could. That’s a team you can believe in and put your money behind. If you ever find yourself getting excited about a potential venture because you think you’re going to be able to help them out with your money and your expertise, you should walk away from the deal - because if what you’re thinking is true - the company isn’t ready. Outline of This Episode [0:03] Andres Baretto, Columbian entrepreneur turned venture capitalist. [2:12] The types of companies Andres’ fund is looking to invest in. [4:15] Why it’s advantageous for US companies to use Latin American engineers. [9:09] Andres’ 3-part test for startups. [11:00] What Andres says to Latin American entrepreneurs who are intimidated by entering the US Market. [14:12] How Andres moved to the US initially. [19:50] The ignorant notions US companies must overcome. [31:34] Why Latin American VCs are missing Latin American market deals. [43:37] Andres’ advice to entrepreneurs in Latin America considering US Markets. [48:33] The top mistakes startup founders make when pitching to VCs. [54:41] Andres’ advice to beginning entrepreneurs and beginning VC investors. Resources & People Mentioned First Rock Capital - Andres’ VC Firm Groove Shark On Swipe Publishing Uber Yelp Workep CORFO Authy Mercado Libre Despegar Rappi Snapchat Pulso social Skype Bluesmart Trulia Mercenaries: Post by Fred Wilson Fomin Inadem Bancoldex Cambly The Intern Group Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher

With the success of companies like Amazon, it’s easy to think that new online marketplaces are not going to work out very well, but my guest on this episode has demonstrated over and over that it’s simply not the case. Guimar Vaca Sittic is an Argentinian entrepreneur who has built successful online marketplaces himself and who now leads a startup incubator and funding company that focuses primarily on international marketplaces. You’ll find his story and perspective very inspiring and helpful. A good startup accelerator / incubator needs to be lead by successful entrepreneurs. As Guimar has become familiar with the world of startups and startup incubators he’s become very aware of how many so-called accelerators are making recommendations to new companies based on their best guesses. In his mind, that’s inconceivable. In this conversation, he tells why a good startup incubator needs to have leaders with entrepreneurial experience and success under their belts and what it takes to build a good accelerator that truly serves its startups well. A nomadic life for personal or business reasons is more affordable than you think. One of the unique things about Guimar Vaca Sittic’s story and the way he practices business is that he spends a good deal of his time on the road, intentionally putting his feet on the ground in places where new things are happening. His goal is to see what’s going on in different places so he can stay on the cutting edge in his support of international marketplaces and startups. In this conversation, we talk about the myth that the life of a digital nomad is expensive and Guimar shares how he is able to pull it off with a very modest amount of expense. If you’re interested in running your business from any place in the world, you’ll get some great insights from what he shares. Maximize the pace at which you learn and put yourself in places where you can learn. One of the most powerful things Guimar shared in our conversation was that his success has taught him that anyone can be successful if they are committed to doing what it takes to continue learning. He says that the more you can maximize the pace at which you learn, the more you’ll be able to take advantage of the opportunities that come your way. He's demonstrated it to be true, so take the time to listen to what he has to share. Why you should never be shy about reaching out to the influencers in your niche. One of the best ways Guimar Vaca Sittic has found to maximize his ability to learn and grow has been to put himself in the company of people who are at a higher level than he is. The concept is nothing new but Guimar emphasizes that being shy about it will never serve you well. He has no problem reaching out to someone he wants to meet and learn from, even through cold phone calls or emails. His experience has taught him that people who are successful want to help others if they believe they are serious about personal growth and taking the action needed. Outline of This Episode [0:17] How Guimar got started in the startup world. [2:33] The path Guimar followed from Argentina to Chicago and beyond. [5:00] How Guimar was able to make his Argentinian startup happen. [7:45] Guimar’s advice about Latin American startups persevering toward bigger ideas. [12:09] The next steps after acquisition. [20:30] The choices Guimar made about traveling and the real costs of doing so. [27:34] Why FJ Labs has taken on so many international investments. [32:30] Success stories in building and funding businesses. [37:50] Why Brazil for the online used car marketplace? [39:54] The dynamics of working with a remote team. [44:55] Advice Guimar would give himself if he were starting over. Resources & People Mentioned   FJ Labs Venture Capital Instacarro Quasar Ventures Argentina Etsy Boxed - online retailer similar to Costco Chrono24 - global online marketplace for used luxury watches Eaze Slidebean Fabrice Grinda Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher

Codie Sanchez is not your ordinary financial expert. She started out as a journalist, writing about human trafficking and abuses going on just over the southern border of the U.S. That is, until she wrote her last story about the abandoned women of Mexico. That’s when she realized that she needed to be doing more than just writing about the issues in the world - she needed to do something about them. You need to hear this chat with Codie. You'll hear how she’s used the opportunities afforded her as a U.S. citizen to learn all she can about the power structures of the world so that she can leverage them to make a difference. Where does power come from? Codie Sanchez discovered it’s the world of finance, so she got busy. When Codie realized that she lacked the power to make changes in the real human situations she’d witnessed, it pushed her to explore what she COULD do. Her journalistic reporting skills served her well as she dug into the problems and discovered that money fuels most things in the world. That meant she needed to learn all she could about the way finance works in the world. That’s exactly what she did, for the sake of learning how to pull people out of the prejudices and poverty that has hurt them. Without financial freedom, there isn’t really any other kind of freedom. One of the cold hard facts that Codie referenced in our conversation is that money, or the lack of it, dramatically impacts the freedom experienced by real people. There has to be some degree of financial stability and security in order for the rest of the freedoms human beings need to even be possible. Codie is a woman who’s gone on the offensive, not only learning how the world of finance and investment works, but she’s also leveraged her knowledge and growing notoriety in the world of finance to put a focus on Latin America and the problems people there face. You’ll enjoy my talk with Codie, on this episode of Crossing Borders.   We need more people who are serious and ethical in the hard areas. Codie Sanchez knows there are many ways people in her generation are applying their savvy and intelligence to make a good income for themselves. But toward the end of our conversation, she threw out a challenge of sorts, daring those who are making their money doing things like fashion and food blogging to look higher, to consider ways they can invest in serious, difficult areas to bring about the change that will make a tremendous difference in the lives of suffering people. Are you up to the challenge? Outline of This Episode [0:09] Codie’s journey from journalism to angel investing in Latin America. [2:19] Why companies should hire a diverse group of individuals. [6:30] The point when Codie knew she was interested in business and Latin America. [16:20] Making the transition from journalism to finance. [30:30] Climbing the ranks in the investing world. [34:18] Doing free work for her employer to make an opportunity for herself. [37:25] The differences Codie sees in the Latin American markets and opportunities. [42:57] Areas in Latin America where American investors have traditionally invested. [45:29] The work Codie is doing to encourage and help entrepreneurs. [51:54] Codie’s recommended resources. [58:19] The goals Codie is pursuing in her work in Latin America. Resources & People Mentioned www.CodieSanchez.com BOOK: The Difference BOOK: The Cartel Vanguard Goldman Sachs State Street Asset Management Howard Graham Buffett BOOK: Man’s Search for Himself BOOK: Adventure Capitalists George Soros The Tim Ferriss Podcast BOOK: The 4-Hour Work Week Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher  

Investing in Latin American startups is not the first thing that was on Santiago Zavala’s radar growing up. Even though he grew up in a home where his father was working in tech from the early days of the internet, Santiago wasn’t drawn to the finance side of business at that point. He was totally into programming. He’d have been the last person to anticipate what would happen in his life. This conversation tells of the unexpected path of a man who’s become intricately involved in the VC scene for startups in Latin America. His involvement in his own Mexico-based startup accelerator and then transitioning onto the team at 500 Startups has given him a wealth of experience and insight into what it takes for a startup in Latin America to be successful. It's an intriguing conversation you won't want to miss. The teams that are able to achieve have founders who are willing to walk through walls. One of the things I like to know from the people I interview is what characteristics they’ve seen in the founders of companies that make it. Santiago says that one of the characteristics he’s noticed is that those who lead successful companies tend to be unstoppable. In his words, “they walk through walls.” Simply put, they don’t allow obstacles to stand in their way. Find out more about what makes successful founders, successful - on this episode of Crossing Borders. There is still much more demand than supply in the Latin American VC world. Most American investors don’t realize is that there is much more demand for investment capital in Latin America than is available. In other words, there are plenty of forwardly mobile, legitimate startups that are ready for funding but are unable to acquire it. Santiago Zavala speaks to the issue from his perspective as a partner at 500 Startups and says that there are tremendous opportunities to support amazing new companies in Latin America. Find out more on this episode. Building a company and raising funds in Latin America is a long-term game. Because of the slow rate at which things move in Latin American cultures as well as the slow rate at which funding becomes available presently, Santiago Zavala says that both founders and investors need to think of their participation in the venture capital world of Latin America as a long-term thing. It can take 10 to 15 years to get a good start, even more if funding issues or government roadblocks slow progress. Still, the opportunities are great for both companies and investors. “If we had more capital, we’d be doing 10 times the investments in Latin American companies.” Santiago Zavala is convinced that there are many unfunded, yet promising startups in Latin America. His aim through 500 Startups is to progressively make more funding available so those companies can get the opportunity to launch and grow as he’s confident they can. This conversation reveals some of the ways Santiago sees the startup community in Latin America growing and how investors from other parts of the world can partner with up and coming companies to the benefit of everyone involved. Take the time to hear Santiago’s story and consider the role you might play. *****************player embed code goes here******************** Outline of This Episode [0:09] Introduction to today’s guest Santiago Zavala. [1:22] The track companies have to follow to get help from Santiago’s company. [3:15] Santiago’s background, growing up on the front end of tech in Mexico. [5:20] The first online venture: a guitar oriented forum and community. [12:04] Becoming known for rescuing floundering projects - as a high schooler. [21:30] Leaving university and connecting with a new startup in Silicon Valley. [26:49] How Santiago got into the investment side of startups. [30:21] The first companies the VC came alongside - all from Santiago’s apartment. [34:17] Lessons-learned in working with failing and successful startups. [35:40] How Santiago connected with 500 Startups. [38:02] Opening the application process to all of Spanish speaking Latin America. [41:22] The changes Santiago has seen in the startup process in Latin America. [45:08] Surprising things about a 500 startups demo day. [49:03] Advice to Latin American founders trying to raise money. [54:15] Santiago’s advice to governments and investors for supporting startups. [58:22] What’s on the horizon for 500 Startups and Santiago? Resources & People Mentioned https://500.co - 500 Startups Santiago(at)500.com Santiago’s website - http://dfect.co/ Santiago on Twitter Santiago on Facebook Santiago on LinkedIn Santiago on YouTube AngelList Square Stripe Uber Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher  

  Can you imagine what it would be like to be from the US, but trying to build a successful company in Latin America? My guest on this episode did exactly that. Brian Requarth took advantage of his season in life as a young guy who’d just finished college to try his hand in the entrepreneurial world. He’d spent a little time in Latin America so he decided to integrate his experience into his business ideas. The result many years later is VivaReal, an online portal for real estate in Brazil, one of the largest Latin American markets. On this episode you’re going to hear Brian’s story, how he’s grown personally and has learned many valuable but hard lessons as co-founder of a very successful Latin American startup that's raised more than $74M in venture capital.   How can you know if you should take the leap into entrepreneurism? One of the things I ask Brian Requarth about was what he would recommend to a young guy or gal who is considering the entrepreneurial option. He was quick to say that the easiest time to start a business is when you don't have any major responsibilities like a mortgage, kids or high fixed costs. He later followed up with a concept he thought about regarding his personal monthly burn. Living in Colombia, the cost of living was pretty low so food and housing didn't cost much so he was able to extend the amount of time he lived on his savings while working on business ideas compared to the US. Brian’s experience as a young entrepreneur led to him being at the helm of the go-to website for real estate in Brazil. Where might your path lead? The move from operations in many Latin American countries to only one: Brazil. Brian Requarth and his co-founders build their company in many markets in Latin America, but soon discovered that the number of hurdles they had to overcome was multiplied with every economy, government, and culture they had to deal with. The difficulties of navigating those things pushed them to make a hard decision, but ultimately the best one. They decided to pull out of the smaller markets and focus on the largest one - Brazil. You can hear Brian’s story and how their company, VivaReal has fared in Brazil, on this episode of Crossing Borders. Investors in your startup can be much more than a source of money. Their insights are priceless. Most people who invest in startups have a wealth of business experience besides their substantial bank accounts. In many ways, that is a resource worth a lot more value to startups. On this episode, Brian Requarth shares how he has gleaned incredible help from those who invested in VivaReal and what following their suggested roadmap for the company has done to set them up for success. It’s a testament to the value of great mentors and the importance of being a teachable founder. Latin America is poised for more great companies to rise. Will yours be one of them? On every episode of Crossing Borders I enjoy asking my guests why founders should consider the Latin American market as a place to build their business. Each of them has a unique perspective depending on their niche and the countries where they operate. Brian Requarth shares his opinion on this episode, based on his experience in building the largest online portal for real estate in Brazil. There is still lots of potential and room to grow in Latin America. It’s an area every founder should consider. Outline of This Episode [1:30] What is VivaReal and how did Brian decide to establish and build the platform? [4:45] The fun entrepreneurial things Brian did when he was in high school. [7:20] The birth of “English Without Borders” in South America, a borrowed suit, and knocking on doors for clients. [9:44] How Brian met his current co-founder and started a web development company. [15:25] How VivaReal made the switch to Brazil from the United States. [18:14] The challenges of operating in multiple Latin American companies at once. [21:24] Advice for those considering a startup in Latin America: When should you pull the trigger? [23:33] The challenges of moving to Brazil without speaking the language (Portuguese). [28:03] Making mistakes raising capital and getting creative with attracting investors. [34:29] The value of having insightful mentors and investors to help establish things. [35:40] Scaling a company in Brazil: challenges and lessons-learned. [44:00] Raising money from Brazil and from abroad. [49:15] Why should U.S. investors consider Latin American companies? [55:30] What Brian is noticing about the current economic conditions in Latin America. Resources & People Mentioned Brian on LinkedIn Brian on Twitter VivaReal - Brazil’s largest property portal South by Southwest (SXSW) Mercadolibre Diego Simon TicketMaster Simon Baker Greg Waldorff James Gray BOOK: The Hard Thing About Hard Things Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

It’s always exciting when I get to sit down with someone like Sebastian Vidal. In his experience working as part of the Startup Chile team and now as the leader of Parallel18, a startup accelerator based in Puerto Rico he’s been part of the launch of over 1000 startups. Can you imagine the insights, connections, and lessons-learned a guy like that has? That’s what I wanted to tap into in this conversation, so be sure you take the time to listen. Why a startup accelerator in Puerto Rico? The Parallel18 team welcomes innovators from around the globe and helps them scale from Puerto Rico into global communities beyond the Island. Not only is Puerto Rico a beautiful place to base a company, it’s also positioned uniquely with tax structures that favor startups, infrastructure and travel connections that make it a world-class place to do business, and the ability to connect with entrepreneurs and investors from across the globe. The Parallel18 experience is one you should seriously consider if you are starting a company. Startup funding runs out when you don’t focus on one specific thing. When I asked Sebastian Vidal about the main lessons he’s learned in working as part of startup accelerators he immediately mentioned the importance of new companies having a clear and consistent focus. When a team or founder is distracted or pulled away from the company’s primary mission by various things or ideas that come up, traction is lost and funds are wasted. In Sebastian’s experience, it’s one of the main reasons he’s seen startups fail. That's why the Parallel18 mentors major on clear focus and the companies that are formed in the program come out stronger as a result. Startups not only need a strong team, they need a team that is closely aligned. In the startup culture, you often hear how important it is to have a strong team of qualified individuals that serve as the foundation of the company. No arguments here. But Sebastian Vidal says that there’s an additional aspect of the team that needs to be carefully considered: the chemistry and alignment that exists between those team members. If you have a capable, competent team but they are not aligned and heading in the same direction, with the same sense of purpose, you’re going to have problems. Everything from splits down the middle of the company to improperly allocated funds could be the result. Find out how Sebastian has seen alignment become the do or die issue for many startups, on this episode of Crossing Borders. When you become an entrepreneur in Latin America, you can change cultures and countries. One of the things Sebastian Vidal loves about his role with Parallel18 is that he gets to see dramatic positive changes happen in cultures across Latin America due to the way the new companies that come out of the Parallel18 startup accelerator influence them. Individual lives are changed. Economies grow. Sometimes entire governments restructure, all due to the way a new, innovative company adds value to the culture. You can hear Sebastian describe these kinds of changes and how Parallel18 has had a hand in it, on this episode. Outline of This Episode [1:35] How Sebastian made the transition to Puerto Rico from Chile. [4:20] The challenge of starting Parallel 18 from scratch. [6:08] The role Sebastian played in Startup Chile. [11:00] Lessons learned working with over 1000 startups. [22:15] Learning the lesson that focus is of paramount importance. [27:01] The changes Sebastian made starting over with Parallel 18 in Puerto Rico. [35:55] New perspectives from working with companies in Parallel 18. [40:22] What types of companies should apply to be part of Parallel 18? [47:05] How to connect with Sebastian and Parallel 18. Resources & People Mentioned Parallel 18 The Parallel 18 Facebook Page Startup Chile Invest In Lines, Not Dots (article) Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

The mindset of many entrepreneurs has transitioned from profit-first to responsibility first, and it’s a good thing. In a competitive space like the world of fashion, it may not seem that building a successful sustainable clothing brand is the best move - but Jason Grullón and the team at Virtu have made it happen. In this conversation, I talk with Jason about how he transitioned from Law School into the world of fashion and has created a company that is not only profitable but is producing quality clothing in a socially responsible way. Socially responsible companies can be amazingly profitable. The key to Virtu as a socially responsible clothing brand is their Latin American producers. Hand crafting all of the Virtu clothing is a workforce based in Bolivia and the Dominican Republic, with plans to expand to Haiti soon. But before you judge them for chasing a cheap source of labor, look again. The company is paying a higher wage than is typically paid in these poor countries and is doing so intentionally to raise the bar for the entire community. In addition, the company is committed to putting 50% of its profits back into the communities of its producers. They are not only in this to make a profit, they are in it to make a difference in the lives of those who work for them and the communities they live in. Profit and sustainability are not mutually exclusive. The importance of traceability in building a transparent sustainable clothing brand. It’s important to Jason and the entire team at Virtu that consumers know that the claims made by the company about helping local producers are true. The company’s traceability feature allows you to know exactly who made the item of clothing you purchase and where they made it. Right on the garment, you’ll find a tag that introduces you to the person who made your item and it includes a web link that enables you to learn more about them, their community, and their personal story. It’s the company’s hope that one day a system will be in place that will enable consumers who care to do so, to communicate directly with the person who produced their item to find out exactly how their purchase has made an impact in their life. People are going to criticize but you have to do what you set out to do. When I compared Virtu to the model followed by Tom’s Shoes, perhaps the most well-known socially responsible company, Jason was quick to say that even Tom’s has its share of naysayers. But his attitude was as positive as the difference he’s making. He said that people are going to find fault, but you can’t let that deter you from making the difference you want to make. I enjoyed my conversation with Jason immensely. He’s an example of a Latin American entrepreneur who’s making a big difference in the lives of real people who truly need an opportunity. Find out more about Jason and the Virtu story, on this episode of Crossing Borders. Outline of This Episode [0:25] Who is Jason Grullón? [1:51] What is virtu and how does the company work to change people’s lives? [3:08] Why Jason’s company uses employees from a slum. [5:06] Meeting the demand of the Kickstarter success. [8:50] The difference the company is making by paying the living wage for the Dominican Republic. [13:04] Finding producers in Bolivia and the organic process that happened. [18:01] Why the company is profitable because it is socially responsible. [22:14] How did Jason wind up going to law school and moving into fashion? [26:43] The business opportunities that exist in the Dominican Republic. [31:51] Jason’s predictions about the D.R. economy and business climate in the future. [34:39] The mistakes companies make when attempting a sustainable brand. [41:22] The social and PR benefits of having Virtu provide business uniforms. [45:09] Advice Jason would give to himself if he were starting over. [48:52] The response Jason’s friends and family had to his business ideas. [52:17] Streamlining and expanding to Haiti as the company moves ahead. Resources & People Mentioned http://www.virtu.rocks/ - sustainable fashion Startup Chile GroupRaise Episode 5 of Crossing Borders with Devin Baptiste Kickstarter Tom’s Shoes Unicef U.S. Aid Guillaume Vaslin-Reimann - Jason's business partner and cofounder of Virtu Fabrice Grinda - Entrepreneur/Investor with tech team in Dominican Republic Instacarro - Brazilian startup with Dominican Republic tech team Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

Anytime you have an item that you need to send from here to there you enter the world of transport logistics. It may seem as simple as calling UPS or FedEx, but there’s a lot more that goes into it for the companies that provide the service. And when it comes to Latin America, things get even more complicated. In Brazil, for example, 40% the trucks that are on the road delivering packages are not full. That's a terrible use of the transport logistics resources that are available. When my guest today, Federico Vega realized that he saw an incredible opportunity to solve a problem and create a dynamic company. Through patience, perseverance, and iterations, Federico has built CargoX from the ground up - it’s the Uber for trucking in Brazil. When you solve a problem you have the potential for a business. Every entrepreneur has his/her own journey to discover exactly what kind of company they want to build. But as with every company that lasts, the needs of the consumer come to the forefront eventually. It’s the problems, the needs the customers have that drive the direction of the business. Federico Vega discovered that any company that regularly ships items across Brazil needs to do so reliably and as inexpensively as possible. His initial belief was that if he makes use of trucks that are already scheduled to embark on deliveries, he’ll be able to provide more income to the driver and deliver a less expensive way for companies that utilize transport logistics to do so. His idea has worked beautifully. On this episode, you’ll hear his story. From bathroom stall to a “Starbucks office,” to a fully formed company and team. CargoX didn’t start with its business approach and existing structure fully formed. No company does. In fact, Federico Vega started the company part time while he was still working a full-time job. He found himself more and more often visiting the bathroom stall with his iPad to take care of issues with his new company and decided it was time to quit his good paying job and launch the company for real. That’s when he moved to what he calls his “Starbucks office.” He and some hired help did their work from Starbucks every day for a long time as the company changed. At one point they even shut down and reopened with a new model and approach. Through funding rounds and iterations, CargoX has truly become the Uber of the trucking industry in Brazil. Advice for startups: Develop a network within your industry. Don’t waste time on irrelevant events. When I asked Federico what he’d say to others who are starting a company in Latin America he said that they should become laser focused on the niche or industry that they are serving and begin making connections. It’s not worth your time to go to broad conferences and events - including generalized networking events. You need to develop the contacts and connections within your industry that make it easier for you to build your company wisely. Advice for startups: Look for traditional industries that already work and use tech to make them better. Another piece of advice from my guest on this episode of Crossing Borders, Federico Vega is that rather than trying to create a new market (like Twitter or Uber) you should invest your time and energy in investigating the needs that exist in traditional, established industries. Once you locate the pain points, look at the possible tech solutions and see if there’s a way you can meet the need at a reasonable cost to the end-user and still make a profit. If you can, you’ve likely got a good business idea on your hands. Federico and I had a great time talking about how he’s changing the transport logistics industry in Brazil. My hope is that as his company grows, he’ll become like one of his favorite examples - Alibaba - and find ways to expand his influence worldwide. Enjoy listening.   Outline of This Episode [1:24] Federico’s background and current business - CargoX: Uber for trucks. [4:03] How did a guy from a small town in Patagonia build this kind of business? [8:12] The response of family and friends when Federico decided to leave his cushy job. [11:07] Running his startup from a toilet stall - breaking into his own. [14:39] How Federico shut down his startup, regrouped, and started with a new USP. [15:51] Starting over: raise funds or find clients? [19:55] The turning point that made the business take off. [23:57] Advice to founders about raising money. [28:28] Why silicon valley investors should consider Latin American companies. [30:14] What would Federico tell himself if he could advise himself from the start. [34:58] The next steps for CargoX. Resources & People Mentioned CargoX - Federico’s company Valor Capital Uber Goldman Sachs Alibaba eBay Groupon AirBNB Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

Many people who do business in the United States don’t realize that there are burgeoning and viable markets in Latin America. After being educated outside the country, my guest, Alejandro Freund saw that his homeland of Ecuador was ripe to become the hub for a leading ecommerce company in Latin America. This conversation with Alejandro is a look into the start of a Latin American ecommerce company from zero, including how Alejandro and his partner raised capital, what they did to find products to sell through their ecommerce platform, the tech challenges, the governmental regulations, and more. Anyone who’s interested in ecommerce will learn a lot from his ground-up journey. Opening up an E-commerce market in Latin America from a base of zero. With the start of any company, there are many foundational pieces that need to be put in place. But for Alejandro Freund, it was truly a journey from square one. Ecuador had no ecommerce presence other than large retailers who were selling their own products online, so he saw an excellent opportunity to beat the competition into a very lucrative market. In spite of the tremendous learning curve, that’s exactly what he’s done. YaEsta is now the leading ecommerce platform in Ecuador and continues to build momentum as it continues funding rounds to focus on marketing and building its infrastructure and team. You’ll hear Alejandro’s lessons-learned on this episode, so be sure you take some time to listen. A different way that the riches are in the niches: local artisan communities. As YaEsta began its growth, one of the uphill battles was that of marketing. How could the first ecommerce company in the country become known and trusted when the marketing budget was not very large? Alejandro and his team realized that the small artisans who provided their initial product base had engaged followings already and that they could tap into those communities to build momentum for those products on their platform. It’s a non-intuitive way of reaching the masses that worked. Find out more on this episode. Product fulfillment is difficult in any country. Ecuador presents even greater challenges. Many Latin American countries have burgeoning ecommerce businesses already. But Ecuador did not, which is the main reason Alejandro Freund first began his ecommerce company, YaEsta. One of the reasons ecommerce had never taken off was because the delivery of products was not as economical as in other countries. Whereas Chile has major cities that are close to each other, Ecuador is not situated similarly. The delivery areas are spread out across the nation which makes the cost of delivery higher and the process more difficult. You can hear how Alejandro and his team continue to deal with the difficulty of product delivery, on this episode of Crossing Borders. Advice for those in a competitive market: Let your competition drive you toward excellence. When I asked Alejandro if he had any advice for founders who are starting companies in competitive niches, he said that they should not let the crowded market scare them. Instead, use the competition to drive you to do things better, to make a better product, to improve your customer experience. In his eyes, without competition things become stale and nobody is served well. I hope you enjoy this episode with Alejandro. He’s a Latin American entrepreneur who is doing world-class work and leading a company that is poised to shape the ecommerce niche in Latin America. Outline of This Episode [1:44] What it’s like to do ecommerce in Ecuador. [6:22] Closing the deal with a small business supporter to build out the company. [8:54] How the team decided which products and brands to launch with. [12:42] Tapping into the artisan communities surrounding their suppliers. [15:30] Fundraising after a successful trial-and-error first year. [20:27] Understanding Ecuador as a country and as a place to do business. [22:22] Why are the big retailers in Ecuador so far behind those in other countries. [35:16] Dealing with the logistics and shipping in Ecuador. [41:08] The reasons Alejandro decided to return to Ecuador to build a company. [45:55] Why Alejandro believes he’s been able to raise the funds he has. [52:00] Advice for other entrepreneurs getting into competitive markets. [56:00] Why yield is a great reason to invest in Latin American companies. [59:32] Surprising things about doing business in Ecuador. [1:00:45] Alejandro’s advice to himself as a beginning startup founder. Resources & People Mentioned www.YaEsta.com Alejandro on LinkedIn Ernesto Kruger Heartland Payment Solutions Groupon Vtex: a Brazilian e-commerce platform Falabella Large Latin American retailer Garbarino Large Argentine retailer Jumbo Large Latin American retailer Carrefour French retailer with Latin American presence Kushki payment processor in Ecuador Rocket internet - German owned international company builder Linio - Rocket internet owned ecommerce in Latin America Warby Parker Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher  

It sometimes feels like investing in Latin America is a secret that U.S. Investors don’t know about. There are so many great companies and talented entrepreneurs in the Southern Hemisphere who are doing great things - not only in business but also for the economies and peoples of Latin American countries. Patricio Williams Becú is a great example and is my guest on this episode of Crossing Borders. His company, DTA provides funding for farmers in Latin America - and the ways Patricio has grown his company and gotten outside the box to do it provides many lessons for us all. I hope you’ll take the time to listen and learn from his amazing story. There is never a perfect time to become an entrepreneur. That means it’s never too late. Patricio Williams was performing well in his corporate career in Argentina when an economic downturn hit. His job was secure and he had nothing to worry about. But something inside him felt that if he didn’t take the opportunity to do something of his own, he’d never get the chance again. So in spite of those around him telling him he was crazy, he quit his secure job and launched DTA, a company that invests in Latin American farmers through farm financing. In this conversation, you’ll get a very clear sense of Patricio’s keen business savvy and hear how he has built a very successful funding company with only a handful of employees. It’s a great story. Providing jobs for other people: a way to add tremendous value to the world. When Patricio decided to quit his corporate job and start his own company he knew he was doing something that mattered. Why? Because although he knew he wasn’t gifted or inclined to be a doctor or politician - roles often seen as those that make a difference - he knew that he could offer employment to a handful of people, which could change their lives for the better. DTA was his attempt at doing that - and he’s wound up accomplishing that goal and much more. Through his interest in agriculture, Patricio discovered that he could provide a very needed resource to the farmers who keep the food supply going in Latin America - financing. At the same time, he’s opened up great opportunities for U.S. based investors to help him do it. Investor relationships are about the relationship as much as it is about the money. When Patricio started his business he had to do so with very little cash of his own. That meant he had to raise funds. What he discovered, especially making connections with investors in Latin America was that the relationships mattered more than the money. The trust and confidence needed to gain the funding was essential even more than the numbers. You can hear how he made that discovery, how he stays connected with his investors, and why long-term partnerships between Latin American companies and their investors are vital, on this episode of Crossing Borders. Why long-term partnerships are desperately needed in Argentina and the rest of Latin America. Because of the economic and political instability that is so common in Latin America, it’s essential that those who are investing in Latin American companies understand that long-term partnerships are vital for the health and stability of those companies. Patricio and I spend a good deal of time talking about the needs Latin American companies have and how investors in the U.S. and Europe can meet those needs and make good returns at the same time. You’ll be encouraged by the possibilities as you listen to the experience Patricio has had and the prospects of what investing in Latin American companies could provide. Outline of This Episode [1:56] The work Patricio is engaged in with DTA. [3:00] The type of people Patricio’s company works alongside, and why a typical client would need their services.. [5:15] How a guy from the streets of Buenos Aires wound up financing farmers. [9:46] The path Patricio followed to get his company started. [21:40] Why have Argentines been so successful starting businesses? [27:38] Steps toward the very first client. [35:23] Hiring the first employees. [43:20] The challenges of working with new employees and investors. [48 :50] The kinds of returns the company sees happening for investors. [51:40] Expanding to Uruguay and Paraguay. [1:00:06] Patricio’s advice to new entrepreneurs about how to assess customer needs. [1:02:03] Advice to founders outside Silicon Valley about raising money. [1:04:27] Patricio’s counsel to American investors about Latin American companies. [1:08:15] Surprising things about doing business in Latin America. [1:11:13] Things Latin American founders need to understand about the U.S. or European markets. [1:14:28] The advice Patrico would give himself if he was starting over. [1:19:08] The next steps for Patricio’s company. Resources & People Mentioned DTA - http://dtalatam.com/ Patricio on Facebook ASECH - Association of Entrepreneurs in Chile Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn If you enjoyed this episode - would you mind subscribing and leaving a rating and review? SUBSCRIBE, RATE, AND REVIEW ON iTunes SUBSCRIBE, RATE AND REVIEW ON Stitcher  

Have you heard of smart luggage? It may not sound like something you need but wait until you hear what it can do to make your travel more enjoyable and effortless. Connecting luggage to an app and building out the hardware to integrate the two has enabled Diego Saez-Gil’s company, Bluesmart to jump into a very competitive marketplace and gain a foothold with amazing speed. On this episode of Crossing Borders, Diego shares the story of his entrepreneurial journey, how he’s founded and funded his new smart luggage startup, and how he manages an international team with offices all over the world. It’s a fascinating example of the kind of innovation and forward thinking that’s coming out of Latin America these days. Startup success in a very crowded market. When Diego and his team were building WeHostels, his first startup, they realized it would be an uphill battle. The space they were entering already had big players like Airbnb and VRBO. But they believed that their unique focus and the unique experience of staying in a hostel would appeal to a certain demographic that could become a loyal niche audience. Turns out they were right. Diego tells me how he got WeHostels off the ground, what led to the sale of the company, and the lessons he learned in building, staffing, and navigating the acquisition, on this episode. Building a startup was like building a plane that was already in the air. Even though Bluesmart is a relatively new company, Diego Saez-Gil is no stranger to startups. He was co-founder of WeHostel, one of the first hostel-specific apps on the market that enabled users to make reservations on the move. The experience of building that company set him up for the challenges of building a physical product oriented company and the intricacies of leading an international team. On this episode Diego shares how his new smart luggage company Bluesmart was launched via crowdfunding, how additional rounds of support were secured, and the crazy pace at which the company has grown. As you’ll see from this conversation, Diego is a sharp guy who demonstrates why U.S. - Latin America based companies are poised to change the startup world. $2.2M raised for smart luggage presales in their first crowdfunding campaign. You've probably heard of many startup success stories that began with crowdfunding. Diego Saez-Gil’s story is the same, only bigger. His team was able to raise $2.2M in support in their first Indiegogo presales campaign and on this episode Diego shares how his team did it, including their approach to pre-campaign prep and marketing once the campaign was live. If you’re at all interested in the possibility of crowdsourcing your own startup, you should take the time to hear what Diego shared with me on this episode. What U.S. investors should know about connecting with Latin American companies. Bluesmart is a company with offices in New York, China, and South America, and founder Diego Saez-Gil likes it that way. He says the diversification of the team and the strengths he’s able to draw upon in those varied cultures makes for a company with many facets to its success. He advises U.S. based investors and companies to take a serious look at partnerships in Latin America. In his mind, it’s a trend that is only going to get smarter and smarter as time goes on - sort of like his smart luggage. Outline of This Episode [2:25] The life of a founder whose offices are all over the world and how he took his path. [8:00] The culture shock of leaving his home and traveling to business centers around the world. [11:54] Diego’s 2011 start of a new business - WeHostels. [16:43] The advice Diego gives to startup founders about building a team. [20:25] Growing a startup app company in a very competitive market - and the process of selling the company. [23:34] Two years later: Crowdfunding a new product successfully - $2.2M raised. [26:28] How the team made the crowdfunding attempt successful. [30:44] Diego’s response to those who say there’s not much talent in Latin America. [35:24] How to keep an international team of 39 working together smoothly. [38:07] Why Diego went to Ycombinator even after a successful crowdfunding launch. [47:04] The features and details of Bluesmart luggage. [49:14] Tips for those interested in building a hardware company, including tips for doing business in China. [51:29] Surprising things about Latin America and China. [55:53] What Diego says to U.S. Investors about doing business with Latin American companies. [1:00:32] Changes in the Argentinian government in relation to entrepreneurship. [1:01:50] Diego’s advice to himself at the beginning of his startup journey. [1:05:00] Learning to take expert advice but staying focused on innovation. Resources & People Mentioned http://www.bluesmart.com/ - Diego’s company We Hostels AirBnB Telegram software Slack Skype Google Hangouts Ycombinator BOOK: Beyond Entrepreneurship BOOK: Zero to One BOOK: The Hard Thing About Hard Things BOOK: Shoe Dog Connect With Nathan www.NathanLustig.com www.MagmaPartners.com On Twitter On LinkedIn  

Welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the people who support them, with a focus on companies that have some relationship to Latin America. Last week, I talked with Nora Leary Co-Founder and Head of Marketing and Business Development at Launchway Media, about how to get press in the US and what it's like starting up with three female cofounders in Latin America. My guest today is Nathan Klarer, founder of Bridgecrest Medical, a wearable that helps mining and oil companies around the world track employee performance to avoid accidents and keep employees safe. Nathan was working on some technology while at university and saw the coming wearable wave and realized that he could use the technology he was working for good. After raising more than $1.3m from venture capitalists in the Bay Area, Nathan continued to build his business, selling to some of the largest multinational mining companies in the world. This journey took him to Latin America, where he signed about half of his clients, including his first one, high up in the Argentine Andes Mountains. We talk about the challenges of doing business in Latin America as a US company, how investors looked at having half of his clients in Latin America, support systems from Latam governments, opportunities he saw, technical challenges he over came and how he led his business to be acquired by ability wearables. We'll also talk about where Nathan sees wearables going in the future and whether he would do business in Latin America in the future. I hope you enjoy my conversation with Nathan Klarer.

Hello and welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the people who support them, with a focus on companies that have some relationship to Latin America. If you're new to the podcast be sure to check out Episode 2 with Adrian Fisher who went from selling hotdogs to raising three million dollars and Episode 5, with Devin Baptiste, cofounder of one of the most diverse startups in the world. My guest today is Nora Leary Co-Founder and Head of Marketing and Business Development at Launchway Media, a marketing agency that works with global startups launching in the US. Nora and I talk about her journey from the US to Africa to Latin America to leaving a job in Latam to start her own business. Nora lived in Buenos Aires and starter her business there with two other female cofounders, and then moved to Medellin to continue to expand the business. We cover cultural difference between doing business in the US and Latin America, what it's like being a woman in tech in Latin America, practical tips for getting pr in the US, getting into a US accelerator from latam, and tools and tricks you need to be successful launching in the us market. And also emojis. I've been working with Nora and her team for a few months now and it was great to finally get to connect outside of a pure business context. I hope you enjoy our conversation. If you enjoyed my conversation with Nora, please be sure to recommend Crossing Borders to a friend and rate us on Itunes and sticher.

Welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the investors who support them, with a focus on companies that have some relationship to Latin America.   My guest today is Jose "Caya" Cayasso, a Costa Rican entrepreneur who is cofounder and CEO of Slidebean, a software company that helps people stop wasting time wresting with presentation design. Slidebean's product, presentations that design themselves, is used by thousands of people around the world, from students to business executives.   We'll cover Caya's journey from Costa Rica to New York to launch his first business, what he learned in his first startup and how he used his experience to create Slidebean, which now has 20 employees in Costa Rica and 2 in New York City. We'll talk about the fundraising process and Caya's journey to raising money from Start-Up Chile, 500 startups, Carao Ventures, Firstrock Capital and of course Magma Partners.   Be sure to listen for Caya's tips on how to run a business with two offices in different countries, how he thinks about scaling a SaaS business and why he invests time in creating investor updates.   I've had the pleasure of getting to know Caya over the past year since Magma invested and it was great to be able to talk more in depth for the podcast. We had a few technical difficulties with the sound at the beginning, but push through, I think it's worth it!

Hello and welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the investors who support them, with a focus on companies that have some relationship to Latin American. Today's guest is Nicolas Shea, a chilean entrepreneur, philanthropist and now a presidential candidate running for Chile's presidency.   Nicolas has been a teacher, started nonprofits, worked in government and built businesses that have expanded across Latin America. He cofounded Eclass, one of Latin America's largest education companies, and was the cofounder of Start-Up Chile, an innovative program that gave foreign entrepreneurs visas and equity free grants to move to chile, kickstarting the chilean entrepreneurial ecosystem. IT's also where I met Nicolas almost seven years ago.   After startup Chile, he cofounded Cumplo, a peer to peer lending platform that helps businesses access credit more quickly and at better rates than the traditional banking system does. Cumplo has now helped 800+ businesses with more than $200M in loans.   Subsequently Nicolas took a step back from Cumplo to cofound Todos, a Chilean citizen powered political party, and is now currently running for Chile's President.  

Hello and welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the investors who support them, with a focus on companies that have some relationship to Latin American.   My guests today are chilean entrepreneurs David Basulto and David Assael, the cofounders of Archdaily, the largest architecture website in English, Spanish, Portuguese and Chinese in the world.    Based out of Santiago, Chile and 100% bootstrapped, the two Davids have built a truly world class business on their own terms the way they wanted to from their base in Santiago.   We talk about their story of how they started Plataforma Arquitectura, their original website, while they were still architecture students in Santiago and how they've grown the business to four languages, millions of monthly unique visitors , three million Facebook fans and over 80 employees based in six countries.    More importantly, ArchDaily has changed thousands of architects lives from around the world by showcasing them to potential clients, fans and partners when traditional media had previously failed. David and David were the first Chilean entrepreneurs I met when I came to Chile in 2010 for startup chile and I'm excited to be able to share their story with more people. So let's get started!

Hello and welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the investors who support them, with a focus on companies that have some relationship to Latin America.   My guest today is Devin Baptiste, cofounder and CEO of GroupRaise, a company with more than 50 employees in 3 offices in Houston, Texas, Santiago, Chile and the Philippines. GroupRaise is a platform that allows groups of 15-50+ to book events in more than 6000 restaurants across the united states. These restaurants then donate 10-20% of their bill to the organization or charity of the group's choice. As Devin puts it, it's the tastiest way to change the world. Not to mention the most cost effective customer acquisition strategy a restaurant can have.   Devin and I talk about his journey that took him from Houston to Taiwan, Korea, Hawaii, Chile, Germany and back to Houston again, how he thinks about scaling businesses from Latin America to the US, how he raised his recent fundraising round from Techstars Ventures, Kapor Capital and Magma Partners, how he looks at being a minority founder and what its like to run an international business while married with two young kids.   Devin is one of the most interesting people I've met in the past few years and I feel lucky to be able to work closely with him on his journey to building a world class business. We had a few sound issues, as Devin was in a target in a thunderstorm and then in his car when we recorded our conversation, but please don't let my recording issues get in the way of learning everything you can from Devin. Let's jump right in!

Hello and welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the investors who support them, with a focus on companies that have some relationship to Latin America.   My guest today is David Lloyd, cofounder and CEO of The Intern Group, an education company that has helped more than 5000 students from more than 125 countries around the world find top internships abroad.   We'll talk about how David left his job at a City of London investment bank to start The Intern Group, how he came up with the idea, started the ball rolling and his journey to build the intern group into a global powerhouse with more than 30,000 applications for the intern group program and more than 2,000 participants in 2016.   We'll also cover the strategies his team uses to work globally from offices in 12 different countries around the world and some of the advantages of running a global business with operations in Latin America.   David and I first met back in 2011 on the soccer field in Santiago, Chile and have been great friends ever since. I really enjoyed our conversation and hope you will to.  

Hello and welcome to Crossing Borders with Nathan Lustig, where I interview entrepreneurs doing startups across borders and the investors who support them, with a focus on companies that have some relationship to Latin American.   My guest today is my friend Adrian Fisher, ceo and founder of PropertySimple, a real estate technology company with offices in Santiago, Chile and the United States. I've known Adrian for about five years now and PropertySimple was our first investment at Magma Partners back in 2014.   Adrian and I cover his journey from Scottsdale, Arizona to Argentina, Chile and then back to the United States, during which he learned to program, built technolgoy for some of the biggest companies in the world with a 30 person outsourcing team based in Mendoza, Argentina and transitioned from a services company into a product company.    In 2011, Adrian was part of Startup Chile's first round, where he and his team built multiple real estate technology businesses including a rental payments system, a mortgage originator and more. We'll also talk about Adrian's experience launching a product in Latin America and then transitioning to the US market and the strategies he has used for building a successful technology business from Latin America that targets the US market.   PropertySimple just closed a financing round of $3M from US investors and is growing it's team in Chile and the US while scaling sales in the United States. I really enjoyed this conversation, so let's jump right in! 

Listen in as Nathan Lustig, co founder of Andes Property, and Host Max Coursey discuss the differences between the real estate market in the US and in Latin America, as well as some investment best practices.Real Estate Insiders Radiohttp://businessinnovatorsradio.com/real-estate-insiders-radio/

Listen in as Nathan Lustig, co founder of Andes Property, and Host Max Coursey discuss the differences between the real estate market in the US and in Latin America, as well as some investment best practices.Real Estate Insiders Radiohttp://businessinnovatorsradio.com/real-estate-insiders-radio/