Ariel Muslera, Regional Advisor at LAVCA, recently participated on a panel at Buenos Aires Futura, an event organized by the city government of Buenos Aires to facilitate discussions about the growing importance of technology and innovation. Panels explored topics ranging from the impact of technology on social interaction and economic development to opportunities for education and entrepreneurs.
Ariel, along with panelists Diego May (Junar), Inaki Berenguer (Pixable), Fernando Martinez Lafuente (CIC Consulting Informatico) and Alejandro Marshad (Endeavor), led a lively conversation about Innovation, Entrepreneurs and Economic Development, noting that as the playing field levels between emerging and developed economies, there is immense opportunity for entrepreneurship to be a bigger driver of economic development in Latin America.
“The challenge is to be able to think big and not limit the potential of a startup because of short term needs. For that, it is fundamental to grow the early stage VC ecosystem in Latin America, so that companies can focus on developing compelling products instead of paying next month’s rent,” said Muslera.
The panelists also agreed that the single, most valuable thing a startup team can show to a potential investor is a cohesive, complementary team that not only has a vision but, more importantly, has the skills and the experience to successfully execute that vision.
To view videos from the event, please click here.
A series of mostly unrelated activities brought LAVCA to Chile in early December, just days before the country was accepted into the OECD on December 15. Beginning with a presentation at the OECD Corporate Governance Roundtable in Santiago and ending at an ‘asado’ with IT entrepreneurs and investors at the estate of Wenceslao Casares in Pirque, my colleague Ariel Muslera and I were busy all week.
Latin America PE VC Report spoke with Mariano Suárez Battán, “Captain Melon” (a.k.a. CEO) of Argentine gaming company Three Melons. The company develops online and iPhone games with a social component, using a free-to-play business model. To date Three Melons has received two rounds of seed funding, including a $150,000 angel investment upon startup in 2005, and a $600,000 investment earlier this year by Santander’s Nexo Emprendedor fund along with previous angel investors and company founders. In October 2008, the company’s founders were selected as Endeavor Entrepreneurs due to their high impact potential.
Early stage and venture capital investing is expanding in Latin America, with cities such as Florianopolis and Buenos Aires acting as hubs of venture activity in the region’s southern cone of Argentina, Brazil, Chile and Uruguay. But an incipient VC industry is also emerging much farther north in Mexico, despite the inherent challenges the country has traditionally presented for entrepreneurs. Over the last 18 months, a combination of change drivers have contributed to an improved ecosystem for entrepreneurs, angels investors and venture capital fund managers aiming to generate new businesses in Mexico.
Latin America PE/VC Report spoke with Dr. Paulino Decanini, Founder and Chief Medical Officer of Mexican healthcare provider Pimedic. Based in Monterrey, Primedic provides access to unlimited primary health care at rates that are affordable for low income Mexican families. It currently operates three clinics and a radiology imaging facility. Last year, the company received its first round of financing, a $6 million investment by IGNIA Fund I, a social venture capital fund based in Mexico, and US private investment company Tango.
Chilean venture capital fund Austral Capital has launched a program to help entrepreneurs from its country enter the U.S. market through Silicon Valley. Known as Austral California, the new initiative is supported by CORFO’s Innova Chile program and allows some of Chile’s most innovative companies to access the network of contacts, infrastructure and support programs previously available only to portfolio companies of Austral Capital.
Global Entrepreneurship Week, a weeklong series of events taking place Nov. 16-22, 2009 in over 80 countries, will seek to inspire young people to embrace innovation, imagination and creativity – to think big and turn their ideas into reality.
August 18, 2009- At the IBM Venture Capital Forum in Sao Paulo, IBM announced new initiatives to help boost innovation with venture capitalists in Brazil in support of demand for digital infrastructure projects in telecommunications, healthcare and energy industries.
