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. This podcast is based on a talk I gave to Start-Up Chile and the subsequent blog post that I wrote called Advice to Foreigners Running Startups in Latin America.
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.
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!
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.