At Magma Partners, we work with people who share our values, whether they’re the founders we invest in or the mentors and investors we bring on to our team. We hope to create lifelong relationships with the people we support.
For this episode, we’re featuring eleven Magma entrepreneurs –some are members of our portfolio, and others are from our team– who have appeared on previous episodes of the Crossing Borders podcast to share their advice to founders from Latin America on how to get started.
How do you keep a global workforce up to date on daily security threats and confirm people are ok in the event of a natural disaster? Most companies are still stuck in phone call and paper based systems that are extremely expensive and hard to update.
Base Operations’ founder Cory Siskind realized there was a better way than the standard practice that most multinational corporations give to employees who travel abroad for work: thirty page risk reports which mostly don’t even get read. Base Operations is an app that provides just-in-time information to its users in markets with high crime rates but poor access to crime data. Global workforces can quickly get a feel for their surroundings as soon as they touch down in a new city or country with the app’s features: intuitive heat maps, safe routing, geofenced alerts, and check-ins.
Cory has always been passionate about emerging markets, specifically interested in how security and crime affect a country’s growth. But what was the spark that pushed Cory to start the business? A business plan competition while studying for her Master’s degree at Harvard!
I sat down with Cory to talk about her early interest in emerging markets, how she came up with the idea for her company (also part of Magma Partners’ portfolio as of 2018), her experience in Harvard’s business plan competition, and what it’s like to operate between the US and Mexico.
Check out this episode of Crossing Borders to hear more about how Base Operations uses data to help multinationals keep their employees safe in emerging markets.
The Internet of Things (IoT) is a buzzword that many people throw around but not everyone understands. While it sounds obscure, the concept is simple; IoT is communication between physical objects that connect via the Internet.
These products are implanted using sensors, monitors, and other devices that allow them to communicate with other connected devices. For example, if a machine in a factory could automatically send an alert to the supervisor’s smartphone when a gear is starting to wear down, that communication would happen through IoT.
It’s easy to imagine hundreds of applications of IoT technology that could simplify or solve everyday challenges. In Latin America, where millions of people still struggle with safety (especially in big cities), access to clean water, or adequate healthcare, the Internet of Things has the potential to provide innovative solutions to these problems.
The field is still in its infancy in Latin America. Since IoT has applications across almost every industry, efforts to join forces or create collaborative solutions have been few and far between. However, the newness of this industry, as well as the rapidly-increasing connectedness of the Latin American population, opens many opportunities for IoT solutions to take hold in the region over the next decade.