This is my second post on LaBitconf specially about the issues that were handle on the Mexican Startup scene. The panel was presented by the CEO of Bitso, Marcus Dantus a venture capital rep from Mexico Startup and the CEO of MexBT.
So far the points were around the issue of comparing the startup scene in Mexico vs the one in the United States. Also about the way that startups and VCs get together.
Other subtopics were also discussed on the area of exit strategies in Mexico vs the US, why they don’t work as well here in Mexico. The key points had to do with the ecosystems of mergers and acquisitions both legally and just practical in too complicated in Mexico to let it flourish. The national stock exchange also lacks the dynamism of the one found in the United States, so the growth is just not there.
On the topic of Bitcoin, and Blockchain, there were also a certain competition about if blockchain is better or is Bitcoin still relevant.
The failure of a flat enterprises in Mexico is also another thing that hurts the economic environment. The concentration of power is usually what makes the value also stagger and makes it hard for startups to grow, fail and be reborn. Traditional thinking on management and employees don’t ‘get’ the way to get motivated.
The management ideas have slowly been reaching the Mexican shore but still something that is usually unheard off mainly because of the legal complexities and cultural perception of things.
On the QA there was some key questions about the lack of diverified capitals to invest in the country. However the way to get capital in the US is easier than before and that should be KEY in order to develop and promote your startup.
So key points and conclusions about this talk are simple:
- Go back to think “Internet first, country second“. Make business that scale, and make businesses that act global.
- Bitcoin is new and developing, opportunities on them are 100x than any other space on technology at the moment, profit from it.
- Ideas are cheap, lets make more ide-a-thon until we have a framework to make these type of ideas.
- Work on increase the transparency on the industry, fuck up nights are good, lets make more blogs, documentaries, and such
Now, the questions to are, what do we have to do to enable this. Lets research on VCs according to our ideas, not our area codes. Do not search for VCs in Mexico, search for VCs in Bitcoin/Blockchain.
Let’s research on their funded companies, lets reach out to them on Linkedin, social networks, etc. I am sure they could send you bits and pieces of what you need.
Lests work on presenting our ideas, publish a blogpost, videos, and such on it. Let’s do potcast interviews on podcast that specialize in that.
Put money where your mouth is, if you are already making money (from a job or your startup is running). Lets put some money on funding our presentation, use job marketplaces and find some quality designer, animator, copyrighter, to have this produced.
Finally I would say to build a first company structure, although this might vary if are already on it. But document your processes so you are able to show it off if needed.
Let’s escape Mexico, really, start thinking on issuing assets on the blockchain, make your idea transend and live off the environment you are trying to push. The more attractive is to the internet, the more will the internet invest in your idea.