It´s been a bit over a week since Clarissa was born. I continue to be hypnotized by her every day and have begun to get my mind back on track on a few work things. I also barely remembered to write today J
During last week, there was big news in the Mexican ecosystem, and this time it was not good!
Yogome, one of the rising stars of the start-up space in Mexico suddenly closed down. The company developed games for kids and had been in operations for a while (7-8 yrs). They raised almost 37M USD along the way from respected investors and friends (Seaya, Variv, Insight Venture Partners and Endeavor).
I have been a start-up founder in Mexico for the past 5 years and can truly say that cases like these are the exception. More so, it is surprising that they managed to pass through significant filters (investors, Endeavor, mentors, etc), from people I respect.
However, I do want to say that there are a lot of great entrepreneurs working their asses off to create value for investors and themselves as we help develop the Mexican startup ecosystem. Although cases like Yogome can push back some investors, I am of the view that the momentum that this ecosystem has will not be derailed. In fact, we are starting to see some of the fruits from great companies founded a few years ago (Cornershop, Gaia, Konfio, etc). I am confident we will continue to see more of these stories! As Bismarck mentions in his post, founders need to build value and trust from their investors, team and think long-term so the rest will follow.
For us wanting to be career entrepreneurs, our reputation and trust is everything when building your company. It is fundamental, not only to raise funds but also to attract the right talent to help you construct your vision. Without them, you are toast!
With that, I leave you with a great quote that my grandfather sent me when I was in college.
“You only reap what you sow, there is no shortcut”
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