Founders & C-Levels

Wenyi Cai is the Founder &amp; CEO of Polymath Ventures, a venture studio that builds digital platforms to empower the middle-class of Latin America. Prior to founding Polymath, Wenyi was an entrepreneur in Silicon Valley. As the COO of Milo.com, a consumer internet startup that sold to eBay in 2010, Wenyi led business development efforts with major technology companies like Microsoft and eBay and oversaw the product and engineering teams. Earlier in her career, Wenyi was a consultant with McKinsey &amp; Company in the Middle East, Africa, and South Asia. Preceding her business career, Wenyi helped build a quantitative trading hedge fund, and was a published researcher in applied physics. Wenyi graduated cum laude from Harvard College, and studied philosophy and physics. Wenyi was born in China and grew up between China and the United States.

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Co-Founder & CEO 

Wenyi Cai 

Polymath Ventures

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About Polymath Ventures

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Santiago has experience in Digital, Inbound and Growth Marketing. Prior to Polymath, he worked in several digital and media agencies leading an executing data-driven marketing strategies for companies in sectors like Technology, Health, Telecom and and Goverment. He's passionate about digital culture, blockchain edtech and future of work.

Marketing Manager

Santiago Pérez

Today, startups in Latin America are competing with large platform monopolies for a place in the region's emerging markets. Although LATAM's economy, like much of the developing world, faces many challenges, startups have plenty to be proud of. Entrepreneurs are putting in the work and creating business ventures that deliver results and make an impact in their communities. When building a business from the ground up, entrepreneurs often find themselves with countless decisions to make in order to create and grow companies that can solve real, complex world problems for their customers. Whether it’s looking for funding, mentorship, or an expert team to set things in motion, there’s always a lot to focus on in the startup world.<a href="https://drive.google.com/file/d/1NrlqUuwZhhJlplA9_1YgCY3q-zMcdvux/view">The GSSN 2022 Data Report</a> anticipates that in the following years, at least 580 new companies will be created, with an average of 23 per studio. The opportunity for growth is limitless, and there is an overwhelming need for the right ecosystem to develop and thrive.Accelerators and Venture Studios represent two very different business models that offer a host of strategic opportunities and benefits. While accelerators exist to speed up business growth, venture studios aim to create companies from scratch and use their in-house resources to build it up. Whether your entrepreneurial journey involves adhering to a business idea already in the works or bringing your own innovative ideas to the table, both Venture Studios and Accelerators can benefit and encourage your business venture to flourish.Let’s explore the differences between a Venture Studio and an Accelerator model, their goals, and the benefits they each offer to new and experienced entrepreneurs.<h2 style="text-align:justify;">Venture Studios</h2>In 2021, Latin America became one of the fastest-growing regions to take part in venture funding, investing an estimated <a href="https://news.crunchbase.com/startups/latin-america-venture-growth-startups-2021-monthly-recap/">$19.5 billion</a> in up-and-coming startups. Although Venture Studios have become increasingly popular, Latin America has yet to capitalize on the many benefits the Venture Studio model has to offer. With roughly <a href="http://gan-7000682.hs-sites.com/disrupting-venture-landscape-white-paper">560 venture studios across the globe</a>, there are but a handful of Studios in Latam, Polymath being one of the pioneers in the region's developing economy with a building thesis focused on creating companies that serve Latin America’s middle-class.But what differentiates venture studios from the other models?Some credit the success of Venture Studios to their unique attributes that directly benefit fresh entrepreneurial talent. The Venture or Startup Studio model is often the best choice for new and experienced entrepreneurs alike because its goal is to build a startup from the ground up. New ideas are explored and backed up by methodology, operational support, and funding that help launch scalable startups.&nbsp;By utilizing an in-house expert team, V<a href="https://polymathv.com/library/articles/6-reasons-venture-studio-mode?utm_source=Linkedin&amp;utm_medium=Linkedin&amp;utm_id=VentureStudio_2005">enture Studios</a> focus entirely on managing routine operations and making strategic decisions that will help kickstart and grow a new business. Startups are born, validated, developed, and accelerated all from within the studio, and although mentorship is an essential part of the Venture Studio model, there is a greater focus on achieving product-market-fit through operational support.Contrary to accelerators, where the application process can be rigorous and acceptance rates are often low, Venture Studios draw from the talent and skills of their in-house teams and center on designing companies through intensive research, the implementation of business thinking, and iteration. At <a href="https://polymathv.com/library/articles/venture-studio-model">Polymath</a>, the design process for each venture is of utmost importance. We make it our priority to assemble teams with talented, skilled, and experienced individuals committed to the needs and values of each startup. We are pioneers in applying human-centered design methodologies to build companies catered to LatAm’s middle-class.In regions such as LATAM, one of the biggest obstacles startups face is finding the capital to get their companies up and running. Venture Studios offer networking opportunities for founders to raise their rounds by introducing them to capital investors and assisting them in the creation of their financial terms. As a result, funding support is easily accessible to startups throughout their lifecycles.<h2 style="text-align:justify;">Accelerators</h2>Accelerators have one main goal – to help early-stage startups scale and get their product to market as quickly as possible. For them, mentorship and investor access to accelerate growth are pivotal.&nbsp;While venture studios create companies from very little, startups invited into accelerator programs usually have an established product even if they are not at a full product-market fit stage yet. As a result, accelerator programs can be valuable because their focus is to bring investors and startup founders together to facilitate fast innovation and venture success. The <a href="https://www.kenan-flagler.unc.edu/news/do-accelerators-really-work/">Silicon Valley-based Y Combinator</a>, founded in 2005, is the first and most famous accelerator in the startup world. Hundreds of other accelerators such as 500 Startups and Platanus Ventures have broken out in LATAM and across the globe following its success.One of the main advantages of joining an accelerator program is that they offer startups a structured expert mentorship program and professional support. This limits costly mistakes that can be detrimental to new LATAM businesses trying to scale up in the emerging economy. Working with experienced industry players can help new startup founders identify discrepancies in their team’s skillset, reducing the learning curve, and placing their startups at a higher advantage against competing companies.&nbsp;Additionally, accelerator programs are great at providing positive signaling for new businesses. Not all accelerator programs are created equal; however, going through a prestigious accelerator program can show potential investors that your startup has faced some critical hurdles and managed to overcome those.The Latin American emerging market can be tricky to navigate with political and economic risks that often present challenges for investors and entrepreneurs. For that reason, it is essential to find the right ecosystem and business model that will allow your startup to thrive. Whether you are looking to build from the ground up or scale your business quickly, it will depend on what your priorities are.As pioneers of venture studios in Latin America, we are committed to strengthening the region's entrepreneurial ecosystem. Learn more about how we are building startups in developing economies <a href="https://polymathv.com/library">here</a>.&nbsp; &nbsp;

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Venture Studios VS Accelerators 

The Difference Between a Venture Studio and an Accelerator

In recent years, Latin America (LATAM) has experienced an economic revival, and it's not expected to slow down any time soon. Latin American economies are estimated to increase to <a href="https://www.dlapiper.com/it/italy/insights/publications/2022/04/projects-global-insight-issue-5/economic-drivers-in-latin-america/">9.2 trillion USD by 2030</a>, placing LATAM at a more prominent position in the global market in the near future.&nbsp;Startup ecosystems are thriving with a new generation of entrepreneurs transforming the region into a promising business destination, thanks to progressive legislative reforms, subscriptions to international standards, and higher connectivity.New generation entrepreneurs in LATAM are creating tech startups with fresh and innovative ideas that center on fundamental challenges in diverse industries, including agriculture and education. Cities across the region are developing vibrant tech ecosystems that are restoring economic prosperity.Let’s dive deeper into why Latin American tech startups are driving regional economic growth.<h2>Tech startups are capitalizing on LATAM’s steady economic development and middle-class consumerism</h2>Despite LATAM being one of the regions worst affected by the pandemic, tech startups have been capitalizing on its <a href="https://polymathv.com/library/articles/latin-america-becoming-worlds-next-technology-mega-hub">solid economic foundation</a> and the consumer-ready middle class' insatiable need for digital connectivity. By providing innovative solutions to solve day-to-day problems, tech startups are ensuring they meet the recent significant changes in consumer habits.The Latin American market has become diverse and multicultural, with hundreds of opportunities for commercial expansion. Today, major countries, including Brazil, Argentina, and Colombia, hold <a href="https://statisticstimes.com/economy/south-american-countries-by-gdp.php#:~:text=Brazil%20is%20the%20largest%20economy,of%20the%20South%20American%20economy.">a significant 90% share</a> of the South American economy, and others like Mexico reached an all-time high of 1315.35 USD Billion in 2014. LATAM's middle-class is experiencing a reset and turning its focus on technology.<h2>Tech startups are taking advantage of LATAM’s growing mobile market</h2>Today, Latin America's middle-class is trading middle-market goods and services for quality, wellbeing, experience, and convenience. A recent survey found that Latin America's priorities have shifted towards education and technology. Smartphones and mobile devices have quickly become an essential part of Latin American society accounting for up to 70% of the web traffic generated in the region, with Brazil being one of the largest mobile phone markets.One startup that capitalized on the booming mobile technology market in the region was the Colombian on-demand delivery startup Rappi. By connecting businesses with delivery drivers, Rappi offers consumers the possibility to purchase any product or service in one place. This innovative tech company has been operating in nine Latin American countries since 2015 and is currently valued at <a href="https://labsnews.com/en/articles/business/how-colombian-startup-rappi-has-been-leading-the-way-in-latin-americas-new-technology-era/">USD $5.25 billion</a>.<h2>Digital technology startups are transforming Latin America’s agriculture</h2>Entrepreneurial talent in LATAM is creating digital technology startups that are transforming the economy by centering on industries in desperate need of change, such as agriculture. The agriculture industry is a critical contributor to the growth and trade in the region. Farmlands create jobs, raise incomes, and help reduce poverty. Therefore, many startups are utilizing digital technology resources to improve farmland productivity and eliminate logistical bottlenecks.<a href="https://www.frubana.com/">Frubana</a> is a perfect example of this as it is a “farm to restaurant” platform that cuts out the middleman in the food supply chain. Since its launch, it has aimed to generate better prices, discoveries, and transparency. The platform has successfully built trust between parties and improved logistics by facilitating the buying and selling of products between restaurants and small retailers across Latin America.<h2>EdTech startups are using digital technology to change education</h2>LATAM tech startups are also working hard towards improving education, which pushes the economy forward. In 2021, educational technology (EdTech) skyrocketed in Latin America, with 1,500 EdTech startups innovating education systems across the region. This recent boom in EdTech has led to better access to education, enriched learning experiences for primary school, high school, as well as college students, and improved student outcomes.Teaching students of all ages the new skills needed to thrive in a digital economy are at the center of most EdTech startups. <a href="https://platzi.com/inicio/?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=17452189124&amp;utm_adgroup=137947156776&amp;utm_content=602192954600&amp;gclid=Cj0KCQjwwJuVBhCAARIsAOPwGARzB1IFEVJGaI2iKezk3zMxkxzxQdn6X-yf5nbUVpQaWZKhoTuqMWIaAjzFEALw_wcB&amp;gclsrc=aw.ds">Platzi</a>, founded in 2011, is one of the largest online professional education platforms in LATAM. It has become the leading ed-tech platform in technology-focused courses, including basic programming, design, and marketing. Preparing students for careers in digital technologies is of utmost importance for Latin American EdTech startups since digitalization is one of the main drivers of global economic growth today.<h2>Fintech startups are Innovating LATAM’s finance industry</h2>In recent days, LATAM has become one of the hottest fintech markets in the world partly due to its lack of established advanced financial services. Poor financial services combined with high mobile app usage create the perfect environment for fintech startups to thrive. Fintech startup hubs such as <a href="https://blog.palenca.com/">Palenca</a> are innovating financial services while also collaborating with LATAM’s gig economy. With the rise of jobs within the gig economy, many informal workers that struggled during the pandemic are now turning to it in order to earn a daily profit.Nevertheless, the rise of the gig economy has also brought up some issues. Verifying prospects' work history and personal information has become much more difficult for employers. Palenca has solved this problem through API implementation. The company provides access to real-time employee data utilizing database integrations. Individuals can also leverage their gig payroll history and performance to apply for car loans, personal loans, and other credit products that require a background check. Everybody wins.Latin American tech startups are solving local challenges and creating global opportunities. The potential for digital transformation in the region's market is exponential. As long as tech startups continue to push innovation forward, LATAM's digital economy growth will thrive alongside the rest of the world.As pioneers of venture studios in Latin America, we are committed to strengthening the region's entrepreneurial ecosystem. Learn more about how we are building startups in developing economies <a href="https://polymathv.com/library">here</a>.&nbsp; &nbsp;

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5 Reasons Why Latin American Tech Startups Are Driving Economic Growth in the Region

Andres is a talented Front-End developer working alongside our tech team to create and improve experiences in webpages and other digital products.

Front-End Developer

Andrés Felipe Gonzalez

In tech startups today, multidisciplinary teams are the norm. People from multiple backgrounds and skill sets that come together to solve a problem are the bread and butter of these organizations all across the world. This configuration requires for fast exchange of information, ideas, and overall quick iteration over solutions, which in an always-changing environment is vital for survival.However, these types of teams bring with them a set of challenges that can be dealt with in a variety of ways. From the coordination of efforts to the setting of baseline communication guidelines, the management of interdisciplinary teams involves a wide range of areas, each of them necessary to build a safe, efficient and open creative environment. The most representative of cases when studying these challenges is the coordination of efforts between Tech and Product teams.Ask any product manager to tell you the hurdles of finding common ground between people who think, speak, and interpret things differently. It is no easy task to find a system that can perfectly represent and communicate ideas between groups that use things as complex as language in vastly different ways.Many useful positions and roles have risen from these needs such as Product Managers and Product Owners, yet all of them rely on very specific skill sets that can be useful, regardless if you have that specific role in your team.While the knowledge basis for dealing with teams from multiple backgrounds can be a bit overwhelming, there are a certain number of key concepts that can improve the workflow between different profiles in a significant way. These can make the difference between a bumpy ride, where frustration with the other team members is the order of the day, and a cordial, smooth transition between stages where everyone can effectively communicate their needs and expectations.The following are 5 key areas spanning from language agreements to time management, where a dedicated effort to clarify concepts and differences can significantly improve team dynamics. Resulting in a better creative process and, therefore, a better product for the user.<h2>Consider error fixing in deadlines</h2>It's not uncommon, especially for tech-focused organizations, for major product features to be prone to errors and bugs in the development stage. And while tech teams are pretty familiar with the process of bug testing, fixing, and reviewing, these steps can be pretty ethereal and intangible for people unfamiliar with the more technical side of things.Because of this familiarity with bugs, tech teams often don’t take them into account as a separate category of tasks within their process, therefore omitting them when giving estimates about deadlines and timeframes. As a result, whenever they occur, the deadlines are rendered obsolete and missed frequently.To address this, a good rule of thumb consists in asking a number of questions that help you determine two things: 1) If an estimate might be too optimistic, and 2) By how much would a deadline should move to accommodate for error fixing. These can look like this:<ol><li>“Is this estimate considering unforeseen or potential delays?”</li><li>“What could a barrier while implementing this feature look like?”</li><li>“How long would the worst-case scenario take to fix?”</li></ol>&nbsp;It is worth noting that while these questions can be used for a wide variety of scenarios, they should come after an evaluation of how complicated a feature is, or how prone to error its implementation might be. If the need to consider extra time for the deadline appears after that, this solution will do the trick!<h2>Learn to say “Hello” in your teammate’s language</h2>When visiting a country where you don’t speak the language, it is not unusual to encounter situations where the most simple of tasks, or the request for basic information turns into a game of Telephone, where each party tries to decipher the strange vocalizations of the other side and information is both delivered and lost with every word.As it turns out, working with teams from different backgrounds and mentalities can produce the very same results. And, like the previous example, the most efficient and often overlooked solution is to learn common concepts and terms to make your life easier on a daily basis.The advantage of doing it with other teams is that you can not only learn concepts and specific jargon from each other but also agree on operational definitions that describe something important or recurrent in the project. These definitions can be anything, from a specific technology, name systems for components, and whatever concepts your team deals with consistently.For example, if a project involves a potential migration to a new framework for your website, ask yourself and your teammates:<ul><li>“What is a framework and what does it do?”</li><li>“What are the core features of our current solution, and the ones of the alternative?”</li></ul>These can clearly define many concepts, directly and indirectly, that will come up throughout the whole duration of the project<h2>Define what “progress” means to the other side</h2>Not often do we want to be on top of another team to make sure a deadline is going to be met, or to check on the progress of an urgent task. However, sometimes that process is necessary to coordinate efforts and adjust priorities in fast-paced environments, where requirements and objectives can change swiftly.It’s in these situations where a good understanding of what progress looks like from the other side comes in handy, both to respond in a timely manner to abrupt changes or to anticipate possible delays.Tech teams might rethink their progress as functional as possible in order to provide a useful answer, for example, “We have agreed on the data structure for the app context and set up our endpoints to communicate with our APIs” might turn into “The app is now able to retrieve useful data for the user, and we’ve figured out a way to organize it in a scalable way”, much better!<h2>Use analogies to explain hard concepts</h2>When all communication tactics and strategies fail, when concepts seem too complicated to be said directly, when an invisible insurmountable barrier appears in the middle of two parties trying to understand each other, an analogy just might be the window into the mind of the person in front.Whether to conceptualize the most ethereal and abstract feeling in a love poem or to explain the core aspects of a new idea for your product, analogies can hold incredible amounts of information in parallel, easy-to-digest situations. Don’t be afraid to use a seemingly unrelated example to explain that very technical process, or to ground a new idea that could improve the user’s experience.The most useful analogies rely on tangible concepts to which everyone can relate. If the whole process doesn’t fit within an example, don’t worry, only relate it to the aspect it applies to, and go on to make another one for the unexplained parts (if needed).When this concept is applied, suddenly a complex Cloud Services network for your company turns into a little factory, equipped with storage space, a conveyor belt that moves information packages, and modules that process the raw data until useful information comes out from the other end. The limit is your imagination.Extra points if you create scenarios where the core topic is already related to your teammate's fields of expertise. If you’re working with designers, try something related to the creative process, or the parts of a visual design. If you’re working with business-oriented people, try to come up with analogies for imaginary corporations, or administrative systems.In a world where optimizations, technical features, and marginal improvements are ever more intangible, a good analogy might be the difference between uncertainty and understanding.<h2>Always work within agreed requirements and functionalities</h2>There is a habit among people in startups that, while well intended, results in time loss, setbacks, and frustration among stakeholders. Individuals tend to want to please other people in corporate environments, there is an underlying desire to prove one’s capacities and avoid saying “no” to a peer or a superior.This tendency results in the avoidance of pointing out nonviable solutions from the start and trying to make something work, even if it’s not what was explicitly intended in the first place. Many cases follow this pattern, tech teams delivering something somewhat similar but overall far away than what was previously agreed, all because the non-viability of the solution was overlooked or dismissed when negotiating the objectives.Such cases cause frustration from the party that expected a completely different feature, delays because the process will be executed twice with the adjustments needed to meet the feature’s requirements, and it will cause uncertainty from the people that won’t know what to expect the next time a feature is proposed.The best way to address this is to carry out a viability assessment of the proposal that includes its implications, deadlines, available resources, and potential risks. If a feature cannot be implemented in its present form by the desired deadline, the response should not be to reinterpret the idea to present a somewhat similar solution in that time, but to be forefront about all the implications and limitations that the assessment uncovers, and negotiate a more viable solution from the start.On the receiving end of a proposal to implement there is always time to ask:<ol><li>“What does the product need to do at the end?”</li><li>“Into what components can the feature be divided?”</li><li>“What are the resources available to develop and implement?”</li><li>“Is the deadline enough for the feature to be implemented, given the resources available?”</li><li>“Are there any downsides or unforeseen risks to the implementation of this feature?”</li></ol>It is always a good idea to be mindful of your team’s capabilities and limitations when answering these questions, after all, it is honesty with ourselves and our peers through which we can acknowledge opportunities for learning and growth.These are by no means procedures set in stone or even novel concepts in the corporate world. However, startups can find value in the adoption of these ideas into their culture and workflows, in whatever way they see fit. Different versions of these tips could appear depending on the people, the culture, and ways of thinking, but at the core of the issue exists a persistent exercise of self-reflection and a desire to understand the people in your team. In the end you not only will have a better product in less time but happier and more efficient teams that embrace their differences.

About Polymath Ventures

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