<p><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);">Carlos is a board member and advisor, he was previously the CFO of Polymath Ventures helping build the company from the ground up. Before that, he was a Partner at N+1 Mercapital, where he spent 9 years leading its operation in the Andean Region. He holds an MBA from IE Business School, a Master in Corporate Finance from IEB, and a degree in Law from Universidad Autónoma de Madrid. Carlos has been a founder and angel investor of start-ups in Spain and Colombia.</span></p>

Board Member

Carlos F. de la Pradilla 

<p>Building a <a href="https://polymathv.com/about/">Venture Studio</a> with the right capabilities to systematically build new startups requires, among other things, access to capital. Fundraising in Latin America has its own challenges and characteristics and after nine years doing it, we have acquired a massive amount of learnings that we believe are worth sharing.</p><p>We met with our co-founder and CFO, <a href="https://www.linkedin.com/in/carlos-fern%C3%A1ndez-de-la-pradilla-a786711/">Carlos Fernandez de la Pradilla</a> to talk about our journey, the key learnings and the most valuable lessons other founders can elevate when fundraising in Latin America.</p><h2>How did we start?</h2><p>In the early days, around June of 2012, <a href="https://www.linkedin.com/in/wenyi-cai-5a99876/">Wenyi</a> was leading the conception and structure of Polymath as a Venture Studio. As a foreign entering a new market her first move was to provide the seed capital to kick off the journey. Instead of fundraising from external sources in an unknown market, she wanted to focus on the creation of what we called Labs1.</p><p>Labs 1 was our <a href="https://polymathv.com/seeds/transportation/">first seed</a> vehicle, which was focused on researching the transportation ecosystem in Colombia. At the time, a team of five, 2 designers, 2 business people, and an engineer observed urban mobility behaviors of real users in their daily lives. This research allowed us to surfaced complex market insights and exciting areas of opportunity.</p><p>From smart bus stops to personal security networks, the team iterated and tested their ideas in the field until one concept, a safer taxi, began to take real action. By early Q3 of 2012, we had our first concept on the ground, Taximo, a data-driven vehicle leasing platform for Latin America’s ride-sharing market. We started fundraising with friends and family and then started our first approach with angel investors in LatAm.</p><h2>What is our fundraising strategy?</h2><p>Our fundraising strategy has two levels of complexity, on one hand, early-stage fundraising in Latin America has its own dynamics, then we need to consider that fundraising for Ventures is very different than doing it for a Venture Studio, no matter the region.</p><p>The value proposition of these structures is dramatically different. Venture Investors are usually big corporations, family offices, and VCs, which are mainly looking for economic returns, knowledge, and business synergies due to their structures. The venture’s structure is clear when considering disinvestment objectives and timelines. In this sense, the fundraising strategy for the ventures of our portfolio aligns with the expectations of the market. We build high-growth startups that can provide the desired results.</p><p>On the other hand, our value proposition as a Venture Studio mainly focuses on knowledge, learnings, and synergies, and lastly on returns. We know it is a long-term investment, primarily because we are not looking to sell in short periods of time, and that does not necessarily match with the expectations of the more traditional institutional investors.</p><p>As a Venture Studio, we operate as a holding company that designs ventures from scratch. We leverage our entrepreneurial methodology, the right talent, our deep knowledge in the emerging middle-class, and the acquired expertise after nine years of building. This scheme allows investors to unlock richer partnerships, reduce their risk through a diversified portfolio, and access a broader network of talent, advisors, and experts.</p><p>The evolution of our fundraising strategy for the Venture Studio considers a stronger relationship with Corporations looking to enter the digital native ecosystem along with proven entrepreneurs. This relationship does not necessarily reflect on direct investment, but it clearly unlocks valuable partnerships focused on co-building along with them.</p><p>Our long-term strategy as a Venture Studio led us to build an ever-green funding structure, different than closed-end funds, which allow us to eliminate any predefined exit deadlines and better tackle the volatility of Latin America.</p><h2>Biggest wins fundraising in Latin America</h2><p>After nine years and $41M of capital raised, we feel very proud of our results. First of all, as a portfolio, we have been able to raise relevant amounts both for capital and debt, which is truly significant considering the investment behavior in Latin America (without Brasil) and the nature of our structure which at the time was relatively unknown. This amount is a reflection of our work and the trust of our investors, who believe in the power of building for Latin America.</p><p>Beyond our track record, we feel particularly proud of being part of the entrepreneurial ecosystem acceleration in the region; enabling the arrival of renowned international investors, 60% of our capital comes from outside Latin America, and building a stronger bridge of collaboration between local entrepreneurs, corporations, and family offices looking to extend their presence in the region.</p><p>Lastly, I would like to highlight the work we have been doing to bring methodologies and formality to the fundraising exercise. It is no doubt that within the startup ecosystem there is a gap between ideas and methodologies. In fact, one of the key reasons for startup failure is the lack of proper research before launch and the lack of formal tools to support pivots and achieve product-market fit.</p><p>Amongst this, we made sure that our methodology covered these gaps. We have built an entrepreneurial toolkit that ensures proper research in the initial stages, we have also designed a validation stage that ensures we prove desirability and viability. Lastly, our studio structure allows supporting the designed ventures in the most advanced stages of the process.</p><p>This ensures they have the right tools to cover potential pivots, continue applying internal methodologies to better understand the business, and access a platform of experts, resources, and stakeholders.</p><h2>Fundraising in Latin America: Our advice</h2><ul><li><strong>Fundraising is an ultramarathon, not a sprint</strong>. We have experienced 38 rounds of financing, over 2K pitchings, 6K investor leads, so you must know this is an ongoing process that requires continuous preparation and follow-up.</li><li><strong>Fundraising is a fundamental skill of a startup CEO</strong>. As a Venture Studio that recruits founders, we always have this component in mind.</li><li><strong>Fundraising requires planning.</strong> Consider leaving some margin in your cash flow, and always have at least one additional plan.</li><li><strong>Manage a disciplined process.</strong> Start by building your investment thesis, which will help you identify your target leads and qualify them. Once you have that structure, build your timelines to follow up and always consider that it’s not closed until the money is in the bank.</li><li><strong>Each round is different.</strong> When you are raising Series Seed, you must prove that you have identified and articulated the problem and a good team. When you move forward to Series A, Investors are looking for Product plus Market Fit. Then Series B is all about scalability.</li><li><strong>Always be honest. Good businesses do not need to be over-embellished. If you have built something differential, with a great team and a clear growth plan, feel confident you are starting with the right foot.</strong></li><li><strong>Nothing beats building a good business.</strong> So make sure you focus on your building methodology. This will support the first fundraising stages when you need to prove the value of your concept.</li></ul>

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Fundraising in Latin America: Our Journey

<p>Colombia has one of the most dynamic and competitive economies in Latin America; Colombia’s VC landscape continues to flourish and the rapid acceleration of the ecosystem shows the potential of the country. In this new blog post, our team analyzes the current VC Landscape and Investment Opportunities through a deep dive into the state of the top industries, the most relevant players in VC and CVC, and an overview of the international investment coming to the region.</p><p>In 2019, startups in Colombia received more than 1.1 billion U.S dollars, up from only 20 million dollars reported in 2017, according to Statista. In early 2021, Colombia’s unicorn company Rappi announced the official launch of <a href="https://calendly.com/maria-polchlopek/30min-1">Rappi Bank</a> and <a href="https://calendly.com/maria-polchlopek/30min-1">Rappi Travel</a>, just a few months after closing a $300M round. Around the same time, other startups closed important rounds, <a href="https://news.crunchbase.com/news/colombias-la-haus-raises-35m-to-digitize-latams-residential-real-estate/">La Haus raised $35M</a>, and social-commerce pioneer <a href="https://news.crunchbase.com/news/colombias-la-haus-raises-35m-to-digitize-latams-residential-real-estate/">Elenas raised $6M</a>.</p><p>The rapid development of Rappi, along with the exponential growth of the entrepreneurial ecosystem reflects the take-off of LatAm’s venture capital market in recent years. In 2019, LatAm’s venture capital financing amount exceeded 4.6 billion US dollars, of which Colombia’s financing amount alone was as high as 1.09 billion US dollars, which ranked second in LatAm, far exceeding Mexico, Argentina, Chile, and other countries.</p><p>&nbsp;</p><figure class="image image_resized" style="width:74.22%;"><img src="/uploads/Lat_Am_s_venture_capital_3154223556.png"><figcaption>LatAm’s venture capital financing amount has doubled since 2016 (Source: LAVCA)</figcaption></figure><p>&nbsp;</p><h2>Macroeconomic Pattern Of Colombia</h2><p>Colombia is the fourth-largest economy in LatAm, with a land area of about five times that of the United Kingdom and a population of nearly 50 million. According to the World Bank, the annual GDP growth rate in 2019 was 3.3% and despite the impact of COVID-19, the country has shown a sustained recovery that will be consolidated in the second half of 2021 with an expected GDP growth of 4.8%.</p><p>Colombia’s positioning is also related to the fast growth rate of internet penetration and mobile adoption; Internet penetration in Colombia stood at 68.0% in January 2021, reporting 1.3M more users than 2020. While, according to Statista, the penetration rate of mobile voice services in Colombia amounted to 134.2 percent in 2019, which means that there were more than 1.34 mobile lines per inhabitant in the South American country.</p><p>Some of these key metrics were reaffirmed during the pandemic; e-commerce giant MercadoLibre, which is active in the country, revealed that <a href="https://www.larepublica.co/empresas/cuatro-de-cada-10-colombianos-modificaron-sus-preferencias-de-consumo-ecommerce-2994870">four out of 10 Colombians</a> had changed their purchasing habits through e-commerce as a result of COVID-19. Overall, online sales in Colombia <a href="https://thebogotapost.com/a-look-into-colombias-e-commerce-industry-in-the-time-of-covid-19/46214/">increased by 47%</a> from February to March with a 29% increase in sales in the first week of April.</p><p>Today, Colombia is one of the countries with the most stable economic development, one of the best business environments, the most innovative vitality, and one of the most promising VC ecosystems in LatAm.</p><h2>Investment Opportunities</h2><h3>Fintech</h3><p>Among all those star tracks, Fintech takes the lead, accounting for about one-third of the venture financing. Colombia, as a pioneer of Internet innovation in LatAm, is the bellwether of Fintech’s development.</p><p>&nbsp;</p><figure class="image image_resized" style="width:50.35%;"><img src="/uploads/Fintech_gets_the_most_financing_f084c748c1.png"><figcaption>Fintech gets the most financing</figcaption></figure><p>&nbsp;</p><p>Fintech gets the most financing</p><p>According to the latest data released by Finnovista, the Fintech sector in Colombia grew by 26% in the past year or <a href="https://www.valoraanalitik.com/2021/04/24/industria-fintech-crecio-211-cuatro-anos-segun-rapicredit/">212%</a> between 2016 and 2020.</p><p>&nbsp;</p><figure class="image"><img src="/uploads/Screen_Shot_2021_05_11_at_5_09_46_PM_1_a555b23d6e.png"><figcaption>Fintech Radar Chart of Colombia (Source: Finnovista)</figcaption></figure><p>&nbsp;</p><p>Among the 220 active start-ups, <a href="http://aflore.com/">Aflore</a>, a company built <a href="https://polymathv.com/ventures/aflore/">by Polymath Ventures</a>, has attracted wide attention thanks to its innovative model that aims to solve the financial exclusion in Latin America. The company recently raised both debt and equity rounds, the first one for US $10 million in debt from Accial Capital and then a $6.6M pre-Series B funding round led by <a href="https://www.womensworldbanking.org/gender-lens-investing/">Women’s World Banking Capital Partners II</a>. <a href="https://www.linkedin.com/company/amador-holdings">Amador Holding</a>, <a href="https://unreasonablecapital.com/">Unreasonable Capital</a>, and <a href="https://polymathv.com/">Polymath Ventures</a>. Since 2014, Aflore has issued more than 25 thousand loans to individuals and businesses, with a total value of nearly $20 million.</p><p>Aflore is changing how Colombians experience the financial system, mainly because thanks to its innovative approach they are enabling access to a demographic that historically has been neglected by the traditional structures. This is possible thanks to <strong>an empowered network of</strong> <strong>over 23,000 informal advisors</strong> who use Aflore’s digital platform to offer financial products to their friends and family networks.</p><figure class="image image_resized" style="width:60.44%;"><img src="/uploads/How_Aflore_works_1024x401_1_54130b3366.png"><figcaption>How Aflore works</figcaption></figure><p><br>&nbsp;</p><h3>Distribution Apps</h3><p>Speaking of the sectors with rapid expansion during the epidemic, we can not miss the distribution industry. According to Statista, the <a href="https://www.statista.com/statistics/857243/food-delivery-apps-colombia-download-share/">most popular distribution apps</a> in Colombia during the pandemic were Rappi and Domicilios.com. As one of the fastest-growing companies in LatAm, Rappi has more than 25 thousand delivery workers in Bogota alone, occupying 61% of the distribution market in Colombia. According to Matías Lask, general manager of Rappi, before the pandemic, the company’s app downloads were about 10 thousand per month. However, when the epidemic became serious in July 2020, the demand for apps increased sharply, and the total number of APP downloads reached 600K.</p><figure class="image image_resized" style="width:42.66%;"><img src="/uploads/Rappi_colombia_8c95e9ff75.jpeg"><figcaption>Rappi Workers</figcaption></figure><h3>E-commerce</h3><p>As the only country with a Ministry of E-commerce in LatAm, the Colombian government has given full attention to the development of e-commerce. In the first half of 2020, the growth rate of E-commerce sales has reached an amazing 230% in LatAm. Of the 50 million Colombians, nearly 34 million started using the Internet during this period, of which about 22 million became online shopping users. Now, Colombia is considered the fourth largest E-commerce market in LatAm and is expected to generate 6 billion US dollars of E-commerce sales by 2022.</p><p>In 2020, the per capita E-commerce consumption expenditure in Colombia was 557 thousand pesos (about US $150). Vertically, the figure is 125% higher compared to the 246 thousand pesos (about US $69) in 2016; horizontally, the per capita amount in Colombia has exceeded the average level in LatAm (about US $132).</p><figure class="image image_resized" style="width:63.45%;"><img src="/uploads/Colombia_s_per_capita_E_commerce_5547359a96.png"><figcaption>Colombia’s per capita E-commerce consumption expenditure increases year by year (Source: BlackSip)</figcaption></figure><p>At present, the top E-commerce platforms in Colombia are all non-local companies, including Mercadolibre and Mercadoshops in Argentina, Dafiti in Brazil, and Linio in Mexico. This also reflects the openness of the Colombian market and the activeness of E-commerce in LatAm. Local representative E-commerce startups in Colombia include BlackSip, which provides digital transformation services, and <a href="https://elenas.co/">Elenas</a>, a social E-commerce platform built by Polymath Ventures,</p><h3>E-health</h3><p>The epidemic has accelerated the spread of online applications and digital technologies in all areas. Among them, E-health and online education have achieved significant growth, and have brought rare opportunities for investors and foreign technology companies. Due to the epidemic blockade, people are turning to online services in education and medical care.</p><p>According to Statista, as of May 2020, the total number of online medical appointments in LatAm has reached nearly 1.5 million, and various online medical platforms in Colombia have developed rapidly during the period. In September 2020, 1Doc3 received a total of 690 thousand visits; during the epidemic, the number of online appointments on doc-doc increased by 300%; Lentesplus, a platform focused on contact lenses, has received about US $31.7 million in financing.</p><figure class="image"><img src="/uploads/Lentesplus_471ddf5d94.png"><figcaption>Promotional activities on Lentesplus’s website</figcaption></figure><p>&nbsp;</p><h2>Colombia’s VC LANDSCAPE</h2><p>&nbsp;</p><figure class="image"><img src="/uploads/VC_1_720x480_cb5b57bd11.jpeg"><figcaption>Main VCs and CVCs in Colombia</figcaption></figure><h3>Top VCs in Colombia</h3><ul><li><a href="https://alive-ventures.com/home-en/">Acumen LatAm Capital Partners（ALCP</a>：ALCP focuses on agriculture, education, and energy in Colombia, Peru, and Central America. The portfolio includes SunColombia, Crehana, and Levee.</li><li><a href="http://ewa.capital/">Ewa Capital</a>：Ewa Capital focuses on education, health care, financial services, and retail. The portfolio includes companies such as Platzi, Mercqueo, and 1DOC3.</li><li><a href="http://inqlab.co/">InQlab：</a>InQlab mainly invests in seed-stage and round A, with an average investment amount of US $0.3 billion. The portfolio includes Lentesplus, Laika, and Mesfix.</li><li><a href="https://co.linkedin.com/company/impulsum-ventures">Impulsum Ventures</a>：Impulsum Ventures focus on seed rounds. The portfolio includes Sempli and Vozy.</li><li><a href="https://magmapartners.com/">Magma Partners</a>: Magma Partners originated in Chile, with offices in Colombia, Mexico, the United States, and China. The portfolio includes companies such as Truora and Omnibank.</li><li><a href="https://capria.vc/network/odiseo/">Odiseo</a>：A venture capital fund widely supported by domestic and foreign investors. The portfolio includes companies such as Mesfix.</li><li><a href="https://www.velumventures.com/">Velum Inverlink</a>：Velum Inverlink focuses on seed round investment of start-ups in Latin America. The portfolio includes OFI, Hogaru, and Merqueo.</li></ul><h3>Top CVC in Colombia</h3><p>According to Wayra’s research, CVC in Colombia invested $50 million in startups (50% of which went to venture capital) in 2019. Unlike in other countries, companies in Colombia are very willing to invest in start-ups rather than just cooperate through business alliances.</p><ul><li><a href="https://startupeable.com/directorio/venture-capital/bancolombia-ventures/">Bancolombia Ventures:</a> The venture capital division of Bancolombia, one of the largest banks in Colombia. The portfolio includes Plug＆Play Fintech.</li><li><a href="http://www.fcp-innovacion.com/">FCP Innovation</a>：FCP Innovation focuses on high-tech innovative enterprises applied in public services. The portfolio includes Leal, Choice, and Playvox.</li><li><a href="http://www.veronorte.com/en/">Veronorte</a>：Veronorte primarily invests in insurance, health, and financial services, as well as in energy, infrastructure, and construction. The portfolio includes companies such as Alkanza and Acendo.</li></ul><figure class="image image_resized" style="width:64.21%;"><img src="/uploads/VC_Landscape_0c85f5cd5e.jpeg"><figcaption>Other Main VCs in Colombia</figcaption></figure><h3>Accelerator / Incubator / Company Builders</h3><ul><li>Antwerp Ventures：A start-up focusing on the food and beverage industry, with a cumulative investment of about $15 thousand in the seed round.</li><li><a href="https://bictia.com/">BICTIA</a>：Funded by the Norwegian government, they mainly invests in technology-based enterprises (AI, big data, IOT, E-commerce, etc.). Its start-ups include Ruedata.</li><li><a href="https://ventures.com.co/site/">CorporaciónVentures：</a>Columbia start-up accelerator. Its start-ups include Going, Coschool, and Holi</li><li><a href="https://polymathv.com/">Polymath Ventures</a>：Polymath Ventures is the Venture Studio for Latin America with 9+ years of experience building digital platforms to empower the middle-class. Operating since 2012 and with offices in Bogota, Mexico City, and Lima, Polymath has generated 200 business concepts, launched 10 ventures, seven of them still operating, and raised US$41M+ of equity across the group. Its start-ups include Aflore, Autolab, Elenas, and Ropstar.</li><li><a href="https://www.rockstart.com/">Rockstart</a>：A Dutch-based venture accelerator and venture capital fund with an office in Colombia. Focus on cutting-edge technologies such as AI, blockchain, and sensors. Its start-ups include La Manicurista and Foody.</li></ul><h3>Government Innovation Agency</h3><ul><li><a href="https://apps.co/765/w3-channel.html">Apps.co：</a>Established by the Ministry of Information Technology and Communications of Colombia to promote the creation and development of technology start-ups, it focuses on mobile applications, software, and content development. Apps.co have worked with 2175 teams and companies. Its start-ups include Peiky, Vozy, and Datagran.</li><li><a href="https://www.innpulsacolombia.com/">iNNpulsa Colombia</a>：It’s an entrepreneurial innovation organization jointly established by the government of Colombia, the Ministry of Industry and Commerce, and the Ministry of Tourism, and is responsible for promoting the development of start-ups in Colombia. Its start-ups include Ecobot, Paqua, and Smart Coin.</li><li><a href="http://www.rutanmedellin.org/">Ruta N</a>：As the business innovation center of Medellin, Colombia’s second-largest city, it was founded to promote technology and innovation as well as advanced business ideas.</li></ul><h3>Angel Investors</h3><p>In Colombia’s entrepreneurial ecosystem, angel investors and family offices are very active.</p><ul><li><a href="https://co.linkedin.com/company/bilbao-2">B2 Capital</a>：B2 capital was founded by Andrés Bilbao, co-founder of Rappi, and Daniel Bilbao, co-founder of Truora.</li><li><a href="https://www.invx.co/">INVX</a>：A venture capital fund in Medellin and Bogota. The portfolio includes OFI, TPaga, and Foody.</li><li><a href="https://angelesinversionistas.com.co/web/">Red de Ángeles Inversionistas</a>：Located in Medellin, it has made nearly 50 investments in many cities across the country. The portfolio includes companies such as Ayenda, Liftit, and Rebus.</li><li><a href="https://www.ventura.net.co/en/">Ventura</a>：Home office based in Colombia, investing in start-ups in Latin America, Central America, and Mexico. The portfolio includes Rappi, Truora, and Logysto.</li></ul><p>&nbsp;</p><h2>International Investors role in Colombia’s VC landscape</h2><p>In March 2019, Softbank announced the establishment of a $5 billion Softbank Innovation Fund (SIF) for targeted investment in LatAm technology enterprises. As soon as the news came out, global capital set off a wave of upsurge to enter LatAm, making the total amount of VC financing 2.3 times more than that in 2018. In April of the same year, Softbank invested US $1 billion in Rappi, Colombia’s unicorn company, which is the largest financing deal of LatAm technology companies so far. In February 2020, Softbank announced US $1 billion for the SIF in addition to the previous investment, and another US $200 million was injected a year later to establish a special purpose acquisition company (SPAC) for LatAm technology enterprises.</p><p>Alibaba, Didi, Tencent, and other Chinese Internet giants are <a href="https://polymathv.com/china-and-latin-america-time-to-collaborate">also entering the market in succession.</a> Recently, Alibaba and Ruta N, Colombia’s government innovation and entrepreneurship service platform, have reached a cooperation, including the establishment of an IT center, the provision of training for about 200 business owners, and the incubation of local enterprises. It plans to transform Medellin, the “Silicon Valley in Latin America”, into the LatAm E-commerce center.</p><figure class="image image_resized" style="width:44.63%;"><img src="/uploads/Alibaba_b1e9e5c710.jpeg"><figcaption>Alibaba</figcaption></figure><p>According to the World Bank, Colombia’s economy is expected to rebound in 2021-2022, especially with the help of the technology industry. Under the favorable economic environment of recovery, the establishment of the enterprise ecosystem, the support of the government, and the influx of international capital are bound to bring Colombia opportunities to surpass.</p>

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Intro to Colombia’s VC Landscape

<p>We are excited to announce that Polymath Ventures has been appointed by the Global Startup Studio Network (GSSN) as its board advisor!</p><p>The <a href="https://www.gssn.co/">Global Startup Studio Network</a> is a highly curated community of startup studios from around the world. GSSN gives startup studios and their portfolio companies access to the human and financial capital they need so that they can build powerful businesses and make a meaningful impact, wherever they call home.</p><p>Polymath Ventures will advise the GSSN Community on matters regarding methodology, prototyping, early-stage fundraising, talent acquisition and several other topics that make startup studios the most relevant value proposition for the future. In addition to our participation, the board will be composed of five other startup studios from around the world, including <a href="https://www.enhance.online/">Enhance</a>, <a href="https://www.efounders.com/">eFounders</a>, <a href="https://www.psl.com/">Pioneer Square Labs</a>, <a href="https://humanventures.co/">Human Ventures</a> and <a href="https://101010.net/">10.10.10</a>. Beyond the board, the community of official studio members in the network is expected to grow significantly over the coming months and years, as well.</p><p>The startup studio model is increasing at a frantic rate around the world. Through the studio model, new companies are systematically created, validated and scaled, minimizing the rate of failure and maximizing impact.</p><blockquote><p>“In the past two decades, we’ve seen huge amounts of venture capital being deployed around the world. In most cases, these investments lack the proper due diligence, understanding of the market and the founder teams to guarantee a successful return on investment. The studio model offers a stamp of quality to entrepreneurship, due to the combination of extensive validation through iteration, deep understanding of market dynamics and proper assembling of the founding team – all under a structured methodology. – Luis Castillo, Chief Growth Officer at Polymath Ventures.</p></blockquote><p>In Latin America, where venture capital and talent are scarce, but pain points are present across all industries and demographics levels, the studio model can provide the structure needed to problem solve and raise capital for startup success.</p><p>Through the GSSN Community, startup studios will find allies to continue pushing their value proposition forward, along with opportunities to collaborate and share learnings among their studio peers, will gain access to resources for not only studio staff but also for studio portfolio companies, and will garner continuing data on studios and their companies, allowing them to benchmark their programs and gain insights into studio trends around the world. “The foundation of this network, with the support of GSSN’s parent company, GAN (a similar global community of accelerators), and the involvement of other successful startups is a confirmation of the relevance of this methodology and an opportunity to keep generating value and supporting the development of entrepreneurs around the world”, says Luis Castillo, Chief Growth Officer at Polymath Ventures.</p><blockquote><p>Nick Zaswoski, Managing Director at GSSN, said, “We are thrilled to have Wenyi Cai and the team at Polymath Ventures as part of the GSSN board, not only because this studio has a proven track record of building great companies, but because they embody one of our deepest values – that startups are the backbone of emerging economies and their local cities, transforming societies through job, values, and wealth creation, and often lead the way in sustainable economic development. We believe startups are changing the future, and we are proud to have Polymath as an ally in giving them all the tools they need to do just that.”</p></blockquote><p>We are excited to move along this journey with the Global Startup Studio Network, as both a board member and a studio in the community, and continue betting on the future of startup creation around the world.</p>

Polymath Ventures is now an official advisor of the Global Startup Studio Network

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