00:00> > GOOD MORNING. WE HAVE A COUPLE PANELS TO TALK ABOUT THE START OF COMMUNITY IN LATIN AMERICA ENTREPRENEURSHIP IN GENERAL. THEY WERE JUST INTRODUCED RIGHT NEXT TO ON STAGE. SHE IS THE FOUNDER AND PRESIDENT OF MOVE UP. AND AS SET AT THE BEGINNING, WE ARE ALL LEARNING TO ADAPT IN THIS WORLD SOMETIMES WE DO THINGS VIRTUALLY, AND I AM SO DELIGHTED TO HAVE THE COFOUNDER AND CEO OF LOFT. WELCOME. ALSO, THE CHIEF OPERATING OFFICER OF D LOCAL. I JUST WANT TO SET THE STAGE IN TERMS OF WHAT WE HAVE SEEN. WHEN IT COMES TO START COMMUNITIES IN LATIN AMERICA THIS IS A BLOOMBERG STORY THAT JUST RAN. FOR A SECOND, THERE WAS NO BETTER WAYS FOR ENTREPRENEURS SEEKING FINANCING AND ON -- LATIN AMERICA. IN LATIN AMERICA, THEY RAISE $16.3 MILLION. THAT IS MORE THAN THE ENTIRE PRECEDING DECADE. IT MAKES THE REGION THE WORLD ' S FASTEST GROWING BUDGETING WITH JUST AS QUICKLY, AS THE MONEY POURED IN, WE SAW IT DRYING UP. WE ALSO SAW A RECORD NUMBER OF VENTURE CAPITALISTS IN 2020. SOME ARE FORECASTING THAT A 70% DROP IN PRIVATE INVESTMENT IN THE LATIN AMERICA REGION THIS YEAR IS COMPARED TO LAST YEAR. THE WORLD CHANGES FAST. WE KNOW THIS. WE DID A GREAT PANEL. I WANT TO GET TO IT, AND I WANT TO START WITH YOU. YOU ARE THE FIRST UNIT URUGUAY, AND YOU WENT PUBLIC LAST YEAR. WE ALL THOUGHT ABOUT STAYING THRIVING. HOW GLAD ARE YOU THAT YOU STATE PRIVATE AND YOU WENT LAST YEAR AS OPPOSED TO THE VOLATILITY OF THIS YEAR? > > IS GREAT TO BE HERE, AND I ' M -- IT IS GREAT TO BE BACK ON THIS PANEL AND THANK YOU FOR HAVING ME. > > FOR THIS SPECIFIC QUESTION, I WOULD SAY THAT WITH THE SESSION LAST YEAR WE DID NOT HAVE A CRYSTAL BALL AND WE DID NOT KNOW HOW IT WOULD BE THERE IN THE MARKET. WE KNEW THAT GOING PUBLIC WOULD BE BEYOND THE SHORT-TERM OBJECTIVE FOR US. WE KNEW THAT GOING PUBLIC WOULD GIVE US QUITE A LOT OF ADVANTAGES, INCLUDING MAKING SURE THAT CLIENTS GOT TO KNOW ABOUT THE LOCAL. SO WE ARE SUPER GLAD THAT WE WENT PUBLIC LAST YEAR. WE THAT SPITE THE VOLATILITY, WE THINK GOING PUBLIC, WITH COMPANIES, WE HAD ACCESS TO CAPITAL ON A LONG-TERM BASIS IT PROVIDES CREDIBILITY AND BRANDING. AND ALL OF THOSE FACTORS REALLY GO BEYOND THE SHORT-TERM OF JACK OF -- THE SHORT-TERM OBJECTIVE OF RAISING CAPITAL. WE WENT PUBLIC LAST YEAR, AND WE HAVE ACCESS TO PUBLIC MARKETS MOVING LOWER. > > WANT TO BRING YOU INTO THE CONVERSATION BECAUSE YOU ARE ON THE OTHER END OF THE SPECTRUM. YOU ARE MAKING LOANS FOR WOMEN PREDOMINANTLY. THERE SMALL LOANS, BUT IS NOT JUST ABOUT THE MONEY. IT IS ABOUT EDUCATION, AND MENTORSHIP, AND GUIDANCE. TELL ME ABOUT THE ACTIVITY THAT YOU ARE DOING, AND HOW MUCH DEMAND YOU ARE SEEING IT > > I THINK THAT AT THE BOTTOM OF THE ECONOMIC LADDER, IT WAS TRAINING. THEY STAY FLAT IN THE SAME PLACE, OR THEY START BECAUSE OF WHEN WE ENGULF JUST COVERING THE EXPENSES THEY HAVE, YOU KNOW, IN HAND. NONE OF THE THINGS I REALIZE, THAT I SAW YEARS AGO, WAS THAT WOMEN, THEY GET UP SPECTACLE TO HEAD PERSONALLY, AND WHAT THEY CAN DO IS THEY CAN BECOME THE LIMIT. TO ME, IT WAS VERY IMPORTANT TO GIVE THEM ACCESS TO FINANCES, WHICH THEY USUALLY DON ' T, BY THE WAY. IN LATIN AMERICA, 52% OF WOMEN ARE NOT AT ALL WHICH IS HUGE. THIS IS A NUMBER THAT IS NOT. > > THEY ARE NOT RIGHT. GLOBAL IS $1.7 BILLION. 1.1 BILLION WOMEN, IS A STAGGERING NUMBER. TO ME, WHAT WAS IMPORTANT WAS NOT JUST GIVING THEM CREDIT, BUT ALSO PROVIDING FINANCIAL LITERACY, AND ON TOP OF THAT GIVING PROGRAMS TO TRAIN THEM TO UNDERSTAND WHO THEY WERE SO THEY COULD MOVE AHEAD. WHAT IS HAPPENED IS THAT THEY DON ' T JUST STAY. IT IS A VERY BASIC PLACE, BUT THEY DON ' T BECAUSE THEY LEARN TO BELIEVE IN THEMSELVES. THEY ARE OK WITH TAKING RISKS. THEY HAVE LEARNED THAT IT IS OK TO BE AMBITIOUS, WHICH IN LATIN AMERICA, IF YOU ARE WOMAN, YOU ARE NOT. YOU DO NOT EVEN THINK OF SOMETHING FOR YOU. TO ME, THAT IS VERY UNFORTUNATE TO THE PROCESS. NEXT I WANT TO BRING YOU IN THIS CONVERSATION. WE HAVE D LOCAL, AND PUBLIC. THEY ARE WORKING ON MICROLOANS. YOU GUYS ARE STILL PRIVATE. YOU RAISE A LOT OF MONEY OVER THE LAST COUPLE OF YEARS REMIND ME ABOUT THIS IN TERMS OF ACCESS TO CREDIT. > > THANK YOU FOR HAVING US ON HERE. EVEN THOUGH IT IS IN A HYBRID FORMAT, IT IS GREAT TO BE PRESENT, AND IT IS REALLY WHAT WE ARE LOOKING AT HERE, AS WE ZOOM OUT, WE ARE LOOKING AT A LANDSCAPE FOR THE LAST DECADE OR SO, AND AND Y ' S, AND THE LAST COUPLE OF YEARS THERE WAS A LARGE SPIKE. IT WAS A BIG INFLUX, AND YOU COULD SAY THAT THE PARTIES ARE STARTING LATE AND TOGETHER WITH THE REST THE WORLD, I WHAT I ZOOM OUT HERE, AND I HAVE BEEN OPERATING AS AN ENTREPRENEUR FOR A DECADE IN BRAZIL, AND I WOULD SAY THAT OVER THE LAST COUPLE OF YEARS, ACCESS TO CREDIT, EQUITY, CAPITAL MARKETS MORE BROADLY, IT HAS BEEN MORE DEMOCRATIZED. WE ARE STILL EARLY, COMPARED TO ANYTHING ELSE WE ' VE SEEN IN THE WORLD. SO WHEN WE LOOK AT VENTURE FUNDING AS A POTENTIAL GDP, AND ACROSS LATIN AMERICA AND MORE BROADLY, WE ARE TALK ABOUT A SMALL FRACTION OF THE PENETRATION OR EVEN OTHER MARKETS WHEN I LOOK AT NOT JUST OUR CASE BUT THE MARKET MORE BROADLY, I THINK THAT THERE HAS BEEN A BLIP ON THE SCREEN OF THE LAST FEW YEARS OF ACCELERATION, BUT CERTAINLY, ON ALONG MARK, THERE IS STILL A LONG WAY TO GO TO CLOSE THE GAP VERSUS THE GLOBAL AVERAGES OF VENTURE FUNDING AND DEMOCRATIZATION OF THE CREDIT AND EQUITY ECOSYSTEM FOR STARTUPS. WHAT DOES THAT MEAN IN TERMS OF THE COMPANIES THAT OFFER REAL ESTATE? OR WHETHER IT IS LATE STAGE COMPANIES OR PRIVATE STAGE COMPANIES? I THINK IN THIS REGION, THERE ARE COMPANIES THAT BY DESIGN OR BY DEFINITION ARE A LOT MORE RESILIENT. WHETHER THEY WERE BORN LAST COUPLE YEARS OR THEY WERE BORN A DECADE AGO, COMPANIES SURVIVE IN THE ENVIRONMENT OF THE ENVIRONMENT OF RELATIVE ADVERSITY. WE STARTED THE COMPANY, 2018, BRAZIL WAS IN A DEEP RECESSION AND IT WAS LOOKING LIKE IT WAS COMING OUT OF THAT RECESSION IN 2019 OR 2020. THEY SAW A HIT. A LOT OF ENTREPRENEURS, A LOT OF OPERATORS ACROSS THE REGION, A LOT OF COMPANIES LOOKED AT THE FINANCIAL HEALTH AND THE CAPITALIZATION. THESE ARE COMPANIES THAT STRUCTURALLY JUST HAD TO DEAL WITH MUCH MORE SCARCITY. AGAIN, A LOT OF COMPANIES, US INCLUDED, HAVE CAPITAL MARKETS, PUBLICLY OR PRIVATELY, WHITE WELL IN THE RECENT PAST, BUT THAT DOESN ' T FUNDAMENTALLY CHANGE THE HARDWIRED DNA, IF YOU WILL, OF THE ENTREPRENEURS IN THE REGION. IT OPERATES IN A MORE FASHION, AND LOCAL, GOING PUBLIC, AND DOING SO WITH A MUCH MORE ROBUST BUSINESS MODEL, AND PERHAPS SOME OF THE MARKETS, THAT IS JUST A LOT MORE FLUSH WITH CAPITAL, SO I THINK WHAT I WANT TO MAKE IS THAT AT A RELATIVE BASIS, WE DID SEE A SIGNIFICANT INFLUX, BUT IT IS ON A RELATIVE BASIS, VERY LITTLE COMPARED TO WHAT WE SAW ELSEWHERE. HENCE, AS WE LOOK FORWARD OVER THE NEXT COUPLE OF YEARS, THERE MIGHT BE A ABSOLUTE DECLINE VERSUS THESE LAST FEW YEARS, BUT WE SHOULD, ON A RELATIVE BASIS, SEYMOUR COMPARED TO OTHER MARKETS. > > I ' M SORRY TO INTERRUPT. YOU ' RE TALKING ABOUT CAPITAL MARKETS, BUT THERE IS A GAP OF $93 BILLION PER FINANCING IN THE COMPANIES THAT WOMEN GET VERSUS MEN. THEY ONLY GET AROUND HALF $1 MILLION FOR THEIR STARTUPS. MEN GET $12 MILLION AT THE START UP. IS THERE ANYTHING THAT CAN BE CONSIDERED FOR WOMEN TO ALSO BE A PART OF GETTING MORE CAPITAL? > > I WANT TO BRING YOU BACK INTO THIS, BECAUSE YOU ARE A BANKER FOR 18 YEARS. YOU WERE HELPING TARGETS FEE FOUND AND CONNECTIONS WITH INVESTORS ON A -- OPPORTUNITIES. WHY IS THERE SUCH A DISCONNECT WHEN IT COMES TO PROVIDING MONEY FOR THE UNDERSERVED, IN PARTICULAR FOR WOMEN? > > I THINK THERE ARE MULTIPLE REASONS FOR THAT. I THINK IN MOST CASES, WHAT WE SAW, AND I WOULD SAY THIS WHEN I WAS AN AGENT, AND I WAS TRYING TO CONNECT WITH CAPITAL SOURCES, WHAT WE SAW WAS THAT THERE WAS A BIG IMPACT BECAUSE OF THE NET WORKS PEOPLE LIVED IN. A LOT OF THE CAPITAL THAT HAPPENED IN THE EARLY STAGES OF COMPANIES LIKE THAT TYPICALLY HAPPENED FROM TRANSIENT TRAVELING. WITH YOUR NETWORK, YOUR IMMEDIATE CIRCLE, IT MAKES A HUGE DIFFERENCE TO WHERE YOU END UP TAKING YOUR COMPANY. I DO THINK THAT HAS CHANGED. I THINK THERE IS MORE STRUCTURE, AND PURPOSEFUL INVESTMENT CRITERIA THAT INVESTORS ARE USING TODAY. THIS BRINGS INTO QUESTION AN IMPORTANT POINT, WHICH IS CLOSE TO MY HEART WHICH IS HOW PURPOSEFUL SHOULD IT BE? SHOULD INVESTORS HAVE MORE SPECIFIC GUIDELINES AS TO WHERE AND HOW THEY INVEST, OR SHOULD IT BE DRIVEN BY JUST PROFIT? THAT IS THE SOCIAL QUESTION WE NEED TO UNDERSTAND AS WE THINK ABOUT INVESTORS. MOST INVESTORS ARE DRIVEN BY PROFIT MARGIN. THERE IS NO OTHER MOTIVE. BUT SOMETIMES, A PROFIT MOTIVE IS NOT THE BEST MOTIVE, AND IT COMES TO WHERE CAPITAL IS ABSOLUTELY GOING IN THE SHORT TERM. WHEN THERE IS ABUNDANT CAPITAL, IT BECOMES EASIER TO GO AFTER SOCIAL CAUSES. AS CAPITAL TITANS, IT IS BECOMING HARDER FIRST SOME SOCIAL CAUSES TO GET FUNDED, AND THAT IS AN IMPORTANT RUSSIAN, AND I ' M CURIOUS TO HEAR THE VIEWS ON THIS. YOU ARE VERY CLOSE TO THIS, BUT I WOULD THINK THAT IF CAPITAL ACTUALLY BECOMES MORE CONSTRAINED, IT WILL BE HARDER TO MAKE MONEY. > > IS IT BECOMING HARDER? LET REMIND EVERYONE OF QUESTIONS. PLEASE SUBMIT THEM TO THE APP. IT BECOMING TOUGHER WITH CAPITAL? > > I BELIEVE, TO YOUR POINT ABOUT OUR PEOPLE GOING TO BE INVESTING, I THINK THAT ARE A LOT MORE CREATIVE IN FINDING SOLUTIONS. PROSOCIAL PROBLEMS, THAT WE FACE TODAY, I THERE IS A LOT OF COMPANIES OUT THERE STARTUPS THAT ARE FOR-PROFIT IN PURPOSE. IN THAT RESPECT, I THINK WE ARE CHANGING THE MINDFRAME ABOUT DOING THINGS. WE HAVE BEEN WORKING FOR OVER 30 YEARS, AND TO ME, IT ' S VERY IMPORTANT. THE CREATIVITY THAT WOMEN HAVE. AND MOST OF THE ONES THAT I PERSONALLY KNOW HAVE CONCEPTS WITHIN THOSE STARTUPS. THEY WANT TO DO GOOD BECAUSE IT IS SOMETHING GREAT FOR THE ENVIRONMENT OR FOR THEMSELVES, OR OPPORTUNITY. RIGHT. BUT IT IS ALSO A PRO -- FOR-PROFIT COMPANY. WE ARE SEEING THOSE LINKED TOGETHER A LOT, BUT THERE IS A RESTRICTION OF CAPITAL GOING IN TO COMPANIES. > > ONE THING I WANT TO ASK THE THREE OF YOU IS WHAT DO YOU THINK THE WORLD NEEDS TO UNDERSTAND ABOUT LATIN AMERICA? AN INCUBATOR FOR INNOVATION AND IDEAS. COME BACK IN. YOU COULD HAVE YOU HAVE LIVED AROUND THE WORLD. I JUST WONDER WHY IS IT THAT YOU CHOSE TO START YOUR COMPANY IN LATIN AMERICA, SPECIFICALLY BRAZIL? WHAT IS IT THAT MADE YOU WANT TO DO IT? > > I THINK IT CONNECTS WITH DIVERSITY AND GENDER EQUALITY. GENERALLY, JUST THE OPPORTUNITY THAT WE SEE IN BRAZIL AND LATIN AMERICA. I WAS REALLY EXCITED TO SOLVE HARD PROBLEMS. IT IS NOT THAT PLACE AROUND THE WORLD, BUT THERE ARE BIG OPPORTUNITIES, AND I THINK THAT YOU COULD REALLY, WHEN IT COMES TO BRINGING TECHNOLOGY AND INNOVATIVE WAYS OF DOING THINGS TO BEAR, A LATIN AMERICAN ECOSYSTEM IS JUST REALLY UNDERFUNDED, AND IT IS SHORT ON INNOVATION, SO I THINK THAT IS WHAT ATTRACTED ME INITIALLY AND THAT ME THERE ARE OVER A YEAR. CERTAINLY, THERE IS AN INCREASING KIND OF ECOSYSTEM OF FOREIGN FOUNDERS AND ALSO A LOT OF CROSS-FERTILIZATION FOR THE LARGEST COMPANIES THAT WENT PUBLIC LAST YEAR. IT IS LED BY RESILIENCE, SO OVER THE LAST DECADE OR SO, THERE HAS BEEN RECOGNITION THAT THERE IS A LOT OF OPPORTUNITY IN BRINGING TECHNOLOGY TO BEAR, AND WE ARE TALKING ABOUT LESS INCREMENTAL IMPROVEMENTS. WERE TALKING ABOUT FUNDAMENTALLY CHANGING SLIDES. I THINK, JUST CONNECTING TO THE POINT AROUND OPPORTUNITIES FOR INVESTMENT IN FEMALE LEAD COMPANIES, I ' VE INVESTED IN OVER 150 COMPANIES PERSONALLY AND ALSO THROUGH A STAGE FUND THAT I HAVE COFOUNDED AND CREATED HERE IN BRAZIL. I -- ONE OF THE THINGS THAT WE HAVE IS THAT EVEN IF YOU ARE A PRUDE -- PURE PROFIT MOTIVE ASIDE, WE ARE MISSING THE PIPELINE. ECOSYSTEM OF A FEMALE LEAD COMPANY. THERE IS A SOLUTION TO THAT FOR WHICH THE COMPANY THE LATEST H COMPANY, ONE OF THE THINGS WE ARE DOING IS WE HAVE A STATED GOAL OF GENDER EQUALITY ACROSS COMPANY, BUT NOT FOR THE COMPANY AS A WHOLE. IT IS EASY TO SAY YOU HAVE 50% WOMEN, AND 50% MEN ACROSS THE COMPANY, BUT WOMEN IN LEADERSHIP, WHICH THEN BECOMES A FEEDER INTO WOMEN THAT ARE WELL EDUCATED, THAT ARE WELL-TRAINED. THEY HAVE THE ABILITY AND FINANCIAL WHEREWITHAL TO STEP ASIDE AND SAY, I HAVE WORKED HERE FOR A COUPLE YEARS, AND I WOULD LIKE TO START MY OWN COMPANY. AND WE ARE STARTING TO SEE THAT. WE ARE STILL TALKING ABOUT SMALL NUMBERS, BUT I THIS LAST CYCLE OF INNOVATION, WHICH FRANKLY WAS MOSTLY LED AT THE TOP OF THE PYRAMID BY MAIL FOUNDERS AND CEOS IS NOW SEEING A SECOND WAVE OF FEMALE LEAD EXECUTIVES, AND THIS IS MY HOPE, AND IT CERTAINLY WILL GO OUT THERE AND START COMPANIES ON THEIR OWN. WE ARE ENCOURAGING THAT PROACTIVELY. WE ARE INVESTING BEHIND THAT. IT IS VERY EARLY DAYS, BUT IT IS NOT JUST INCUMBENT UPON INVESTORS. IT IS INCUMBENT ON THE COMPANIES THAT ARE BEING SUCCESSFUL AND SCALING TO STRENGTHEN THAT AS THEY PROMOTE GENDER EQUALITY ACROSS THE BOARD. > > IF A -- I MADE JUMPING HERE. I THINK THAT IS A PUBLIC COMPANY, I CAN TALK ABOUT WHAT WE DO AT THE LOCAL. IF YOU LOOK AT OUR STRATEGY, YOU HAVE BEEN VERY ROBUST ON THIS. TYPICALLY, WE GET A QUESTION OF WHY DO YOU EXPAND YOUR BUSINESS INTO YOUR #WE VERY PURPOSEFULLY CHOSE THAT IN THE EMERGING MARKET BECAUSE IT IS A HUGE OPPORTUNITY WE ARE SOLVING A HEART PROBLEM. IT IS HOW DO WE ACCEPT PAYMENTS FROM EACH AND EVERY CONSUMER THAT LIVES IN EMERGING-MARKET PRINT THEY MAY NOT HAVE ACCESS TO A CREDIT CARD, BUT THEY MAY HAVE ACCESS TO A WALLET THEY MAY THEREFORE NOT BE ABLE TO USE IT OR SERVICE. AND THEY USE IT IN THE MARKET. THAT IS THE QUESTION THAT WE ARE TRYING TO GET A SOLUTION TO. WE REMAIN FOCUSED ON EMERGING MARKETS. WE ALSO JUST MENTIONED THAT WE HAVE A VERY PROACTIVE GIVE HIRING IN ROLES. FOR EXAMPLE, I HAD ACCOUNT MANAGEMENT, AND LEADERSHIP. AND I THINK THAT WE ARE NOT LOOKING OUT AND HIDING WOMEN, AS THE ONLY OPTION, BUT WHEN WE LOOK OUT TO HIRE PEOPLE, WE GIVE IN AND WOMEN AN EQUAL CHANCE. IF YOU ARE GOOD, YOU GET THE JOB, AND THAT HELPS SOCIETY. AS MORE AND MORE WOMEN COME INTO THESE JOBS, WE ARE HOPING THAT 10 OR 15 YEARS FROM NOW, THERE WILL BE A PLAT FORM WHERE FOUNDERS EMERGE. > > WHAT I WANT TO ASK YOU, AND IT IS A LITTLE BIT TOUGHER, BUT THERE IS AN IDEA OF LOOKING AT LATIN AMERICA AND THE IDEAS START HERE. WHETHER OR NOT THEY CAN BE AS OF ORDERABLE TO THE REST OF THE WORLD LOOK. THEY ' RE LOOKING FOR MICROSOFT. THEY ARE CONNECTED IN THE EMERGING WORLD AND SPREADING OUT, WHAT WOULD YOU LOOK AT WHAT YOU ARE DOING. CAN YOU APPLY THIS ELSEWHERE. SHOULD THE REST OF THE WORLD BE LOOKING AT IT AND FIGURING IT OUT? IT IS AN ARTICLE. > > IS NOT JUST THAT. > > THE EDUCATION. > > THERE ARE A LOT OF THINGS. THERE IS A LOT OF CREATIVITY. THERE IS A LOT OF INNOVATION, DESPERATE > > WHAT IS IT ABOUT THE MARKET THAT IS ABOUT THE STARTUP WORLD? > > LATIN AMERICA CAN EXPORT A LOT OF THINGS WHEN IT COMES TO TECHNOLOGY. FOR EXAMPLE, THERE IS A LOT OF RESEARCH THAT PEOPLE ARE DOING, ESPECIALLY IN YOUNGER GENERATIONS. FIRST OF ALL, THERE IS A LOT OF GAMING, A LOT OF AUGMENTED REALITY. THERE IS A LOT OF ANIMATION, SO DEFINITELY THERE IS A LOT TO BE EXPLORED IT --. WE STARTED A SMALL OUTSOURCING FOR CALL CENTERS, AND A SMALL PLACE IN COLUMBIA, AND AROUND THE WORLD. THERE IS DEFINITELY A LOT OF TALENT AND INNOVATION THAT CAN BE EXPORTED, OUT SORTIES -- OUTSOURCING SOURCES TO THE WORLD. > > IN TERMS OF THE MONEY, THERE IS AN INCREDIBLE AMOUNT OF MONEY THAT CAME IN LAST YEAR. YOU THINK WE WILL SEE IT AGAIN? > > I ACTUALLY THINK SO. FOR THOSE OF US OF WORK LONG ENOUGH, WE HAVE SEEN CYCLES COME AND GO. IF YOU GO BACK TO 2008, THE WORLD ACTED LIKE IT WAS COMING TO AN END, AND YET, IT ACTUALLY PRODUCE SOME OF THE BEST TECHNOLOGY COMPANIES THAT CAME UP TODAY, AND THE PRODUCTS THAT WE USE TODAY. I THINK THESE CYCLES ARE GOOD. IT HELPS YOU GO THROUGH UPS AND DOWNS TO ACTUALLY FOR THE BUSINESS MODEL. THERE ARE SOME COMPANIES THAT WILL NOT SURVIVE THE CAPITAL CONSTRAINTS THAT WILL COME IN THE NEXT FEW QUARTERS. IT IS ABSOLUTELY CERTAIN THAT THAT CYCLE WILL JOIN AND WE WILL AGAIN SEE THE AVAILABILITY OF CAPITAL AS THINGS APPROVE. > > ONE OF THE QUESTIONS THAT COMES FROM THE AUDIENCE, WHETHER IT WILL COME BACK, WHAT SECTORS POSE THE BIGGEST OPPORTUNITY? I WANT TO START WITH YOU. WHAT SECTORS DO YOU THINK IN LATIN AMERICA WILL PRESENT THE BIGGEST OPPORTUNITY FOR INVESTORS? > > I THINK THAT MEDIA BUYS. BUT ANY PRODUCT THAT MEETS FINANCIAL SERVICES MORE AVAILABLE, GIVEN THE POPULATION, I THINK THAT IS A SECTOR THAT IS GOING TO CONTINUE A LOT OF OPPORTUNITIES. THEY ARE JUST SCRATCHING THE SURFACE OF THAT OPPORTUNITY IN LATIN AMERICA, AND I THINK BROADLY, I WOULD ALSO HIGHLIGHT EDUCATION. THERE IS A SOCIAL POLICY THAT COULD MAKE A HUGE DIFFERENCE TO HOW THE REGION EVOLVES. THE CREATION OF TECHNOLOGY DOESN ' T, BUT THE REGION CAN EXPORT THAT TO THE REST OF THE WORLD. I THINK THAT EDUCATION AS A SECTOR SHOULD AND WILL EXACT A LOT OF INVESTMENTS. IT ' S THE RIGHT THING TO DO, AND SECOND, I THINK SOCIAL POLICIES ALIGNED WHEN IT COMES TO EDUCATION. THIRD, THERE IS MONEY TO BE MADE. THAT IS THE PERFECT CONVERSATION COMBINATION BRICK > > WHAT ABOUT YOUR OPPORTUNITIES IN LATIN AMERICA? WHAT SECTORS IN PARTICULAR? > > WE ARE AT THE VERY EARLY INNINGS OF FUNDAMENTALLY DISRUPTING LARGE CHUNKS OF GDP IN LATIN AMERICA. WHEN WE LOOK AT THE STOCK EXCHANGE, WE SEE THE AVERAGE AGE OF A COMPANY IS CLOSE TO 100 YEARS. THAT IS BECAUSE THERE ARE A LOT OF SECTORS IN REAL ESTATE, BE AT HEALTH CARE, EDUCATION, INFRASTRUCTURE, THEY ARE JUST FUNDAMENTALLY HARDWIRED INTO ANALOG FABRIC. I THINK THAT TECHNOLOGY BRINGS A LOT OF EFFICIENCY AND DEMOCRATIZATION TO THESE SECTORS. WE ARE OBVIOUSLY WORKING TO DO THAT, AND WE ARE SEEING SIMILAR OPPORTUNITIES, ESPECIALLY IN HEALTH CARE AND EDUCATION AS WELL. IT IS ONE OF THOSE SECTORS WHERE WE ARE REALLY JUST SCRATCHING THE SURFACE OF LATIN AMERICA, AND WE ARE SEEING TONS OF INTERESTING STARTUPS THAT HAVE BENEFITED FROM THIS BOOM OVER THE LAST FEW YEARS OF CAPITAL INFLUX. BUT I DID NOT SEE A LOT OF HEALTH CARE STARTUPS, SO INTERNET 2.0 OR TECHNOLOGY 2.0 COMPANIES REQUIRE MORE OPERATIONS THAT HAVE REGULATORY TRAPPINGS. TRAPPINGS AND OPPORTUNITIES. THEY ARE ATTACHED TO THAT. THOSE ARE SECTORS THAT WILL GET DISRUPTED AND POSED A TON OF OPPORTUNITIES BECAUSE THERE ARE A LOT OF UNDERLYING GDP THAT CURRENTLY, AND MANY OF THESE MARKETS, IT IS BEING OWNED BY INCUMBENTS THAT ARE OFTENTIMES SLOW TO REACT AND -- IN A HOLISTIC FASHION, AND THAT IS THE FIRST IN THAT ORDER THAT IS SEEKS TO EXTEND THE MASSIVE SECTORS OF THE UNDERLYING ECONOMIES. > > WE WANT TO BREAK SOME NEWS. YOU HAVE ANY PLANS TO GO PUBLIC ANYTIME SOON? > > NO COMMENT. > > LAST QUESTION. WHAT ELSE CAN WE DO TO HELP YOUR COMMUNITY. WHEN WE ARE TALKING ABOUT A LOAN OF A COUPLE THOUSAND DOLLARS OR A SMALL LOAN, WHAT ELSE CAN WE DO? > > ACCESS TO CREDIT IS DEFTLY ONE OF THE IMPORTANT ONES. IT IS BASIC, AND IT IS ALSO THE SMART THING TO DO. ESPECIALLY IN COUNTRIES IN LATIN AMERICA, AND IT HAS A HUGE SPACE FOR PEOPLE TO BE INVESTING, AND YOU INVESTED IN HEALTH. THERE IS ONE WITH THE WOMEN I WORK WITH, EVEN THOUGH THIS LAST TIME, THERE IS SOMETHING THAT WE THINK ABOUT. THERE ARE 96 BILLION DOLLARS THAT GETS TRANSFERRED INTO -- REMITTANCE. AND THE TRADITIONAL WAY OF DOING IT, WITH THE HIGH RATE OF EXCHANGE, THAT IS WHY THERE IS AN ACCOUNT. ONCE CRYPTO GETS A LITTLE BETTER STATE, I THINK THAT IT WILL BE ANOTHER BIG OPPORTUNITY. PEOPLE WILL DO THAT IN LATIN AMERICA, AND FOR WOMEN, IT IS DEFINITELY ACCESS TO CREDIT, TRAINING PROGRAMS, MENTORING. THERE IS SO MUCH TO DO. > > THANK YOU SO MUCH. WE APPRECIATE THAT AS WELL.

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The Entrepreneurship Economy

From Mexico to Argentina and points in between, Latin America’s major cities have emerged as some of the world’s most vibrant centers for entrepreneurship. Region-wide, there are at least two dozen unicorns in industries ranging from on-demand deliveries to digital payments. Startups have sprung up everywhere to fill the void of access to services such as credit, health care and education. Yet millions upon millions of people, especially women, remain unserved. Where can technology break down barriers further? Who’s going to bankroll the next wave of innovation? At the Bloomberg New Economy Gateway Latin America, Angélica Fuentes, Founder and President, Muvop; Mate Pencz, Founder and Co-CEO, Loft; Sumita Pandit, Chief Operating Officer, dLocal, speak with Carol Massar, Anchor, "Bloomberg Businessweek", Bloomberg Television and Radio. (Source: Bloomberg)

Bloomberg Technology
The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. Hosted by Emily Chang.
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