In this episode of Entrepreneurship in Latam 101, we invited three STEM entrepreneurs to tell us what you need to know about strategies to scale and grow a company. For several years now, the concept of growth has grown stronger. The models and strategies to execute growth change according to the type of company and the business model they use. However, every startup needs to implement a strategy and take actions that every day will help drive the company forward.
In this edition, our guests reflect on how to identify when to scale, why it is so important to have a market validation before doing so and how the pandemic accelerated the growth of several startups. In addition, they take a look at the most common mistakes that are made during the growth of a company, and tips for implementing strategies to scale successfully.
Our three guests are:
- Andrea Campos: founder and CEO of Yana, a mobile application that accompanies Spanish-speaking people on the road to emotional well-being. Yana, an acronym for You Are Not Alone, accompanies its users through a chat in which they can have conversations guided by Cognitive Behavioral Therapy (CBT) techniques. Yana was launched in 2020 and is now one of the most downloaded apps in 12 Spanish-speaking countries, including Mexico, Spain, and Chile.
- Gina Gotthilf: co-founder and COO of Latitud, a company that supports early-stage entrepreneurs in Latin America that are solving some of the biggest problems in emerging markets around the world. Gina was previously the Head of Marketing and Growth at Duolingo, where she helped the company grow its user base from 3 million to 300 million.
- Manuela Sanchez: co-founder and Global CGO of Laika, an e-commerce for pets with more than 5 thousand products including food, snacks, medicines, and accessories. In addition, Laika offers different services, such as home vaccinations, pet walkers, pet health insurance, assistance, and much more.
Outline of this episode:
- [00:36] – Introduction to the episode
- [01:15] – Introduction to the three entrepreneurs and their startups
- [04:35] – What is company growth and why is it important?
- [08:53] – When is a startup ready to grow?
- [10:54] – How did the entrepreneurs experience the growth of their companies?
- [22:50] – Growth metrics
- [27:24] – How to allocate resources when raising capital?
- [31:58] – Common mistakes in trying to grow a company
- [40:00] – Recommendations for entrepreneurs just starting out on their journey
People and resources mentioned: