The CEO of Global66 shares his entrepreneurial journey, highlighting lessons learned from past ventures and a 'lean strategy that won' during the pandemic.
The CEO of Global66 shares his entrepreneurial journey, highlighting lessons learned from past ventures and a 'lean strategy that won' during the pandemic. He also offers advice for first-time founders.
In in the end, what happened during the pandemic is the ones that had fixed costs died. Oh, it was a roller coaster. So, some companies started growing very very fast. We had a lot of competition and guys came to Latin America with I would say a couple of them with hundreds of millions of dollars and many of them with tens of millions of dollars. We just raised 1 million. So, we had to be very very very lean, very very very efficient. And that in the end paid off because the industry, most of the players had very high fixed costs. And the the the the business model didn't didn't support having very fixed costs. So, many of them got We bought like three or four players in three players in the region. Many of them went bankrupt or closed. And in in the end, what happened during the pandemic is the ones that had fixed costs died. One of them was Groupon in Latin America. And as we were very
lean, we were also very close to to die, but we managed to stay alive. And in the end, after the COVID, we were able to uh make the company profitable again. And for the last 3 years, it has been a profitable company again. It has operations in in four countries in Latin America. An industry that grew very very fast. And then as all the new industries, it adjusted. In the end, it wasn't a very big industry, but probably Comonadic is today the biggest of the kind in Latin America.