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[PREMONEY MIAMI] Endeavor >> Allen Taylor , "The Global VC: How Emerging Markets Can Shortcut to Success...By Learning from Each Other"
The Global VC: How Emerging Markets Can
Shortcut to Success...By Learning from Each Other
Allen Taylor • VP, Endeavor Global
Managing Director, Endeavor Catalyst
The Global VC: 23 countries; 46 cities; 350+ staff
Since 1997: 45,000+ entrepreneurs screened ~ 1,000 selected
Why VC is a “local game” AND a “global game”
VC is a “local game” because…
• Being physically closer is an advantage; proximity helps
• Shared local culture is a diligence “hack” (of sorts)
• Obvious, direct value-add tends to be higher
VC is a “global game” because…
• These markets & consumers have a ton in common
• Emerging (or “incomplete”) financing ecosystems need
international actors to fill in the gaps
• Pattern recognition is powerful…and serendipity is real
Starting is easy…scaling is hard
• E-commerce is awesome, until you realize things don’t
work the same way outside the US (See: Brazil, Turkey)
• Payments are a pain…start there (See: Mexico, Indonesia)
• Logistics are lousy…start there too (See: Most places)
• Macro-economics matter (See: Argentina, Brazil)
• But “role models” matter too (See: Argentina)
• What to do when everyone is “playing,” but no one is
paying….yet (See: Indonesia, really all of SE Asia)
• Being an angel is fun…for your first 3 deals, but then what?
What other markets can teach…and where to go to learn
What matters most
1. “Mentor” Capital – Think of yourself as a
mentor first and an investor second
2. Trust – It’s a people business, and people do
business with people they trust
3. Staged Financing – Building a VC-backed
company requires “stages” of growth;
emerging/ or “incomplete” investment
ecosystems need international actors -- both
to learn from and to actively participate
Mentorship, Trust, and Staged Financing
Beyond Silicon Valley
In Latin America
• São Paulo
• Buenos Aires
• Mexico City
• Medellin, Colombia
• Monterrey, Mexico
• Cape Town
10 cities where you can go learn things right now
Where do we go from here?
• Are you seriously telling me that I can learn stuff in São
Paulo or Istanbul that would be relevant for Miami?
• There are vibrant clusters of entrepreneurs & investors all
over the place – GO SEE THEM!
• When you go, don’t just be a tourist. Learn by doing:
Meet with Entrepreneurs Be a MENTOR!
Talk to local Angels & VCs Be a CO-INVESTOR!
Map the local VC world & back someone Be an LP!