September 21st, 2012
South America
A few months ago, during an exploratory mission in South America, I had the opportunity?of meeting?Mark Bonnell, CEO?of Modyo in Chile.
Today, Modyo?s core platform is used by large corporations and organizations such as Puma and Nestle to manage customer focused solutions. Modyo?s applications power global companies with enterprise content management across web and mobile worlds, educational solutions, customer support solutions and e-commerce. Last year, Modyo was the only Internet company selected to receive the most prestigious innovation award.
During his presentation, Mr Bonnell explained 10 takeaways?I found really interesting, and which?reflect my opinion on what companies should do when doing business in South America.?
10 takeaways:
- Latin America is a Social Network with circles of trust.
- Choose your first business friends very carefully. Separation is brutally painful.
- Become friends with a very reliable lawyer in each country.
- Take time when hiring people. Extend your hiring process. You cannot fire easily.
- Negotiate and double-check everything.
- Have more cash on hand?than needed. It will come in handy. Negotiate banking and factoring relationships when your numbers are good.
- Setting up a company is?slow. Multiply what the lawyer?s estimate by 3 times.
- Find the right angel investor. This is key.
- Try to avoid legal actions.
- Canadians are well-liked. Take advantage?of cold calling.
Finally, if you interested,?it?would be my pleasure to put you in contact with Mr. Bonnell.
Caroline Bouchard
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