Hello, I'm Debora Brauhardt,
partners implementation coordinator at Resultados Digitais,
and I'm here with Romero Rodrigues,
Redpoint Eventures' partner and director
and also the founder of Buscapé.
-Welcome Romero. -Thank you Debora, it's a pleasure.
Romero, your story in well known
because of Buscapé,
which was created during the internet bubble.
Tell us what you think about starting a business
from zero again today, in the moment we are now.
Well Debora, it's very different
to open a business compared to 20 years ago, when we started Buscapé,
I think the first change is
technology is no longer such a big barrier.
When we started Buscapé,
there were no finished pieces. I joke saying there were no Legos.
You had to make your own in order to build your toy.
If you wanted to create an e-commerce store,
you had to really make it,
make a catalog, create an inventory control,
you had to create a company for payment.
This used to take a year and cost US$ 1.5 million.
Today, with US$ 50 you buy much superior technology
and instantly you have a store.
So, the entrance barrier is no longer...
technology is no longer innovation entrance barrier,
this has shifted to business model.
Innovation is in business model,
but it represents a small entrance barrier.
So, when a website shows up today,
it's common to see competitors coming one after another.
That's why the go to market,
your marketing and sales strategy became much more important
than the technology itself.
The other thing that has changed
is the internet democratization.
If you think about the first cycle, companies from the bubble era,
all of them had a computer engineer as a partner.
It was rare not to have an engineer.
Now, you see many companies that
have no engineer as founder.
Sometimes you see an architect and a vet
building a technology company.
Because the Legos are ready and make building things easy.
Cool! I worked for a while with entrepreneurs,
with business development, incubators and so on.
And there was a doubt I see
still remains a little when I talk to some entrepreneurs.
How to get the first investment for a startup?
It depends a lot on how much of your idea can be
developed with no capital.
I'll give an example: Buscapé, since we were all developers,
we were able to have a site working
with no investment.
The investment was our time, human capital.
If that isn't your case,
your investment to create MVP, to create a prototype,
must come from people you know.
The famous 3F's: family, friends and fools.
They will give you the first capital for you to give
your startup's first step, which is to create a prototype.
So, it's a bit of an illusion to think:
"I have a great idea and I have a good pitch,
I make a good presentation and if the investor
gets my idea, he'll invest". Is that a myth?
It's more difficult, but it happens.
For example: If you have a good track record,
if you opened a business before,
if you brought good results to the investors,
if you know them,
then it's not impossible to get capital with just an idea
on paper, Power Point.
But that isn't common. I wouldn't bet all on that.
If you hit a wall and can't get capital with an idea on paper,
I suggest looking for close people that will give you
the first capital injection, the support to your business
and then you climb step by step.
So, you prove your idea really works,
that it's a good idea
not just in your mother's opinion.
Exactly. Venture capital is simply financing by stages.
And financing by stages
is to take great risks from the table one at the time.
So, you'll raise your first capital
to take the first risk from the table.
That is to make the prototype. Then your company's worth a little more,
because it's less risky and you raise a little more capital
for the second stage, to get a bit more traction.
The next is to test business models,
the next, to create the sales machine.
And so on and so forth. So, it's very important
to understand, as a startup entrepreneur,
that you have just one thing to do in each stage.
Which is to remove the big risk from the table in that stage.That's all.
Well, and Florianópolis today is known as Silicon Island, right?
People make this comparison, we see here many technology companies.
What is your opinion about it?
Of course, considering the differences in proportions.
But how is your take on the island
becoming this technological spot?
I think it's very nice. I see in the whole world
innovation ecosystems developing through density.
That means, you need people to meet,
to bump into each other.
There's a word I love and I'm going to use it in my lecture.
It has no exact translation to Portuguese: serendipity.
Serendipity is that coincidence when destiny suddenly unites
two people creating a happy story.
It can be a boy meeting a girl at a bakery line, they marry
and build a wonderful family.
It can be me on my first day at university.
I got a bus in Paulista Avenue going to USP.
I had no idea where I should go off and the bus was empty.
There was a bald Japanese guy in a T-Shirt written Poli.
I said: This guy must know. I sat by his side and started talking.
He became my business partner in Buscapé.
This is serendipity. So, to concentrate people
from the same ecosystem in one place helps, I believe that.
We at Redpoint, along with Itaú,
founded Cubo, which is an attempt
-thanks God, a successful one- to create density,
to create these collisions in the physical world, in São Paulo.
Without collisions, there are no innovations.
Of course I haven't dealt with startups for as long as you have,
but I remember when we worked with incubators,
we still used a lot the word incubator,
there were just a few accelerators, we almost didn't hear about business model,
we worked with business plans,
those huge plans and etc.
This has changed a bit with time
and Brazil startup weekend movement
and other startup events.
Many movements came along to support entrepreneurs.
You see this is quite strong today.
How is Brazil's environment to the entrepreneur,
how is the economic scenario?
We mentioned the differences between the first and second cycles
and one of them is related to the academy,
to business administration sciences.
Major corporations are coming to get knowledge from startups.
Major corporations and their great executives
are coming to the startup environment
to learn how to manage a company with purpose,
with self growth and innovation.
And startups today have all of that available.
20 years ago, there weren't any
business model canvas,
the books Lean startup or Crossing the Chasm did not exist,
nobody spoke, MVP did not exist, neither did product market fit.
These terms were created in the last 20 years,
looking back and seeing what the pioneers did.
How did AOL, Yahoo, Google,
Amazon got where they did? How did Buscapé got where it did?
And so on.
I'd say today, when entrepreneurs start,
they do it much better prepared
because they don't need to figure out a bunch of things.
We already have frame works, the academy is there to help them,
but now they have a bigger responsibility
because what we're doing here
is much more than just building a startup or an ecosystem.
We are building a new country.
What startups do today
does not influence just the startup ecosystem.
It influences large corporations,
it influences the whole country.
And you feel we have...
Brazil has always been known for its creativity,
for stating new business and etc. We've always had this characteristic.
But for a while we did it more because
of necessity than opportinity.
Do you feel that today Brazilians are looking more at
business opportunities, targeting specific things
and taking action because of this?
Totally. Before, entrepreneurs didn't have options
to raise capital.
And not so long ago, before 1999.
The option they had was go to Caixa Econômica Federal
and give their car or house as collateral,
or to sell any real estate they had
and risk it, to jump head first, insert it all in the company
But many people didn't have a car or real estate.
So, there were no options
and we practiced a necessity kind of entrepreneurship.
I'm going to open a hot dog stand, I'm going to open a door to door business.
And even so, great business came out of that.
What we created in the last 20 years was an ecosystem
of innovation incentive,
where you have different investors
assuming different risks and roles in this ecosystem
in order to help this huge company
to start while it's still very small.
This is a real watershed.
That's been happening since the 60s in the US,
but in Brazil it's been 15 years.
And I think this also changes people's mentality as a whole.
I usually say:
the first thing a young American does at age 5 or 6,
is the lemonade stand exercise.
They build a lemonade stand and sell to neighbors.
So, during their entire lives, Americans learn to be entrepreneurs.
Later they decide if they will be entrepreneurs or employees.
In Brazil it's the opposite. We just learn...
or it used to be this way. Thankfully we've been changing that.
We just learn how to be an employee.
And later, with time, if you want, you abandon that
and go learn, go to try to become an entrepreneur.
We need to change this thought, change this mindset.
I think it's nice as well the mindset in which
I'm not an entrepreneur because I want to leave
and get rid of the company I work for.
So, it's really to change to a profile
to: I'm going to be an entrepreneur because that's what I desire.
This is my life dream.
And above all that, it's nice
to see that corporations up until now were focused on two things:
operation excellence and profit.
And the vibe of upcoming corporations, which today are the startups,
is to focus on innovation and purpose.
This changes the game completely.
For sure. And to finish our chat,
if you could give a golden tip
to an entrepreneur who is starting today
and needs an advice
from someone doing this for a long time, what would that be?
Look, it depends a lot on the person's moment.
There are many differences depending on the stage.
If you already have an idea, if you're already building it,
my main tip is: don't do anything alone.
Surround yourself with good people.
In the end of the day, the core of every technology company,
the only asset they have is the team, it's the talent they have inside.
You'll build a culture to keep this talent,
you'll make everything to keep that talent excited.
So, surround yourself with the best.
If you're still looking for an idea,
I usually say you need to follow a little word,
the one that carries the most opportunity, realization
and success, which is "impossible".
You have no idea how many "impossible" I heard when I started Buscapé.
I'm sure the guys,
Eric, and all of them, did too. Talking about Eric, he just passed here.
They also heard a lot this word in life.
So, if you've heard "impossible", get your notebook and write it down.
Your startup is in there.
Great. Thanks a lot, Romero.
It was a pleasure to be here with you.
Thanks for sharing here with your interview
-and see you next time, right? -See you. Thanks!
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