Pasar por Platanus Ventures y Y Combinator | Cristina Etcheberry | Toku | Fundadores Ep. 106

Episode Overview

• Cristina Etcheberry shares her journey from a corporate role at LATAM Airlines to founding the B2B payments company, Toku, driven by a desire for startup agility.
• The episode details Toku's pivot from a consumer-facing app to a B2B solution that tackles the high failure rate of recurring payments in Latin America.
• Cristina discusses key lessons from accelerators Platanus Ventures and Y Combinator, emphasizing the importance of talent acquisition and developing a global mindset.
• The conversation covers the practical strategies behind Toku's expansion into Mexico, including the necessity of a founder's physical presence to understand the local market.
• Cristina reflects on personal habits for founder sustainability, such as not working on weekends to maintain long-term motivation and focus.

Key Concepts

• Corporate Inefficiency as a Catalyst: The slow pace and inefficiency of large corporations can be a powerful motivator for employees to seek the agile, high-impact environment of the startup world.
• Pivoting from B2C to B2B: The initial idea of solving a personal consumer pain point evolved into a much larger business opportunity by addressing the underlying problem for companies that struggled with recurring revenue collection.
• The Value of Accelerators: Different accelerators provide distinct value; Platanus Ventures was crucial for learning startup fundamentals and talent recruitment, while Y Combinator was instrumental in shifting the company's mindset from regional to global.
• Prioritizing Top-Tier Talent: In creative and technical roles, the performance difference between an average and an exceptional employee is immense, making the recruitment of top talent a critical factor for success.
• Founder-Led Market Expansion: To effectively enter a new market, it is essential for a founder to be physically present to immerse themselves in the local culture, connect directly with clients, and build a local team.
• Global-First Mindset: Latin American startups are shifting from replicating successful models to building unique, global-first products, fueled by newfound confidence and increased venture capital.
• Cultural Nuances in Business: Expanding across Latin America requires an understanding of cultural differences, such as the direct, results-oriented approach in Chile versus the more cordial, relationship-focused style in Mexico.

Quotes

• At 5:52 - "Si fuéramos un startup nos demoraríamos una semana. Y ahí yo dije, no sé lo que es un startup, pero quiero trabajar en eso." - Cristina describes the moment in a corporate meeting that sparked her desire to leave and become an entrepreneur.
• At 13:27 - "Cuando llega el último día del mes, un 20% de sus pagos se rechazan. Eso significa que uno de cada cinco clientes, si él no hace nada, lo va a perder." - Cristina highlights the core problem Toku solves for companies with recurring revenue models, which is the high rate of payment failures and subsequent customer churn.
• At 22:35 - "Creo que en Platanus aprendimos cómo hacer un startup... y en YC aprendimos a cómo hacer una empresa global." - Differentiating the value provided by the two accelerators: Platanus taught them how to build a startup, while Y Combinator taught them how to build a global company.
• At 32:51 - "Uno tiene la cabeza donde tiene los pies." - A phrase justifying her decision to physically move to Mexico to open the new market, emphasizing that full focus requires physical presence.
• At 43:01 - "No trabajar los fines de semana." - Describing the habit that has most drastically improved her life, allowing her to reset her mind and maintain motivation.

Takeaways

• To successfully expand into a new market, a founder's physical presence is non-negotiable for deep cultural immersion and establishing initial customer relationships.
• Focus on solving a painful, quantifiable problem for a specific customer segment rather than just chasing a broad "idea."
• Prioritize hiring exceptional talent from the beginning, as the right people create disproportionate value and are fundamental to building a successful company.
• Develop a global-first ambition early on; a regional focus can limit a company's potential and ability to compete on a larger scale.
• Protect your personal time to ensure long-term sustainability as a founder; consistent rest is key to maintaining high performance and avoiding burnout.