01/28/2015

Learning from failure: Strategies for bouncing back

By Cindy Krischer Goodman

When Susie Taylor walked onto the set of ABC’s Shark Tank, she showed the investors her stain-resistant baby bibs and asked them for $40,000 to grow her Miami business. But something happened Taylor didn’t expect. The “sharks” reduced her to tears by calling her business a hobby, her margins terrible, her management skills lacking, and then delivering their famous line to indicate they weren’t investing: “I’m out!”

Taylor walked off the set in tears, having failed to secure an investment before seven million viewers on national television. Then she faced the challenge of bouncing back.

If your business or strategy failed, if you made an expensive mistake, or if you experienced a business or personal setback in 2014, this is the time for recovery. Today, failure is a hot topic, and the topic of bouncing back is even hotter. In Silicon Valley, for instance, failure has emerged as a badge of honor among start-ups who share their lessons publicly. FailCon, a one-day conference in San Francisco celebrating failure has been so successful that it has spread to other countries.

While no one wants to fail, wildly successful entrepreneurs such as Spanx founder Sara Blakely say that true failure is not taking risks or trying. Blakely publicly credits her embrace of failure for what helped make her the youngest self-made female billionaire in America.

“Most successful people have ‘failed’ multiple times,” says David Harkleroad of Chief Outsiders in Miami, a consultant to CEOs of small and mid-size companies. “What makes them successful is they seek to understand the opportunities that arise from the failure.”

To understand the opportunities, the first step is acknowledging your situation. Since her Shark Tank fiasco, Taylor has tried to scrutinize what went wrong and how it affected Bibbitec, her bib business.

Initially, she invested more money in Bibbitec to fill the orders that flooded in when the episode aired. But she had to figure out her next move: “It took a lot of self awareness.” Taylor says she considered the harsh advice doled out by the sharks and realized she needed a businessperson to run the company and an outlet for sales — not simply rely upon word-of-mouth praise among moms. Her husband now runs the company and has put in systems to operate it more efficiently. Bibbitec relinquished sales on its website and now sells its bibs almost entirely on Amazon, which markets the products for them. The company expanded its line to seven styles of bibs manufactured in Hialeah, and in 2014 the company sold 3,000 bibs for average price of $22. “We put down ‘failure,’ but it’s the only thing that makes you grow,” Taylor says.

Consultants say turning around failure requires searching for the root cause of what went wrong. “It’s usually not what people think it is,” Harkleroad says. Usually, listening carefully to customers, team members and trusted advisors reveals a clue for how to course correct: “It requires listening to understand, not listening to respond.”

When Jody Johnson expanded her company, ActionCoach Team Sage, by adding more business coaches, sales didn’t follow. She realized she needed to change course and listened carefully to feedback. “I had tried to grow too fast,” Johnson says. “I brought on coaches before I had a marketing machine in place to be able to feed them.” She then scaled back on staff and invested in marketing and tracking results for clients: “Now what I have is exactly the right plan to go forward. I will grow organically and I can bring on another coach when I’m ready.”

Another key to bouncing back is to cut losses early. Whether you’re the guy who introduced McPizza to the McDonald’s menu or the one who expanded Pollo Tropical into an underperforming market, knowing when to give up when the signs are obvious can be critical to long-term success.
 
 

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New World Angels invests in Gainesville-based 3-D software company

New World Angels  announced Wednesday its sixth and final investment in 2014, a record year for the structured angel group founded in 2003.

NWA, based in Boca Raton, invested more than $3.5 million in the six companies last year.  NWA’s 6th investment of $507,500 was part of a $3.3 million round of seed funding in Paracosm, a cloud-based software company based in Gainesville with a mission to “3D-ify the world,” the angel group said. Other investors in the round included  Atlas Venture, iRobot, Osage University Partners, BOLDstart Ventures and Deep Fork Capital.

Paracosm’s advanced three-dimensional reconstruction technologies create digital models of physical spaces. When shared with machines, these models serve as blueprints which provide robots and applications a greater sense of awareness and understanding of the physical world. Such technologies are valuable for robotics, video game development, special effects, indoor navigation applications, and for the improvement of both virtual and augmented reality experiences, the company said.

  “Paracosm wants to take the digital world beyond screens and enable machines to understand the world as we do,” said Amir Rubin, founder and CEO of Paracosm, in a news release.

Other 2014 NWA investments included:

  • * Kairos, an innovator in providing facial recognition functionality and capabilities to large enterprises;
  • * OB Medical, a developer of a wireless, technologically superior fetal monitoring device which improves physician oversight and patient care during pregnancy and labor;
  • * Clarke Industrial Engineering, creator of the ShutterValve, the first significant innovation in industrial valves in over 50 years; 

as well as follow-on financing rounds in:

  • * Bioceptive, a revolutionary contraceptive device which focuses on enhancing IUD safety, comfort, and ease of use; and
  • * Aplicor, a cloud-based enterprise resource planning software provider for rapidly growing small & mid-sized businesses.

Noting NWA's record year for investments, Rhys L. Williams, the organization’s president and co-founder, said NWA now has more than 50 active members. NWA, which also has a chapter in the Tampa Bay area, typically makes investments ranging between $500,000 and $3 million. “In 2015, we look forward to continuing to support early-stage Florida companies in becoming the dominant leaders in their respective markets,” Williams said.

Posted Jan. 28, 2015

Kendall brothers ages 7 and 9 launch company selling socks designed by kids

 

Socks

SOCK KINGS: CEO Sebastian Martinez, 7, left, and his brother, Brandon, 9, sales director, have started with their mother a company, Are You Kidding, selling socks with different designs. The boys were featured on ‘Good Morning America’s Shark Tank Your Life: Kid-Preneurs Edition.’ PATRICK FARRELL MIAMI HERALD STAFF

Read more here: http://www.miamiherald.com/news/business/article8423790.html#storylink=cpy

BY REBECCA SAVRANSKY

Ever since he was a baby, Sebastian Martinez loved socks. He collected socks of all kinds, with different colors, patterns and styles.

About two years ago, his mother, Rachel Martinez, asked him if he wanted to design his own.

“He was so excited he ran to the table with his pencils and paper and markers, and he sat down and started drawing,” she said.

And on Friday, Sebastian, 7, and his brother Brandon, 9, were featured on Good Morning America’s Shark Tank Your Life: Kid-Preneurs Edition, for their business designing and selling different styles of socks.

Sebastian is the CEO of Are You Kidding, Brandon is the director of sales, and their mother is the president.

The brothers, who live in Kendall, got their moment in the spotlight Friday when they got to pitch their company to Daymond John, a Shark Tank investor, and to George Stephanopoulos, co-anchor of ABC News’ Good Morning America, on national television.

Before the show, they sent in an audition video, had a phone interview and a few days later, they booked their flights to New York. At the end of the show, the two brothers each took home a special trophy for their work.

Martinez said it was a great experience and the the show helped the business to get more exposure.

“Friday was amazing,” she said, watching the video of her sons giving their pitch for Are You Kidding during the show.

 Since the business started in May 2014, they have sold their socks to many different stores and raised thousands of dollars for charity.

Sebastian is responsible for all the designs. His mother then transfers them onto a computer and they are made by a company in Guatemala. Brandon is then in charge of selling the merchandise.

“It’s kind of like a little tag team,” Martinez said.

The business made about $15,000 last year. They sell their socks to local stores, through their website and on other online sites such as Etsy.

In addition to just bringing in revenue though, the company has a “dual-mission,” Martinez said.

“We want to not only be a for-profit company,” she said, “but also teach philanthropy to kids which is very important to us.”

In October, Are You Kidding sold specially designed socks for Breast Cancer Awareness Month.

“We all spent the entire month of October selling the socks everywhere,” Martinez said. “At Tamiami basketball, all the kids were wearing the socks, the coaches, the refs. Everybody had our socks on.”

The $3,000 raised from the socks was donated to the American Cancer Society for Making Strides Against Breast Cancer. Martinez said next year, they are hoping to reach their goal of donating $10,000 to the organization.

Are You Kidding is also working with a safe driving campaign called Be a Hero and Save Lives, cautioning people against texting and driving.

To teach kids about the charities, the company uses an app called VeePop, where people can scan the tags of the socks and a video will play giving information about the charity. Martinez said the team is planning to reach out to more organizations in the future to continue their charity work.

The company is also looking to expand, potentially adding T-shirts to the collection, she said.

“At the end of the day we want to create a brand,” Martinez said. “We started with socks because that’s the passion that I saw in my son and if you don’t start off with your passion, you’re never going to continue the business.”

She said running the business has been an exciting learning experience for her and her children, and she hopes to have more kids contribute in the future.

“It’s teaching kids how to start a business, run a business and grow a business. It’s not easy and it takes a lot of time and effort, but at the end of the day we do it as a family,” Martinez said. “We just want to make sure that it’s a fun brand. ... We want it to be a by kids for you collection.”

Website: http://www.areyoukidding.net/

 

Posted Jan. 28, 2015

 

 

Read more here: http://www.miamiherald.com/news/business/article8423790.html#storylink=cpy

01/27/2015

Code4Good hackathon planned at FAU's Tech Runway

Quantum Foundation is teaming up with Modernizing Medicine and Florida Atlantic University’s new entrepreneurship program and accelerator, Tech Runway, to stimulate health-related innovation in Palm Beach County at a tech weekend on March 28 – 29. Quantum Foundation, a private grant making organization, will host its first hackathon, giving engineers, designers and entrepreneurs a hands-on environment to connect, build teams and create a piece of software that enhances the quality of life in underserved communities.

Throughout the weekend, participants will work together to create a technology solution then present their project to a panel of judges on the final day. There's a cash incentive for these teams to show up and put their talents to work. The top three teams will receive prizes in these denominations: First Prize: $5,000; Second Prize: $3,000; Third Prize: $2,000. The first place team will have the opportunity to participate in building their solution into an actual working product.

This event gives aspiring entrepreneurs, engineers, creatives and tech experts an opportunity to showcase their skills and code for good in Palm Beach County.

“South Florida is home to some of the best and brightest coders and software developers, as well as individuals dedicated to improving society. The technology resulting from the Code4Good hackathon will help increase efficiency and improve healthcare outcomes for our region’s citizens and beyond,” said Dan Cane, CEO and co-founder of Modernizing Medicine.

The event is open to designers, coders, marketers and anyone who has an idea and wants to contribute to a team in a technical or creative capacity.

 The event host and Palm Beach County's largest health-funder, Quantum Foundation, has given away $115 million since its inception and continues to push the envelope in support of its mission of inspiring and funding bold initiatives that improve community health. Code4Good Palm Beach County is the first of its kind in the county. 

To learn more or to register as a participant visit www.code4goodPBC.org

Techrunway

Posted Jan. 27, 2015 

Future of tech and media is focus of Miami Finance Forum event

MedinaTechnology entrepreneur Manny Medina, managing partner of Medina Capital and founder of the eMerge Americas technology conference, will be the keynote speaker next week at the Miami Finance Forum’s signature half-day event, “Mapping Miami’s Financial Future: An Insight Into South Florida’s Hottest Emerging Sectors.”

Medina will present the morning keynote address, “Why Miami is the Technology Capital of Latin America,” at the forum’s event at the Conrad Miami, 1395 Brickell Ave., on Feb. 4. Two panel discussions providing insights on opportunities and trends in technology, media and the financial sector, networking, lunch and a closing speech by Matt Haggman, Miami program director of the Knight Foundation, will follow.

A panel discussion on “Is Miami the Next Technology Investing Hub?” will include Ranjini Chandirakanthan, a director at Cassel Saltpeter & Co.; Melissa Krinzman, co-founder of Krillion Ventures; Brad Harrison, founder and managing partner of Scout Ventures; Celine Armstrong, managing director of investment banking for S&P Capital IQ; and Nabyl Charania, co-founder and CEO of Rokk3r Labs. A second panel, titled “Winning Media Content Mangement Strategies,” will feature Alexandra Villoch, publisher of the Miami Herald; Peter Blacker, executive vice president at Telemundo; Nathaniel Perez, global head of social for SapientNitro; Victor Kong, president of Cisneros Interactive; and Derek Bond, president of ImaginaUS.

Early registration is $145 for Miami Finance Forum members and $195 for non-members. To register, visit www.miamifinanceforum.com.

 

01/26/2015

2015 Business Plan Challenge opens for entries: The lowdown

 

Bizplan-challenge

South Florida entrepreneurs, this is your time to shine!

Today we are launching our 17th Miami Herald Business Plan Challenge, our annual celebration of South Florida innovation in one of the most entrepreneurial regions in the nation. If you have a business idea or an operating startup that is less than two years old, you can enter.

Sponsored by the Pino Global Entrepreneurship Center at Florida International University, our contest welcomes business plan entries from any industry. There are three tracks — a Community Track, open to all South Floridians; an FIU Track, open to students and alumni of that university; and a High School Track, co-sponsored by the Network for Teaching Entrepreneurship.

Don't let the name of the contest scare you: We don’t want long, laboriously detailed business plans. That’s because today's investors in very early-stage companies want to see a succinct presentation of your concept and how you plan to turn it into a success. So do we.

Your entry may be up to three pages, and you may attach one additional page for a photo, chart or diagram if you wish. Think of it as a meaty executive summary. Experts in all aspects of entrepreneurship — serial entrepreneurs, executives, investors, advisors and academics (see their bios here on MiamiHerald.com/challenge) — will judge your short plan.

Judges will be looking at your product or service's value to the customer, the market opportunity, business model, management team and your marketing and financial strategies. Define the problem your business or business idea is solving, clearly explain your solution, and provide tangible details as to why— and how — you can make it a success. See the contest rules on MiamiHerald.com/challenge here.

Your entry is due by 11:59 p.m. March 16. Entries should be sent to challenge@MiamiHerald.com, fiuchallenge@MiamiHerald.com or highschoolchallenge@MiamiHerald.com.

Need help? On Feb. 18, we’ll host a free Business Plan Bootcamp, where Challenge judges Melissa Krinzman, co-founder of Krillion Ventures, and Steven McKean, serial entrepreneur in the tech space, Adam Smith of Medina Capital and other entrepreneurial experts will shed light on what should be in your business plan and share tips on pitching to investors. Register through this link: http://hrld.us/bootcamp.

And think of MiamiHerald.com/challenge as your base throughout this contest, as we'll be bringing you advice and answering your questions. You can email your questions to ndahlberg@MiamiHerald.com (please put challenge in the subject line). Follow @ndahlberg on Twitter.

The top six finalists in the Community and FIU Tracks will present their 90-second elevator pitches for our popular weeklong video contest in early April on MiamiHerald.com. We will also unveil semifinalists and finalists to keep the suspense building.

On April 27, in a special section of Business Monday, we will annouce and profile the winners — the judge's top three selections in each track plus the People’s Pick winners. DonorCommunity, PassTheNotes, AdMobilize, DeliverLean, WedWu, JustAskBoo and Baby Abuelita are just a few of the past winners in recent years — so this year’s winners will be in good company. What do winners win? Valuable exposure in the Miami Herald (we cover our winners’ progress for years to come), connections and mentorship.

Today we are looking back on the entrepreneurial journeys of our 2014 winners. Funding was a challenge for all, and many spent much of the year developing (or redeveloping) their platforms. Throughout the entry period, we’ll also look back on a few winners from the past 16 years.

You have seven weeks. May the best plans win. Go!

Related

Meet the Judges

Free Business Plan Bootcamp set for Feb. 18

2014 Community Track winners have listened, improved, expanded

2014 FIU Track winners reached out to broader markets, refined their technology

2014 high school winners made a game of learning language skills

Posted Jan. 26, 2014

Startup Spotlight: Beyond Zero

01BM startup spotlight Beyond Zero_CPJ

DRINK UP: Jason Sherman, center, who founded Beyond Zero, a product that makes liquor ice cubes, is joined by team members Sean O’Brien, left, and Tim Couch. CARL JUSTE MIAMI HERALD STAFF

 

04BM startup spotlight Beyond Zero_CPJBEYOND ZERO

Headquarters: Midtown Miami

Concept: Beyond Zero appliances make, store and dispense pure liquor ice. Plug it in. add liquor, and just a few minutes later, it comes out like ice. It makes cocktails colder, smoother and stronger than if regular frozen-water ice cubes were used.

Story: Jason Sherman has always been a fan of bourbon and scotch and would frequently receive drinks served with too much ice, leading to a watered-down waste of alcohol. So he created a machine to easily solve the problem.

“After you mix the cubes with more liquor or a mixer, they melt, and you have this incredibly cold smooth drink that has removed the ethanol bite and left behind great flavors regardless of the type of spirit,” Sherman said. “We are fortunate to have a great team, solid investors, excellent mentors, and are looking forward to selling machines so the general public can start ‘product testing’ along with us.”

The company has three models: a single-serving unit that makes the cubes, a second unit that stores the cubes, plus another unit that does both. Currently the single-serving unit encased in a decorative barrel is priced at $5,000, but Sherman expects to bring the price down with volume manufacturing.

07BM startup spotlight Beyond Zero_CPJThe company’s startup journey has covered a lot of miles — 38,000 in the past year. With a trailer Sherman calls “the spaceship,” the team visits liquor distilleries and retailers, meets with master distillers and branding experts, and attends trade shows and industry events. On a visit to the Bourbon Trail in Kentucky, for instance, a chance meeting with an economic development official led to discussions at the state offices about possibly manufacturing the product in that state. Beyond Zero’s tagline “We Don’t Water It Down,” which Sherman said “speaks to how we live our lives,” came from Joey Reiman, a visionary who generally works exclusively with Fortune 500 companies.

“We feel very lucky to be in the situation to get really good feedback from really smart people in the industry,” said Sherman, who holds degrees in finance and law but considers himself more of a creative person.

“People are very passionate about what they drink and how it is served. These products will open a lot of new markets for millennials to try a drink that isn’t overbearing because it takes the bite out of it. ... We don’t want a fad — here today and gone tomorrow — so we have been very strategic about how we introduce this new category and getting the right people behind us.”

06BM startup spotlight Beyond Zero_CPJFounded: 2009, but product was introduced to market in ’14.

Management team: Jason Sherman, Tim Couch, Wesley Suskind, Russell Suskind, Sean O’Brien.

Website: bzice.com

Financing: $750,000 in friends and family investments and from brothers Wes and Russ Suskind, Beyond Zero’s first investors.


Recent milestones reached:
Product introduced at National Restaurant Association Show in May; first patent issued in October; first sale to Beam Suntory Innovation Center in Clermont, Kentucky, in September, where the machine gets prime exposure.

Biggest startup challenge: Building a manufactured product vs. a software app.

Next steps: Developing pilot program to get the product into more businesses. Selecting a contract manufacturer and actively working with the State of Kentucky Economic Development Association about 03BM startup spotlight Beyond Zero_CPJrelocation and manufactuing. Educating the industry about the “In The Rocks” style of drinking. Raising additional capital to support growth. Considering a Kickstarter campaign.

Advisor’s view: John Christopher of Christopher & Weisberg is Beyond Zero’s intellectual property attorney and advisor. “Jason is charismatic, intelligent, organized, prepared, all the right things, and we have been working closely with him to protect his ideas. … There’s a lot of excitement about it. It’s a whole new thing, and there isn’t anything else like it.”

Nancy Dahlberg

Posted Jan. 26, 2015 

01/25/2015

Entrepreneurship Datebook: a sampling of workshops, meetups in South Florida

PIONEEERS @ MDC: Demian Bellumio, COO of music-tech startup Senzari, will offer an interactive session on data science in the music world, 6-8 p.m. Tuesday, Jan. 27, at Miami Dade College’s Idea Center, Building 8, Wolfson Campus. RSVP here.

MIT ENTERPRISE FORUM: The organization will present “A Smooth Ride for Green Cars,” with a car from Tesla and speakers from Car Charging Group and BuyBook Technologies, 6-8:30 p.m. Wednesday, Jan. 28, Venture Hive, 1010 NE Second Ave., Miami. Details: www.mitforumfl.org.

YOU SAID WHAT?!: Score Miami-Dade presents a workshop on business etiquette, 6-8 p.m. Thursday, Jan. 29, Ponce Business Center, 2000 Ponce de Leon Blvd., Suite 569, Coral Gables. Fee applies. Details here.

REFRESH MIAMI: “The Future of Healthcare Tech” is the topic of the monthly meetup, 6:30-9 p.m. Thursday, Jan. 29, Miami Science Museum, 3280 S. Miami Ave. Details: refreshmiami.com

GROWTH CONFERENCE: Barbara Corcoran of TV’s ‘Shark Tank’ is the keynote speaker at Entrepreneur Magazine’s free Growth Conference, with workshops on growth strategy, branding and raising capital, 7:30 a.m. to 5 p.m. Feb. 4, Miami Beach Convention Center, Palm Ballroom. Register: www.entrepreneur.com/growthcon.

STARTING GATE

A busy week on Starting Gate blog: Read about virtual reality innovators who gathered at the B.I.G. Summit; Titan Paddles of Dania Beach, a startup that won a national Chase grant; Susan Amat’s guest post on Chile’s advances in developing entrepreneurial ecosystem; Minibar, a liquor delivery service, that launched in Miami, and more. Keep up with startup news and community views on the Starting Gate blog at MiamiHerald.com/business.

Nancy Dahlberg @ndahlberg

 

01/24/2015

Sign up now for Miami Herald Business Plan Bootcamp Feb. 18

OK, I am usually posting other people's entrepreneurship-related events on this blog but here is one of mine. Hope you can make it! 

Want expert advice on crafting a short business plan and pitching your company to investors? Mark your calendars and sign up for our free Miami Herald Business Plan Bootcamp.

Melissa Krinzman, co-founder of Krillion Ventures, which invests in early-stage tech-enabled companies, will moderate a panel of investors and entrepreneurial experts. Confirmed speakers include serial entrepreneur Steven McKean, who is the former CEO of Acceller, Adam  Smith, a partner in Medina Capital, a private-equity fund for growth-stage companies, Benoit Wirz, director of venture investments for the Knight Foundation, where he manages the Knight Enterprise Fund, and Leandro Finol, entrepreneur, investor and director of Miami Dade College’s new Idea Center.

 

This bootcamp is ideal for people planning to enter the Miami Herald Business Plan Challenge (deadline March 16; more details on Miamiherald.com/challenge) as well as for other startup entrepreneurs and those planning to start businesses.

There will be plenty of time for Q&A with the audience so bring your questions.

The bootcamp will be Wednesday, Feb. 18, from 6:30 to 8:30 p.m. at Miami Dade College’s Chapman Conference Center on the Wolfson Campus. There's no charge for the event but space is limited, and registration is required. Sign up for the Business Plan Bootcamp at http://hrld.us/bootcamp.

Questions? email ndahlberg@MiamiHerald.com and put bootcamp in the subject line.

 

01/23/2015

Chile creating a nationwide lab for ecosystem development

By Susan Amat

SusanamatAcross the globe, both city and national initiatives are regularly announced, each focused on developing their own entrepreneurial ecosystems to provide funding and support to their entrepreneurs. The “Startup (Insert City or Country name here)” programs tend to have many things in common, including shocking budgets, but often fail to address the long-term cultural shift that must occur for the newly enlightened entrepreneurs to want to stay in the region. The excitement surrounding the announcement is rarely followed up with the metrics and ROI of the project. Many of those programs are designed after visits to Startup Chile, which has been successful in creating a mindset shift among Chileans and developing thousands of entrepreneurial ambassadors all over the world who will recount their six-months in Chile, having fallen in love with her people and the country itself. The agency that oversees Chile’s economic development, growth, and promotes investment and competitiveness, Corporacion De Fomento De La Produccion (CORFO), could have easily sat back and continued to be the reference point for scores of policy leaders in creating their own programs, but leaders rarely rest.

The 2013 Presidential election resulted in a shifting of power. The new administration, under President Michelle Bachelet, reflected on the results of their much lauded programs and has been diligently crafting new initiatives to build their talent, expand entrepreneurship support beyond the main cities to create multiple poles, reduce rural migration, diversify the economy, and enable the establishment of equity-based funds with generous matching parameters. This marks another meaningful experiment in Chile and the early results are promising.

The key pivot is the creation of full support across the spectrum that may last throughout the lifetime of the business rather than a six-month stint. Chilean entrepreneurs, and those who will make substantial long-term investments in Chile, will also benefit from the tens of millions CORFO is deploying to ensure there is early stage capital for both tech and non-tech businesses. The investment, coupled with the support, may act to democratize the promise of economic freedom that entrepreneurship can offer.

Chile is ripe for this innovation. During our visit to Chile last week, we met with dozens of entrepreneurs, visited several incubators and co-working spaces, and did multiple trainings for mentors and entrepreneurs. The talent is evident and plentiful – great developers who are committed to starting and growing their businesses in Chile. CORFO has made equally healthy commitments to create an incubator network, though each location is still validating their impact and success metrics. The next phase has the potential to create thousands of high-wage jobs and position Chile as a leader in Latin America, and be the reason for other policy makers to send a second delegation to learn from them. The biggest challenges lie in ensuring entrepreneurs stay in the regions where they began and not feel the need to relocate to Santiago. Currently, although prestigious universities can be found in every region of the country, the hub of activity remains in Santiago. Creating high-quality programming and services so businesses can stay in Arica or Valdivia will go a long way toward inspiring the next generation to do the same. We visited Temuco to see Incubatec, one of the top Chilean incubators with success that exceeds most incubators in and out of LATAM. Their entrepreneurs are exporting beautifully packaged high-end water from the Andes to Asia, growing and exporting tulips all over the hemisphere, and even offering technical solutions to Fortune 100 clients. The leadership at Incubatec is passionate about helping the entrepreneurs scale and be Chilean success stories, and their energy is contagious. Bottling that would be a billion dollar business.

I am very excited to watch Chile’s progression and the next data points on these new initiatives. With the new vision, CORFO itself is offering the role modeling behavior that both entrepreneurs and policy makers should follow – at least on Twitter.

Dr. Susan Amat is the founder and CEO of Venture Hive, a company dedicated to economic development through entrepreneurship education. You can follow her on Twitter at @SusanAmat