 OK. Welcome all to this debate about entrepreneurship for prosperity organized by the German channel Deutsche Fälle, the World Economic Forum, this time in the Latin American Edition, from Medellin, Colombia. It is a worldwide acknowledged city for its innovation, but also because of its entrepreneurship spirit. Today, with this debate, we would like to answer to one question with the help of these four panel members. And the question is, how entrepreneurship could be turned into the milestone for prosperity? With regards, well, to recession or economic slowing. And for that, I introduce our panel members. We start with Susan Zegel. She is the chairman and general director of America's Society Council of the Americas. She comes from New York. Welcome, Susan. Thank you. Also, we have with us Alfredo Rivera. He is the chairman of the Business Unit Latino Center in the Coca-Cola Company right now in Costa Rica, as I understand it. Yes. We also have with us Sofia Contreras. She is a young entrepreneur from Argentina. She is the founder of Chica's in technology, old girls in technology. And she also works with the leadership of entrepreneurship, capital, and the Ministry of Production in Argentina. And finally, we have with us also Antonio Hermirio, Demorize from Brazil. Antonio, you are co-founder of Box Capital, a small company of entrepreneurship in Brazil. OK, we start now with the questions. And we start with Susan Zegel. Susan, I'd like to know, you are the person who knows Latin America and you have worked with Latin America for more than 30 years. How have you seen the evolution of entrepreneurship in the region? Well, I think we have to divide entrepreneurship into two categories. The first one, entrepreneurship, it is the small companies, the small enterprises, that are not of self or high impact. Because there are several countries in Latin America that is a lot of entrepreneurship. Well, really, Latin America is one of the regions of the whole world, one of the highest ones in terms of entrepreneurship. 17% of adult population are entrepreneurs in Latin America. And then after you have to divide it into the part that has to do with entrepreneurship of high impact. And here, I think in Latin America, really, it started in Argentina more or less in 1996 or 97. Well, and then it had a very important evolution. Today, for example, in Latin America, there are six entrepreneurs that are worth more than $1 billion. Those are free markets from Argentina, B2WB in Brazil, TO TVs as in Brazil as well. All those are the so-called unicorns, yes. And then Despegar in Argentina, Globot in Argentina, and OLEX in Argentina. And that has created a network of an ecosystem of entrepreneurs who really are role models for Argentina, for Brazil, and for the rest of Latin America. So it is a very important evolution because the young people, the same thing as being entrepreneurship, says it provides hope to young people in the United States. This ecosystem here in Latin America is providing opportunities for many, many young people who would like to be entrepreneurs. How do you see it, Alfredo? Do you think you've always seen the evolution that we heard just about from Susan? Yes, I think that the opportunities are indeed there. We, at Coca-Cola Company, we consider ourselves as a very local company. Through Latin America, we have 2,100 employees, and we take care of 4 million customers. And that makes us too local in the communities. And to be successful, we understand that our communities have to make progress. And we are able to contribute to that well-being in those communities. And we do it via what we call the Golden Triangle, working with organizations, non-governmental NGOs and with the local government. And obviously, we make alliances with them in order to promote not only training, but also to provide the opportunities to create employment. In the case of Costa Rica, for example, we use, we have a project to generate employment via recovery of materials, recycling, generating employment for the people who need it most. Have you also seen an evolution in entrepreneurship in Latin America? Yes, but I think the success of this has to be through an alliance between private companies, the communities, amongst all of them and the civilian society and the government. So I think we have enough evidence already about the impact of working this way. Not only in Costa Rica and Brazil, we have very successful programs. So we do believe that the path to follow forward is how to bring more companies and more communities to look for these opportunities amongst the most needed communities. So Fuya, you are very young, but for a long, long time, you have started as an entrepreneur. Tell us how this path has been. Well, when I left the university, I started to work at a foundation that had to do with the technological entrepreneurship sector. And you give the people the tools to start from 0 to 100. And then I started to work in an accelerator of technology basis as an operations director in Buenos Aires. This accelerating company has something very peculiar. They do not take a model copy from another country or learn from other countries. They provide a whole context of Argentina, entrepreneurs from Argentina. And that is something that we also do in our cities and our countries. We are not only focused in just a great amount of projects, but our company invested only in three projects per year and doing a lot of focus and follow up because I identified that the problem was not the lack of capital for these entrepreneurship to be successful, but the lack of knowledge. And as Susan said, these champions who are very important for conveying this knowledge, this accelerator company created a high-impact technological entrepreneur and is responsible right now at Cordoba City and Big City in Argentina to convey this, to create and articulate the technology entrepreneurship in the city. About impact investments, Vox Capital is a company of impact investments. How does it work, Antonio? Well, I think it is important to highlight the entrepreneurship of impact, as Susan was saying, especially the impact investments, those are the concept of investing and aiming at or looking for financial return and also deep social impact, especially. And thinking in terms of Latin America, thinking that we have 200 million people who live up to, well, with only four dollars per day. That's the money that they have to take an ice cream and that's it, here in Medellin, for example. So we have to think on innovation to apply it to solve the big problems. So the impact investors, it is a novel concept actually, has about four or four years old and it is turning into a mainstream actually. It is very important as to think and how to bring technologies to solve the big problems of education, health, and even in financial inclusion as well. So Vox Capital is a fund that I think I created it seven years ago and we have analyzed more than 1,500 companies for investments in 20 of them. And in those three main areas, health, financial inclusion and education, yes. But building or constituting a company in Latin America is not an easy task. I remember a report submitted by the Bank, Latin American Bank of Development in Latin America to build or to constitute a company you need twice as much time as what you need in any other country of the OCD. So how to make it possible that the sectors, especially public sector, more than an obstacle to be more like an associated partner in constituting the company. Susan, what is your opinion? Well, I think entrepreneurs have to overcome everything. So good entrepreneurs have also overcome the problems of the government and the rules to open a company. And I think one of the reasons why the entrepreneurs are so good in Latin America is because they have had a lot to overcome. But having said this, I think it would be much better if the governments, because all governments want to entrepreneurship because that provides employment, hopes and opportunities for many people. So I think it is a great opportunity. And I also think today, for example, Argentina under the President Macri's government and also under the different governors and the head of state of Buenos Aires, all of them are trying to simplify the opportunity to have more entrepreneurship. And I see it eventually in Brazil. I think it will also happen in Brazil. And you see, for example, in Mexico, the reforms made by the Mexican government, for example, in telecommunications had hugely decreased the cost for a new entrepreneur to, for him to make, to open an enterprise or a company because the cost of connecting internet and telecommunication has also decreased. And so that has created many more opportunities for the people, the entrepreneurs. Yes, Susan, but likewise, they continue having problems, for example, in terms of innovation, training, and also to acquire the capital. What do you think we could do about it, Alfredo? Well, I think, and Antonio was saying, one of the point is education. And I think we, and we have an example in Brazil with what we do is to provide training to young people in order for them not to have an employment, but to help them to build their own business, for them to develop business as simple as, for example, the use of recyclable materials to turn them into articles that are useful and that they can sell. But at the end, it is a matter of how we all can contribute and help educate on a big mass of young people. And we open the door for opportunities through education. I think that is a very important aspect on what's again this golden triangle has to work and where we have to promote more these type of alliances. Sofia, for you that started so soon with entrepreneurship at the level of financing, how difficult was it to acquire capital to achieve it? Well, mainly in Argentina does not have this problems, industry and capital and based on what Susan was recommended was saying, we are working right now within the regulation framework that helps creation of entrepreneurship and in easier and more accessible investments in Argentina. But right now, but you who started when the government had not been there because it's only six months there, how difficult was it? Well, those are things that continue happening right now because right now in order to build a company and enterprise in Argentina, it's not like it is in Chile or in Colombia, they already have articulated the society for simplified actions. You go one day in the next day, you can be billing and sending bills to the state. But in Argentina, the process takes from three to six months. So what happens when entrepreneurship of technological basis that need to have that legal vehicle to make investments? Yes, continue. And based on getting investments for entrepreneurship, what we've done in Argentina, now not having this economic and political stability where investments from abroad do not come, what was done on one hand was to create incentives for them to invest in, those that invest in traditional industry. So investors that used to invest in tiles or other industries, they were sort of like brainwashed to, or not different to see the potential of investing in these entrepreneurs and the champions. They were the champions. In Córdoba, this ecosystem of investors is made up by Argentinians actually. Antonio, in Brazil, how many obstacles do you, as a young person that wants to invest here, has to overcome? Well, there is big progress in the entrepreneurs' ecosystem with some initiatives from the government that are interesting. Most, well, I think the government has trapped, I would say, the entrepreneurs, but an innovative program, for example, the one of the Ministry of Development, well, they have trained 20,000 entrepreneurs with education, entrepreneurship, education concepts to support 600 of these entrepreneurs with mentorships and connections with the funds of venture capital, with incubators, and also the investors. So it is a government initiative that I think is very interesting. And the ecosystem in the venture capital in Brazil has been developed a lot in the past 10 years. With the presence of the International, Inter-American Bank of Development and the FOMI, and they have invested in more than 20 different funds in Brazil. So, well, the World Bank has said several opportunities that they found like a relationship between entrepreneurship and the success of entrepreneurship as well as the family wealth. So several of the entrepreneurs that are successful is because they come from wealthy families that had the means to help them to overcome obstacles and for them to make their own businesses. So do you believe that it continues to be like that or has this somehow been changed in the past years? Susan, what's your opinion? Well, one of the most successful entrepreneurs in Argentina came, Wences Casares. He was the first successful entrepreneur from Argentina. He had a company named Carregan. He came from a very poor family actually from the southern part of Argentina. So now he is a serial entrepreneur. He's made four or five companies. They sold one after the other and he started now, well, another eight firms. So I think there are many, many entrepreneurs in Latin America who come from families that have the opportunity to support them but there are several of them who do not come from these wealthy families. And if they are good, I think now the ecosystem is starting to support them. I think the problem is different. I think there is another problem. The problem is, what do you think is the problem? I think the problem is there is a lot of money at the beginning, a lot of money at the beginning by entrepreneurship of high impact, for example, to the cycle of angel, the first A round or post angel A round B round. There's now very little money after that and very little few opportunities because of lack of liquidity, volatility of the economy in Latin America and lack of liquidity in the capital markets. So I see different the problem from a different point of view. I think the problem is the outlet, the way to go out and the opportunity there instead of having the opportunity at the beginning. Do you see it the same way, Antonio, for RSEES? It is clear, I completely agree with Susan. We started in Vox Capital and the investment funds to be much more CBC because of the total lack of capital. We have the venture capitals, we have the angels and then afterwards we have private equity. Those funds that are huge and more mature that are actually in the face of getting AB Capital but there is a, how could we name it? There is one thing, in Brazil we have, it's like the valley of death. We have 3 million realas, up to 50 million realas. It is very difficult to get capital and it is the crucial moment for an entrepreneur to escalate up in the business. It's quite different from Silicon Valley, for example, or Israel. And in this case, Alfred, oh, go ahead. Well, these are actually initiatives, very good initiatives of small scale when we speak about how we impact in the young people the youth that has less resources. I think there are opportunities and have been quite interested in their global shapers. We've been supporting these programs since 2012 because the programs developed there are not only in many cases, they have impact in the communities but also they have a high technology and knowledge components, young people that have a commitment to development, not only their own personal development but the development of the communities where they live in and these type of initiatives, global shapers are the ones who are helping us to understand, to better understand, we as a company, for example, how we can help and how we can contribute and they are of a very high impact in those communities where they are present, where these people are present, these young people. How do you see it, Sofia? I go inside with what Susan says also but I also think that we still have a long way to go in terms of we're not having an ecosystem of developed capital investment in a country and not having the banking industry oriented towards helping to these entrepreneurs. Well, the entrepreneurs have to continue going and asking friends and families to start because and sometimes not even that because they come from families with low resources. So we have to continue encouraging and creating incentives for entrepreneurs and how we can make them do the university schools and gardens in order for them to put, to introduce this culture of entrepreneurs from the very beginning. Susan, in this case, what could the public sector do? Well, I think the public sector can, there are programs that the public sector could carry out in order to create incentives for capital incomes, especially in the companies that you are mentioning now about companies that are more dedicated to the community. I think the problem of high impact is a problem that has to be solved in terms of, well, for the big investments the private sector has to solve that problem, not the public sector. The government may facilitate the process but a much larger role is played in the projects that affect the community and that those are entrepreneurship of social innovation and so on. And it has a much more important role than what they're playing now. When in Argentina now from the Secretariat of Small and Medium Enterprises, I say entrepreneurs because before we didn't have this office. Now it has been created with the present government seeing the importance of it for our country, working in four very important areas. On one hand, the regulation framework for the creation of companies that have more easy access to it and the capital human is to develop and to educate more entrepreneurs in Argentina, in the different provinces making analysis of the different cities and how they can bring the national programs at the level of the provinces. The other side is infrastructure and then the other one is investment capital. Developing the co-investment instruments were on one hand, they put co-investment for the creation, well, technological basis and scientific basis because as Mr. Makret said before, scientific research is not just a research but we have to take them to the cities and the society to generate a monetary impact and then primary creation and also something good for the society and other co-investment tools for the creation of funds also. Alfredo, if you allow me one comment about the role of the government also, there is interesting data from a report of the Global Gender Council for Latin America here from the forum that Susan and myself are members of it and in the past 20 years, the rate of incomes in the public sector has increased since, oh, about from 25% up to 30%, the mean for the countries and the social expenses as divided by the total amount of public expenses went up from 50% up to 66%. So the conclusion is that the capabilities of collecting more taxes says that it is no longer possible to fund public expenses with higher incomes of higher taxes. So this is a call for the private sector about social programs. So that's why impact entrepreneurship as well. Alfredo, do you agree with this what Susan says and what Antonio says about the commitment that the private sector should have? Yes, I think they're good opportunities and as Antonio has been doing is turning these opportunities into business opportunities is not just philanthropy. It is developing opportunity pathways to improve development. And from the point of view of entrepreneurship, this is precisely what we're all looking for. There is something else that I think the government can do in the United States. And one of the reasons why there are so many entrepreneurs within the normal market because there is a great deal of entrepreneurship outside in the gray market in Latin America. But in the United States, one opens or starts a business or one closes a business in one day. And if anything happens, if anything fails, if I have a company and doesn't go well, I can actually close it without any cost to myself. And I will not have problems with all of courts or as long as I don't do anything illegal, it's not illegal to fail. So you can just go ahead and close your business without a problem. In Latin America, it's exactly the opposite. It is very difficult to close a business here. Because there is a huge expenditure that will have to be incurred by the owner. There are legal consequences as well. And this is a society where it's hard to fail, to not be successful. And there are legal consequences to this. So one thing that the governments can do is to actually change the system. So that there will be opportunities for the entrepreneurs so that they can open and close businesses. And if things don't go well the first time, they can try a second time or a third time. And I think the government has a very important role to play in that area. Can you teach somebody to become an entrepreneur? Are you born an entrepreneur? Are you born with a talent to be a businessman? Or can you learn along the way to be an entrepreneur? I think there is a great deal of evidence that yes, you can develop capabilities in people so that they can be better entrepreneurs. Obviously in technology related business, you need a certain amount of knowledge. That is obvious. But if one can generate the capabilities and these capabilities can be generated, then they can start a business. And the knowledge they have will of course help them to move to the next financial level. They will have better opportunities for themselves and for their families. And there will be other opportunities in the area of health and education, et cetera. So yes, you need talent, but you also need commitment and strong hope from people so that they will be able to move to a different level through training. What do you think about this? Are you born an entrepreneur? Can you learn to be an entrepreneur? I think you can teach somebody to be an entrepreneur. But to take risk, you have to be a risk taker by birth. Yes, I agree. But in particular, I think we can teach people to be businessmen if we use the right incentive. We actually teach people to develop applications with social objectives because especially girls are very interested in developing businesses with social objectives. They want to see a positive change in the world because with technology, you can generate an action which will impact many people. So 13-year-old girls, for instance, are totally excited about the fact that they can create that impact, that they can actually create this good impact on the world through their knowledge and through technology. I would also like for us to talk about the gap in the business area for women. I think there is a gap here for women in Latin America, but I also want to talk with you, Antonio, for you to tell me, do you think that an entrepreneur is born or can an entrepreneur become an entrepreneur along the way? I think that you can be taught. I went to Verson College, College in the United States, and it focuses on making people into entrepreneurs. How many teachers, professors are there, teaching people how to become entrepreneurs. This is a science. But of course, you do need a personal profile. I agree with Susan, more than 1,500 entrepreneurs that I've interviewed or that I have endorsed through our fund. Many of them don't have a risk profile. They think that the investor should be the one to resolve their financial problems, but the idea here is to be able to use an opportunity even if you don't have the resources for that. So these people have to be able to take some risk and to be able to deal with adversity. I understand that female technology, as the name expresses, is actually addressing only females because there is a very big gap in terms of gender with regards to technology and entrepreneurs because from the time we're born, we're pigeonholed and we're told you're a man, you're a woman, this is the way you have to dress, this is the way you have to talk, this is the way you have to feel. And girls do not see themselves being engineers or being developers or being lawyers or whatever because there is this very strong stereotype that holds them back, holds a female's back. So what we're doing is we're breaking stereotypes precisely at that moment when females are deciding what they want to be, what they want to train in. I understand that your program also has a program which helps entrepreneurial women as we have one called 5x20x2020, we want to have 5 million business women around the world. I work in Haiti. We have a development program with women and it is not technology, it's not about technology, it's agricultural, it's about planting mangoes and we realized that women were much more careful in growing mangoes and to picking mangoes and working with mangoes than men. So together with a different NGO, we are working on mango growing and exporting to the US with added value. So the female farmers can make more money and therefore they can provide education to their families and we also know that women are much more careful with money so they manage it better and they're able to grow their savings and they're able to take care of them and use them in an intelligent way. So no doubt that this type of program will help communities to become stronger. Women are vital for the well-being of our community and we can see this clearly in Haiti out in a program of 25,000 farmers and more than half of them are farmers and it is interesting to see how this program has made great headway and this is a business model which is already implemented and very successfully implemented. Susan, I know that you greatly defend the gap reduction in this case. What can you tell us about this? I think there is a huge gap as I was saying around the world, especially in terms of technology and venture capital. In venture capital there are very few women, not only in Latin America but throughout the world. And in Latin America this is even more so and also in my country. There is a huge gap between the amount of women that are having success in business or who are at a senior level in businesses or who are at high level positions within government. For instance, we can see this in the United States and other countries. So I think that we not only need to make headway in technology but we also need to make headway, not only in the business area but we need to make headway everywhere. We need to decrease this gap. We need to open up spaces for women so that they can participate more actively in the labor force and be successful in anything they do. But what is the problem? Is the problem cultural? Yes, partly cultural indeed. And for me, I don't think it's only a cultural problem. Yes, it's cultural. Yes. This is interesting because let me give you an example. There is a bias test that you can download from the internet and what the bias test tells you is the bias you have. And I've worked with some women on this and I think through that bias test you realize that there is a bias and even though you insist that there isn't, there is one. And in order to be able to change that, you first need to realize that the bias exists and then you need to tackle it because this is definitely a cultural problem and it will not change unless we accept. There is a bias that it's there and therefore we need to make certain adjustments when we are going to make decisions based on the fact that this bias does exist. And I wasn't so sure there was only cultural. There is a pizza test that measures the performance of boys and girls in mathematics and mostly it's boys who do better, but in Argentina it's girls who do better on the pizza test. So it's really not cultural or it is. I really don't know. So how can we put an end to that bias? What can we do to resolve it? Where can we get help from so that we can handle it or at least so that we can reduce it? First of all, we need to recognize that the bias is there and then we need to acquire commitment in order to promote change. And the problem is not only equality but it's also a business. If your consumers have women, then of course your company should reflect what your consumer is. More than 70% of the expenditure in consumer programs are made by women. So if there is an organization that does not reflect that reality, then there's going to be a lot against you in order to be successful because you will not be incorporating that opportunity which is there. And I think this is very important and this is an incentive that needs to change and change quickly if a company wants to be successful. We sometimes do not see the mistakes that can be contrary to women. I went to an Apple store and the first one, the first step does not have, well, it has a step that has like a mirror so that women get on the mirror and if they're wearing skirts, it's very uncomfortable. And we also have to take into consideration the economic side of things. This has a great deal to do in countries like Japan where Abby is trying for women to stay within the labor for otherwise there won't be enough people to work. So all this is a reality. Antonio, what did you want to say? I do not know what the answer is but we do need an excellent initiative and it might come from microcredit as such as Grameen Banga, one of the founders, Mohamed Junio who was a Nobel Prize winner, has more than 7 million of micro entrepreneurs and 90% of them are women. And to give you an example in Latin America, we have Compartamos o La Cher which was an initial investment done by the World Bank and the financial return rate was more than 100% per year during seven years until they did the IPO in 2007. But today it has 2 million micro entrepreneurs and more than 90% of them are women. So the economic opportunity of including women is very interesting and we must give them access to these opportunities. Now we're going to open up a space for questions and answers. Please give us your name, tell us who you're addressing your question to if you can be as brief as possible. We would appreciate it so the more people have the opportunity to participate. We have a question right here. I want to talk about females or gender. I am Elona from Garate Institute in Brazil. This issue with women goes beyond cultural problems. When we think about businesses, sometimes these businesses are not prepared to receive women who have children and need more flexible schedules. So in the business world, we need to create different rules. We need to be able to raise our kids up and we also need a space to be successful. But I think women are penalized nowadays. It's not easy. You do pay a price for being a woman in your career. What do you think about this? From the business perspective, what do you think about this price that women have to pay throughout their career because of being women? I think that we always need to open up new spaces where women can be mothers and also have their businesses or their work. I do know women that, well, if they have their own business, they can take their kids to the company and there would be a lot of flexibility in that way. You would need to create that flexibility because these are very personal decisions. But I agree, you need to create spaces in order to be able to raise your children and work. This is, you need to strike a balance. And for this, you need the support of the father as well, the husband, because in a world where the mother and the mother work, this changes the balance in the household. They both need to be more responsible or participate more actively in child raising. There are many societies where when couples marry, the woman has to stay home. They're just gonna go and work. And this is the cultural part that I'm talking about. I'm going to answer from the point of view of the impact on the investor. There is a rating with five main criteria. One of the criteria is governance, social impact, environmental impact of the product. The focus on the business model and the fifth one is the relationship with the labor force, the labor task. And one of the components is gender inclusion. This is just to tell you that since we are impact investors, we represent 370 impact funds in the world. Well, I have to tell you that many of these funds are using this rating system, which means that you're assessing the situation and you're looking to incentivate these forms of impact. In our fund, 50% of the success rate of the fund is related to this impact rating, which includes the fact that we need to change financial incentives. Another question. My name is Adriana Sarmiento and my question is it has to do with financial inclusion of micro enterprises from what I've heard from you and the knowledge that I have. I see that there's a great gap between a micro company and a small or medium company. We see that different countries have credit systems and we see that different countries have different loan systems that allow for development. But when we go to micro companies, we see that they're restricted to micro credit, which is a sort of philanthropy in my concept. I think this is the first step, but we have to get over that first step quickly. Micro businesses must not be about philanthropy. It must be an economic system that would include them as prosperous economic businesses that will contribute to the progress of countries. What can we do in this regard? We will create a cultural, a financial change. So from the top down, we have to show the world that there has to be a credit system in order to measure the risk of micro companies as such that they can be included within a financial system and they should be rated in that financial system like any other company. I think I understand her point. I will give you an example with my company within the value chain. We want to determine how far these companies can go and how can they become suppliers of another company. And with that, with a contract, once they get it, they can have access to credits. And I think within the value chain, there would be opportunities to be able to give opportunities to this kind of micro company or small company. But I think what the company needs is to be sure that they will have a source of income and if they have a source of income, then they can have access to credit. Yes, of course, I agree with that. I think we have to find a way to look for financing. And in order to do that, the bank needs to be sure that there's going to be income to pay the loan. Something else which I think is very important is that we need more institutions in Latin America to work on microcredit. They need to develop the banking system. They need to develop it much more here in Latin America because there are countries that have almost nothing, including Argentina. Their banking system needs to be developed much more. And I think other countries need to develop that system as well. And this is where the startups come up which are linked to microcredits and they are being sort of overseen by the microcredit system. Two more questions over there. Good afternoon. My name is Camila Ruiz from Global Shaper in Medellin and I have a company that promotes entrepreneurship and social investment. Two questions. The first one goes to Susan and the second one goes to Antonio. The first one is, personally, I am a little tired from hearing about innovation ecosystems. This is mostly about a lot of institutions that do not work in an integrated manner. But there is one system which is working and if there is one, I would like to know what it is. And before talking about entrepreneurship for prosperity, we should talk about businesses with a purpose because some people only think about business in order to get money or to create jobs but there is no real why. Why are we creating a business? I think this is something which needs to move beyond just income and jobs. I think in Argentina we have a good example because we have many successful entrepreneurs like Marcos Galparino or the people from Global and they are investing and some of the founders already have started other funds and there is an entrepreneurial ecosystems helping another eight entrepreneurs and endeavor is also very well developed in Argentina. So I think that the system is definitely working there and the last point I want to make is that endeavor has carried out a study which has done a mapping of the ecosystems in certain countries and this is very interesting because there you can see the multiple effect of the ecosystem and how to create one, the fact of having one successful entrepreneur will multiply the number of entrepreneurs that will come out of that. I like that question very much because I think the businesses of the 21st century will be businesses with a specific purpose in mind the millennials are totally involved with this purpose. It's not only about just the business and the money and the jobs but about the purpose of the business. We need to learn how to resolve big and small problems. Talent, talent has a specific purpose. We have to, we need to learn to attract talent, to retain talent, to spot talent. For instance, Carlos Slim, his investment thesis is wherever the biggest problems lie, there also you'll find the biggest opportunities. This is a great opportunity for change. 66% of millennials, according to Deloitte, think that the main purpose of a business is to have some kind of positive impact and 44% think that the purpose of a business is to add value for the shareholder. So there is a cultural change that is taking place in this new generation. We have one more question over there. Could you please stand up so that the camera can focus on you? My name is Bertha Bayer, a global shaper from Manawa Hoppa. And talking about ecosystems, I would like to ask you what are your recommendations and what your experience has been in order to be able to take these successful ecosystems, as is the case in Argentina, which Susan was mentioning. How can we take these successful ecosystems to other countries that have not been so successful when we're talking about entrepreneurship and companies such as mine, which is developing a common economy and the resources are scarce, et cetera, et cetera. For me, in particular, the commitment by institutions is absolutely fundamental within the ecosystem, the government, the investors, the entrepreneurs, the venture capitalists. They have to have a real commitment to generate a system in which they will be meeting regularly and rather than stepping on each other's toes, they will be looking to potentiate their possibilities by working together. So these entrepreneurs should adopt this commitment and they should be the leaders in the generation of this new system. We have another question. Could you please stand up and tell us what your question is and Carmen Giusella Vergara from the Economic Integration Secretariat in Central America. Central America has a regional policy for the equality of gender. And within this policy, we have developed a regional program to promote the economic autonomy of women, but we still have many cultural gaps, more than legal gaps, so that women can have access to financing through non-written practices, but they take place every day in credit institutions to resolve that problem. We have created a financial product according to gender. This will be launched in about one month in the President's Summit and the Inter-American Development Bank has faith in the program and has finance a program, but it's important for women to also have somebody to work with them. It's not only about having access to loans, but to also have technical and practical aid so that they can become part of the national and international value chain. So my question is the following. In your knowledge, are there any support programs that we could look into so that we could use them in the developing this initiative and the development of this initiative? Alfredo? If I understood correctly, I'm presuming this is what you said. How are we dealing with this? How are you communicating this to women? The financial product will be a second tier bank and the second one will be used as well, but what can we do so that these women will have like a support for their program, whatever it will be a service. It's not enough to just have the idea, but how do I turn this into a reality? We don't have incubators. We have no other types of mechanisms. What type of programs can you propose so that we could use them in order to complement the financial resource? I think this is something which is very important, which you have mentioned, and I think we need to incorporate and have clear objectives so that we can include women or female companies within the production value chain because this would be the only way in which we could give support to these companies. And I think that the companies themselves need to think about their own social commitments in ways to support their communities so that they can include more female companies within the chain. I'm sorry, but she's not using the microphone. We have another question over here. I would like to talk about reality and failure. I think the history of business entrepreneurs, when they fail, they should not be stigmatized. They go to the market and they show scars. What happens in Latin America? We're still stigmatizing people who fail. This is what I was saying before. This is a very serious problem and it exists. People think that if they fail and if they're not successful, then it's all over. It's life is over. And then you have to just work for somebody. But this doesn't happen in the United States. I think this is changing. The stigma is tending to disappear. I think the laws and the governments need to change the legal environment so that there will be no liability that will perpetuate the myth of a failure or the situation of a failure, because it's really not a myth. It's actually a circumstance. We have two more questions here. My name is Pablo Jensen and I come from Costa Rica. My company is called Young People in Action. I worked in Endeavour for some time. And we used to see these role models with a purpose. And the purpose is not only about financial success. And these successful people should be able to become new mentors, which is something that is already happening in Argentina. I wonder as to concrete questions. I've seen efforts to support females, give them technology, but how do we improve the situation of those people that work with them as well? Are there significant others, their parents or children? Sometimes we're talking about different possibilities such as a venture capital, but still there are many systematic biases even in the most sophisticated innovative businesses. So my concrete question right now is what can we do to support this and to redefine the masculinity factor of those people that are working with these women and who are empowering those women in order to get more education and technology. For me, this has to do with a better education, with a better gender perspective, better family education. I think many companies at this moment are also providing different programs within their organization so that people that work there will take this into consideration. They will think more deeply about how are they educating their children, of what kind of language are they using at home and how they're working within their companies, what kind of things they can do to improve their situation for the female gender. Well, I'm Luz Mery Guerrero. I come from the presidency of Serbian Trade and Delivery Company, a leader in the Indian region in logistics. We are in Colombia, Ecuador, Venezuela, Peru, Costa Rica, Ecuador, and we have worked a lot in entrepreneurial development and we are very much encouraged by the World Economic Forum in Panama. And we have been managing formal employment. We are one of the fastest growing organizations in formal employment, but also franchises for services. We have 12,000 solution centers in the Indian region and it is a matter of incorporating franchise models for services and also maybe we do share with us how our franchises being valued or assessed in Latin America and how much progress has the forum made in order to make it more flexible the labor subjects for new entrepreneurs. Well, the truth is that the franchise as a model, we have many customers that are franchises, it's successful. There are of course investment requirements behind that and if the first step is to obtain resources and they are not available, how to make that opportunity possible for the people to open that opportunity. So I think depending upon at what point in time or what is the objective of the people who want to get the franchise, what support could you provide if it is financial or not, it is a model that can help. I had, well, regarding franchises, I stayed thinking the process that you follow in Argentina is something, does it travel? Does it go around? May it travel around and help others in the processes like as to build an initiative of technology, for example, or any other type. Those are the steps that have to be followed in order to, do these models are there? Can you replicate them? Well, it depends upon what company. Some companies demand certain technologies or the software development, but each one changes depending upon the field in which they are because, well, it could be expanded and could be more inclusive. Yes, the technology basis companies are replicable because that is the attractive thing of this software. And one of the most successful companies in Latin America is not only in one country. Those are from, they're at regional level, not just country level. So they are, you can replicate them because throughout the countries in that sense. The question is what is the cost of replicating it if that opens opportunities for other people? Well, we just have time for just one more question. Please be brief. Your name and the brief question because it's only one more minute that we have left to conclude this debate. I am Andres Escobar. I'm global shaper from El Salvador. And the brief question is, we've talked about funding, we've talked about creation of companies, but I would like to know, talking about social impact, what are the best practices that maybe Antonio and Sudar Fasin for measuring the impact? How do we know that these companies are working? Well, very briefly, this is the rating system that I've mentioned before. The name of the system is GEARS, G-E-A-R-S, which is Global Impacting, Basic Rating System. It was developed by Bilab Company with the support of the Rockefeller Foundation with Deloitte and others, basically. It is like an audit activity throughout the whole year with all the companies of the portfolio of an impact investment fund. I mentioned the five perspectives that I've, well, I mentioned before, the benchmarking today for impact assessment in investment funds, impact investment funds. Well, with this, we conclude this debate about entrepreneurship for prosperity. Thank you all for coming, for being here in this debate of the Deutsche Welle, where we can conclude that indeed, there is an entrepreneurship potential in Latin America, but we still have a long way to go. We need money, we need innovation, and also we need more support to women. Thank you all for coming and enjoy this journey at the World Economic Forum in Medellin. Thank you.