 So welcome everyone I'm so excited for this day we've been lots of us have been working on it for a while now and I just want to start by just saying you know when I left the United States 11 years ago and I landed myself in Oaxaca Mexico southern Mexico incredibly beautiful place incredibly poor place and I had just finished mapping the ecosystem that we were calling then the social capital markets and Kevin and I then were with others had the idea because of the mapping project to start Socap and seven years later here we are and it's it's it's amazing but when I got there somebody had told me you should talk to a guy named Rodrigo Villar so I did why maybe after a year or so I met Rodrigo Villar and Rodrigo was sitting in an office by himself and he later told me he had about seventy thousand dollars a year as a budget and he was like let's do something together let's collaborate let's you know really open and warm and bracing well it took another five years before we started working together but I was able to watch from where he started from scratch and in eight or nine years do amazing things for instance he created probably the best and more mature accelerator in the space he created co-created the first green pages for green businesses in Mexico he created the first Socap like events in Mexico and then he created a fund of 20 million dollar fund with his partner Eric in just a bit you know eight years and then I want to talk to you about Maureen Cortina she's 27 28 years old and she was in the position of having to help run her father's business after he became ill so she got mature really quickly but she said to Tony Carr from Halloran one time she said our generation is going to change the world and Mexico is going to kick ass and I want to talk to you about Javier Torell Javier climbed the ladder at Colgate being eventually the number two person internationally he left is now on the international boards of Starbucks JCPenney Nielsen and he also started an impact fund called Spectrum with his daughter and his son and finally what I just want to tell you about two two amazing mothers Norma and Maria from Ochimba it's a place in Oaxaca that most Oaxacanians don't know where it is and with the help of their community and Barefoot College they sent they were sent to India for six months they hadn't been out of the region before and they were surrounded by other mothers and women that were learning to become solar panel engineers and now they're back in their village installing solar panels and lighting up their village for the first time and they say they're gonna do it by December I said why December because we want light for Christmas I just wanted to give you like some grounding as to some of the people that are out in front of this movement in Mexico but some of the the people that are invisible but are so strong behind and and part of the reason the reason we're here is to share the dynamic dynamism that's here but also why Mexico might be a really great place for a lots of people lots of investors lots of partnerships a lot of people to come and participate so with that we're gonna show a short video that kind of gives us a little bit more grounding okay we're gonna show a video Mexico is a big country with a huge social opportunity total population is 117 million people from which 53 million live in poverty a poor family earns less than 180 US dollars per month areas of social opportunity proliferate in many sectors Mexico is the 11th world economy in terms of GDP and the second in Latin America Mexico counts with 11 free trade agreements with 43 countries the foreign direct investment in Mexico from January to March 2014 raises to 5,820 point 8 million dollars 16.7 percent more than the same period of 2013 there's an increasing potential for growth of the Mexican economy due to some important and long overdue reforms in key strategic sectors notably in the energy sector many organizations are seeing impact investing as a natural ally to government and philanthropy to find solutions for a big social opportunity the entrepreneur fund managed by the National Institute of Entrepreneurs has a budget of 721 million dollars for 2014 20 percent more than 2013 today we are more than 150 organizations working collaboratively to move impact investment forward in Mexico Mexican impact investing ecosystem it's still in its early days we estimate that only 100 million US dollars have been invested in impact investing in Mexico so far in total we have about 70 social enterprises in impact investing portfolios most of them in early stage but we are seeing dramatic growth for the next few years impact investing is already 35% of the venture capital in Mexico for 2014 alone investors have allocated 50 million US dollars for impact investing 50% of total invested we estimate available capital for impact investing to be around 700 million years dollars for the next five years in only five years we have seen the number of accelerators and incubators multiply by 10 to the current 40 these will create a pipeline of more than 500 social entrepreneurs in 2014 education institutions are seeding entrepreneurship social entrepreneurship is in the curriculum in every major university prices and opportunities are flourishing and we expect to have more than 30,000 social entrepreneurs applying to open calls mapping the ecosystem with the GMAP tool let us to know that today we have 50 million dollars available for impact investing in Mexico regionalizing this effort is one of the top priorities of the sector also is here we're launching the National Impact Investing Association to articulate all the efforts from many different stakeholders in the country finally very glad to say that many investors are supporting strongly all kinds of efforts and initiatives to foster social entrepreneurship thank you foundations are taking an active and leading role in impact investing we have moved from pure philanthropy to venture philanthropy we are developing the social entrepreneurs pipeline by launching new programs and platforms to inspire and support we're bringing together all resources and access to join us we want to create a bond between the social entrepreneurs and the products and services that they offering and the demands that the industry are required and we want to create a bond between them and you in order to do this we want to to use the leverage of the private industry today New Ventures Mexico together with many other partners are doing a great movement called the Latin American impact investing forum fleet the main idea is to consolidate the system bring new actors and make impact investing much more important relevant in Mexico and Latin America I have been involved in the social entrepreneurs ecosystem in Mexico since 2009 and I have the chance to organize the first flee in Medida Yucatan and I can tell you that I have never seen this community growing faster and it's amazing how you can find the event to find the perfect partner a mentor or simply to share your failure or your success almost every night there's always activity in the ecosystem it's growing really fast and it's getting stronger co-working spaces in Mexico are an exciting addition to our ecosystem we're bringing together entrepreneurs innovators partners government academia in order to have that pipeline to have a better impact social environmentally and economically we're doing this to create innovative spaces and offering workshops and events and networking to really build that bridge between people and impact I think it's very important to empower the social entrepreneurs I think to provide a platform where they can come and collaborate and synergize our ideas and their projects is very valuable for example the prizes and the awards are being given around the country in Mexico are wonderful space for them to come together get to know each other be empowered and for their projects to be known by many more people I think it's critical to continuously incentivize organizations to reach beyond their own impact and work together as an ecosystem in order to provide and facilitate an environment that is good for entrepreneurial growth women and men to believe in the power of businesses to change Mexico or building the ecosystem that supports social entrepreneurs making it spicier okay I think you guys are probably getting a sense for what's happening in Mexico a couple housekeeping things before we start we're doing a poll there's a let he's gonna put some information on the on the screen about how you can participate in the poll no so you text what number let the sorry at mex so cap thought just follow at mex so cap Twitter and you can participate in the poll and participate in guiding the conversation also there's a fuck-up nights tonight at four right lucky five and a Mexican party at the firehouse theater which are the firehouse building which is the furthest building on that side at 730 so so I told everybody here I I want a real conversation today I don't I haven't told who I'm who's gonna go when and and I encourage you guys just to jump in because this is real and it's exciting and there's challenges as well and one of the things that that really helped us I think in the United States or at least you know the group involved with so cap and and the hub network here and others was a mapping exercise that we did and and and and Monta I has been one of the leaders taking responsibility for for this and making it happen along with Pedro and others promotora social but um so I think it's worthwhile to start with the mapping exercise and maybe you could share a couple of the things that stood out that maybe surprised you or or some areas that of weakness as well well um you can see that we have like four posters over over here you will find there like most of our findings there but maybe what I want to share is three ideas that come up from our mapping exercise so we did that one year and a half ago and it's it was a group of us impact investors accelerators in cuba's to Mexico that were wondering how big was the movement one and second what we needed to do to make it even bigger so basically we use g-map that's a social mapping network that happens basically all online that it was very powerful for us and and we were and we were like surprised by three things first one is how much collaboration people wanted to put on the plate um in very few days we got 17 organizations funding for the exercise and in in very short period of time we got eight eight hundred and organizations in g-map expressing themselves with interest in impact investing in Mexico that was the the first thing that it was really interesting the second thing was getting to the real numbers about who big we are and um so even Mexico is not a big country in terms of private equity yet so we are still we are like 15 times smaller than the states in private equity in general numbers we discovered that impact investing is already 35% of venture capital in Mexico so we discovered that over the last five years about 100 million dollars have been invested in impact investing in Mexico and we discovered that the 16 funds or investing organizations that are more active in Mexico now have available 50 million dollars to invest only this year 50 million dollars and we estimate that the capital committed for the next five years it's going to be around 800 1 million 1 billion dollars 800 million 1 billion dollars so that's something so if you compare to the amount that we were talking this morning in the panel it's something it's something for Mexico it's about so if in the wall I think the gene is talking about 10 billion now committed we are talking about 1 million 1 billion near only for Mexico so this told us about that it's an incredible interest about about helping and the social opportunity that that you saw in the video and to bridge the gap that we are having with the government and philanthropy not being able alone to come with a problem and then there was a third thing that it's not so good news but it really helped us to move together to fill that gap so we have we discovered that we had the big gap that it was we were not having enough bridges to tell social entrepreneurs or young people that this is a possibility and whereas we are about 150 companies trying to help entrepreneurs we only invested in 70 so 150 companies 70 entrepreneurs of something is not working right so for the last one year and a half there has been lots of initiative in part thanks of the mapping exercise to bridge that gap so we have seen many new accelerators coming the five six of them so we increased the capacity to incubate and accelerate social entrepreneurs by at least five full we have much more ways force for for for colleges and universities to have in their programs something about social entrepreneurship you will see the numbers in the in the charts if you are interested but that's that's the third learning that we had that we need to work collaboratively to make to bridge to bridge that gap that is more building that infrastructure okay yeah just to just to add to that we did a startup weekend I I didn't do it it just appeared on the rent landscape I was asked to be a judge and 130 people 130 young university aged kids showed up and when we sat down to judge there were about 16 17 different projects and 80% were social you know startup weekend isn't nobody said hey let's let's do a social startup weekend it's just I think kind of in ingrained in in Mexico in the way people think hey Rafa so Amity has been in this space one of the early participants in this whole landscape internationally and I'm wondering why Mexico why why why did El Mideart decide to start playing a role in Mexico sure thank you I mean I wouldn't talk about the need because I think we've seen some of the figures there I think it's important like there's a real need in in Mexico there's a lot of people under the national poverty line maybe not under the one or two dollar a day that is like the the flagship that a lot of the development organization look for but there's a real need there and I think there's a scarce philanthropic funds in in the country at least in you know organizations that are a bit more innovative and and that are not just building a while or a school or something like that so I think for us we saw a very clear need by the time we entered levels of entrepreneurial activity were very high but there was not that many early stage risk capital target in these sectors I think that was very very important but I think most important like the opportunity I think there's certain things that countries like Mexico have that you know our presence in South Saharan Africa in India you don't find that everyone talks about willingness to pay and willingness to pay is important but capacity to pay is more important and and I think in all Latin America but particularly Mexico what we see is these aspiring middle class these vulnerable class that it's maybe middle income in terms of like their their income levels but is nowhere near being middle class they lack a safety network they lack access to products and services that as I was saying they want to purchase so I think there's a very big opportunity in a lot of the sectors that we serve people want better financial services people want better education for their kids moving from just you know emergency health care to preventive health care so I think there's a very at the macro level there's a very big opportunity and there's other certain things that make it like very attractive for investor like us it's it's a large market is fairly close to the US and it still gets a lot of the innovation coming from Central and South America so I think Fred made like a lot of natural sense and I think to your point Monse it's amazing I moved to Mexico City five years ago and by the time I joined like it was New Ventures Mexico and some other pioneers right there and now there's really a lot of a lot of people pushing this movement forward maybe maybe too many but so I think it's a really really exciting place to test not just the BOP the base of the pyramid models but models that are for this aspiring middle class for this middle of the pyramid that is is really hungry for proper products and services and a lot of the corporations have been traditionally focusing that top 15 20% with that with a credit card so I think that plus the existing infrastructure that I think like government has a very big footprint in Mexico and you can leverage that or companies like FEMSA that can like really like help you with your distribution because they have presence in every single billets in the country I think that's something that you don't see necessarily in in other emerging markets I think maybe I want to ask Javier because to make to sort of ground the discussion in you know a challenge a particular challenge in this case diabetes which is the number one killer in Mexico of all categories and and the innovation that that's arising there have you just I think just like a little you know background on what you're doing how how you're approaching the problem and why great well thanks everyone and feels great to be around so many incredible people here so pretty happy to be here so Clinicas de la Sucre or sugar clinics is a low-cost one-stop shops for diabetes care and as you mentioned mark diabetes is a catastrophe in Mexico is the number one cost of that number one cost of amputations blindness kidney failure and even suicides more than 30% of the people that try to commit suicide is because of the lack of of diabetes care so why and and why our approach is so different so usually as we know Mexico you have two Mexicos one it's the rich part of Mexico that usually have access to private care expensive endocrinologist and even saturated with with this market and then you have the 85% or 90% of the rest of the population that relies on government health centers so either you have money to pay private care or just very limited care and and what I realized was the first thing is endocrinologist will never work hard to find a solution for low-income people because they are really like looking into how can I make my practice much better how can I tackle these segment problems and also usually endocrinologists lead the discussions on diabetes care and my surprise was and talking and having the discussion with a few of them I mean their their their perspective of the market is these two or five percent of the population so they make the decisions the public policies based on these only few people and then you have the government with all the challenges and in how to provide care for millions millions of people so our solution was and I like it to say this is kind of like I know it's ironic but our idea was we need to make the McDonald's of diabetes it's very affordable communion high-tech automated centers for diabetes care if you today and we have FEMSA here if you want to buy a coke I mean it takes like two three minutes you go to an oxal get a coke and that's it and it's in every corner but if you want to get diabetes care it's so complicated I mean just to make an appointment to two three weeks later you get one is so expensive is confusing so we are trying and making a solutions very convenient so people can just walk in walk out very easily and have a convenient and very affordable diabetes care and so our approach was very different in terms of technology process improvement automated processes and a different payment scheme understanding how low income people could pay for for that so we create an annual fixed fee that where everything is included for for that so Javier has an amazing board of experienced business people and I've heard in our conversations Rafa that you are one of the things that you're suggesting is that there are still some missing actors including experienced business people and maybe more connections to the supply chain but can you comment about what you think I mean I think like in terms of the ecosystem as we were saying it has moved a lot and I think it has been a lot of focus on getting the word out there but I think the word is out there I mean if 35% of the venture capital funds self-defined as impact investing funds if we have 40 accelerators I think we just need to start having a bit more gray hair I don't I don't think we need more competitions I don't think we need more kind of like accelerators run by people like me that have never run a business before or or more marketing or more events so I think that's the the only thing I think as as ecosystem players when I look at like government and foundations are we actually disrupting the market are we kind of creating a lot of incentives for people to start in a small social business or run another competition or do another event and I think it's it's kind of like as actors and like we should start thinking about how can we start making more connections with people like FENSA or with people like you know Pemex has a gas station everywhere that can be a distribution channel how can we help entrepreneurs really leverage all the potential that they're seeing in Mexico and I think build truly scalable models versus you know one of the stories that we love to tell in you know the hip bar in Condesa when we are all together but that really are relying on you know a small donations from one foundation or like a small grant from government or things like that so I think you know there's so many be to be business to business opportunities and we have in our audience people are working with with corporations to you know improve hiring in Mexico it is a huge bottleneck or or really I think I would like to see more focus as ecosystem and as investors in driving people toward that collaboration with government collaboration with big corporations leveraging that versus doing the next kind of copycat B2C cool model that someone has heard from the US or or like another really small initiative that is really never gonna replicate but I mean I think we're moving towards that direction well that's of course I'm gonna talk to Francisco because I think Francisco's and FEMSA moving in that direction pretty quickly but Francisco maybe you can just tell me a little bit about you know how you how the sustainability piece of FEMSA came together and what you're doing and and maybe a little bit about the the supply chain play that I think you're making hey well Mark thank you for the interest in Mexico and Oaxaca especially we need much more marks in Mexico to get things moving well before just I just don't want to just make some some initial information of FEMSA important of the culture of the company started in 1890 with a bunch of young entrepreneurs with a social vision and they have been pioneers in social investment before it was a lot to have medical services or housing the the the company started with this and then the CEO back in the 40s started Tecom Monterey but a vision to you know to have educated communities that also going to help your company go forward so when the company decided in 2011 to start the sustainability area well they gave us an opportunity to be a intrapreneurs in this in this new venture for the company investing more focused on different items one of the first I think was a really good marriage we had was with a choca and was in 2011 we started through the program avancemos a program that's youth with value so it's really focused on youth between 14 and 24 we have been investing a lot on that it's a program that already has about 320 projects in three states in Mexico but that was kind of a the first feeling for us to to start tasting how to help the entrepreneur ecosystem in Mexico the impact of investing analysis or mapping was really helpful because there was a lot of actors working in Mexico not that but not that many working to to promote the new ideas and then there was a lack of a bridge with the offer that the entrepreneurs have with a market so that's our connection with the with the supply change and so without in mind we had some idea that okay it makes sense to work on the continue working with youth with value with the choca and start building new alliances with an alliance with the impact hub in monterey with the pool and Mexico and started helping the and different and more advanced stages of the of the entrepreneurs project to help them go forward so that's what's been a really good understanding we're piloting the concept in Mexico and fortunately things are moving for us and femmesis like this next hopefully big big and social investment we're doing and we would like to take this to other countries we made we made a commitment with you know with clinting global initiative to support 520 projects and next four years it's an investment about four point five million dollars and we're still learning i think it has been a really interesting journey the team here jose and a lot of young enthusiastic energetic team has been building the alliances to help also help helped entrepreneurs femmesis is not just only giving the finance to help the entrepreneurs the network that have femmesis has of over 50 000 suppliers the executives talent are also helping the entrepreneurs with their knowledge in the day to day we have volunteers and mentors that we're using to you know to connect with our network and also the talent of retired executives to to also help the entrepreneurs also something that's important is the the leverage that femmesis has to help connect the the new entrepreneur with the the with the market and at the end that's some of the the examples how we've been evolving the past three four years and what you the question you asked me about our supply chain we have done other sorts of alliances or supported events such as a clean tech challenge where we have some examples of the winners there are now suppliers of femmesis with teca montarei idb wal-mart van orte we started another program working with 3 000 suppliers in mexico to help them have green i don't know training and and and the ways to get investing investments of finance for the projects and well there's a lot the pool with the pool we have connected some of the the projects work also with the impact hub in montarei some of the projects that would were jute with the jute but value are now in the hub and connecting with some of our business units so we're really trying to connect and build the bridge between the entrepreneurs and the and the market so i uh went to uh last weekend i was part of unreasonable mexico so unreasonable institute has a amazing accelerator and boulder and they've decided to do two experiments one in yuganda and one in mexico and uh i was in a dorm room with seven other people like but that that's the style like you you go and it's like you're in a frat house and like helping mentor the 11 entrepreneurs that were there and pepe told me this really funny thing because i think it's really interesting particularly with big companies he said like at first pepe's from famsa he he said at first we were like like the elephant was right here and we we pushed and pushed and we could feel something moving but we didn't know if it was just the skin of the elephant that was moving but eventually they're starting to see the the elephant move themselves and and i think that the model of bringing um an accelerator of social entrepreneurs a marriage of the grassroots up inside a big company that gets connected to a supply chain is brilliant and if if femskic can do that and and act as a role model for others mexico's gonna have and and i am seeing i think uh the corporate community kind of grabbing this faster than maybe even in the united states so plorté i we just talked very recently uh yesterday not even talked but emailed some ideas back and forth and your background is really interesting um at a very young age you seem to have found a way to uh do some good things for your country but the thing that stuck out obviously to me was the work of mexico in silicon valleys and you've been immersed in in the the ecosystem here and i'm wondering if you could sort of talk about your work a little bit but also maybe draw some parallels to what you see in silicon valley as an ecosystem and and what's emerging in mexico of course um well first of all thank you everybody for coming here i'm the mexican consul in silicon valley i'm the the person who designed and implemented mexico's strategy uh for entrepreneurship here in in the valley um well there's a lot of things to to talk about um first of all um there the the mexican government um started talking uh with the u.s about how can both countries come up with a binational strategy to promote entrepreneurship because both of the economies are so deeply intertwined that whatever happens to one economy has a ripple effect to the other so uh here in california um the high tech industry and silicon valley has been a very powerful economic dry force and mexico recognized that and identified it so president obama traveled in 2013 to visit president peña nieto and they have a very interesting discussion about how they could both promote entrepreneurship as a north american economic dry force and they come came up with something that is called us maxico entrepreneurship innovation council and this council is composed of both members from the u.s and mexico and they came up with a series of strategies uh at the national level from both countries to start implementing to create an entrepreneurship ecosystem that would benefit the region so as part of this initiative um there were discussions of increased lending from the banks of increasing opportunities for entrepreneurs and the mexican government decided to start focusing on human capital development and in order to do that the ultimate goal was to direct mexico into the high tech industry and create um um a knowledge economy so um our consulate it's uh has been running a pilot program um among the the 50 for 51 consular missions in the u.s and in order to to create these human capital development programs and what we are doing is we are um creating um a network of entrepreneurs we're bringing mexican entrepreneurs into the silicon valley ecosystem and the goal is to have a hundred thousand of them by the year 2018 so it's a very ambitious goal it's our ambassador in washington dc he's making an extraordinary effort and we've we've been touching base with the private sector the universities and and the public sector in order to create um to make this possible so we started by uh scholarships and when we bring here entrepreneurs we we get them immersed into several uh top level programs just about uh a month ago we have uh 30 entrepreneurs who had a chance of talking uh with a professor of larry page and sir gay brain at stanford and they had a chance of going to nasa's aims research center and now they're working in uh 3d printers for dental prosthetics in in places that can create a social impact for millions of people so the government strategy is there and of course we're pouring investment we're we're opening the bank system through its associations and it's it's still going to take time it's it's very difficult to see results through the political reforms in a very short phase but mexico is in an excellent position right now so is that right we have 10 minutes left five okay we're gonna have to continue this conversation uh tonight at the party you're gonna have to all come so we can all get involved mescaline tequila do we have a mic a microphone for the audience because i i don't want to leave without having the opportunity does anyone have a question do we need a microphone um yeah here we go hi my name is shan paul with reinvent your capital i just want to commend you on a great panel um as this panel in part is seeking to attract over international investment to mexico could you respond to sort of an obvious perception of issue of a legal legal framework violence safety security why are you thriving and why should international investors feel assured given the political context okay um well mexico of course it's a a very big country and it has a lot of problems and we've been working on on precisely most security over the past years no fortunately enough security has been improving dramatically throughout the country there are specific areas in which there's still caution to be taken but in terms of legal requirements it's so easy to to work in mexico just just to put you in in the right context for teslas giga factory that was being considered here in in or is being considered here in california it's it's more complicated than to uh put that giga factory in texas or for apple campus it took about a year and a half just to go through all the legal paperwork in mexico it's so basically only two legal requirements it's basically the equivalent of the irs and having a business license so obviously at the corporate level uh having environmental policies is not as as painfully as it is currently in in california so it's very uh legal frame friendly uh especially now with the all of the political reforms that are being implemented currently the energy sector just for example uh it's being open now it's something that we've never seen in so many years so it's a fantastic opportunity to create a competition and and pour into so many challenges that the energy sector faces francesco i think you learned obviously obviously besides the good job that the past government and the current government is doing security wise and reforms etc uh i just point we point out the mexican entrepreneurs are incredible the level of innovation they have and if you take in what we've been working in states uh such as michoacan and veracruz nevolion also you know it's been a complicated uh past three four years uh if you just take in mind the normal path of a of a entrepreneur to survive it's you know complicated uh the resilience that the mexican entrepreneurs have additionally surviving the different context we just talked about makes them to have a better premium in the market so if i would be an investor uh i would put a premium on the mexican entrepreneurs yes but the additional variables they have to survive and again the mexican government is doing a great job on that but you will have really good entrepreneurs in the moment they they go to market maybe a way to to phrase that is um so and i want to to remind something that rafa said um spectrum is an investor we are an impact investor in mexico besides we did we did the gym upon all this stuff but our our true nature is being investors and if there is one thing that we want to see more is more experienced people than us because we are innovating we we are so um happy that halloween is by our side and others so we will do anything to have people like you to have to come and come invest with with us and maybe a good way to start is is just having a a local partner to help you guide like the legal environment the security environment and to for you to be more reassured that that mexico is a safe place to invest so just very very quickly there is a new legal or corporate structures about seven years ago they created the SAPI structures where shareholders can have board and rides and so it's now it's it's very secure for investors international and national and two we have been operating in very low-income areas of monorail and so far i mean we haven't had any issue with with terms of violence for example and and just i want to mention how also talent is becoming very very important in in mexico two examples the former CEO of Cerveceria a huge brewery from femsa he's an angel investor of us and the time he's devoting to us and even i got a conversation with him a couple months ago and he's like how can i make my kids and my sons like kind of like start these kind of businesses and to me was shocking because maybe he was like he's a role model for his sons and he's saying no no no i want my sons to go into impact investing much better than a corporate career and and the other is uh well we just brought in Miguel Garza who's here boost and company consultant MBA from Wharton and he decided to quit his job and and come to join clinical sugar and say how we scale so that's something also really amazing that you're seeing in mexico having these people coming from corporate big jobs now saying how can i go to startups and that's also a big shift and and important to investors because we know that you have the experience the not only the innovator but also people with experience in management to scale these companies so we're gonna have to and i just want to uh say a couple of things one is that it's clear to me almost every mexican's an entrepreneur this and and has had a late like 10 startups before they've been 20 years old probably but that which is really important that's not even under the name of entrepreneurship is maybe in some cases it's just survival but um the other thing is like in Oaxaca for being after being there for 11 years and like it was really if you ask most mexicans i think like what's the strongest part of mexico they'll say family and uh and i and i in Oaxaca i was always trying to figure out how would that bond that's within the family structure how could you take that outside of the family structure and what i've come to realize is that all of the organizations and the ecosystem of mexico that's arising right now is that family and it's an amazing thing to watch so anyway thank you everybody for being here and thank you guys