Talks for entrepreneurs of Global Week
SANTO DOMINGO. - The Global Entrepreneurship Week, held internationally from November 13 to 19, motivated a large part of the agenda of the Global Week: INTECultural and Entrepreneurship of the Instituto Tecnológico de Santo Domingo (INTEC), developed by the Entrepreneurship and Innovation Department (DEI) and the Institutional Mobility Unit in which they promoted cultural diversity, entrepreneurial spirit and the strengthening of intellectual vitality through recreational activities, talks and programs.
Those interested in creating their own business had the opportunity to delve into the first steps to develop their company, as well as some tips to stay in the market and transcend at the business level, from the hands of experts on the subject.
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At the meetingEntrepreneurship from Psychology”, together with the psychologist Alejandra Matos, a pleasant conversation took place with students of the Psychology major in which they delved into the necessary aspects to embark on their professional careers and manage clients. The INTEC graduate and winner of the Fulbright scholarship highlighted among the common fears in Psychology: not earning enough money, not knowing everything before starting, age, and fear of social networks.
“In this career you have to lose the fear of exposure,” said Matos when referring to the importance of projecting the professional work that psychologists do through social networks.
Likewise, Lorenzo Martinez developed the talk “Entrepreneurial opportunities in emerging industries”, in which he spoke about Blockchain technology and how technology professionals can undertake it, highlighting its revolutionary nature that has attracted significant attention in recent years. He explained that it is a decentralized and distributed accounting system designed to facilitate secure and transparent transactions. Unlike conventional centralized systems, blockchain operates on a network of computers, known as nodes, that collaborate to verify and record each transaction.
Furthermore, it introduced the concept of Decentralized Autonomous Organization (DAO) as an organizational entity that operates automatically and decentralized through smart contracts on a blockchain, highlighting its prevalence on the Ethereum blockchain.
“These opportunities show the potential of blockchain technology to transform various industries. However, it is crucial to understand the challenges and regulations associated with each sector before embarking on them. Additionally, continued education on the latest trends and developments in blockchain is critical to success in this space,” he concluded in his presentation.
Early stage ventures
For those whose ventures are in the initial stage, there was a wide catalog of conversations on valuable topics to strengthen their business ideas, as well as to propel them to another level. The challenges of early-stage entrepreneurship was the topic that the doctor addressed Samar Aad from the Lebanese American University, who explained how important these are in the growth of the economy, transformation, creation of a new market, innovation and the construction of wealth of a society.
Among the tips to overcome the challenges of entrepreneurship, Aad expressed the importance of identifying common obstacles that young entrepreneurs face, developing a growth mindset, building a network of support and guidance, and seeking mentorship from experienced professionals. Learning from failures by adapting new strategies, developing communication and negotiation skills, embracing innovation by taking calculated risks and effective time management are also part of the ideal tools to face difficulties when starting a business.
He offered business growth and scalability tips for companies that are positioning themselves in their niche. rose vargas, president of the Intecianos Entrepreneurs Network expert in Operational Excellence and Innovation. The speaker highlighted that Business Growth focuses on increasing gross revenue at any cost, often following a linear approach where the addition of new resources leads to increased revenue. In contrast, Scalability is achieved when revenue increases significantly without a proportional expansion of resources.
In this sense, he stressed that, in an intermediate phase between a startup and a large corporation, the company faces the challenge of discerning between linear growth, which implies the addition of resources, and true scalability, which is characterized by processes that They can be carried out on a large scale with substantially constant effort.
Are you ready to be an entrepreneur? with this question Tatiana Máhrová, from the Pan-European University of Slovakia, offered some advice for those who feel ready to take on the challenge. He highlighted the importance of tenacity, creativity and determination as essential attributes. Likewise, he highlighted the need to have a long-term vision and develop a comprehensive strategy for the business. The decision on where to start the venture and a thorough analysis of the market before opening were identified as critical steps.
Additionally, financial complexity was addressed as a significant task requiring financial literacy and the active search for investors. The speaker also emphasized the importance of the legal system and creativity in advertising and marketing as essential elements for business success. Together, these aspects make up the comprehensive framework that contributes to the development of a successful entrepreneur.
Mario Garcia, head of Innovation and Entrepreneurship at the La Salle University of Mexico, explained the differences between a startup and a small business in a virtual meeting. The speaker explained that a startup is a new company that is in the early stages of brand management, sales and hiring employees, generally with less than three years in the market. In contrast, a small business, according to the Mexican Ministry of Economy, is defined as a company dedicated to commercial exchange, with a workforce of between 11 and 30 workers.
Small businesses focus on offering existing products and services with proven demand in the local market, with an incremental innovation approach. On the other hand, a startup introduces new products, services and business models to the market, addressing unique problems or addressing unrecognized needs in the market. This type of company is characterized by its ability to experiment with significant innovations.
Global opportunities for entrepreneurship were the theme of Heidi Sanchez, director of Entrepreneurship and Innovation at INTEC; Chantal Valdez, Lead advisor Babson Student Global Challenge and Maria Alba, Hultprize On Campus coordinator. The day of talks ended on Friday with the panel discussion “Entrepreneurship and resilience: overcoming obstacles to success”, of which were present Natalie Adams, CEO and founder of Happy Clean; Nelson Pena, co-founder of Amero Exchange y Michael Mota, CEO and founder of Alterstate.
Santiago Infante, CEO and Co-Founder of Botcity, presented the topic “business travel” with the company he represents, which offers the ease of designing chatbots that help increase sales and automate customer service for the business of the user who acquires its services. The speaker shared an enlightening vision of the business path that he has followed since 2014 with an initial phase, called "The Lonely Road", where the first five years represent a period of zigzagging and constant learning. He addressed the crucial stage of raising venture capital, highlighting the importance of choosing the right investors and avoiding common mistakes.
It also explored the complexity of taking a company public, highlighting the challenges and distractions inherent in the process. He delved into the concept of making a significant “pivot,” which involves burning bridges from the past to move in a new direction. Finally, the speaker discussed the essential scaling phase of the idea, highlighting the need to efficiently manage the growth of the company
Likewise, they complemented knowledge about entrepreneurship in the digital age along with Jaime Lama, expert in Financial Management, Products and Innovation who addressed the development of digital products and Fintech. The speaker highlighted the importance of using technology as a strategic tool at the service of business. He emphasized that today there is a tendency to focus on technology and incorporate as many buzzwords as possible into the value proposition. He stressed that technology should be seen as a tool that adds value to the institution, particularly by increasing "Net Profit", which is the most crucial line item on any financial statement. Additionally, he explored the critical role of the Product Manager in today's business landscape. Lama highlighted that this role, which has experienced notable success in first world countries, evolved in some cases from functions such as business analyst or product owner.
To relive the moments they starred in during the Global Week: INTECultural and Entrepreneurship, you can visit the social networks and the website of the Institutional Mobility Unit https://movilidad.intec.edu.do/sies (Instagram: @Intecmoves); or the website and social networks of the Directorate of Entrepreneurship and Innovation https://emprende.intec.edu.do/ (Instagram: @Ceiintec) email