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[MUSIC] [APPLAUSE] >> Hi. >> Hi.
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>> Thank you so much for joining us for the first view from the top of the year.
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Marcos, Herman, Solio, we are excited that you can help kick it off for us during your 20th year reunion, no less.
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Actually, I believe the class of 1999 is in the building.
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Can you guys make some noise so we know you're here?
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>> [APPLAUSE] >> Okay, So I thought we could start by taking a brisk walk down memory lane.
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I prepared a little flashback Friday photo of you guys.
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Can we queue that photo, please?
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>> [LAUGH] >> [LAUGH] >> This is an early Mercado Libre team shot, circa 1999.
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What I love about this one is as you guys can see startup founder co fashion hasn't really evolved since then.
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>> [LAUGH] >> So A for consistency.
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Okay, we are going to jump right in because we have three times as much wisdom to extract today.
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I want to start by talking through your academic and career journeys.
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You each have very unique paths that led you to Mercado Libre and beyond.
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Marcus, we'll start with you.
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You have a background in finance and economics with a degree from the Wharton School.
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But you also almost played professional rugby.
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So tell us what was going on there, you pass up the opportunity to play for the national team.
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Is it because you knew you were destined for entrepreneurship?
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>> [LAUGH] No, I think it's probably because I knew I wasn't going to be that good of a rugby player.
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[LAUGH] >> [LAUGH] Okay, Hernan, you did brand managements at Procter & Gamble, financial analysis at the UN, cofinder MercadoLibre then started a VC firm.
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What did you want to be when you grew up and what was the moment that you figured out, okay, this is what I am supposed to be doing?
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>> I think, I always wanted to be an entrepreneur.
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There was something that I Imagined it happening later in my life.
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And I think that being here at Stanford, that particular moment in time also having met Marcos and everything, accelerated that really 20 years, and ended up happening right after graduation.
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>> Can you tell us the story? How did you all meet?
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>> So- >> And I met before Stanford actually.
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And we became friends here at school.
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We're a group of Latin Americans always discussing about the things that we should be doing about the Internet, this Internet thing that was starting.
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And obviously no one was ever doing anything at some point in time.
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We said, why don't we just go and do it?
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>> We're also arguing about soccer and who was the best.
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We got that going on as well, I should say.
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As a token Brazilian here.
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>> We no longer discuss that, unfortunately.
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>> Stileo, you have the highest number of Stanford degree in this stage.
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Can you tell us about the inspiration from moving from the technical world to the world of business management and entrepreneurship?
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>> Yeah, so I was really thinking about finance before coming to Stanford, joining Stanford and after Stanford.
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The way I got to MercadoLibre was through casual meeting with Marcos at Lehman brothers of all places.
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Three months after graduating from Stanford, he was visiting, he was fundraising already. >> Wow.
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>> And we met and I was convinced by his passion, the passion that he had to build this company.
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I called him, and three weeks later, I and my wife who's here, moved from New York to Sao Paulo to start the business there in Sao Paulo.
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>> So today, we're going to dig deep into themes of entrepreneurship and adversity.
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But first, I want to start by taking us back to where it all began.
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So it's the spring of 1999.
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Ricky Martin is an international sensation.
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The Euro was just invented.
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It's overall a really good year.
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Especially, because the idea for MercadoLibre was just born. Now it's a huge success.
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It was worth almost 28 billion as of the last time I checked this morning.
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But can you take us back to day zero and how did you get from day zero to day one?
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What were some of the baby steps that you took to execute while you were still students on campus leading up to graduation?
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>> Well, first I spent a lot of time in the library and that's where Stilio became suspicious, because he wasn't used to see me at the library, right?
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The second time he saw me at the library, he said, I think you're planning something. >> Onto something.
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[LAUGH] >> That's a true story, by the way.
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So, yeah, I mean, obviously, took the opportunity to drive John Muse to the airport, as Dean.
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Living was just saying and was able to get some soft commitments to start in the business. Then I convinced Hernan.
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Hernan was going to be the CEO of another startup and I told him, why don't you just do the marketing plan for me? I knew he would have.
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Once I got him in, he would never leave, so I had to convince him some way or another.
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And, yeah, so I tried to assemble the team and do as much research and tried to get as much commitments to funding as possible.
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>> Okay, and it couldn't have been easy starting a company as students.
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I want to dive a little bit deeper into some of the team dynamics of starting a company with your classmates.
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I know many of us are in this situation right now, or at least considering it.
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And we're having very, very tough conversations.
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So can you please tell us, how did you decide who was going to be CEO?
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What was that equity split conversation like?
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What were those dynamics?
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>> [LAUGH] I warned them ahead of time about tough questions, so.
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>> In our case, it was the first part, which I think is the most important part is you need to get along very well.
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Hernan, myself, Marquino Santos was here, was there and was also working with us.
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We always hanged out together and we spent a lot of time together.
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So I knew that it was going to work well.
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So I think you need to start a company, obviously with somebody who compliments you, but also someone who you get along well with.
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And then the equity split, etc.
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They're all different kind of solutions.
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In our case, I started it and then I was going to be CEO at different company.
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I convinced him to do the marketing plans and then we agreed on an equity package.
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Let's say you shouldn't do what our competitors from Harvard did.
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They were 10 guys and they split 10% each, so each one had 10% of the company and it didn't work out very well for them.
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>> Tell us more about those Harvard competitors.
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[LAUGH] >> [INAUDIBLE] >> I know you love this story, Hernan.
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>> It was interesting because if there's one thing that it was very innovative, the idea because at the time we launched.
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There were like 80 other companies throughout Latin America more or less following the same business model.
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The difference in the case of MercadoLibre was long term visual and assembling a great team, the kind of commitment that that team had, etc.
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But not the idea per say.
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And in particular, there was this other Dean from Harvard that started right at the same time.
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It's a funny story because we organized our launching ceremony in Buenos Aires and just out of coincidence, those guys had Reserved the same place the following day or the day before.
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I don't remember how it was, and they were sure that we did that on purpose, but it was just a coincidence, and we started competing.
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They ended up raising initially more capital than we did, so they had some advantage.
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But their focus was more on marketing, on trying really to hit some initial milestones and go public very soon.
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While ours was more around trying to build a technology, trying to bring build organic engine for growth and ended up paying out well.
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In particular, when at the time we started my career was when everything was really colorful, then everything went into gray after the bubble burst.
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And that when you started to see their big big difference between the two teams.
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And a few years later we ended up buying that company a refraction of the capital they had raised in the market.
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>> So, Stanford, Harvard. >> There you go.
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>> [LAUGH] >> I want to get your thoughts on the team dynamics because, as MBAs, we often hear that we're too type A and you shouldn't start a company with multiple MBA co-founders because it will be too intense.
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What was it like for you joining the team and building a company with your friends?
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>> Yeah, I think it was a great experience.
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And for me, the fact that I was in Brazil and I had a clear mandate, which was to build the business there gave me some leeway.
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Obviously, we interacted a lot.
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So there's balance there between having the chance to really hire my team, build my team, but also work together with my friends.
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>> So I want to stay on our GSB experience a little bit because it's so relevant to many of us here.
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Stileo, what specifically in those two years really shaped you as a business leader? What did you experience? What did you learn?
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>> Yeah, so I, typically, when I speak to students say don't follow my example. >> Okay. >> Which is good.
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I mean at least, it's something that people should learn which is I was very much focused on finance.
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I came to Stanford already with a background in finance but not with the knowledge with a theory.
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And so I took all finance classes, some really PhD level classes and the like, and ended up working my summer in finance and then after school as well. And don't do that.
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>> [LAUGH] >> Really, please, don't.
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This is the chance for you to experiment for you to go outside.
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What is your comfort zone to try different classes, really learn skills that you don't have.
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But I think the most important thing is building relationships, and that I did, and that's why we're here, I guess, telling this story. >> That's great.
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Stileo just mentioned building relationships, and I know Dean told the story of how professor Jack McDonald really helps in the beginning.
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When you think about the people who had your back while you were here, who were those champions and how did you develop and cultivate those relationships over time?
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>> Well, obviously for me, that class from Jack McDonald was very important.
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I had used my silver bullet for his class, and in those days, you had to use your silver bullet.
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I spend most of my time here going to class.
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I really enjoyed going to class but I didn't spend that much time studying for exams and things like that. >> At the library.
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>> [LAUGH] >> Or at the library.
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So I really enjoyed because Jack McDonald would bring amazing guests to his lessons.
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That's why I use his silver bullet.
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I would always sit in the front row.
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Once I got into the class and it was early, I always got in early to get into the front row, and there was a guy just sitting at the table.
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And it was just him and me for like two, three minutes, and he said I'm Joe Doe, I just dressed up like Warren Buffet today.
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And I had no idea who he was, so I didn't understand the joke either, and the guy was Warren Buffet.
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And I was looking for funding for my company, so then eventually, our classmates started to walk in.
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I realized everybody recognized the guy, the class started, it was a great class.
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And then after the class, I told Jack McDonnell, Jack, I want to do a startup.
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I'm looking for someone to fund this company.
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And I spent three minutes with Warren Buffett alone in the class and wasn't even able to pitch him. Next time.
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>> [LAUGH] >> Next time someone like this comes through, let me know.
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I will [LAUGH] I will attend your classes anyhow.
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I am always there in the front row.
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And he said, don't worry, he would have invested anyhow.
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He doesn't invest in Latin America but these guys, they have lots of investments in Latin America.
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I would tell this guy about you during lunch, and I would set you up to drive him to the airport after class.
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So that relationship with Jack McDonald really worked out very well for me. >> That's amazing.
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Hernan, what were your most salient GSB memories of support and rejection?
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Those are two incredibly common and useful experiences for self-growth but I don't think the latter is often discussed, so please share with us.
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>> Being generally to an amazing amazing experience for me, was very eye-opening in all senses.
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In terms of meeting these many people with such great ambitions, really amazing.
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And also for us, it was, again, at a very particular moment in time where we basically presented us to the technology opportunity.
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That was happening here and it made us realized that nobody knew anything about the Internet.
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So we're all starting in a level playing field, and that gave young professionals with really lots of energy and willingness to change the world, to start doing things.
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>> In any other industry would have been much more difficult and I think that's why when they said I want to be an entrepreneur in about 10 years 20 years from now is because I thought you needed first to build something, that is not what I wanted.
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But what I always regret from my days here is that it was only a 24-hour day.
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>> [LAUGH] >> There were many things to do.
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All the opportunities to be present with speakers, in classes with amazing professors, discussing things with classmates, and you could not do all of them.
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It's a challenge, so they all opportunities are amazing.
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It's about what you don't do and how you make the best decisions best on that. And it's difficult.
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I think it's something that them as managers, as business leaders, we keep on facing what not to do.
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I think that is what a regr, in general, has been an amazing experience and incredible journey and to be here sharing this with some of our other classmates and current students is also incredible.
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I was thinking earlier kind of a joke but I remembered I was in this very similar event with Steve Jobs.
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I know it's just the three to five here so [LAUGH].
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You go devalued is the Argentinian Peso [LAUGH].
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[LAUGH] Well, when you talk about that time what you were here at GSP, it seems like it was such the momentous occasion and the time to really jump into entrepreneurship.
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At least, that's what it seems.
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But, Marcos, you have this great quote that says, they got tired of telling me that my idea was not going to work. >> Yes.
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>> How did you find the tenacity to take that leap of faith despite overwhelming voices at the time telling you not to move back to Latin America after the GSB? >> Yeah.
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>> And what advice do you have for us?
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I'm looking at the NBA teams right now who are going to make similar decisions, many of which require us to go against the green.
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>> Well, everybody, everyone here at the GSB, all of the Latin students are new and everybody said this is never going to work in Latin America.
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Never in Latin America someone is going to buy a product they haven't seen or touched to someone they don't know.
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Because this was happening in Germany, in Japan and in the US.
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This type of business model and said this is for this type of cultures, so these won't work in our culture.
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And I was convinced it was going to work.
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Partly because having been a Latin American who studied in the US, I realize how Latin Americans behave when they're in Latin America but then how they behave when they're here in a system that works well.
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So I just knew that we needed to create a system that works well with clear rules and regulations.
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And I was convinced, that didn't discourage me at all.
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Actually, I was a little bit naive because I thought, this is great.
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Everybody thinks it's not going to work.
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There won't be that much competition, which as [INAUDIBLE] said before, it was a mistake.
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There was a lot of competition.
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But I would say as an advice, I would certainly try to take risks.
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If you have a view of something that is a contrarian view but it makes sense to you, just pursue it.
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But then you need to be very resilient and long term focused.
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I mean there's a lot of bumps down the road and you need to be very resilient because the bumps can be very tough.
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You need to have a great team and that's what the relationships of the GSB for me.
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And for us, we're amazing.
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We still have many GSBers working for us for over 20 years.
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So, you need a great team because you cannot do it alone and it's also more fun if you have a great team.
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But try to be contrarian with a view that you really believe in and just take risks and hold on to it.
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>> And you could say that the contrarians held that view because they were thinking about the economic landscape of the market at the time on what they perceived were challenges.
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Today, when we look at Silicon Valley and other parts of the world, it's saturated with every type of start up under the sun.
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But when you guys started in Latin America, that was not the case.
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There wasn't really a big culture of tech entrepreneurship.
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VC dollars were not flowing the way they are flowing today.
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So how did you convince investors to give you money back then?
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How did you make decisions without not too much data? >> Yeah, it was hard.
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I mean, we started with VCs, and actually investment banks invested in us.
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Which was a big problem later on because after the bubble burst, some of them got cold feet and they wanted to shut down the company.
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So we had to fight with our [COUGH] shareholders not to shut down the company.
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We had to go to a shareholder vote, and we were pretty close to losing that vote because given that we had raised a lot of money and unlike our competitors, we hadn't spent that money.
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Some of our shareholders said, let's shut down this company and take the money out, and it's going to be the only investment in which at least we will not have lost the money.
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[LAUGH] So, yeah, when you get investors that are not used to risk, it's not the best thing, but it's the only thing we could get.
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Fortunately, now we have funds like Hernan's that are funding lots of entrepreneurs.
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And really, entrepreneurship has taken off, and there are VCs, there are many organizations that help entrepreneurs.
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So it's a very different landscape today than what it was 20 years ago.
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>> Well if we fast forward, you just celebrated 20 years of Mercado Libre's success.
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And during that time, you navigated and thrived through multiple crises, both here in the States and in Latin America.
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Even IPOing during one of those crises.
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And you were the first Latin American company to be listed on the NASDAQ. That's incredible.
20:37
Stileo, what have been the values that you have held dear in the past two decades that have enabled you to brace the ups and downs of this time?
20:45
>> Yeah, so I mentioned when I met Marcos that one time at Lehman Brothers when I was convinced that I wanted to join, there was passion in his eyes.
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When I spoke to Hernan later, I also saw that same passion, and I think there is a sense of purpose in what we do.
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We saw that technology was changing people's lives and it was going to change people's lives.
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I think what Marcos was saying, this sort of contrarian view was that there was going to be impact.
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Maybe the people that said no were the people that were just seeing things the way they were back then.
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And we were seeing things sort of beyond that.
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And I think that sense of purpose, that technology can change people's lives when we think of what we do as an e-commerce marketplace.
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The number of entrepreneurs actually that have built businesses on top of our platform.
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We're now also going into fintech and I think there's tremendous opportunity with financial services, democratizing financial services.
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So those I think are values that have kept us together and having that long term vision as well.
22:02
>> Hernan, you were at Mercado Libre and then you left to Found Cosmic ventures.
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When you look back at the last 20 years from your GSB time to now, what has been the single most difficult part of that journey?
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>> Difficult part I think, going back to a couple of instances in our career days.
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One was when we tried to close our second round of financing, which we ended up closing.
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But we closed that one in May 2000, and the bubble burst in March 2000.
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So I remember at the time we had like probably 10 term sheets or 10 investors really interested in investing in the company.
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And as days went by, one investor will drop out and another one another one another one, and we ended up with one final investor.
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I remember organized a call with us to discuss the marketing plan of which was a very tiny operation in America.
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We have the time management, well, why do they want to do this?
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And we went into the meeting, kind of hesitating what to say and basically, those investors, they were also dropping out.
23:16
So we're left with nothing.
23:19
Somehow, I don't know, each one of those say, games I do play 20 times.
23:25
And probably, you end up losing most of the them.
23:27
But we would turn it around, I think again, in persistence and also some help from the investors that were inside the company at the time.
23:36
We ended up closing that round, but that was a very tough time for us.
23:42
I remember we used to get in a room together and say what the heck, what can we do?
23:48
And then we would walk out the room and say, hey, guys, everything's fine.
23:51
>> [LAUGH] >> That's terrible because also our competitors were doing a lot of marketing and they were Everybody, even our friends, our competitors were called the remata.
24:02
And even my friends would say, so how's the remata doing?
24:04
And we were like, no, ours is MercadoLibre.
24:07
>> [LAUGH] >> So at night, we would lock up ourselves up in a room and we were like, okay, let's release our anguish now between us.
24:16
And then we would leave the room and everything is good, but it was.
24:19
>> We'll close around [LAUGH].
24:21
>> Yes, it was very, very tough.
24:23
>> That was a tough time of what Marcos described of that voting.
24:27
I think was the only time that the board ever voted for something in MercadoLibre.
24:34
We're kind of sleeping with the enemy, who were happy that the company was evolving and our own shareholders wanted to shut it down.
24:40
>> I want to dig deeper into the nuances of building a business in Latin America.
24:46
We know now that there's so much opportunity, MercadoLibre has proved that, Kaszek Ventures has proven that.
24:52
But we also keep hearing about all of these challenges, perceived challenges.
24:58
Which of these challenges would you say are missed that you are tired of hearing about?
25:02
And which of those would you say, truly these are aspects in which the region is still behind?
25:09
>> I would say all the stereotypes are true. >> Okay.
25:12
>> [LAUGH] >> I was trying to use a narrative but- >> All the challenges are there, no, it's true.
25:20
>> Give us some examples.
25:21
>> It's tough, it's very tough.
25:22
Infrastructure is not as developed, regulations are backwards.
25:32
Many times, regulators are not thinking for the benefit of most of the people.
25:38
They're just trying to optimize for themselves.
25:41
So it's very few times, you encounter an environment which is very pro-business and pro-growth, etc, which it's part of the game, so you need to deal with that.
25:56
And at the end of the day, if you are able to deal with that, the opportunity is still just as big.
26:02
But you need to understand that the environment is not necessarily a pro-business environment, and it changes and it's very volatile.
26:10
So, all of a sudden then you have elections and a new government comes in, and it's great, and it lasts for a few years.
26:15
And then a different government comes in and they change everything.
26:19
I would say except for Chile, which is a country that has been very stable and growing very, very well for many years.
26:26
The rest of Latin America is very volatile and it's challenging to do business there.
26:32
>> I'd say the flip side to that is that it requires you to have a lot of patience, a lot of resilience, because otherwise, it would be easy and probably a lot of people would be doing the same.
26:42
So for us, having to deal with all that frustration of dealing with government, with tax regimes, with unions, with all the difficulties we have, makes it harder.
26:54
>> It definitely makes it seem like it is a lot harder than building a company here.
26:58
What do you think the developed world can learn from startups and entrepreneurship in emerging markets, Stileo?
27:06
>> I think it has to do with that, that a lot of companies that go into Latin America, for example.
27:14
They go with some ideas of how things work in their home markets, and those aren't necessarily the same.
27:26
I like to say that e-commerce, for example, is extremely local.
27:31
We need to integrate with payment providers from each respective country, even from MercadoLibre which is in 18 countries in Latin America.
27:42
The fact that you integrate with Visa in Brazil means nothing for Visa and in Argentina.
27:49
You need to do something specific in each of those markets.
27:53
So logistics is very local.
27:56
So the challenges are really not to just bring a model that works in your home market and expect it to work local.
28:06
I think that's true of all emerging markets.
28:08
>> Hernan, can we get your opinion on this localization topic now that you're on the other side as an investor working with startups?
28:16
What advantages does a local incumbents player have in the market when in an international, big western player comes in?
28:25
I'm thinking about Amazon's aggressive attempts to enter the region.
28:30
Are there benefits unique to the indigenous players in these parts of the world?
28:35
>> That's a central part of our investment, strategy in Casick.
28:42
We only invest in businesses where we think there are some, what we call local friction points.
28:49
Something like what Stileo was describing, because of payments or because of logistics or, in FinTech, because of regulation.
28:57
We are, again, we're talking about technology.
29:00
So there are no absolute advantages.
29:02
So everything is very competitive.
29:05
But at least, if you are the local player and you know how to operate logistics there or you know how to get the approval from the Central Bank, that gives you an edge versus the outside competitor.
29:20
That only has larger funds or economic capacity but does not get that final point so well.
29:32
So it's harder to develop that if you are in the Bay Area or if you're in China or in another part of the world.
29:40
It's much easier to do it from a local perspective.
29:44
You need to be great at it and that's your advantage but I mean your disadvantage is that your global competitor has better access to financing or other things.
29:53
So you really need to make sure you can overcompensate for that.
29:57
I think clearly, MercadoLibre has been an example of that.
30:00
And many of the companies we invest in try to follow that same path not only to have large businesses, but those businesses where the fact that you are local, and that you are operating from the local market gives you an edge there.
30:16
>> Marcos, in your experience, what would you say is the biggest mistake that an entrepreneur in an emerging market can make?
30:27
>> Overspending, probably, and not focusing on building a great product.
30:32
What we've seen a lot is entrepreneurs imitating this model that you see a lot in developed markets where you have a lot of access to funds. >> Mm-hm.
30:41
>> Like stories like the ones we're reading in the newspapers now.
30:44
We work for, just to say one or Uber.
30:46
They've raised billions and billions of capital.
30:50
It's very rare that you can raise that much money in emerging markets.
30:55
But at some point in time, there is a lot of liquidity in emerging markets, so people raise a lot of money in those points in those times.
31:02
And they try to recreate that strategy of spending and eventually we will figure out the business, and eventually we will figure out the product.
31:10
And I've never seen one of those stories succeed in the region.
31:14
I've seen many, the entrepreneurs that we see succeeding are the ones that are very focused on the product, in the team.
31:20
Obviously, when the opportunity comes to raise money or you try to raise as much as you can, but then try to administer that capital well.
31:30
Because the stories of racing a lot of money and funding deficit for many, many years are very unlikely to succeed in emerging markets.
31:41
The funding window always ends up closing at some point in time.
31:46
>> But now we have so many more of those success stories.
31:49
Earlier we talked about how the landscape wasn't there when you guys first started. >> Yeah.
31:53
>> But now there is this huge culture of tech entrepreneurship and it's thriving in part due to the work that you all have done.
31:59
Marcos you're on the board of Endeavor Global. >> Yep.
32:02
>> Focusing on long-term economic growth by working with entrepreneurs, and Hernan Kaszek Ventures' mission is to work with technology start-ups in Latin America.
32:12
For those of us who are interested in building entrepreneurial and technology ecosystems in other parts of the world or even parts to the US that have largely been ignored by the innovation train.
32:24
What would you say are the foundational things that you've helped implement in Latin America that we need to focus on to foster innovation and impact in other parts of the world?
32:36
>> I think having a success case is very important.
32:40
I mean, I see what Marco Aleeri has done for the region has been key, because then many other entrepreneurs can say, here, we're going to be the next Marco Aleeri and that helps a lot.
32:51
So try to build from a success story.
32:58
I think that is very helpful, particularly if you are from a region that is not associated with tech or with entrepreneurship.
33:07
Try to create I think Israel has done that and now they have many, many, many success stories.
33:13
But they started with one, and then another one.
33:15
The first it was Wayze and then etc.
33:18
But so try to start with one success case and build from there, I think that's, I don't know Amari you want- >> I think what clearly the tech ecosystem in Latin America has evolved a lot, in our early days, there was nothing.
33:34
We just took advantage of that small window when investment bankers wanted to provide some capital to startups.
33:41
But then after that, there was a desert for many, many years and then slowly but steadily, opportunities started to to appear.
33:51
Clearly successful cases that can inspire the next generation of entrepreneurs is very important.
33:58
I think that having a few investors that can really help those companies take off with some advice is very, very useful.
34:09
Obviously you have to have the underlying tailwind of technology entering the market.
34:15
Maybe not at the most accelerated pace, that was something I remember that used to happen in our early days.
34:21
We're always growing at a very fast rate, but never at 500, 1,000% per year.
34:27
In the initial days of our relationship with E-Bay, that became for a time a share holder of Marco Aleeri, they were saying they were looking at the typical charts and seeing a year one for eBay year one for Marco Aleeri, year two for eBay.
34:41
And during those years we were growing much faster they would say.
34:45
I said hey this is what we can do today because of infrastructure, because of Internet penetration but we think that we're going to have a much longer growth trajectory, because up until we reach the kind of population penetration that we want, it'll take us longer, but we'll get there.
35:07
And I think, that at that time, people did not buy that.
35:09
But that is what ended up happening, Marco Aleeri is still today keeps on growing at amazing rates.
35:14
And all the other comparables grew much faster initially, but then they plateau, and that has happened.
35:21
So obviously, you need to have that underlying force that is driving that ecosystem, and then be patient.
35:28
Because everything we said happened maybe it happened a little later versus what we we thought I remember that now the business plan we put together for our second round of financing ended up happening.
35:43
>> It still bid by the way. >> We.
35:44
[LAUGH] >> [LAUGH] >> We surpassed that big time by 35 years later.
35:49
[LAUGH] So and we need to make sure that you focus on the long run, but I think in success cases, investor that can help you there.
36:00
Marcos was mentioning regulation, at least regulation that doesn't kill you. It's important.
36:06
>> I would add one more thing which is a culture of giving back.
36:09
And it's not just money, but time.
36:12
I think there is this need of what did you do, what happened in your case, can you tell us your story?
36:21
I think that's something that we've been doing a lot of, and more people, other success stories as well in Latin America.
36:30
Have been able to go back and tell their story.
36:33
Obviously in some cases, also financing these ventures, which is great.
36:38
>> We are going to wrap up with our infamous lightning round, that I warned you about earlier. >> Great.
36:43
>> We're going to do a special iteration, [LAUGH] I'm going to list a couple of superlatives and you will point to the person on your co-founding team to who it most applies, you ready?
36:55
>> This is a first time that you do a panel, right?
36:57
So- >> This is the first time.
36:58
>> [LAUGH] >> How did you do this in the past?
37:00
>> Most times, it's just like easy, this or that questions, but I had to give you guys something special.
37:03
>> [LAUGH] >> [LAUGH] >> Okay.
37:05
[LAUGH] Least likely to be RJ Miller?
37:10
>> [LAUGH] >> [APPLAUSE] >> [LAUGH] >> [LAUGH] >> Most likely to schedule a call at 2:00 AM.
37:21
>> [LAUGH] >> [LAUGH] >> Do you agree?
37:26
[LAUGH] Most likely to know all the lyrics to Despacito? >> Whoa. >> None of us [LAUGH].
37:33
>> [LAUGH] >> If there was something in Portuguese, maybe it would be me, yeah.
37:41
>> Now that was a crowdsourced one.
37:43
Most likely to never miss a football game? >> Watching or playing? >> Ooh, watching. >> No. >> Me?
37:54
[LAUGH] >> Yeah Hernando. >> Is it a tie?
37:56
>> I used to like football a lot but not any longer, so.
37:59
>> I still do, I still do.
38:00
>> Okay, last one, you ready?
38:02
Most likely to buy something from eBay?
38:05
>> [LAUGH] >> [LAUGH] >> [LAUGH] >> Nobody, I think that's the perfect answer.
38:12
[LAUGH] Ladies and gentlemen, please help me in thanking them.
38:15
>> [APPLAUSE] >> Thank you. [MUSIC]