Oct. 21, 2022
Tomás Iglesias, CEO at Zubia
Tomás Iglesias is a medical doctor/master in hospital administration/Front-end developer. Tomás is the CEO of Zubia, LATAM's largest digital health marketplace a platform that connects digital health platforms with users that need their services. Currently in 25 countries with more than 400,000 visitors in 10 months from launch, and the co-founder and leader of HealthX, Mexico's largest health-tech community. Tomás is highly passionate about helping others and connecting health with technology.
In 2020, created LATAM's most used COVID-19 suspected case self-assessment platform, reaching 194 countries, 24 million users, and generation 2,500 telemedicine consultations per day.
WEBVTT
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Welcome to the Latin MedTech Leaders podcast, a conversation with Metech leaders who have succeeded or plan to succeed in Latin America.
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Tune in.
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I heard radio, Pandora, or these are Welcome to the Latin MedTech Leaders podcast, a conversation with leaders who have succeeded or plan to succeed in Latin America Today our guest is Toma Igl, CEO and co-founder of Zia Latin, America's largest digital health marketplace, a platform that connects digital health, online services with users that need them currently in 25 countries with more than 400,000 visitors in 10 months from launch.
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So Tomas, it's great to have you here today.
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Welcome to the show.
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Hi, Julio, It's great to be here.
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Thanks for the invitation.
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Awesome, Toma.
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So let's get started with your journey to, um, Latin America, Mexico.
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You are from Mexico, you live in Mexico, but how is it that you got involved with Zu on, or what, what you're doing today?
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Well, alright, uh, well, uh, hello to everyone listening.
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Uh, well, I'm Dr.
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Thomas.
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I'm actually actually a physician, uh, self, uh, front end and, uh, developer, software developer.
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So, here's my story.
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So, uh, ever since, since I was a child, I live home all my life here in Mexico.
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I've always loved to help people.
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You know, like I feel like my mission in life is helping others.
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That's why I, I studied medicine, uh, and I also always love, uh, technology.
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So, uh, when I graduated, uh, I was like fascinated with all the, the advances in technology, you know, like, uh, the iPhone, the Blackberry and, and smartphones and, and everything around technology and how it was being used in, in the medical field.
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So I got super curious and I made it my own mission to enter the industry, like to, to see how, how we could enter the industry.
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So, uh, we created first an electronic record, uh, for my fellow physicians here in Mexico.
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Uh, it was super interesting to learn about, about, uh, the, the industry.
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You, you always think it's gonna be easy, like to launch a, a platform and you're gonna put it online and everybody is gonna buy it.
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And, and, and you, uh, well, myself and, and a lot of other entrepreneurs, uh, have learned the hard way that you need to know about sales.
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You have to make a large sales effort.
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Uh, then, uh, our electronic record, uh, did good.
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It was like, uh, it was a good year.
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We launched on 19.
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Then in 2020, well, Covid hit.
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So that's when we made our first pivot.
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Uh, we created a, a self assessment to detect, uh, suspected cases of Covid-19.
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This is what put us like on the map, because we reach a countries had around 20 million users, and that was the first time we created a platform that helped connect people in need with other platforms that actually had the personnel to help them with the telemedicine and telecon consultation platforms.
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So that's how we, we arrived to the idea of investigating this, this opportunity.
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Uh, I got to know, I I created the Mexico's largest, uh, health tech community, so I'm like super involved with the industry.
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And we started, uh, talking with, with the other platforms, you know, and mainly everybody has, not everyone, but most of them have a hard time reaching the, the end user.
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You know, like the patient.
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They are great apps.
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I mean, uh, I, I've seen some of your shows and I saw recently Hello Doctor, uh, with one, and, and it's a great app.
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Uh, and as, and as, Hello Doctor, there are a lot of great apps out there, but people, we, people I I include myself sometimes, uh, are, I can't say afraid, but, but we have this, these barrier, uh, to use new technology or, or new apps, you know.
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So what we thought about with SEIA was how can we help everyone that's helping reach their end user, You know?
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So with seia, uh, the digital health providers find a place to, to promote their apps that, that they have like a physical space, like in our page, and we create different campaigns, like educational campaigns for patients, like short videos, like on TikTok, on Instagram reels, you know, like, Hey, you can use this, You know, like, Hey, if you're in need, uh, of talking with a physician, you can do it online here.
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You know?
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And it was actually amazing, like why all of Latin America, we, we thought about it for Mexico, but it's kind of hard like to, to, to set barriers like on digital platforms.
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Like we, we, we can't so easily control that people from our country center the platform.
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So we said like, Hey, let's leave it open.
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So, uh, it has been an amazing journey.
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We we're gonna be on our, uh, having our first anniversary on September, and we've reach almost a half a million users in five countries, and we focus on Latin America because, uh, well, we, we have seen that the health tech systems in, in Latin America, most of them don't have the, the capacity to, to, to give attention to the whole population.
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And I firmly believe that, that a way to help these health, these healthcare systems is through technology.
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And again, uh, I've known around 300 different digital health apps.
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Uh, I know there are around 54,000, uh, health apps just in Latin America.
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So, uh, I think everybody has the same idea.
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Uh, it's on the, on the right path, and we just became like this, uh, channel or, or bridge to help them connect with the end users, you know?
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Wow.
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So you, you guys are a platform of a platform for platforms,, in other words,.
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So, all right.
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That's a, that's a very interesting, very intriguing concept.
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All right.
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So let's talk about trends.
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What's happening in Mexico, in Latin America?
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Uh, what trends do you see that are relevant to our discussion about health tech today?
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Well, the first one, I think most important is people got accustom or go, got used to using digital health apps.
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You know, like Covid accelerated everything, everything for everyone.
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And people now feel more co comfortable using health apps and well, that's good for, for digital health providers.
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But one of the most important trends, I think it's, uh, that I've seen here in Mexico and, and a lot of of America, is first of all, creating alliances between digital health, pla, pla, uh, digital health platforms.
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Uh, everybody started to understand that, okay, uh, I have the capacity to build a super app.
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Like I can be a telecon consultation record.
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I can have, uh, article intelligence, uh, a chat bot, but that's gonna take me around 20 years.
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Um, I don't know how many millions of dollars to create, you know, so what happens if I talk with someone that's in the industry that does kinda the same thing as I do, and let's see if we can collaborate?
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I've seen that happening a lot.
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It, it makes me like super happy because people, like, like the digital health providers are starting to, to create these alliances in lie, like in to, to generate more opportunity to, to, to give a better health, uh, care for, for people who need it, you know?
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Uh, so people are using the health apps.
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Health apps are collaborator between them.
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And the other part is like corporation and industries have started to, to consume these apps, like, like in a matter that are beneficial or benefits for their collaborators, you know, for for their, for their employees, you know, like
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Clients for employees, Okay.
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Yeah.
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Yeah.
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For, for the employees.
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So, so I mean, you work in this company and, and you may have like, uh, I don't know, a health insurance, but besides that, Yeah, besides that, hey, you have, you can freely use this app that connects you with
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Benefits.
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Yeah.
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And these benefits include access to this app, to this service, whatever.
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Yeah.
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Okay.
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Yeah.
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And, and the company covers the costs.
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So, so it actually helps a lot, like, and indirectly helps like the, the whole health in, in the country, because many companies are, and given their employees like free use of apps, like for mental health, for specialists, like dermatologists, like second opinion gynecologist.
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So, so that's a big, big trend that that, that I've seen.
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Uh, and it's helped a lot of, of the digital health apps, like to enter more markets.
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And again, it's like, uh, kudos for the corporations that that started doing this because, uh, I mean, they are helping, maybe they don't even know the impact that, that that's having in, in, in the health of people, like, of their employees, but, but it's making a great change.
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You know, like a lot of people are starting to use like, mental health apps, online apps that probably wouldn't have used them if the company didn't told them like, Hey, I got you this for free, so feel free to use it.
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And people, it's like, Hey, when they're feeling down, when they're stressed, they enter the app, they talk with a psychologist, psychiatrist, and their mental health improves.
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So that's a big, big trend I've seen, uh, happening primarily in Mexico, but I've, I've known, I heard that, that in the whole Latin America, uh, it's happening now.
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Yeah, you're totally right.
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I think, uh, the pandemic, uh, made everybody to adopt newer technologies probably developed or advance the use of technology in Latin America, probably three, five years, something like that.
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So, so yeah, I'm very glad to, to, to, to see that, uh, that's happening in the region.
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And, and also, uh, the adoption of cell phones, I mean, is amazing.
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I mean, people don't have landlines anymore.
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Everybody has a cell phone now is cheaper.
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So, so yeah, I mean, and, and, and the other thing that I hear a lot is, um, the cell phone is a new clinic.
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The cell phone is a new clinic that is really the, the major, major development in the, in the healthcare industry, uh, where people are now used to using their cell phone to access healthcare services, Right?
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So,
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Yeah.
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Yeah.
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And, and I mean, I, I've heard a term like virtual clinic, like you as a physician can actually have a, literally like a clinic without having a, a, a physical space, You know, like you can have this telemedicine platform, this scheduling platform, uh, this electronic record, and you can start talking with patients like without, uh, having establishment.
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It's like super amazing.
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And yeah, people now, uh, for many, many things, I mean, like, uh, for, for me, a physician, and I know like if there are any physicians listening to this one, uh, a lot of people use instant messaging, uh, messaging or consultations, you know, it's like, it's like a super common practice now that friends of friends, cousins of a friend, you know, like your own family.
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It's like, Hey, you know, I've been, I've been having headaches, uh, three days in a row now.
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So, uh, what do you recommend?
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You know?
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So, uh, yeah, it's like people,
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It's the first option.
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I mean, come, what comes to mind is the first option is like saying you want a soda, You, you are thirsty.
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The first thing that comes to mind is Coke, right?
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Coca-Cola.
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Uh, so now if you're, you have a headache for three days in a row, the first thing that comes to mind is, let's see, what app is available for me to talk to a doctor?
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Is that what you're saying?
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Yeah,.
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Yeah, yeah, yeah.
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Or directly.
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If you go like directly the, the physic's phone number, they message you and well, me, I'm like, I promote other apps.
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So it's like, Hey, sounds great, but please enter like this app and, and talk with a, with, with a healthcare professional that's like dedicated to that, you know?
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All right.
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So Toma, let's talk about what you're doing today.
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Uh, let's talk about challenges.
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I mean, how difficult or easy was to get to where you are today?
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What challenges you faced in your journey?
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All right.
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Well, uh, the health, the health industry is a, is a super different industry.
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I mean, uh, it's a, it's a whole other ballpark, uh, and the health tech industry, like technology for health, it's, yet, it's, it's another world completely.
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It's like in our universe, uh, here in Latin America where we, uh, mainly in Mexico where we had a hard time, you know, it's, uh, finding, uh, mentors, finding, uh, a real community, uh, like that, that's why I ended up creating the, the, uh, the largest community called Health X, because, uh, having a startup is, is super lonely.
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to be honest.
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It's like you can't speak with anyone about what you're doing.
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They don't understand you having a startup in the health tech industry is way more lonely than, than anything I've ever done in my life.
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So
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Not even your mother or your aunt, they, they understand what you're doing, right?
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Yeah.
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No, my family, I think that they barely understood what I'm doing.
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Like I'm not getting, like two months ago, and we're about to hit like the 12 month anniversary.
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So it's like,
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And I'm sure they criticize you a lot.
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They're like, You're a doctor, you should be in a hospital, you should be full of blood, You should be seeing patients.
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Yeah.
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At first, yeah, until they saw how, how geek I was like, I love all the computers, and I'm like, all the time talking about computer and computer programming, so, yeah.
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That they, they came to accept it.
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But yeah, one of the main challenges here, it's like finding this community because, uh, you're gonna make mistakes.
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You know, like, we all make mistakes all the time, like, like leading companies and everything.
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And it's sometimes hard, like if, if you don't have anyone to talk about these mistakes, you know, like we've got like accelerators and incubators here in, in our country, like are super good for different industries, like for the FinTech industry, and, but like for help, they're not so specialized.
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So, yeah, that, that was a hard time.
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And, and finding this community, uh, was one of the first like creating the community.
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Like, I started being honest, like something that that characterizes my, my person is, I, I'm fully honest all the time.
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I, I, I'm a terrible poker player.
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Terrible.
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I can't lie.
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So, so being honest with everyone, like, Hey, you know, I'm about to go bankrupt and, and I don't know what I'm doing.
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And, and everybody is like, Hey, I'm also about to go bankrupt, and I don't know, I have no idea what I'm doing.
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It started to, to unite us, and, and we started talking with each other.
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Right now in our community, we're around 30, uh, between startup scales and enterprises, and we a list about, So, and, and that was like the biggest challenge because starting to talk with each other, you know, like, Hey, I'm not doing so hot.
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How are you doing?
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And, and you have to, to let go of the ego and everything.
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Like, like, you know, it's like, no, hey man, I'm not doing so good also.
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So, hey, you know what?
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I tried this, but it didn't work.
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Hey, let's try another thing.
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So it's sort of helping us, like all the, all the operators of, of, of the digital health apps and platforms to, uh, minimize the mistakes we're making, uh, uh, create these collaborations, i i I was telling you about in the beginning.
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And it opens the doors, like for more clients, you know, because now it's kind of this, like, if I have this client and, and I know this person, and you come to me like, Hey, you know, I have this happen and I'm looking to enter this hospital to, Hey, let me pitch it like, to, to this client, and, and let me see how it goes.
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You know, sometimes it goes great.
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Like, Hey, you know, like I, I talk to the client and he's like super interesting, hears his contact, call him sometimes he's like, Hey, you know, like right now it's not the right time, but that reduces also like the costs, uh, for everyone, like to go chasing between clients and everything.
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So the first obstacle, I think was that, and, and for me, it was like the biggest obstacle, you know, like, and for many, and for, for many of us, I think, like, to let go of the ego and start communicating and collaborating.
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And it's still hard.
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I mean, uh, me as, as the leader of the community, and, and I always tell the community, like, Hey, the community is yours, You know, like, like, I'm not the president.
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And and there's no, like the, you don't need
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The facilitator.
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Yeah.
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Yeah.
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I mean, I mean, if you wanna sign something in name of the community, go ahead.
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You don't need me at all.
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So creating that and data and, and helping everyone feel like, Hey, this is a safe haven for everyone.
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And and you can freely speak, obviously, like with respect and tolerance, but like, you can freely speak about what you think.
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It's generated a lot of like, great discussions generated, again, like alliances, it generated new products.
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So that's, that was the main obstacle that we've seen, and I've seen it in, in whole Latin America, that there's a lack of these health tech communities.
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You know, like we, we, we try to focus our community on Mexico, like a Mexican community, but we've had so much interest of, of the whole Latin America area, like, to join the community, uh, to appoint that, that my answer is like, Hey, I'd love to, but let me organize our country first.
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Like, like, we're like, Cause if we start, uh, like going big, it's gonna get outta hand.
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I mean, right now we're 30 active members, and it's crazy, you know, like there are 30 minds, 30, 30 families, 30 services that, that it goals dreams.
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So how can we align everyone?
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You know, I think that's the biggest challenge.
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But it's been working so far, and through sovia actually, uh, like, uh, we, we've been able to learn a lot about the community and help the community.
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And I think everyone ha has gotten like, uh, a great, uh, feedback about what needs to be done.
00:19:34.250 --> 00:19:51.000
And, and, and we've seen, and I'm super happy and proud, like we've seen, like the whole healthcare community, Mexican and Latin American community grow, and mainly all of the products and services grow, you know, like on sales and get more brand recognition and more clients.
00:19:51.099 --> 00:19:56.880
And because at the end, that helps, uh, the health, uh, the, the, the healthcare systems.
00:19:59.000 --> 00:19:59.240
Excellent.
00:19:59.329 --> 00:20:01.319
So, Toma, let's talk about financing.
00:20:02.160 --> 00:20:06.279
Um, health tech, uh, companies, startup companies in Mexico or in Latin America.
00:20:06.789 --> 00:20:08.440
I mean, are the challenges there?
00:20:08.441 --> 00:20:12.358
I mean, are there investors willing to finance companies like yours?
00:20:13.700 --> 00:20:14.049
No.
00:20:14.118 --> 00:20:23.130
Like there are like, uh, a limited amount of, of investors in Mexico and in Latin America that are willing to take the, the leap on the, on the health tech industry.
00:20:24.250 --> 00:20:25.289
Uh, it's been growing.
00:20:25.290 --> 00:20:26.210
Yeah, it's been growing.
00:20:26.569 --> 00:20:32.329
Uh, I've seen like a lot of investors, uh, with new interest, like on, on the health tech, uh, industry.
00:20:33.569 --> 00:20:35.970
Uh, I think it goes both ways.
00:20:36.608 --> 00:20:43.730
Uh, on, on on, on which we as startups and, and a lot of startups, uh, have a, have been learning a lot.
00:20:44.368 --> 00:20:46.849
Like it's a, it's a large, uh, learning curve.
00:20:47.559 --> 00:20:58.990
So, uh, it's, uh, for the investors, uh, there's some minimal amount of startups that have, uh, achieved like investment here in Latin America.
00:21:00.309 --> 00:21:17.710
Uh, and I hope that trend, uh, that that trend grows, you know, like, uh, a lot of us, like in Mexico, it's much easier to apply for, uh, like funding in the US or, or Europe than in, in our own country or, or other, uh, countries in Latin America.
00:21:17.930 --> 00:21:19.750
But, but again, uh, it's growing.
00:21:19.750 --> 00:21:35.269
You know, it's like, uh, we've seen different, uh, venture funds that are specialized on health tech and, and they're starting like with, with small amounts of 25 to 50 k, you know, uh, others of two k percent of the company.
00:21:35.789 --> 00:21:39.829
But we've seen a, uh, like a trend of, of growth on that.
00:21:40.069 --> 00:21:44.190
And hopefully it, it grows more on, on the next years.
00:21:45.670 --> 00:21:46.069
It, it will.
00:21:46.099 --> 00:21:47.230
I I think you will.
00:21:47.299 --> 00:21:50.470
I mean, it's a slow process and, and I've seen the evolution.
00:21:51.589 --> 00:22:06.730
Uh, I've been living in the US for over 25 years, and I've seen the evolution of the startup ecosystem in Latin America in, in, in, uh, years ago when I was growing up in Columbia, nobody used the word startup.
00:22:06.799 --> 00:22:10.809
I mean, the word setup didn't even exist in the Spanish language,.
00:22:10.950 --> 00:22:12.130
Now it's a common thing.
00:22:12.131 --> 00:22:15.650
Everybody knows anybody from the streets knows what a startup is.
00:22:15.900 --> 00:22:26.170
So there's a newer setup mentality in Latin America, probably in the past 10 years, something like that has been advancing rapidly, more rapidly.
00:22:26.829 --> 00:22:33.490
And, and as you said, I mean, little by little more investors are getting familiar with the space and, and, and et cetera, et cetera.
00:22:34.099 --> 00:22:35.490
So, but, but it's exciting.
00:22:35.930 --> 00:22:36.569
It's, it's really exciting.
00:22:36.809 --> 00:22:50.210
And I think it also is, is, um, it's, is a little bit of pressure from the, the, the World Bank, uh, from odi, from the, uh, organization of economic corporation and development.
00:22:50.430 --> 00:22:53.809
And the Spanish is of the, in, in, in English is O E C D.
00:22:54.730 --> 00:23:07.650
Uh, they want countries to diversify their economies, and they have, uh, put pressure on governments to, to create or, or to incentivize the beginning of a startup mentality in, in, in the country.
00:23:08.529 --> 00:23:13.569
Cause smaller business, drive the economy and, and, and employ people and all that.
00:23:13.579 --> 00:23:17.089
So, so yeah, that's, that's, that's a major training in Latin America.
00:23:17.730 --> 00:23:21.868
So any other, Yeah, any, I'm sorry to interrupt.
00:23:21.869 --> 00:23:26.470
Any other challenges that you're facing that you, that you see other peoples face, for example?
00:23:27.720 --> 00:23:46.720
Well, uh, the, one of the main challenges we had, like on the beginning, like, like as I told you, we pivoted like a lot of times, uh, until we, we found this, this real, real solution to a real problem, you know, it's like one of the main challenges we all face.
00:23:47.440 --> 00:23:57.079
Uh, I, I believe every product is a great product to, to, to be honest, that like, uh, we need all the help we, we can in the, in the health industry, in the health tech industry.
00:23:57.660 --> 00:24:03.559
But one of the main obstacles is like, uh, making the in famous product market fit.
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