A group of graduates from a 500 Startups program last year.EL ECONOMISTA
Another 15 firms are getting a financial leg up through 500 Startups, an accelerator fund that to date has helped 64 new businesses in the technology sector. It brings to 30 million pesos, or US $2.2 million, the total invested so far.
500 Startups, with offices in Mexico City, San Francisco and Mountain View, California, invests about 15 million pesos a year in promising young firms in Mexico. The latest, the fourth generation of businesses here, is also the most international, says a 500 Startups spokesman.
Half are from outside Mexico, countries such as Argentina, Canada, the United States and the United Kingdom. “This says a lot about the possibilities for launching from Mexico City and reaching other Spanish-speaking markets,” said César Salazar.
Among the new firms getting support from the accelerator are Sellpad, a Mexican firm that has designed an administration and point-of-sale system for restaurants, Sentisis, a Spanish startup that has developed a system to analyze user sentiments on social media, and Zolvers, an online marketplace for finding home cleaning and maintenance services.
Salazar also said this latest generation shows a much higher level of sophistication than previous ones, having sales, clients and a business plan in place and not just an attractive product. 500 Startups looks for companies that have found solutions for local problems using technological tools, and that appear to have growth potential.
In Mexico, it invests US $40,000 in exchange for equity of 10% and charges a $12,000 program fee. Startups also benefit from advice and mentorship, the opportunity to make connections, receive hands-on support and more.
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