ML Where were you born? What were your future motivations as a child and young person? What did you study in Argentina?
SG : I was born in Buenos Aires, Argentina. My first master’s degree was in Philosophy and Education, at the UCA. I always mention it, because it is important to know that there is no single path to becoming an investor, believing that only MBA graduates end up in the business world. When I moved from Argentina to the US for family reasons, my potential career as a university professor was complicated by the degree revalidation processes in the US. I started working with foundations that promoted the leadership of girls, adolescents and women; and through that work I connected with different country missions at the UN, participating in all global preparatory and conferences in 1994-1999 (development and population issues, habitat and women). What I experienced in those years decided me to leave the world of non-profits, go back to university, get my second Master’s degree, and look for a place where I could work in my region of origin, to make the region an attractive place to invest. . Through a good friend I met the MIF (Multilateral Investment Fund, today called IDB Lab) where I began my adventure in the world of venture capital in 1999. In 2020, after having invested more than $300 MM in 90 seed and entrepreneurial capital funds , and having designed many development programs for the entrepreneurial ecosystem in Latin America and the Caribbean, I left the IDB and joined the Capria fund, a US fund that invests in the Global South : LATAM, Africa, India and Southeast Asia.
We are three sisters and the three of us grew up with a sense of responsibility and using our talents to the maximum possible. My reference has always been my mother, who taught me to go as far as I wanted, without feeling that obstacles were barriers but rather instances of personal and professional growth. Professionally, as a team leader, my reference was the first General Manager of the MIF, Donald Terry, who taught me to give people opportunities, and let them grow through experimentation, failures, and learning from those failures. He showed me great trust to let me grow and become the investor I am today, and that helped me know how to manage teams and attract talent.
ML When did your interest in the entrepreneurial and start-up world begin?
SG: When I arrived at the IDB/MIF, the first year I did a little of everything: microfinance, technical cooperation and venture capital/entrepreneurial capital investments. I arrived in ’99 and some investments had already been made in seed funds and we already had some lessons learned. The most important thing was that we could not invest well if we did not focus on developing the entire ecosystem and supporting entrepreneurs . During those years, being an entrepreneur was not what it is today: no one knew what being an entrepreneur was, and they thought that one was called an entrepreneur because they had been fired from their job and they still did not have a new one… That same year I decided that I was going to dedicate all my efforts to make Latin America and the Caribbean a region with knowledge and innovation economies, where startups can scale and grow. Stop doing microfinance and use technical cooperation to support the birth of the first VC associations, create angel networks, promote female entrepreneurship from STEM careers, train new investors such as pension funds, governments… And at the same time, We invest in funds.
What vision did you have when you started as Director of Investments and Coordinator of Gender Initiatives at the IDB in 1999? Did you imagine that you could change the investment strategy in seed funds and entrepreneurs?
SG: When I started I didn’t start with that position, and there wasn’t a formulated strategy for investments either, I developed it with my team by making investments, learning about the market, traveling a lot around countries – I lived in the USA but I really lived in the plane, I felt the need to be with the people of the region…, to talk to many entrepreneurs and fund managers who were novices, but wanted to replicate what they had seen in other countries, in their country or region. My vision was to “put Latin America and the Caribbean on the global investment map,” to show that talent has no geography and that we are a region of innovators.
ML When did you decide that these investments could be given a gender perspective?
SG: In 2012 there was a great effort at all levels in the IDB and the MIF to look at how they could be more inclusive on this issue. I had already done a lot on these issues in my past life from the world of NGOs. Now, in the business world, for me, it was clear that we had to change what was happening: for more than 13 years I had almost always been the only investor among men, the fund managers were men (at that time year I met one of the first women investors and co-founders in a fund: Marta Cruz) and the startups supported by the funds were all men. Something had to be done to drastically change the ecosystem. This is how WeXchange was born in 2012, as an intrapreneurship of mine from the MIF, a platform for female entrepreneurs in STEM, to whom we provided mentoring, training, networking opportunities and a space to make a pitch (after a selection contest). in front of investors. When I left the IDB, I left it at the Bank, but by then I was already working with Marta Cruz on another initiative, Emprendedoras LAC, which brings together WeXchange and many more entrepreneurs. I also designed, together with Universidad Austral and Silvia Torres Carbonell, WISE, a program for women in STEM careers (Science, Technology, Engineering and Mathematics), which continues to grow throughout LATAM today. I worked with Endeavor in the Más Emprendedoras de Uruguay program. Each initiative led to many more in each country, we acted as a trigger for many other initiatives from governments and the private sector. At the end of 2019, knowing that I was leaving the IDB, I co-founded WeInvest LATAM with Marta Cruz, a foundation that brings together women investors, the other side of the coin to make this industry a more diversified industry. We provide mentoring, training and the possibility for them to learn about the entrepreneurs’ projects. We have Ambassadors in almost all the countries in the region, the USA and Spain. We represent 25 countries, 326 members, 183 VC funds, PE, corporates, Family Offices with more than $300 billion in assets and 2,000 investments.
ML How did you manage to make your way in two worlds so occupied by men such as finance and technology? What were the attributes that helped you the most?
SG: I think the education I received at home was fundamental. I grew up with my mother, my grandmother and my two sisters. Mom always respected our professional and personal decisions and raised us with a sense of freedom accompanied by responsibility. That helped me develop “elephant skin”: not depending on how others saw me, but being the best version of myself, living with my values and always wanting to continue learning. I set my bar high, I think it’s genetic since my father was like that too. In a man’s world, I never let jokes or assumptions bring me down, I always tried to be super professional and not let emotions get the better of me. I built a good reputation for my work and let that speak for itself.
ML How do you see the present and future of women’s work in this world of constant innovation?
SG: I am an eternal optimist and I think we have made a lot of progress although we still have a long way to go. We are moving forward and sometimes I think that in LATAM we are doing better than in developed countries… I have just been to some VC events in the region, and I see female entrepreneurs and investors in a considerable number. There is now a consensus that including women in the business world generates a gender dividend: the financial returns are better, because in the end, women are mostly in charge of more than 70% of purchasing decisions. of products and services. In other words, having women in companies designing those services and products, and having women in companies deciding what to buy, is a dividend that yields profits.
ML Are there many women’s start-ups in the region? What projection do they have?
SG : There are still fewer than men’s ventures, but there are already many companies co-founded by men and women, which is ideal. What do they do? in the same as men! I don’t believe in a pink economy. The women I know have fintechs, foodtechs, edtechs, healthtechs, proptechs, etc. They have the same ambition as entrepreneurs. We already have unicorn companies led by female co-founders: Cristina Junqueira from Nubank, the largest neobank in the world, she is Brazilian and mother of several children. Daniela Espinosa, Ecuadorian and founder of Kushki, Ecuador’s fintech unicorn. Loreanne García de Kavak.
ML As director of organizations, founder of Capria Ventures and many other global investment funds (WeExchange, WeInvest): Have you seen differences between Argentine and Latin entrepreneurs, North Americans, Africans and Asians?
SG: It is worth clarifying that I did not co-found Capria but now I am Managing Director. WeInvest and WeXchange promote the inclusion of women entrepreneurs and investors but they are not investment funds, although by facilitating the meeting between entrepreneurs and investors, investment is encouraged, since the members of WeInvest are like me, fund partners or with the power of decision to invest.
In Latin America, there are some countries where it is more difficult for women to enter the business world, although little by little this is changing. Sometimes it is the women themselves who do not believe in ourselves or fall into impostor syndrome: “I don’t know enough, it’s not going to turn out well, who am I to lead this?” Education is key to changing this. I think that in general Argentine women are seen in all areas of the business world. In principle, North American women should have it easier, but the reality is that they are underrepresented in the venture capital industry. Women in Africa, India and Asia are gradually gaining space, considering the different levels of development of their ecosystems. But we still need to change dynamics between men and women, allowing them to advance in their profession. The future looks attractive and challenging, without a doubt! But there is now much more awareness that women must be included to have more successful businesses.
ML Is there true innovation if it cannot offer answers to the most pressing problems such as gender equality, climate change and food security?
SG : Innovation arises precisely from the challenges that surround us. I talk a lot about the new innovation brand “Made in LAC/Made in LAC” and I say that it has the following components: Firstly, the young and entrepreneurial spirit of its inhabitants, with an average age of less than 30 years, the millennial attitude of Latin Americans becomes evident and with it their receptivity to using new technologies. 60% of the population uses smartphones and two out of every three people have access to the internet, which represents more than 10% of global users. This increasing use of technology is the second factor in its success. It is also a region that presents great challenges in terms of access to education, health, finances, decent housing, drinking water, and that needs a renewed push in such vital sectors as mining, food , agriculture, energy or transportation. And these challenges, which are not seen as problems but as challenges to be solved, are the third identifier of the Made in LAC brand.
These three ingredients are combined with a large dose of frustration on the part of entrepreneurs, who witness the challenges of their cities and communities. A frustration that leads them to create companies that offer possibilities of access to better education, health systems and financing that effectively democratize access to basic services for all citizens. They seek to create new ways to fertilize fields and predict natural disasters, to care for the cleanliness of the oceans, to provide access to microloans to domestic workers, to improve health for all, to use telemedicine to serve rural populations. It is an innovation brand with a clear social and environmental conscience and these new entrepreneurs are interested in both making money and improving the lives of others. No one is better qualified to find a solution than someone who lives the problems.
ML How do you divide your life between the USA and Argentina? Are you family? Got kids?
SG: I try to travel to Argentina at least 2-3 times a year. I still have one of my sisters, and other relatives in Buenos Aires, and good friends. I am very familiar. Life did not give me children, but I have 5 wonderful nieces and nephews who are already forming their own family. My older sister and they live near me and every Sunday the whole family gets together for dinner, sometimes we are 22 people! I believe that the family is the best school of values and teachings!
ML What advice would you give to a young woman who has great ideas but is underestimated by her surroundings or advised to be more realistic in her ambitions?
SG: That it has elephant skin. Let him study and improve himself . Do n’t be intimidated. Let it be resilient. That sounds. Look for mentors to support you. Let her know that she is not the only one who feels this way, but that in the end one has to be the librettist, producer and director of her own film, which is her life. When a door closes, you have to look for other ways to reach the goal. Never put your arms down.
ML How do you see the entrepreneurial ecosystem of Deep Tech start-ups in Argentina? And in other countries of the global South? Do you feel the influence of AI in each project?
SG: I think Deeptech is very broad, I see the future and the transformational power more than ever in what Gen AI applied to sectors such as agriculture, education, finance, human resources issues, climate, can do so that startups are more efficient and can scale more sustainably. The world changed at the end of 2022. GenAI is one of the 8 most important sea changes in the world of technology, more than the arrival of the Internet and the mobile phone. There is a fear that robots will replace humans. That’s not going to happen. Human ingenuity will always be needed. But those who do not adopt these technologies will be replaced by those who do. GenAI forces us to be constantly learning and adapting. I think this will not be a problem in Argentina, we have very good technological entrepreneurs and they are also in other parts of the region. I already see companies in our own Capria investment portfolio, in Africa, India, Indonesia, applying the use of GenAI and improving efficiency. In the Global South it is just starting, but we at Capria are giving a lot of support to companies so that they understand the importance of AI and can compete with the rest of the world.
