In October 2020, the automobile buying-selling platform became the first unicorn in Mexico; today, it has quadrupled its value thanks to a strategy based on user experience.

By VALENTINA FLORES CÁCERES | EGADE BUSINESS SCHOOL

To have more unicorn companies in Mexico, the country needs entrepreneurs who are more passionate about the problem they want to solve than the products or services they want to sell, assured Loreanne García, Chief People Officer at Kavak.

In October 2020, the automobile buying-selling platform became the first technological “unicorn” in Mexico after reaching a value of just over one billion USD. Six months later, this milestone quadrupled in value.

How can Mexico have more unicorn companies like Kavak?

“More success stories are needed, and this requires talent, people who are passionate about solving a problem, who find a way to do so and dare to take the plunge,” said the entrepreneur of Venezuelan origin.

The co-founder of Kavak participated in the webinar “Unicorn startups in Mexico and Latin America” in the EGADE Future Forum series, where she talked with José Ernesto Amorós, National Director of Doctoral Programs at EGADE Business School, and Cristian Granados, EGADE Business School professor.

Latin America is a land of entrepreneurs, García claimed, and needs to use this very spirit to generate more companies that will provide a solution for the region’s major issues, improving quality of life and generating jobs, development, and social wellbeing.

“In this way, there will be more success, more community, more capital, forming a virtuous circle,” she said.

García commented that, since its foundation in 2016, Kavak has had two ambitions, to achieve business success and to be one of the startups that contribute to building an entrepreneurial ecosystem in Latin America, and this is the path it plans to pursue, transforming business and the automotive sector.

Watch the complete webinar here.