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Florian Hagenbuch

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34
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2021-06-10
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2021-06-10
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  1. “In terms of my application, but I think it was, let's say, an underwhelming application. If I look back on it today, at Wharton, where I went to undergrad, there was this program called the Huntsman Program. And it was like a dual degree, international studies and business, you got a Wharton degree, you got a degree from the college. And there was an advisor there. She was German. She was an older lady. Her name was Inge Herman. And I think the kindest thing that anyone has ever done to me, and I think she did, I think she had just a very kind lens that she looked at my application. And she was able to filter through who's Florian, who's he really, what is he setting out to do. And I think she was really a key piece in me getting accepted into school, getting into Warden, you know, and starting my career from there. I really think I wouldn't be here today if it hadn't been for her kindness.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “I was afraid you weren't going to ask Patrick, so I'm really happy because I even told Mate we got to prepare for the squash show because Patrick will always ask it. And I think it's a great one, actually. And I thought about it a little bit, I think for me, it's really almost the origin story in terms of how I even got into startups or BC or investing or why am I even on this podcast? For me, that starts when I applied to college in the United States. My background is I'm German, but I grew up in Brazil. I went to a German school. I had nothing to do with the states really, except when it came time to apply to colleges. Parents wanted to go to Germany. I didn't really like it and I decided to apply in the States instead. So I tried to put together my application by myself. No advisor, didn't even know that existed at the time, didn't even know what the SAT was. Kind of like tried to learn it all by myself, figured that, and put together my best foot forward.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I'm trying to think here because I thought Mateus pointed it was really good. Maybe adding a nuanced would be this flywheel effect of all these building blocks. So you're talking about having like as a second time builder a bigger ambition. A bigger ambition then attracts better talent, I would say, at the margin, certainly, but in general as well. Better talent will mean you do a better job at executing what you set out to do and will drive traction, which in turn then will attract at the margin better capital, more experience or reputable investors. And that then in turn fuels the ambition again and makes the flywheel spin. And I think this concept is somewhat portable and it's certainly something that I think we have either consciously or unconsciously executed upon from the very beginning and lost.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Emerging markets bring solutions and established industries that exceed developed markets in terms of innovation and experience and things like that. And I think if we're successful with what it might even be the case that in real estate, you'll see something like that happening either coming out of Brazil or even a market such as China. That's quite fascinating at the moment.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, I really like the trend that Mate lined out and actually connecting with, I guess, with the podcast here. I think what's really interesting to me is how some of these trends really tend to accelerate in markets, such as emerging markets like Brazil. I think in many ways a lot of these markets leapfrog stages of evolution, sequential evolution that happens and more developed markets like the US or even Europe. Like one example, it's maybe an overly simple one. food delivery space. I spent some time in Miami when you order DoorDash or Uberheats the experience level that you have on these platforms as many, many times in fear to what you would experience in a market such as Sao Paulo. So it's always fascinating to me how technology can help a market like Brazil a couple of stages and we've seen that over and over again it's a question time until”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I think this calibration process for me is always a personal decision also at the end of the day. I think the path that we took where we said, okay, good outcome the first time around, second time around, we really want to calibrate up on the ambition. That's not necessarily for everyone. There's a lot of implications with that financially reputation work-life balance-wise. I mean, there's a lot of concessions that you end up making by pursuing this path, and this might not be for everyone. So what I usually like to tell our entrepreneurs is just that they look inwards and choose the path that makes them happiest and what they're ultimately pursuing. I think for Martin I, that is very much a growth and development curve that is accelerated versus a more standard evolution. And I think that's a big part of what makes us calibrate up on that scale. But this notion of it's a personal decision.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “A geographic one, and you have some flexibility with buyers in terms of how they see the wanted location. But this focus on just like a very specific niche area and expanding from there really helps. It also helped that was a more premium area that we started and then we went, I guess, a little bit more down market. And then there was obviously a brand spillover effect from that as well. I think that's probably our key hack in the beginning.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Near the illiquidity that we see in the market like Brazil. And so our strategy there was a very hyper local focus. We basically did a kind of like a circular expansion wave strategy. We started with one neighborhood in Sao Paulo and that's about 30,000 housing units. It's relatively large. It's a mid-sized city in some countries. But we started there. We really tried to make sure that we had awareness there, that people knew of our existence, that the brokers in the area knew that we existed. That's where we transacted the first couple of units. And then we expanded almost like an onion layer type thing into adjacent regions and took it from there. And with every marginal region that we were adding on the platform, we had the benefit of the previous region. And there being some overlap because ultimately the buying decision is”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Was quite frankly a lot of hustling. I think basically our first experience really helped us there, not being afraid of getting our hands dirty and doing a lot of things that don't scale, but that eventually worked. But I think our key insight was less on the data side. The data side really helped. The iBind model really helped, quite frankly, to attract supply onto the platform. It's just such a unique value proposition and so unheard of in a market like Brazil that someone like Loff would give you instant cash for your property, but that ended up attracting like a ton of interest from sellers and quite frankly also from brokers. But the demand side was trickier. When you're an iBuyer in the United States, you acquired a property and then when you want to distribute this property to the market, you always have the opportunity of listing it on the MLS and immediately the entire market will see that inventory available. And if it's priced appropriately, it will trade almost instantaneously. It's not as liquid as the stock market, but it's not.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “And I think people liked that story as when you're starting a company for the second time, you really have to remember the first year of your first company. But when entrepreneurs, quite frequently, you do is they remember the last year of the first company. And they will be influenced by that when they're building the second time around. And that can just lead to you spending time on unnecessary things when the beginning should be really spending time on product finding product market fit, listening to your customers and making sure that you set the foundation for the business.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Being relatively small outcome versus what it could have been. And I think that's the lesson we took very much to heart when we built a loft. We have much bigger ambitions the second time around. That is really what fuels what we're trying to do. I think the flip side, the lesson we've then learned at Loft is you talked about prioritization is how do you separate good from great opportunities talked about fintech within fintech that's embedded in the platform? What's a great opportunity trying to build? We think mortgages is one of those. There will be tons of other good opportunities but that are not great and how you weed through those and prioritize appropriately and I think those were some painful maybe some painful lessons for the company that certainly we know how to navigate through now. And the analogy I really like to use and I've told a few repeat entrepreneurs did”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “So, I think for me, between the first comb and the second company, the really the key insight was really around ambition. So the story I like to share is the following. When we started the first company about the same time, a company was started in Japan doing exactly the same thing that we were. And I don't think we've mentioned this, Patrick, but our first company, it was kind of like an online printing company similar to Visaprint in the US. And actually Visaprint ultimately ended up acquiring the company. But after seven odd years, we sold the company for an interesting amount, but nowhere near the size that we're talking about now. And this Japanese company, seven, eight years later, was a billion or two billion dollar market cap company listed on the Tokyo Stock Exchange. And the difference between us and them, quite frankly, was just ambition. We had a certain ambition, a certain dream, and we fulfilled that, but it ended up”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “From the very beginning and very much ties into what we believe is this like e commerce like experience like all these pain points and slash value proposition that I just mentioned we think ultimately that's what commerce brings to the table and I think we've been intentional with that from day one”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Like Mata said, with the market opportunities that we follow the breadcrumbs that the consumer leaves behind, from a brand standpoint, really what we talk to is pain points that the consumer is expressing. And I think from the very beginning, we tried to make sure to invest quite a bit of resources into understanding where those consumer pain points lie. And we feel like we have a pretty good grip on them today. And then we try to cater the brand and the value proposition of the platform towards those pain points and ultimately it's really a discussion around convenience, safety, and confidence in a way, predictability, transparency, and having very good customer support that in a way is what drives what we're trying to do as a platform, but then also as a brand. And I would say that that has been quite intentional.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Product that could work or rent to own products. For each of these, there are two or three venture-back companies pursuing a model like that in the States. And for us, we think that eventually these things are potentially features of our platform that we'd like to explore. Also because nobody's building them. So if we don't, then it just doesn't exist.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Tapped into and export, and so there is no companies that we can work with, and we have to build it ourselves. 2012, we built our first company, but there weren't even payment gateways, really. We used to integrate directly into the acquiring companies to process payments on our e-commerce side, stuff like that. Obviously, then with time, it gets a little better, but it's partial necessity and then also opportunity. With fintech specifically, we have the mortgage product on the buyer side. On the seller side, there's a lot of interesting fintech applications to our business. Walk you through a few of them, but like home equity line of credit, many times someone who's selling, 60% of the time, they want to buy another place, but 40% of the time they just have another capital requirement that they're working through. And that is a lending opportunity way. Also, products such as sale leaseback for a specific audience or specific population and niche is also a”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “A way, we think that every prop tag is kind of a fintech or board member, Alex Rompal, he likes to say that PropTech is a fintech with real estate as its product. And we really believe in that too, because it is, at the end of the day, a large financial transaction, a lot of financial implications and a lot of transactional cash flows, quite frankly, between disburseed parties happening when a real estate transaction is happening. And as Mattha mentioned, mortgage was really one of our first pillars that we started exploring and I think quite successfully. And I think these parallel opportunities, they exist out of two reasons. Like one is just pure necessity. I think if there were more alternatives of companies that we could partner with to outsource some of these things, we would, but many times because it still isn't as developed and as competitive of market like the United States, I love these markets just haven't been”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “At home, they're also getting their mortgage less at the moment. And we think that's one of the proof points of this all-encompassing model that we're pursuing.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “And Patrick, one fact that I think is interesting to mention on that is just relative comparison to the US players. Zillow, Open Door, and a few of the others, they've also tried to cross-sell mortgage products to their customers. When you look at what they call their attach rate, like how often are they able to attach a mortgage to their transaction? It's in the low single digits in the States. And that's because the broker relationships, they really work. The buying agent, he has a strong relationship with his buyer and then buying agent has a lot of mortgage brokerage firms and offerings that he can work with to bring that to the table. Whereas in the Brazilian context where these relationships are very weak, it's a much bigger opportunity for companies such as ours. We are seeing attachment rates in the 80s, 70s, 80s, so completely different volume. So 80% of the time when someone's financed.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “And quite frankly, the efficiency of the US real estate market, there's just not a lot of spread going around in terms of arbitraging by sell prices. I think it's a very challenging business model to make money with. And I think that's the main criticism that people have with the iBuying business in the short term. And the long term, I think the opportunity is really exciting because if these companies that are pursuing this are successful at driving enough volume through their platforms, eventually they will have inventory because they acquired it that will be proprietary and exclusive for either Zillow or OpenDoor or whatever. And that could basically create a real alternative to the MLS system. And I think that is obviously a very, very valuable opportunity if it can be executed on. So I think the prize is big. Short-term, challenging, long-term, very interesting.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “We obviously look at the market a lot to try to learn as much as possible from it. A few thoughts here. I think, first of all, my perception is it is a little bit of on the seller value proposition side today is still a somewhat niche offering in the sense that the problem that the iBuyer solve in the US is basically instead of waiting 90 days to sell your home, I just saw some Redfin data recently shared by Glenn and I think like the average home is now taking only 37 days to sell iBuyers they'll do that in a week a matter of days whereas when you look at an emerging market like Brazil, when we do an instant cash offer, you're really looking at like a couple days versus a year to sell your property. So I feel the value proposition delta is quite a large one there. Secondly, I think in the more short term, it seems like margins are very tight for i buying the states. There's obviously competition between players, but general, because of the market structure and the data transparency.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Their home to a platform, and you're buying your home from a platform, and you're basically enjoying the benefits associated to that. I don't think we're yet seeing the experience being that much different today. I mean, there's obviously some smaller features such as more safety, more trust, more convenience, even if you think about the way you buy a car, right? You're buying it usually from a company, from a platform, and not from an individual, like you maybe did 10, 15 years ago, but we're not yet in a phase where you're seeing massively different experiences and products being born, although I think that will be born that will happen in the next couple of years.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Still, as a category, and that's regardless whether you're in Brazil or in the States or even China, which is a market with Ocalato, we're still in this stage of replicating the experience offline online. And I believe that in the next five to ten years, we'll go into a phase in the industry. We're going to come out with certain experiences and certain ways of consuming real estate that haven't been possible before technology. And there's a lot of things that we've been experimenting with and that we believe in that could be interesting in that sense. In some fashion also follow what happened in other categories. When you think about iBuying from a seller perspective, also from the buyer perspective, in a way, it's really this fundamental shift in a market that is traditionally peer-to-peer, sell you my house, you buy a house from a seller to interacting with a platform.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Until the paradigm of how we consume music changed to something that's a lot more common now, companies like Pandora or I guess more concretely, Spotify, where you're not really taking individual albums. You still have that feature, but you're really consuming music in an algorithmic way, so to say. So when you think about buying a home, and I'll get to iBayer in a second because I think the iBuyer is more the seller point of view rather than the buyer point of view, although there are benefits to the buyer as well. When you're buying a home and you're doing it digitally, there's a lot of processes that have been replicated digitally and have been made more efficient through technology, whether that's like the discovery part. You have better photos, you have more listings, and you can do a 3D virtual tours that mimic some of the stuff that you would do offline.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Do an analogy that we like to use a lot internally from another industry, and then we can segue into real estate and what that means. The analogy that we like to use a lot is the music experience, like consuming music. So if you think back to the 90s, you know, when I was a teenager, I had like collection of CDs on my shelf. And then I would go and say, hey, I want to listen to, I don't know, Carlos Santana with the artist in the album would put the CD into the CD player and be like track three, press play. And that would be the way I consumed music. When you then go into the technology revolution, the dot-com, boom, the first platforms, whether Snapser or later, like even iTunes, they kind of replicate that same behavior. You would buy the Carlos Antanna album and then you would choose basically the song that you liked and you would double click and like play that song. And it took a few years.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “State market in these markets still sometimes behaves. So that's really our end goal as a company. And we certainly are in a stage right now where we're still replicating a lot of the offline behaviors in an online fashion. And we're not really yet in the stage in real estate, I would say, globally, where we're actually bringing totally new experiences to the home buying experience, but eventually we think we'll get there, not too differently from what happened in apparel or what happened in general retail.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “View really is to create an e commerce like experience for the home buyer. That's our ultimate goal as a company is to bring the home buying experience into the e-commerce age. So everything that we take for granted today when we shop for electronics or clothes or books, applying those same concepts to basically the home buying experience, it starts, I think, with selection. I don't think it's a very productive value proposition to buyers asking them to go to different pockets of supply to make sure that they're seeing what they're looking for. So aggregating that supply and having enough choices for people to do their discovery being one thing, but then really entire process from discovery to narrowing down their options to actually transacting in an online to offline end-to-end way through what we would call a trusted platform rather than in a peer-to-peer fashion like the real”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Big time investment on Yafflin component as well. So there's only so much you can do in an online setting when then you have to like switch over to a visiting and a seeing schedule where you're actually going physically to check out the properties that you might be interested in. So in general, it's just a very unproductive flow.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Run a process of talking to several of them trying to get a feel and a view of what's available in the market. There's a lot of negative incentives in this market in terms of collaboration, data sharing, things like that, because there's no exclusivity relationships. People don't really have incentives to be very truthful or forthcoming with information, whether it's price or availability or anything like that. There's a lot of fake information because in a sea of brokers, one way to stand out is to basically misleading advertising in a way. And you as a consumer, you'd have to basically come through all of that data and all of those different pockets of inventory to ultimately make sure that you're seeing the cut set matters to you in terms of like what you're looking for, whether that's like region or budget or like specific specs. And because that's mostly offline, you would have then.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “Remember when I framed a little bit of these features of the MLS, I think one of the key pillars to it is the inventory availability, right? This ability to see in a given market all of the inventory that's available on market, off market has an offer is for sale. Like it's basically real-time inventory for real estate in a wholesome fashion. So without this feature in a market like Brazil, what consumers tend to do, they tend to access different pockets of inventory that are constrained or contained within different pockets of market agents. So typically a consumer would go to a traditional offline broker, can be a chain or independent smaller brokerage house. There's a couple of thousand of them in Sao Paulo and it's quite fragmented. The largest one will probably have sub 5% market share and you would basically”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Based records of information, but a lot of investment behind digitizing that and transforming them into standardized and freely shareable and processable information. And over time, what we did is then convert that into products that our customers could use, whether that's like an instant offer on our iBuying business or whether that's an evaluation of the home's worth. Those are things that we started putting in our customers hands. We believe that it's a big pillar to what we're doing. when we think about our strategy. That's probably one of the most important things that we can do. And we continue to invest very heavily in making sure that we progress on that front so that we can ultimately bring the transparency and the efficiency that Martin mentioned, what we think digital platforms. That's really the valid proposition of a digital platform in an offline market like ours.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “MLS has a lot of interesting features to it, one being the agent collaboration system and the governance behind that. Then there's the whole obviously inventory availability mechanism that's embedded into the MLS. And I think many times American consumers might even take that for granted. Most countries around the world don't have anything similar. And then there's third pillar, which is really information services. And I think one thing that Zillow and I guess Truly did very well was exposing data that's accessible only regionally and only to a broker category to the end consumer. For us, it was a very similar experience. And I think we're nowhere near finished on that journey yet from the very beginning of our company. We started accessing pockets of data. So whereas still in the US had to like manually integrate, I think, into the more than 700 or 800 MLSs that exist around the country, we went to regional and local notaries many times access paper.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “It just happens that due to the US market structure and just sheer size, a lot of these niches very frequently are massive. So many times you don't even have to look much elsewhere. Whereas in Latin America, we feel there's just a like blue deep ocean of space for technology companies to explore. And in many ways, that's what's attracted us to the region and kept us here still.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “Likewise, Patrick, we're very excited to have the opportunity to chat with you, big fans of your work. I would set the stage by saying Martina and I, we've been entrepreneurs in the region for about 10 years now. The one thing that's attracted us here, and quite frankly, the second time around kept us in the region, was just this opportunity of building really potentially massive companies within the industries that we operate. And so in our case, we're currently in the real estate industry. But due to some very interesting market dynamics, and among those like a lower set of competitors, less DC funding in the spaces that technology companies operate in, we just believe a lot of the markets are still very much unoccupied by large incumbents, differently from the United States, where almost everywhere you look in every category there's a clear and large leader. And many times we feel U.S. technology companies almost get forced into a niche of which they grow often.”

    2021-06-10 · Invest Like the Best · Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37] · IDENTIFIED FROM THE TRANSCRIPT · source