Makes History with First Demo Day in Bogotá

Yesterday, Colombian technology initiative hosted its first Demo Day. The history-making inaugural event was attended by over 500 people, including the first group of 10 entrepreneurs composing the four startup teams selected for ideation, prototyping and validation.

Colombian ITC Minister Diego Molano Vega, serial entrepreneur, international advisor and Customer Development co-author Bob Dorf, Koombea CEO Jonathan Tarud and Google Colombia Digital Marketing Director Jorge Quiroga were among the figures that participated in the event, which took place in the city of Bogotá.

Following eight weeks of development and support, the four startups composing the first class presented their projects to the Demo Day audience:

LocMovil: A startup specialized in dynamic localization and georeferencing services for transportation and fleet companies to track merchandise and/or passengers. A company that builds applications for parents – for example, an app that tracks vaccinations.

QuickOrder: An app for the placement of restaurant orders that helps customers to avoid long lines and waits.

EasyDev: An information systems development platform for businesses.

The entrepreneurial forum, moderated by ITC Vice-Minister María Carolina Hoyos, delved into how to evaluate the entrepreneurial projects at hand and the best practices involved in managing a validated business idea as a company.

Jorge Quiroga remarked:

Not every company has to mirror Google and Facebook in terms of global reach, at least in the first year. If we are able to build businesses that are scalable and profitable, then the potential to carve out a market little by little is immense. My advice for entrepreneurs is that they be very rigorous with their data. Today, web analytics allow us to precisely measure what works and what doesn’t.

María Carolina Hoyos added:

Maintaining a product’s success on account of its low cost only is not a safe strategy over time. Someone else comes along, does the same thing for cheaper, and market position is lost. Consumers seek things that are not only less expensive but also that give them something more.

What were the conclusions of the entrepreneurial forum?

Building a good digital reputation is not easy. It poses numerous challenges and tests for entrepreneurs.

The process of building a digital reputation is faster than doing so in real life, but one’s digital reputation can also be destroyed just as quickly.

Establishing a solid experience for users and a good digital reputation is of concern.

It is important to seek out new channels, define distribution and amplify tool-related possibilities to effectively validate how users arrive.

This text has been adapted into English by Emily Stewart from its original Spanish publication.