I remember when I first read this story: Mexican.vc returns 8x the fund’s value to its investors, thanks to Yogome’s exit. I was thrilled.
It was going to be one of the first success cases of a Mexican startup. The ecosystem was going to grow at a faster pace, international investors and corporations would turn to look at Mexico as a place for promising business and tech talent.
And then, it happened. Yogome turned out to be a fraud. It was all inflated numbers and lies from the company’s CEO, Manolo Díaz. I was deeply saddened.
I won’t go deeper on the drama’s details, there are already a lot of newspapers covering the facts out there. Instead, I want to focus on the upside of this situation.
As a student of stoic philosophy, I’m constantly reminding myself to look for the bright side of things, even when at first glance they don’t look as good. Amor fati is what ancient greeks and romans said; and it means, love of fate. Embrace everything that happens as something that has a positive finality.
Gym bro’s call it “No pain, no gain”; teenage girls call it “His loss”; but the concept is the same. This situation, while unfavourable to the community, to the investors, to the employees and tech enthusiasts, will help the ecosystem grow stronger.
Growth is always made under stressful situations, and success paths are never straight, so the only thing we have to keep in mind is the moral of the story. We have to take a learning out of this (and I know everyone will have their own conclusions and learnings), but at the end we can only do certain things to avoid other companies doing the same.
Be it, having stronger and deeper due diligence processes, improving the personal profiling of founders before investing, or being there for the founders when they need it the most (instead of having these expectations of eternal, constant growth), the whole ecosystem has to come together and work on improving these loopholes and deficiencies.
It’s all an improving process at the end, we’re all learning together.