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hi, i'm about to go down to nicaragua and do some work with Agora Partnerships - I was hoping I could take a minute of your time sometime over the next month to learn about the entrepreneurial environment in managua. let me know! thanks.

Hi. Sure thing. I am flexible in the evenings to chat. Let me know a good time for you.Carlos

Nica Libre - Barbarians at the Gate

While the original book and story Barbarians at the Gate is about the fall of RJR Nabisco and a mammoth LBO that opened flood gates for leveraged buyouts and the heyday of private equity, the story is slightly different here.

In Central and South America, the barbarians are everywhere – politics, authority, the discrepancy between super rich and super poor – and then there is a movement to impact the region through capital. Call it impact investing or call it logical, sound business. When you crush the bottom line, a second and triple bottom line can have massive impact – crush the bottom line first.

According to the President of the Inter-American Development Bank, the region stands on the threshold of historic opportunity. He predicts that Latin America’s regional GDP and average income will double by 2025 and poverty levels will be slashed by two-thirds.

The winners of this will be the entrepreneurial minded – both sides of the table – investor and entrepreneur. But what needs to happen to get passed the gate? And in my time in Nicaragua, I saw some bad, half built gates which leads to my point.

Infrastructure (All types):

Tangible, Financial, Social and Human. An ecosystem has to exist to support new ventures. Angel networks must get in the trenches and communities must emerge (technology, security, energy, retail, health, and transport). The physical infrastructure must advance. I have seen Colombia make great strides in roads and infrastructure. There are huge plays in infrastructure buy outs but the countries have to do their part. In Ometepe for example, it took me an hour and half to travel a few miles. The roads are garbage. That has to improve.

Improved infrastructure paves the way for a beautiful thing – a middle class (which does not exist in much of Latin America). It creates jobs and skills for workers, allows for the efficient transport of goods and services, adds reliability for health care, supports energy innovation and strengthens retail. With an emerging middle class, the region can sustain the growth experts predict - a win-win for all.

My one concern is – do governments in the region actually want this to happen?

#nicaragua #nica libre #Carlos M. Castro #Cornell MBA #venture capital #private equity #internships #infrastructure #Colombia #middle class #agora partnerships #Inter-American Development Bank #impcat investing

Nica Libre - Introduction

After spending my summer interning at Agora Partnerships in venture investing, I came away with a ground floor perspective on Latin American investing. As a Nicarguan native, it was an especially fulfilling yet insanely frustrating experience. There are themes surrounding politics, macroeconomics and social economics that create a unique investing environment in Central America. Nonetheless, there are a few players in the investing space that look to take on the issues head on. The models may be different but as with anything, competition creates innovation and the entrepreneurs of Latin America stand to benefit. I believe in the entrepreneurs and mavens in Latin America that create the investing ecosystem.

The Nica Libre is a drink named similar to the Cuba Libre which is light rum, lime and cola, but the Nica Libre uses Flor de Caña – an amazing rum from Nicaragua.

This series titled “The Nica Libre” is collection of themes, stories, inspiration, conflict, challenges, lessons learned and leadership from a region where its future and prosperity have yet to be written.

I hope you enjoy reading.

- Carlos

#nicaragua #venture capital #private equity #Cornell MBA #flor de cana #Nica Libre #Carlos M. Castro

Would you risk it now?

With the increased danger - human trafficking, torture, tougher border control, drug wars and everything else that makes migrating from the harsh 3rd world countries in LatAm and the world - would you risk it now?

Inspired by the Washington Post Article "Violence stemming migrant flow to the US" I asked myself that question.

I have lived in the US for 25 years and as a naturalized citizen, I love this country for its good's and bad's and think there is no other country in the world that can give you the freedom to work hard, succeed and achieve greatness - personal and financial.

I think of the life I would have had in the mountains of Nicaragua. For sure no Mercedes-Benz, R6, loft in down-town, college degree nor MBA. Grandparents have a farm in San Ramon but life is so tough and poverty is brutal. No ghetto in the US can compare the how poor people live in the 3rd world. Its amazing how blessed I have been to have the life I have had. Going back to Nicaragua to work now in venture investing is as heart breaking as it is rewarding.

So yes I would. In a heart beat. I see it in each face I see, the desperation. It would be the face I would see in the mirror.

Would you, given the added risk?

If you are US born, can you put yourself in that desperate place - violence, famine, inadequate electricity, clean water, intense heat and political, for lack of a better description, shit-show.

Wouldn't you, to live the life and blessing you have lived since birth?

#Nicaragua #Carlos M. Castro #VC #3rd World #migrate #immigration #San Ramon #Matagalpa #Cornell MBA #MBA

Closed mouths don't get fed!

Why do most people not get what they want? In theory, life is unfair – but for who and, can we have a say in this game??

I believe to some extent you can influence luck, destiny, future and fortune.

Some things are just unfortunate, growing up poor, your parents not being there, accidents and other tragedies. But what about taking control of the things and adding your own flavor to life? Clichés are all around – squeaky wheel gets the grease, make lemons out of lemonade, dance in the rain, etc. But I really like “Closed mouths don’t get fed.” It has a tone of aggression, power, influence and asserting a primal need to live.

Truth is we all have issues and things from the past that suck. Be present in architecting the parts of your life that you can:

Career – don’t be a work mule. Ask and command to be better and to make others around you better. If you find yourself hating your job, go do something else – get paid to do what you enjoy.

Happiness – be a kid again. One lesson I learned in getting older is to not forget what made me happy as a kid. I loved playing sports as a kid. As an adult, I found that when I wasn’t happy from work stress or life in general I made less time to play sports with friends. When I keep a good easy balance of activity and sports in my life, I am a happy kid again. Work is work.

Respect – own it. Respect is earned by being someone that is of value to the world not just taking from it. Be of value to others and it will come back to you in waves.

Relationships – haha when I figure this one out, I’ll write a manual/blue print and just take orders and buy facebook, twitter, zynga, linkedin and everything else valued at billions of dollars. (bubble)

*A special shout out to the Cornell MBA Entrepreneurship and Private Equity crew for all successfully landing internships in the toughest fields in the B-School circuit – Go get paid!

#venture capital #entrepreneurship #private equity #Johnson MBA #Cornell MBA #Carlos M. Castro #Closed Mouths Don't get fed #Respect #Happiness #Career #MBA #Go Get Paid #internships

In Basketball as in Private Equity/VC

Congrats to the Mavs - well deserved championship.

Following Mark Cuban and admiring his business track record, it does not surprise me that he has created this team...a winner. Just like the huge exits in business that made him a billionaire, it was the savy, patient diligence that made the Mavs a success.

In Mark's PE/VC deals:

Microsolutions - great platform and solid line of products, exit to client for $6 million

Broadcast.com - fantastic timing and innovative solution, exit of $5 Billion to Yahoo and even smarter diversification of the stock

HDNet - knowing what customers want and listening to trends

In Basketball:

Dirk and Jason Terry - great platform, prolific super star and 4th Q scorer/closer

JJ Barea - lane killer and distributor

J Kid and T Chandler - play their respective position

The Matrix, D Stevenson and bench crew - support and diligence

Building the Mavs from group up - awesome turn-around on a distressed asset

What is needed to succeed in both:

Patience - to develop chemistry and proof of concept

Hard Work - long hours, trail and error, failing fast and learning to regroup

Execution - there is no substitute for performance

HEART - HEART, HEART and more HEART

Mark Cuban did a fantastic job of timing markets, executing on distressed assets, providing support for turn-arounds, developing foundations and executing.

Congrats Mr. Cuban, Mavs and Go Spurs Go!

I am a die hard San Antonio Spurs fan and it was hard to see them lose in the 1st round but they fought hard and didn't quit.

IS COLLEGE CREATING INDENTURED SERVANTS??

1/2 done with my MBA @ my internship with a bunch of folks pursuing homeruns and I can't help but to think of my massive school loan. I am at a think tank and each person I meet here has an advanced degree from a tier 1 school. Most did well in a career and decided to launch a venture...some are fresh out and going IN - not caring about the $ owed.

I loved this article by Mark Suster on the 20 under 20 and the value of higher education http://finance.fortune.cnn.com/2011/06/02/peter-thiels-dropout-program/

If you BS'ed in school and didn't hustle to build a network, major in something employable or work hard to handle your business...in the best Keanu Reeves voice...Vaya Con Dios. If you find yourself hating going to work or being a wage slave in a cubicle farm, don't do it for the debt you owe. $ is out there doing what you love.

I agree 100% with Mr. This Week in VC. I learned more about leadership and management as president of a student organization than in a text book. I hustled hard and then hustled some more. I love the lessons I learned...very very few were ever in the classroom. After a year in business school, the same holds true. I learned more about PE/VC and entrepreneurship managing the BR Venture Fund, deal sourcing and operating the eLab incubator. The classroom provided great tools for my tool belt. College is a great place to find your swag. Make it happen.

Lessons from Wu Tang Clan in Private Equity

Lately, I have heard and read VC's quoting rappers. I dig it and in the month of April, the US IPO market had the most deals in 4 years. So PE is back but why? C.R.E.A.M. that's why - Cash Rules Everything Around ME - dollar dollar bills ya'll....even Kenny MF Powers knows that http://www.youtube.com/watch?v=c764JWVt5Fw Companies have been sitting on fat balance sheets and have money to blow (I'll do a Drake one too)

Steady cash flow in this business is what it is all about - cash is king. The faster you pay back all that leverage, the faster you cash out. So get your modeling game up, deal source and LBO that company.

I like the culture shift in VC's

Bad Carrots!

Why are we validated by the wrong incentives/rewards? A simple pay check, a letter grade in school, a title, a pat on the back.

I am taking an amazing course on Managing and Leading Organizations and many of my classmates think it is a waste of time. This is one of the reasons why I feel there is a surplus of middle managers and not enough change agents - LEADERS. I mean real leaders, not facilitators of meetings. MBA programs have a club for everything and "leadership" spots for each member. It's annoying and disappointing.

It starts at the top - schools, employers, institutions, etc. Reward for impact not just to pacify validation for a decent minimum of expected work. Work to create impact, better the lives of others, create smiles, promote others --> leave a legacy.

Real validation: A member of a happy solid family (mom and dad), lead change to create jobs, create a company that does good for the world while making $, promote your coworkers to do better (make their job better), promote classmates and help them get careers launched...add a new powerful course to a top tier MBA program.

Motorcycle Instincts and Life

How many people have you heard say - "I would get a motorcycle, but I would kill myself.....I am wild like that"?

From all the riders I know, this statement usually comes from the scared person inside masked as a rebel. I call bluff any day on this person.

I can say that the instincts needed for ridding are the same as navigating life. A close parallel is Career instincts. How many people do you know that are wage slaves and say "I will start my own company ONE day, I just need to do ........"? or "that is just way too risky, I have a mortgage, kids, etc ....."

Respect the bike and its power and speed, its beauty, thrill and danger. Respect the same in entrepreneurship and venture investing. The bike wants to stand up straight, it was engineered for that once it gets going. So does a business - they were engineered to make a lot of $, create jobs and impact. Respect the components and embrace the power.

As you ride by - speed or cruise - watch all the people in cars. They wish they were you.

My dad rode, I ride and my sister rides. It's something so cool, its hard to put into words but it feels - free. I felt the same going into a career that stopped feeling like work with venture investing.

Check out this article from Fortune referencing motorcycles and startups - http://finance.fortune.cnn.com/2011/03/04/motorcycle-instincts-and-start-ups/

In 3 decades – what I’ve learned

I hit 30 today. I’ve crawled, walked, ran, swam (kind of), surfed, flew, biked, hiked, climbed, and moved through life navigating as it comes along. Take aways:

1. Little things in life are so important

2. Having a beer with my dad is awesome now

3. Having heart to hearts with my mom are awesome

4. Watching my sibling grow up is very cool

5. I love laying in hammocks – at the beach, porch, etc with a nice drink

6. Love hard

7. Be good to people, try to change lives for the better

8. True Leaders impact others

9. Don’t view work as work – being a wage slave sucks – do what you were meant to do in life, $ will come

10. Embrace your upbringing and your culture, but learn to appreciate others

11. Laugh as much as you can

12. Dream big

13. It’s never too late

14. God’s plan for your life is bigger than yours

15. Live the adventure now don’t look forward to it or dwell on past adventures

16. See the world

If my 30’s are anything as cool, adventurous, exciting as my 20’s, it’s going to be awesome. I made a lot of mistakes of which I hope I learned from, taken big risk that I hope pay off, and continue to trust God in my future. I love my life and am thankful for each day I get to live and share experiences with the people around me. I’m not even in my prime yet ;)

Check me out 10 years ago, haha, how things change – before & after

You can't trust a guy when.....

Inspired by the "25 Guys to Avoid on Wall Street" article http://www.cnbc.com/id/41759013, I saw a lot of similar attributes to everyday people.

I have had this conversation with my Boys and we have a solid list going. Its when you know you can't trust another dude. Please add to the list (unless you fit the description) and ladies, I would love to see a similar list.

You can't trust a guy when....

1. You can't bust balls with a group of guys. <-- This is a right of passage and is more about camaraderie which builds trust.

2. If you can't tell your crew who you are dating/smashing. <-- You are either embarrased, shaddy, and/or both. You clearly don't trust the group so you therefore cannot be trusted. It might be that you are playing with someone else's girl.

3. You can't hook your boy up with homework/answers. <-- This goes back to 1st grade and continues until the end of academia. Chances are, they did not do the work and therefore need share but won't.

4. You have alligator game. <-- like a gator, you can just lay there without seeming like threat to lady but you are just really waiting to pounce. This is the fake friend that will sabotage your relationship just to get his turn. (also known as the possum/weasel game)

5. They go to the bar with you but never buy a round. <-- they might as well be women.

6. Break Man Code often and claim to not know if was code. <-- everyone guy knows Man code

7. He has never taken the grenade for the team. <-- at least once you have to

8. He is a habitual liar. <-- you will get caught up into his web and then you will look bad even if you had nothing to do with his lie.

9. He believes whole heartedly that everyone should be Bros before Hoes. <-- The guy will not uphold to the standard if he really digs a girl. Changes are this dude got the least play in the crew.

10. He owes you money and claims to be broke all the time but you know he is still going out, buying drinks and continuing the fake lifestyle. <-- Means his priorities are whack. Just pay what you owe.

...

Please add to the list using the Comment feature.

Another 14 hr + day writing case presentations, team deliverables, financial modeling and ah' the ever important-Doing what I came back to school to do(not academics). It's fun in a sadistic way I hate to admit. I see other classmates doing the same, navigating through the stress, breakdowns and juggling acts. All chasing dreams, some go about it different than others but dream big I hope nonetheless. All miss home, families, significant others and the little things in life that make life beautiful. I like to ask myself at times like this "why do you do it?"

I started jamming this and it made me smile. I always look forward to the adventures of life and try to smell the roses along the way.

I do miss the little things but love working towards the big things.

Pro Immigration reform for entrepreneurs

In second annual "State of Entrepreneurship" address, Kauffman Foundation CEO Carl Schramm presents policy recommendations to promote entrepreneurship and accelerate economic growth without adding to the deficit

1. Reforming U.S. immigration laws so that more high-skilled immigrants can launch businesses in the United States. Read full article here http://www.kauffman.org/newsroom/the-state-of-entrepreneurship-will-entrepreneurs-increase-hiring-and-contribute-to-gdp-growth-in-2011.aspx

While all of Mr. Schramm's policy recommendations hold equal impact, this one holds a near and dear place in my heart. As son of a bootstrap immigrant entrepreneur and immigrant soon-to-be venture capitalist, I love to see this type of progress.

Immigrant = Entrepreneur and Entrepreneur = Immigrant by the very nature of why you and your family left less desirable conditions risking everything (life included) for a dream.

As I mentioned in my previous post Unfair Advantage -Grandma's Secret Sauce, this is why immigrants are perfect for running businesses. Many immigrant entrepreneurs start businesses out of necessity and survival instinct to put food on the table. There is a drive here that is hard to duplicate. With the right coaching, best practice, access to capital and access to resource, you have a scary movement of qualified entrepreneurs. I love it!

Football, Life, MBA's & Startups

Great quote but how does it translate to ^?

“….I firmly believe that any man’s finest hours – his greatest fulfillment of all that he holds dear – is that moment when he has worked his heart out in good cause and lies exhausted on the field of battle – victorious.” - Vince Lombardi

Football:

Players love the game since children. They work day in, day out. From 2-a-days, dieting, discipline on and off the field to executing on split second decisions.

LIFE:

Split second decision shape your life, good or bad, you live with the results. At the end, you hope to look back at the body of work that is your life and smile. You are proud of the legacy you leave behind knowing that you worked your heart out. Field of battle: it's all around you. ---> leave it all out for the world

MBA's:

The last few weeks my classmates, along with 100's of MBA's, were gunning for Investment Banking, Brand Management, Corporate Finance and Consulting career internships. Most MBA's leave the comfort of home, loved ones and cushy jobs to chase a dream career. Field of battle: The interview and all that leads to it. ---> Leave it all out there Big Red!

Startups:

The love and passion to launch an enterprise. The heroes with the spirit of economic development. I love how the quote fits this pursuit. Most successful startups all go through the failures, but learning from mistakes, the entrepreneur can make it happen. I love reading entrepreneur stories and all the ups and downs it takes to reach victory. To all the Techstars, Founder Institutes, eLabs, Y Combinators, and all the resource that make up the team (shout out to good VC's), you work your heart out, go get that victory. Field of battle: always being created and changed. -à It is a blast to be in the game.

Unfair Advantage - Grandma's Secret Sauce

1. "They make so much money that when their Ferrari's run out of gas, they buy a new one."

2. "If you are scared, go be a wage slave."

3. "Some of the best leader are 12 step-ers, Near Death-ers, and fail-ers"

During an excellent lecture from John Nesheim, he made these comments that really inspired me. The lecture was about entrepreneurship and the lesson was "what is your unfair advantage?" He gave excellent points and how application in the context of entrepreneurs, is the key.

What I loved about the comments above was the raw nature of truth.

1. These entrepreneurs mentioned were folks that created Non-sexy practical functional businesses. Manufacturing, hardware, etc. Business that are NEEDED and are not lifestyle plays. It is not the Facebooks, Linked In's, and I-"w/e"ers of the world. They are the cash cows that make the world go round. I applaud these entrepreneurs and hope to see them on the street with my lambo.

2. This is a post in itself but in a nutshell, I believe it to be true. Being a wage slave sucks. It is a miserable existence with little purpose. Mot of a life is spent at work, why not make it worth while. Follow a dream, passion, goal. What happened to the little kid in you that said "when I grow up, I want to be a ______" I doubt that fill in the blank was a boring job.

3. Why? Because you know what rock bottom feels like. Because you learned from the company that didn't take off and know what it takes to fix the mistakes. Because you don't want to fail again with your $ or someone else's $. Because you react when shit hits the fan rather than watch with an open mouth.

The secret sauce is what makes you unique enough to matter. The unfair advantage that allows you to succeed. Its hard to duplicate and everyone wants it.

Use it in all aspects of life. Its easy, just be "you" with conviction.

Lessons from a Coconut Salesman

I couldn't help but laugh reading this NY Times article on a coconut salesman in Nicaragua. http://www.nytimes.com/2010/06/27/magazine/27lives-t.html?ref=nicaragua

It goes to show you 2 key lessons in entrepreneurship and negotiations.

1. Never assume "NO"...just ask, worse that can happen is...you hear "NO". So many people assume "NO" in everything in life, career, relationships, and countless daily decisions. Risk is an exciting thing. Calculated risk is where you want to be though. You can change the trajectory of your life by just asking.

- El que no se arriesga, no gana = you can't win without risk

2. Keep your word. Honor in business is worth gold, small or large scale....VC or Entrepreneurship. Both sides of the table need to have trust.

My 2 pennies - the red would definitely boost sales. This guy is a salesman with honor and charisma. I'd invest.

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