Team Hipos.com is just south of the border in the world’s 6th largest metropolitan area, Mexico City. We’re working furiously with Hipos.com, a small Internet start-up, to help define their business model and maximize revenue. But the problem we’re facing is how can Hipos earn pesos if their potential consumers and customers don’t immediately recognize the need for their service?
Hipos.com seeks to educate Mexicans—the 11th largest population and 12th highest GDP in the world—to gain significant knowledge about financial services products. Hipos’ website will allow consumers to find the ideal financial products to meet their individual needs. Ultimately, the business will save consumers money and will help drive revenue (and increased profits) to financial institutions and other types of businesses.
The beauty of working for a start-up is the profound impact we can have on the business in such a short amount of time. Every stone we turn, industry trend we discover, and gap in the market lead to new strategic insights. In addition to significant Internet research, we’ve been interviewing successful businesspeople all over Mexico City—most of which have ivy league educations or graduate degrees from top ranked institutions. We met with numerous consultants that specialize in financial services, successful entrepreneurs, and other members of the financial services community. Their knowledge of the Mexican market and economy is helping us to create valuable insights for Hipos. Over the next week and a half we’ll continue to conduct interviews, ideate, complete a comprehensive financial model, and strategic recommendations.
Enough talking about work! We’re in Mexico: the home of tequila, Mariachis, and delicious (albeit unhealthy) cuisine. Since the first day we entered this sprawling city, we’ve immersed ourselves in their culture. Even though none of us can speak Spanish at a level beyond preschool, we’ve managed to navigate this sprawling city and take in the sights and sounds.
Some Highlights include: Porter Hall facing his fear and chomping on the chewy worm at the bottom of the Mezcal (a variant of tequila) bottle; climbing the Aztec pyramids at Tiotihuacan; watching Mariachis and dancing (a little bit) in Garibaldi Plaza; exploring the tourist attractions around Zocalo; and discovering how many different ways and names Mexicans can come up with to describe the combinations of tortillas, meat, cheese, beans, and different color sauces.