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Confidential For Internal Use Only

Endeavor Candidate Summary Form Candidate Profile CONEXIA S.A.

Candidate Names:
Year Founded:
Website & e-mail:

Luis Navas & Sebastin
Healthcare (IT)
US$ 5.5 million (2009)
Not currently seeking capital
US$ 7.2 million (2010e)
www.conexia.com.ar; lnavas@conexia.com.ar, sletemendia@conexia.com.ar
To provide real time adjudication of patient benefits for the healthcare industry
by capturing, transferring, and transforming data that in turn reduces costs,
increases efficiency, and improves quality of care.

Note: Luis Navas and Sebastian Letemendia first presented at Endeavors May 2009 International Selection Panel in Miami. Luis
and Sebastian have been working with Endeavor Argentina to address feedback from that panel (for more detail, see section 5).


For decades Argentineans suffered under an archaic, paper-based health insurance system, enduring a tedious benefits validation
process complete with long lines and inefficient paper vouchers. Seizing an opportunity to make validation electronic, in 2004 Luis
Navas (53) and Sebastian Letemendia (45) bought Conexia, the information technology company that they had been managing for
four years. With Conexias solution, healthcare insurance companies saw (for the first time in Argentina) the results of real-time
adjudication (RTA) of benefits a process which enabled practitioners and insurance companies to share information and validate
medical procedures with the simple swipe of a patients health card. Today, Conexia processes more than 1.5 million
transactions per month, serving 14,000 physicians, hospitals, laboratories, and pharmacies throughout Argentina. For its
paying clients, healthcare insurers, Conexia reduces medical costs 10% by blocking uncovered practices and reduces
administration costs 15% by simplifying procedures such as claims processing. Conexias service comes at the right time. The
global healthcare IT market is growing at a 16.1% CAGR and is projected to reach US$53.8 billion by 2014. It is trending towards
integrated information systems that bring providers, payers, and beneficiaries closer. These favorable market dynamics coupled
with Luis and Sebastians international expansion plans have favorably positioned Conexia to modernize the information flow
among healthcare insurers, providers, and beneficiaries throughout Latin America.
Luis and Sebastian met each other (and were introduced to Conexia) through IMPSA, a multinational industrial conglomerate.
Coming from separate backgrounds Luis with a PMD from Harvard and Sebastian with an MBA from Wharton the two began to
work together in 2000 when they took over leadership of IMPSAs technology incubator. Operating under the Impsat division, the
incubator supported the development of start-up companies, including Conexia. As the respective CEO and CFO of the incubator,
Luis and Sebastian were tasked with fixing Conexia, then in its fourth year and identified as a problem start-up. Initially, they
wondered what they had gotten themselves into: the technology didn't work, customers were angry, and it was losing money.
Luis and Sebastian studied the interaction among the primary players in the industry insurers, providers, and beneficiaries and
found there was an incredible amount of data, all in different formats and locations. They sought to connect the players through an
integrated online network over which data could be exchanged, providing real-time information to insurers to guide managerial
decisions. This in turn, allowed medical services to be authorized before they were rendered. Targeting private and public sector
health insurers, the duo saw their solution could lower clients costs significantly, improve the quality and speed of care for
beneficiaries, and prevent identity fraud. Despite these advantages, 2002 brought many challenges, including Argentinas economic
crisis and the demise of Impsat. Although neither had any experience in healthcare, Luis and Sebastian believed in the technology
and ultimately bought Conexia through a US$650,000 management buy-out in 2004.
Since 2004, with managements renewed focus on technology, human resources, and customer service, Conexia has
become the benchmark in Argentina, achieving a 60% market share in the US$10 million medical transaction IT industry.
Customer identification, coverage verification, and payment now take place with the swipe of a card. Providers can access patient
data and send prescriptions electronically to pharmacies, improving the quality of care. Health insurance companies enjoy reduced
costs and have access to information that guides managerial decisions and facilitates preventative medicine. All of the private
sector insurers have adopted it (except for one that is expected to sign within the first half of 2010). Government and unionsponsored health plans are following in their footsteps, thus securing Conexias growth in Argentina. Conexia expects to have 22
customers and annual revenues of US$7.2 million in 2010, roughly 90% of which are recurring.
Luis and Sebastian are at a critical juncture in their business: international expansion. Having established their presence in
Argentina, they are ready to capitalize on opportunities throughout Latin America. Panelists at the 2009 ISP in Miami thought
Conexias projected success was based too heavily on entering the US market without enough data to support this strategy. Luis
and Sebastian have since conducted two market assessments with the help of a BCG consultant and MIT MBA students,
and they have refocused their expansion strategy on Latin American markets, starting with Mexico. Additionally, they have
signed contracts with two new clients, representing US$840,000 in 2010 revenue, and received a Capability Maturity Model
Integration Level 3 international certification from Carnegie Mellon, proving their high quality standards for software development.
As Conexia begins expanding to Mexico, Luis and Sebastian would benefit from Endeavors contacts throughout Latin America, as
well as continued support developing and refining their growth strategy. With over four decades of professional experience between
them and a proven technology service, Luis and Sebastian are well on their way to success. For this impressive duo, a little boost
from Endeavors global network could be just what the doctor ordered.

Confidential For Internal Use Only

2.1: Products/Services
Conexia is a Software as a Service (SaaS) company that provides online validation of medical benefits for health insurance
companies, reducing costs, increasing efficiency, and improving quality of care. Conexias solution includes a software suite, data
capture points, datacenter services, hardware and communications, technical support, and training all of which it sells to
healthcare insurance companies, who then provide Conexias tools to end users like doctors and patients.
The software suite is comprised of data capture points, a system administration module, a medical audit, a contact center, and a
management information module.

Data capture points: Conexia installs data capture points at the providers offices and integrates with the ERP systems of high
volume providers (hospitals, laboratories, and certain pharmacies) to avoid duplication of data entry. The integration occurs through
web services or a system of directories. It provides POS terminals, similar to the ones used in stores to validate credit card
transactions. Conexia also offers a PC-based solution; in this case, providers connect via a browser, the web page guides data
entry and (as with ERP integration), peripherals (magnetic band and barcode readers provided and maintained by Conexia) speed
up the input of data. Additionally, an Interactive Voice Response (IVR) system allows a regular telephone to act as a data capture
point and is used for providers with less volume or as a backup method. Lastly, cell phones provide a mobile data capture point.
The system administration module is the backbone of Conexias solution. The insurer enters data for its beneficiaries, providers,
plans, medicines, and pathologies and establishes the business rules, including both administrative and medical, used to approve or
invalidate a transaction. The business rules are the most important element of the service and depend on the specific challenges
and needs of each client. Transactions that are not approved (typically 10-15%) may be sent to an audit team who, using the
medical audit module, authorizes, rejects, refers, or gathers more information. For those beneficiaries who wish to interact directly
with their providers, Conexia offers a contact center system, which organizes incoming calls and enables operators to access
information from the databases. It also provides a management information module through a customized dashboard.
Technical support, through third-party employees, includes a 24-7 help desk and field technicians to provide support to
practitioners. Lastly, onsite training is provided to educate end users (e.g. receptionists, nurses, doctors, technicians).
Conexia is ISO 9001:2000 and Capability Maturity Model Integration (CMMI) Level 3 certified. ISO 9001:2000 specifies
requirements for a quality management system. CMMI Level 3 is a service mark owned by Carnegie Mellon University that signifies
high quality standards for the software development process. Less than 20 companies in
Argentina have this mark.
Conexias service provides advantages to insurers, providers and beneficiaries:
Benefits to insurers:
Decreases medical costs by 10% by blocking uncovered practices and decreases
administration costs by 15% by simplifying processes through technology. Medical
costs typically make up 85% of health insurers costs while administration costs make
up the other 15%. Thus the service reduces total costs by approximately 11%.
Reduces fraud and abuse with identity verification
Provides online audits to correct mistakes and deviations
Generates statistics for preventative medicine
Benefits to providers:
Ensures the identities of patients
Reduces offline processes of medical care (80% are processed online)
Ensures certainty and speed of collection by eliminating claims processing

Confidential For Internal Use Only

Benefits to beneficiaries:
Eliminates the need for vouchers
Eliminates long waits for confirmations
Offers precision in payments and costs
Pricing Model:
Conexia prices its services based on value not costs. It estimates how much a customer will save based on the 11% figure
explained above and aims to capture one-third of that, enabling it to make the most money from the clients it provides the greatest
value. Conexia is pricing new contracts in the range of 2-3 Argentine pesos (US$0.55-0.80) per beneficiary per month. The
contracts are typically for 5 years and renegotiated at conclusion.

2.2: Operating model

The data flow of Conexias service is illustrated in the diagram below. The first step in the validation process is data collection.
When seeking medical services, a beneficiary presents their health card containing relevant patient and provider information which
is collected through data capture points. The data is sent to Conexia's servers, which validate the beneficiarys identity, summarize
their diagnoses and procedures, and sends it to the Insurers database. Based on business rules and patient information stored in
the database, Conexia validates and authorizes the procedures. Immediately the provider can access this information and provides
care to the beneficiary. Conexia manages all activity and can access each customers database through a unified interface.

presents card

ERP Integration



Web Server

Real time

Loads Diagnosis/


Health Cards

pays copayment (if


validates &



Contact Center



Cell Phone

Payment ($)

Implementing a new Conexia system is similar to implementing an ERP system. It involves three phases over roughly five months:
1. Requirement & Analysis (2 months): Conexia works with the client to understand their specific needs.
2. Development & Testing (2 months): Conexia writes the appropriate code for the client, including the business rules.
3. Field Implementation (1 months): Conexia puts the system in place, installs data capture points at practitioners offices
(which can range from 100 to more than 2,000 locations), and issues cards.
Conexia charges a signing fee plus additional fees at other stages. By month six, a new implementation breaks even. Upon
completion, Conexias solution evolves with the client, who can experiment with and amend business rules according to user
behavior. While the business rules are customized, the basic setup of gathering data, storing information on servers, and issuing
cards is fairly standard for each customer. The greatest challenge of implementation is motivating professionals to change their
behavior, and implementation includes different incentive strategies depending on the client, including increasing compensation.
Sales Cycle:
Conexia has 5 salespeople in Argentina who sell to an insurers CEO, CFO, or Medical Director. Because implementing a Conexia
solution means changing a clients entire work flow, the sales cycle can be quite long. On average it takes 9 months to sign a
contract, but Conexia has worked with clients for anywhere from a couple of months to seven years. Also, another hurdle leading to
lengthy sales cycles particularly in the state sector is that not every insurer is keen on transparency and effective administration.


Confidential For Internal Use Only

Conexia employs 15 people in its R&D department. In October 2008, after more than two years of development, it rolled out a
completely new platform on Java. (It was previously on Visual Basic). Now, the R&D department is focused on developing new
modules, including a new dashboard, an application to automatically monitor the networks of all its clients, a new web interface with
improved usability, and modules for monitoring patients with chronic diseases such as diabetes.

2.3: Market
Worldwide: The worldwide market for healthcare IT solutions is growing at a rapid rate. According to a new report by
MarketsandMarkets, it is estimated to be worth $53.8 billion by 2014, growing at a CAGR of 16.1% from 2009 to 2014. The market
is moving towards integrated information systems that bring providers, payers and consumers closer, and low market penetration
offers significant opportunities to healthcare IT providers. Additionally, an ageing population, a proliferation of health insurance
providers, and a growing awareness among healthcare consumers are fostering a demand for consumer-centric systems designs.
The market is currently very fragmented with most players offering highly integrated systems.
Argentina: According to Conexias internal estimates, the potential healthcare IT market in Argentina is valued at US$108 million,
of which US$20 million is electronic transactions (versus paper-based). The electronic transaction market is split roughly equally
into pharmacy and medical, and Conexia has a 60% share of the medical transaction market. The majority of electronic transactions
for the pharmacy market are through Siemens, though Conexia has a 10% share. Conexia estimates only 10% of health insurers
have implemented IT solutions. The companys growth strategy in Argentina is up-selling existing customers and expanding market
share to the large paper-based insurance market as it transitions to electronic validation.
Mexico: Mexico is attractive as it has one of the highest income levels in Latin America, spends roughly US$600 per capita on
healthcare, and services 110 billion people. Healthcare spending is expected to rise from US$61.4 billion in 2008 to US$92.6 billion
in 2014, representing a CAGR of 5.4% in local currency terms and 11% in US dollar terms. Surprisingly, Mexicos public healthcare
system is inefficient, ineffective and poorly funded, ranking 108 out of 191 countries on the World Health Organization composite
index. Mexicans are so dissatisfied with the state of public care that around 55% of healthcare spending is out-of-pocket for private
care, even though private payers are still nascent. The government has introduced reform efforts that extend coverage of medical
benefits yet fail to address the underlying structural problems. Currently, no IT solution exists and insurance companies still have
paper-based, manual validation procedures. With government healthcare suffering and an underdeveloped but growing private
sector, Conexia would be a natural fit for this market. Conexia could take advantage of the upheaval in the public system and
introduce its product, as well as introduce a new paradigm to the private market while it is still young.

2.4: Clients
Conexias clients are public, private and union-based health insurance companies. Since many health insurers in Argentina are
state-run, the public sector makes up 50% of Conexias client base. In total, Conexia serves eight million beneficiaries, processing
more than 1.5 million transactions per month from 14,000 physicians, hospitals, laboratories, and pharmacies. Conexias target
customer is one with over 50,000 beneficiaries and a mostly closed provider network. Conexia expects to add six clients this year,
and by 2013, it will be working with most of the 25 provincial health providers in Argentina and three new clients in Mexico and
Number of Clients

Public Sector

Private Sector

Union Based

Specific Clients

2.5: Competitors
In Argentina, Conexia primarily faces competition from subsidiaries of large information technology companies. According to internal
company estimates, Conexias 60% market share makes it the largest player in the medical electronic transactions sector in
Argentina. The companys three primary competitors are listed in the chart below. Siemens, the strongest competitor, is focused on
the pharmacy electronics transactions market and has kept out of the medical market. Since Conexia has entered the market, the

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annual sales of their competitors have not changed while Conexias have gone from US$1 million in 2004 to US$5.5 million
in 2009. Conexia is addressing a need that until now hasnt been addressed by competitors, as they have developed the services
not only to capture data, but also to process data.


Annual Sales

Market Share

Number of



Siemens Itron
Business Services

US$6 million

60% pharmacy

Financial & Tech


One large pharmaceutical

customer makes up all of its
sales, doesnt offer a
comprehensive solution

Prominente /
(Grupo Roggio)

US$2.6 million

26% medical

Tecnet (Grupo

US$0.7 million

7% medical

Financial & Tech

Financial & Tech

Lacking specialization and

focus in the healthcare sector
Lacking specialization and
focus in the healthcare sector

2.6: Competitive advantages

Established track record: After 12 years in the industry, Conexia has a well-developed, niche-specific technology
(benefits management) that is attractive to health insurance providers. Luis and Sebastian have worked with over 15
health insurance companies and are quite familiar with the specific and unique needs of the industry. They have
developed a deep understanding of their clients businesses and how their benefits management services can reduce
costs, provide information needed to make important managerial decisions, and improve quality of care. As the market
leader, Conexia is setting the standard for the industry, allowing it to have increased pricing power and higher margins.
Competitive value pricing: Conexias service offering is competitively priced in Argentina, built to allow for consistent
profits to Conexia and maximum value to its customers. Recurring revenue made up 90% of Conexias 2009 revenues. In
the Latin American market, Conexias prices will be very competitive as Luis and Sebastian are able to capitalize on lower
operational costs in Argentina.
Entrenched technology: Adopting a system like Conexias involves a significant upfront investment of time and money.
Data capture points must be added to each individual providers office, and providers are trained and become
accustomed to using the system. This substantial initial investment makes Conexia a fairly entrenched technology, and
providers have a strong incentive to stay with Conexia. Thus far, Conexia has not lost a single client to a competitor.
Certification: Unlike its competitors, Conexia is ISO 9001:2000 and CMMI Level 3 certified. These international
certifications will help Conexia establish credibility as it looks to gain new clients in Argentina and in new markets.

2.7: Challenges

International expansion: Currently, Conexia does not have a presence outside of Argentina. It has one full-time sales
person in Mexico developing leads, and a few others are splitting their time between Mexico and Argentina. Once
Conexia has its first client, it can begin establishing its track record in Mexico; however, without that initial traction, it may
prove to be a longer process than anticipated.
Exposure to inflation fluctuations: Conexias revenue is based on five-year contracts negotiated in Argentine pesos,
and any renegotiation of the agreed-upon price extends over a long period of time. In the case of inflation, Conexia will
receive less money from its clients while Conexias costs will remain the same. This imbalance could potentially threaten
Conexias financial stability or, at the very least, impact investments in R&D.
Human resources: As it grows, the company must attract and retain talented new employees, particularly sales people,
in international markets that they are not familiar with.
Potentially long sales cycles: The flip side of Conexias entrenched technology is that Conexia may struggle to
convince new clients to adopt their service. Additionally, a client must be willing to change its entire work flow and
reengineer its core procedures upon implementation, which is not easily done. Knowing the entrenched nature of existing
technologies and the fundamental changes an insurance company must make to its work flow, Conexia will need to plan
for potentially long and tedious sales cycles as it tackles new markets.

2.8: Future strategy

Conexia expects to have 22 customers and annual revenues of US$7.2 million by 2010, and approximately 60 customers and
annual revenues of US$20 million by 2013. To accomplish these goals, Luis and Sebastian have developed the following strategy:

Expand throughout Latin America: Luis and Sebastian intend to expand into Latin American markets, focusing first on
Mexico, and replicate the success they have accomplished in Argentina. Conexias value-add in Latin America is two-fold:
bring an IT solution to an archaic, paper-based industry, and allow for real-time information flow. To that end, they have
conducted substantial market research for Mexico and have independent agents in Mexico generating contacts,
predominantly in the private sector. Once a contract is in place, Conexia will set up a local operation, structured as an
independent subsidiary. Lead times can be quite long, but Conexia expects revenues from Mexico by 2011. Mexicos

Confidential For Internal Use Only

failing healthcare system and rising private sector make this market a promising first step. To facilitate its international
expansion, Conexia is also setting up an international marketing department to strengthen its internet presence. Beyond
Mexico, Conexia is researching Colombia as potential next target market. After expanding to Mexico and Colombia, the
entrepreneurs plan to acquire an existing competitor in Brazil. The Brazilian market is quite developed, although with a
slightly different model than Argentinas. They previously operated Conexia in Brazil when it was still part of Impsat, and
although this operation closed, the entrepreneurs have a very good understanding of the market.
Innovate: In the near future, data collection will take place entirely over the Internet and/or through web services. As
Conexia and its competitors move in this direction, Conexias ability to cater its solution to clients requirements will be
paramount. To continue their success, Luis and Sebastian realize they must innovate and add to their existing products
and services and up-sell existing clients. An important part of these efforts will be directed towards the financial and
payment side of the business, such as allowing beneficiaries to pay co-pays with their health cards. They will continue to
invest time and capital in ongoing research and development and explore how Conexia can cater to a more diverse
customer base to create greater value, new revenue sources, and stronger barriers to entry.
Develop stronger information management systems: As Conexia grows, the company will focus more on the quality
and integrity of its technology, specifically its servers and software offerings, so that it can scale while maintaining security
and quality of service.

3.1: Organizational chart
Conexia employes 130 people in Argentina. In the diagram below, the oval represents the factory where client value is created.
The five teams each have between 10 to 20 employees and are responsible for up to four clients. These groups can modify the
cosmetic appearance of the software suite for clients but cannot change the core coding. The Product team, which is 10 to 15
people, works on the core product code.
Luis Navas
Virgina Carena

Sebastian Letemendia



Silvena Lema

Emilio Etlis



& Analysis



Project Management
Dino Ronconi

Alfredo Semeniuk



Mariela Blanc

Guillermo Fernandez

3.2: Facilities and other key assets

Conexia is based in Buenos Aires and has additional offices in Neuqun and Resistencia.

3.3: Ownership structure

Shareholder name
Luis Navas
Sebastian Letemendia

Percent owned (%)


Role in company

Once Impsat filed for Chapter 11 in 2002, Luis and Sebastian lacked confidence that Conexia would survive under the umbrella of
Impsat. They saw great potential in the service and knew their leadership would be vital to Conexias success. Together, they
bought the company for US$650,000. Current shares reflect each entrepreneurs initial investment.


Confidential For Internal Use Only

4.1: Entrepreneurs strengths

Complementary team: Luis and Sebastian have incredible qualifications and form an excellent team. Luis brings
managerial expertise, lofty ideas, and executive presence while Sebastian brings financial skills, practicality, and the
patience needed to connect with prospective clients. As true entrepreneurs, they share a common vision of where they
want to take Conexia and have the know-how to get there.
Commitment: Luis and Sebastian have proactively learned more about the industry to create an international expansion
strategy, illustrating their commitment to increasing their knowledge and tailoring their technology to the ever evolving
healthcare needs of countries around the globe. They regularly attend conferences to stay on top of industry news,
technology, and key players. They have a vision for the future and work hard to understand how their vision will fit into an
existing, complex system.
International experience: As Luis and Sebastian expand Conexia globally, they can draw on their extensive international
experience. Luis spent six years in Beijing, three in Switzerland, three in Hong Kong, and studied in the US. Sebastian
studied, lived and worked for three years in the US and has traveled extensively.
Pragmatism: When Luis and Sebastian speak about Conexias past and its future, they articulate how every component
of the business will come together and function in an ever-changing industry. They realistically acknowledge that
challenges will arise and explain how they will start small, test new markets, and innovate throughout the entire process.
Luis and Sebastian are certainly not novice entrepreneurs they are seasoned corporate executives, familiar with the
business world, and whose vision, actions, and words invoke a unique level of confidence.

4.2: Entrepreneurs weaknesses

IT and healthcare training: Luis has an engineering background, while Sebastian has a financial and managerial
background. They are not information technology specialists nor are they healthcare specialists. They have acquired an
extensive knowledge of the industry (largely through self-education), but as they move forward, they must seek expertise
and guidance from IT and healthcare professionals to ensure that their solution addresses the needs and limitations that
exist within the industry.


Luis and Sebastian are experienced and qualified entrepreneurs who have made their mark on the healthcare industry in Argentina
and firmly believe in the value their service could bring to healthcare systems around the world. Their business is at a critical
inflection point as they look to expand throughout Latin America, develop the technology needed to cater to new markets, and
withstand foreign competition. Their strong business backgrounds, ability to take strategic risks, and dedication to their product
position them for success. The entrepreneurs have demonstrated they are willing and eager to take advice, and they would benefit
greatly from Endeavors continued assistance in building the contacts and strategy necessary for expansion.

Feedback from 2009 ISP panelists

Define future strategy based on

significant market research

Align market entry strategy with

future strategy

Improve sales pitch

Luis and Sebastian have worked with Endeavor Argentina, a BCG
consultant, and a group of MIT MBA students to evaluate the
opportunities and challenges in entering the Latin America and US
Using this work, the entrepreneurs have clearly defined the
companys future strategy.
Based on research and meetings with Endeavor mentors,
Conexia will enter the Latin America market first, since the need
for their system is greater and less complicated than the US.
Luis and Sebastian hired a Marketing Manager through Endeavor
to develop more professional marketing material.
Additionally, Conexia is reorganizing its organizational structure to
prepare for expansion. The entrepreneurs created an international
marketing department staffed with two Endeavor-sourced
employees in the Commercial department, a first organizational
step towards international operations.

5.1: How Endeavor could help

Growth strategy: Endeavor has been an invaluable resource over the past 10 months as Luis and Sebastian reevaluated
their growth strategy. They could benefit from Endeavors continued help as they explore other markets in Latin America
including Colombia and Brazil.
Finding key employees: Endeavor introduced Luis and Sebastian to their two new international marketing employees.
Without Endeavor, they would never have been able to meet these individuals, and they could benefit from Endeavors
network as they look to hire talented salespeople abroad.

Confidential For Internal Use Only

Business strategy development: Endeavor could provide experts in the healthcare industry who can help Luis and
Sebastian refine their business strategy, including further developing their approach in new markets. Also, as they do not
have outside directors, having access to mentors who can examine their business and ask tough questions would be very

5.2: Potential Red Flags

Unpredictable business environment in Argentina: Conducting business in Argentina can be unpredictable. Half of
Conexias clients are in the public sector, exposing them to government corruption and deferred collections.

Conexia participated in the Miami ISP (May 2009).
2 Opinion Reviewers:

Financial Reviewer:
Final Reviewer:
Local Panelists
(March 2009):

Alejandro Gorodisch
Jorge Grad
Pablo Antonini
Gerardo Garbulsky
Ezequiel Glinsky
Alejandro Mashad
Liliana Ferreiro
Martin Sommer
Gaia De Dominicis
Santiago Bilinkis
Alfredo Nieto
Pablo Saubidet
Martin Umaran

International Panelists
(May 2009):

John Hamm

General Partner, VSP Capital

Charlie Walton

Global Practice Group Leader and Partner, Egon

Zehnder International
Director, Morin Assessoria Empresarial LTDA
Global Economist
Founder & Managing General Partner, Crescendo
Co-founder, Kindred Partners

Liliana Ferreiro

Ex-CFO, Holdinvest

Agustin Gattas

Director, IBM
Endeavor Entrepreneur, Founder Guia Oleo,
Endeavor Entrepreneur, Co-Founder Zott
Endeavor Entrepreneur, Co-Founder Zott

Karena Strella
Pat Morin
John Rutledge
David Spreng
Local Panelists (March

Esteban Brenman
Rodolfo Montes de Oca
Entrepreneurs Coach:

Position and Company

Board Member, Endeavor Argentina
Former Business Manager, IBM Latin America
Partner, CAP Ventures
Partner and Managing Director, BCG
Technology Manager, Microsoft
MD, Endeavor Argentina
Ex-CFO HoldInvest
Ex-Principal Mc Kinsey
MD Endeavor Colombia
Cofounder and CEO, Officenet; Endeavor
Former Director, Coca Cola Company
Founder and CEO, General IPlan
COO, Globant; Endeavor Entrepreneur

Rodolfo Montes de Oca

7. FINANCIALS (see attached)