In this episode of the "Failing to Success" podcast, Chad invites his friend Ignacio Carcavallo to talk about his experience of creating the Groupon of Argentina. Ignacio Carcavallo is a successful entrepreneur who shares his story with the audience. In May 2010, Groupon had just arrived in Argentina, and Ignacio was approached by investors from Switzerland and Germany, who were ex-Skype and Facebook early investors, to create the largest group buying competitor all over the world. Their strategy was to replicate the business model that worked in the US and duplicate it worldwide. Ignacio and his team replicated Groupon's business model in Argentina, with their brand called "Click On". Over nine years, they bought out all the local competitors except for Groupon, which led to them being the largest competitor in Argentina with almost nine brands under their umbrella.
In 2018, Ignacio exited the company, which was his best year, but the macro economy of Argentina was not good. The inflation rate was very high, which led to the cost of goods and services increasing. The dollar exchange rate with pesos was also very high, which led to a decrease in revenues. With all their revenues in pesos and some costs in dollars, the situation was not favorable. Therefore, they decided to delegate the company to the C-level managers, so they could run the company, and Ignacio and his co-founder could find inspiration to start a new company.
In conclusion, Ignacio Carcavallo's story is one of resilience, hard work and determination. He started his company from scratch and built it into the largest group buying competitor in Argentina. However, due to the unfavorable macroeconomy of the country, he had to exit the company and start something new. This episode is an inspiring listen for aspiring entrepreneurs who want to learn from the experiences of successful entrepreneurs.
Timestamps:
00:00:00 Intro
00:00:18 Creating Groupon in Argentina
00:01:30 Exiting the Business
00:04:26 Starting Treevotion
00:06:38 Moving to the US
00:10:31 The American Dream
00:17:52 Contact Nacho
