23 May AIDICARE – JUAN CACERES
The goal of Aidicare is to prevent complications from diabetes and hypertension in patients suffering from these diseases. Thanks to a bracelet that measures the vital signs of the wearer and an app connected to it, you have access to glucose levels, cardio levels, etc… Everything happened by chance when a friend of Juan Cáceres, the founder, showed him on paper his records and logs of his diabetes follow-up. On paper today? With all the apps and cell phones, we have? That is how Aidicare was born.
Juan Cáceres, its founder, shares his experience as a successful Eurolatina startup.
Why your bet on Europe and not on other regions?
In Europe, the population is more preventive in health issues than in other regions. 70% of Europeans have a weight scale at home and control their weight, there is also a lot of awareness of prevention rather than cure and this is probably because it is a society with more purchasing power. Our product has a very important part of artificial intelligence R&D based in London. We work with the Imperial College of London all the IA and we have obtained the certifications of the European and North American organisms necessary to be able to operate in these markets.
We know that it is key to customize and adapt our app and product to the European market. For example, in Mexico, our product is oriented to help the customer to take care of himself while the European customer is more participative and likes to propose; we want to adapt the product to their needs, interests, and build it together based on their feedback. The Spanish market for cultural issues, language, etc. is our potential target and for that, we will look for a local partner.
On the other hand, in addition to London and Mexico we are present in Miami and this geographical triangle has helped us to break down barriers and think that we can make the leap to the European market.
What are the main challenges faced by startups when they expand from Latin America to Europe?
In our business, the whole process of certification of both the app and the equipment by the competent bodies is fundamental and that means starting up all the machinery of the bureaucracy.
You have to be familiar and get the pulse of the local market and its characteristics in order to succeed. That is why having a partner in the field is fundamental. In our sector, this partner must have an excellent network of contacts and partners to be able to distribute our product.
As the startups grow and expand internationally, we need to set up the company with foreign funds and that… is another challenge!
Key learnings/recommendations for companies planning to grow internationally
Many of the failures I know and have experienced have been for not knowing the market well, for not knowing your market fit, for example, in LATAM the issues of certifications and product approvals are much more lax in general than in Europe and obviously if you think to enter the European market with that mentality you will fail.
On the other hand, the consumer in LATAM is more open and receptive than the European consumer who values other different things and therefore it is key to adapt and know the market.
The advantage of working, knowing the market and the client that we have at LATAM serves as a testing ground and prepares us to succeed in Europe. Personnel costs are much lower and if we make a mistake, it is easier and quicker to make changes.
Look for talent wherever it is! Our team of developers, programmers, etc, is based in Mexico while the bioengineering and medical development team with knowledge of artificial intelligence is based in London because that is where we have found the highly qualified and expert talent we need.