Andres Bilboa is one of the co-founders of Rappi, the highest-valued app of LATAM ($5B valuation). Now he runs an incubator called Makers and has invested in dozens of startups.
In this episode, he shares how Rappi started with no funding and no network. They added restaurants into their platform without permission and gave cash to couriers to buy meals. Demand was through the roof. But just as they started closing funding and scaling, Uber and UberEats came to compete.
Here's the story of how Rappi found product market fit, and what Andres learned about founder psychology and mental health.
Why you should listen
- How to launch an MVP even if that means giving cash to couriers.
- How to fight off massive competitors like Uber and UberEats.
- Why founders with insane ambition and a relentless drive are more likely to achieve outsized returns.
- How the psychological aspects of entrepreneurship, such as fear of failure and the need for constant achievement, can impact a founder's well-being.
Keywords
Rappi, on-demand delivery, competition, growth, fundraising, founders, ambition, drive, entrepreneurship, fear of failure, achievement, therapy, fundraising
Timestamps:
(00:00:00) Intro
(00:02:53) The Origin of Rappi
(00:06:58) How Rappi Works
(00:13:37) RappiCash
(00:15:55) Colombia's World Class Convenience
(00:18:05) It's a Winner Takes All Market
(00:20:44) Andres' Roles at Rappi
(00:22:27) Competing with Uber
(00:26:00) Crazy Doesn't Cut It
(00:29:51) The Problem is You are What You Achieve but Nothing Is Ever Enough
(00:40:44) Fear is Unproductive
(00:45:25) What is Makers
(00:50:30) One Piece of Advice
Send me a message to let me know what you think!
