The successful story of Íñigo Muñoz: An entrepreneur who helps other entrepreneurs
The young Catalan Íñigo Muñoz, aged 27, was one of four EADA Alumni who took part in the latest edition of EADA Startup Day held in May and targeted at current participants on the EADA International Master in Management. Along with his other colleagues, Íñigo explained the steps he took to set up his own company.
His adventure as an entrepreneur started out before he graduated on the EADA International Master in Management in 2012. His business idea was to set up a platform that would link up investors with entrepreneurs. He set off in search of a local partner and opted in favour of the crowdfunding formula, also known as collective funding or micro-patronage.
Íñigo set up three years ago Mynbest, an online investment platform which refers the most promising startups to investors who can then quickly, easily and safely become shareholders
That’s how Mynbest was born, three years ago. This is an online investment platform which refers the most promising startups to investors who can then quickly, easily and safely become shareholders. In order to accomplish this Íñigo and his partner are in contact with all sector stakeholders, from entrepreneurs, business incubators and accelerators right up to investment networks, venture capital funds and universities.
Seeking out partners
Following a second round of investment they are today in a position to hire various employees and the company is expanding in Central and South America. But Íñigo acknowledges that it was not at all easy to get where they are now. “In the beginning we had to explain the project very thoroughly to our immediate circle, encouraging them to become our partners. That’s how we got between 30% to 40% of the initial investment needed to put our business idea into practice”, he explained.
After that they got into contact with entrepreneurs and investors to convince them that their online platform was the best option for getting them into contact with each other. To accomplish this Íñigo and his partner had to attend several events around entrepreneurs. “All these events constituted a great opportunity to do networking and to make our project known to different sector stakeholders”, he pointed out.
Advices to future entrepreneurs
Like the other EADA Alumni who attended the event, Íñigo addressed the queries of participants on the International Master in Management. Most of them asked him about the crowdfunding option for getting a business project off the ground. His answer was that “it is a formula that works really well for many entrepreneurs but that each business, entrepreneur and situation is different so it needs to be considered taking into account all these variables”.
Iñigo’s main piece of advice was to look for a technology partner who can develop the entire online strategy
Furthermore, the main piece of advice he gave in every case was that “you should look for a technology partner who can develop the entire online strategy”. And he added, “the biggest mistake that I made when I embarked on this adventure was to outsource the technology side of it, which slowed down the process of solving day to day problems”. And he added “in any business and more so in those that are Internet based you need an IT expert who can ensure that everything is working right”.
In the following video you can see some comments of Íñigo Muñoz about his experience in running his own business: