How did the idea come about, and why did you decide to start this company?
The project began in 2010 as a final-year thesis project. It was during that time that the idea of creating a software factory first took shape. Once that process was complete, we founded Xseed Solutions, a company that provides software development services. As time went on, we decided to launch a new product, and that is how GU Trade came to be—a spin-off of Xseed—which aims to provide solutions for consumer goods companies and distributors.
When you created GU Trade, what market needs did you identify?
We thought we saw a need in the market, so we set out to conduct market research and gauge interest among businesses. Salus was the first to believe in the project, and that was the catalyst for getting started.
How does it work, and what solutions does it offer?
It is a multi-platform solution—web and mobile—designed to easily collect data so we can then present our clients with key performance indicators to identify opportunities for improvement or increase company sales. We gather information on products, prices, the competition, how products are displayed on the shelves, whether there are stockouts, and why; we also take photos to assess the condition of the displays. All this information is collected via mobile and then presented on the web platform in an engaging way so that the client can make better decisions.
The tool generates extremely important and valuable information for companies—information that is available but needs to be analyzed. We also provide this analysis and insights service, making the work easier for companies.
Although GU Trade originated in Uruguay, its growth abroad has been remarkable; for example, Costa Rica accounts for 53% of total sales. What is it like to expand into other markets? Was that something you planned from the start?
To determine exactly where to launch our business, the first thing we did was conduct a study, because the initial instinct might be to go to the United States or neighboring countries like Argentina or Brazil. We hired an internationalization consultant, and based on a series of indicators, they determined that the first country we should target was Costa Rica. So we started traveling there and going through the sales process until the business began to grow. Building on that success, we began looking for other countries where our plan indicated we might have opportunities, such as Panama, Argentina, Colombia, Peru, and Bolivia.
This year, despite global challenges, the company continues to expand into new markets and strengthen its position. It has opened offices in Peru and Bolivia. How do you plan for a year like this, or how do you develop a strategy for it?
Despite the pandemic, we were able to continue our efforts to establish a foothold in Argentina and open up those two new markets, which are extremely important. We had been planning this strategy since 2019 and wanted to carry it out despite the challenges.
To what extent do you feel that your degree helped shape your entrepreneurial spirit?
The courses I chose during my degree program were geared toward that goal: building a life as an entrepreneur. It’s also important to have the support of the people around you, as well as all the mechanisms we have in Uruguay today to promote the sector, such as Uruguay XXI or the National Agency for Research and Innovation (ANII). Being an entrepreneur is an emotional roller coaster; you might land a client, close a deal, secure an investment, and feel on top of the world, but you still have to celebrate those achievements with restraint.
What are your goals for next year?
To establish a stronger foothold in the countries mentioned. It’s true that we’re not growing as quickly as we’d like, but we’re doing very well, and we’re pleased with our progress. We want to complete our market expansion in Colombia, and we’re always looking to innovate in the sector to provide our customers with the best possible service.