The waters of the entrepreneurial world and that of venture capital funds remain very agitated. After the cimbronazo that represented the WeWork catastrophe and speculation about the future of startups that spend fortunes but generate little income, such as Uber or Cabify, the main players in the sector are regrouping and rethinking strategies.The WeWork case went deep within the system: the shared office company was valued at almost US $ 50,000 million and then, a few months before the postponement of its stock market debut in New York was confirmed , devalue less than a fifth of that figure.Thus, the Japanese investment fund Softbank - its main shareholder - was forced to capitalize on it and face a strong adjustment that began with the dismissal of more than 4,000 employees, as part of its operation to reorder finances and try to reach the breakeven point. .The tremor had its replica in Latin America, a region in which new unicorns with international projection are appearing. Moreover, taking into account that Softbank allocated $ 5 billion to create a fund to accelerate startups.These issues were addressed at the Latin American Ventures Summit, a meeting for entrepreneurs and investment funds held in Colombia and in which iProUP participated."We were sold that there is a magic formula: make technology, massify, grow with a high number of users and that, at some point, will be profitable. This system expanded globally but it is very very dangerous," explains José iProUP Torres, Senior Investment Manager of the Bamboo Capital international fund, in the framework of the meeting.In a context in which the large venture capital funds have as a strategy to inflate billionaire sums in companies to promote excessive growth, different players in the sector began to look for alternatives to leverage more sustainable enterprises over time and tied to more reasonable objectives.This occurs in the framework of the collapse of some of the most promising investments of the Japanese giant. Carlos Correa, director of new business of Rappi, wants to separate from the model of injection of excessive capital and ensures that they are a healthy company: "We are raising our valuation from the green numbers and improving the efficiency of our algorithm."Therefore, and beyond having a bulky wallet - with the zeros millionaires of the Asian fund - in Colombia it already shows positive numbers and in Mexico it is close to the break even (balance between income and expenses)."Accelerators, incubators and company builders, added to the efforts of corporations and multinationals, join the funds from an open strategic innovation exercise and work increasingly creatively," Carolina Durán, executive director of Corporación Ventures, tells iProUP, Organizer of the Latin American Ventures Summit.This international event was attended by more than 2,500 people from the field of entrepreneurship, investment funds and the innovation ecosystem of Latin America to assess the future of a boiling activity in the midst of a convulsed region. In addition, to measure the risks of a possible bubble in the region.Latin American perspectiveThis year it was once again extremely fruitful for Latin American startups: they monopolized a venture capital investment of over $ 2 billion. That is, it doubled for the second consecutive year, they report from LAVCA. But it was not the only achievement the region achieved:- 19 unicorns emerged (ventures with a valuation of over $ 1 billion)- The largest capital round to date was held: iFood, a Brazilian delivery app, caught US $ 500 million- SoftBank created a venture capital fund (venture capital) of US $ 5,000 million to invest in Latin American ventures"This new generation, more digital, that uses mobile devices and the Internet natively, helps rethink the future," says Torres. From LAVCA they reveal that venture capital disbursements were distributed in 2019 as follows:- 56% in Brazil- 21% in Mexico- 10% in Chile- 4% in Argentina- 4% in Colombia- 2.4% Peru- 2.6% in the rest of the continentOn the horizon appears the ghost of the 2001 bubble, the false hopes and great losses of the dotcom explosion, which resulted in the closure of a large number of companies that did not have realistic or sustainable business models.The important thing is to generate healthy businesses"From an investment perspective, we want entrepreneurs to generate real value for society and stop thinking in the short term. Those who succumb to this vanity of short measurement cannot survive and leave deeper problems that threaten the business unresolved. If this it is not clear the venture capital does not put money, "says Torres.Along the same lines, Durán ensures that startups must reorder their priorities and, at the same time, generate impact and have their "papers in order" to take advantage of the slow creation of regulations."Entrepreneurs are not going at the same pace as the laws. When that point is reached, it must be seen that things are clear to achieve sustained profitability," says Durán, who adds that "both entrepreneurs and investment funds have the responsibility of measuring its impact. "Sustainable modelsGlobal Impact Investing Network reveals that, during 2019, US $ 228,000 million were allocated in impact investments worldwide. However, financiers are ready to disburse more money: about $ 468 billion in 2020. The important thing, for capital groups, is diversity, measuring growth and results."The ecosystem is at a time when a great attraction can be generated and Latin America is ready to receive all the money needed to innovate," adds Duran. It also asserts that for a company to be valuable, it must grow and endure.Torres, meanwhile, says that "it is important for investors to choose where to put the money, since it is very difficult to find ventures that grow fast and, at the same time, last over time." "A vice was generated in which the business model is more about raising capital than having a profitable scheme," he criticizes."This interaction between private capital, entrepreneurs and government must generate a collaborative work and a community that is committed to the management of seed capital to close the social gap, where formal employment is generated and validity in time" assures iProUP Carlos Gamba, Coordinator National Entrepreneurship and Entrepreneurship Fund of the National Learning Service (SENA) of the Colombian Ministry of Labor."After all," he adds, "the entrepreneur is a political and social actor." For Luis Gallo, a member of the Ventures Summit, "in this new era, all corporations have to have a convergence between generating real impact and return.""In addition, the funds are looking for companies that have a very important social, climate and business commitment," Gallo tells iProUP.In this sense, from Bamboo they affirm that both entrepreneurs and funds must return to "the bases" and that the startups on which they bet can answer basic questions:- What is your business model?- What problem does it solve?- What is its durability?- Who are the competitors?"All companies have to be able to answer these questions, even before talking about their 'disruptive technology'," they say from the company.Jorge Farfán, regional director of the Bamboo fund, says that entrepreneurs have a "wrong notion" of what their ventures are worth. "The focus is wrong, you have to think about the key to durability, understanding the foundations of the business," remarks at the iProUP consultation.But it also makes a mea culpa: "This happens because investors generate a vicious circle. There is a strong FOMO (acronym in English for" fear of being left out ") within these contexts that leads to silver only because others did.""We also have the constant pressure to find the 'next unicorn', but SoftBank's strategy and what happened with WeWork will change the landscape a bit in the face of what is coming," Farfán completes.The objectives of the venture capital began to align. After observing how the ecosystem faltered with the stumbling blocks of WeWork and Uber, plus the injection of money in an excessive way, the actors of the sector began to think of a new structure to avoid a new bubble.