Teaching Note for HBS Case No. 322-055. In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had one of the most volatile track records among assets. Yet, crypto adoption as a medium of exchange was starting to gain pace worldwide. Bukele claimed it would be a boon for financial inclusion, investment, innovation, and economic development. El Salvador´s $27 billion economy suffered from persistently low growth, high public debt, and a strong dependence on remittances, which could potentially become cheaper and faster to access in bitcoins. The Bitcoin plan was met with both enthusiasm from Bitcoin supporters and skepticism from credit agencies and multilateral finance institutions, which believed it could bring macroeconomic instability to the local economy. Was bitcoin a viable currency for Salvadorans? Or, as some observers pointed out, was Bukele's plan another sign of weakened governance in his administration?
This case examines TechEnergy Ventures, the corporate venture capital (CVC) arm of the Techint Group, and its role in scaling innovation within the energy sector. Founded in 2021, TechEnergy Ventures operates with a mandate to invest in disruptive technologies to support the Group’s decarbonization and diversification efforts. As the fund approaches the end of its initial five-year mandate, Alejandro Solé, the chief investment officer, is faced with a critical decision: whether to invest in a promising early-stage fusion energy startup or to focus on scaling existing investments within the fund's strategic verticals. The case raises important questions about the role of CVCs in balancing risk and opportunity, aligning with corporate goals, and positioning itself for future growth. It offers insights into how TechEnergy Ventures navigates these challenges to drive innovation and create business development opportunities for the Techint Group.
In spring 2023, Abiel Gutierrez and Andres Santos, co-founders of Comun, faced a critical decision at their fintech startup serving Latino immigrants. Having launched their product the previous year, they experienced rapid growth but encountered rising fraud and increasing regulatory barriers imposed by their banking partner, Piermont. These challenges threatened the company's core value proposition and the viability of its unit economics. Gutierrez and Santos were at a crossroads: Should they switch partners, a risky move given their limited financial runway, or stick with their current flawed infrastructure and risk stalling the company's growth? The case explores the complexities of partner reliance, regulatory hurdles, and the difficult strategic choices early-stage startups must navigate.
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Maria Fernanda Miguel is the Christopher P. Torto Executive Director for the Latin America Research Center (LARC). Her responsibilities include leading research activities for the LATAM region, and providing programmatic support to different areas of HBS including admissions, executive education, and immersion programs. Fernanda is based in Montevideo, Uruguay.
Prior to joining Harvard Business School, Fernanda was a Senior Director and Leader for LATAM Business Development at Merck and senior consultant at McKinsey & Co., serving as global Practice Manager for the Business Technology Office Health Care Practice.
She holds a degree in economics from the Argentine Catholic University, an MBA from Harvard Business School, and a Master of Research from University of Bath.
Fernanda has been very active in non-profit activities, including fund rising at the Fundación Acción Hemato-oncologica – Argentine National Academy of Medicine, and acting as advisor to the Board of Directors of the Hospital Garrahan.