Eli Trejo, CFA

It had been far too long since I’d last been to Mexico City, and I’d missed it. Not just for the tacos al pastor, but for the sheer vibrancy of the Mexican ecosystem and its ability to attract talent from across Latin America. I had a great conversation with Arturo Sánchez Correa, CEO of Sofía Salud (a company we’re proud investors in), Jay R. and Santiago Muguruza, CFA, head of BBVA Spark. We talked about artificial intelligence, moats, regulation, and how to survive in a world where everything gets copied at lightning speed. Several entrepreneurs shared their lessons from applying generative or deterministic AI to their projects, and the challenge of deploying systems into production where you simply can’t afford failures or hallucinations in front of customers. And there lies the first lesson: AI isn’t magic, it’s iteration. When discussing how to build moats, I mentioned that we’re currently using the worst AI models we’ll ever use. If your competitive edge depends on models not improving, you’re already lost. The key isn’t to compete with the models, but to build around them, to find the right building blocks and concrete applications. At the same time, context is the new king. Understanding where your product fits in the workflow, when the human steps in to validate the process, and how the output is consumed. In short: data + context + interface = adoption. A few years ago, we used to laugh at GPT “wrappers,” thinking they’d disappear under the weight of OpenAI API costs. But today, some have evolved into “thick wrappers”, creating real value because they solve real problems. Of course, the topic of distribution came up, in a market where models are becoming democratized and access to technology is cheaper than ever. It’s not enough to have the best agentic flow or the smartest prompts. What truly matters is where you orbit within the corporate software and data stack of your customers. We were asked what’s more defensible: data or product experience? The answer, both, but in a loop. Create a differentiated experience that allows you to capture more data, and use that data to enhance that very experience. We didn’t have much time to dive deep into one topic that’s incredibly relevant, and still undefined globally, especially in Latin America: regulation. From my European perspective, intensely regulating a technology before building industrial champions is like writing the rules of a game you’re not even playing. We wrapped up with one clear message, the AI world doesn’t end in Silicon Valley. Opportunities in AI are no longer confined to the Bay Area, just look at Mistral, Synthesia, or the incredible founders emerging from LatAm and Europe. You can build a global leader from anywhere, but it takes patient capital and global ambition. I say patience because enterprise adoption of AI will take a decade. And it’s precisely in that gap between hype and reality where the great champions are built.

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Don't Kill the Engine That’s Driving the Economy. Free zones are not tax havens — they’re Costa Rica’s growth model. Recent calls to scale back tax incentives for Costa Rica’s free zone companies have sent ripples through the investment community — and for good reason. These incentives aren’t loopholes or giveaways. They’re the scaffolding of one of the country’s most successful economic strategies. Let’s be clear: Costa Rica’s free zones generate 13.7% of national GDP, support over 200,000 jobs directly and indirectly, and offer salaries nearly double the national average. These aren’t just factories — they’re engines of technology transfer, sustainability, and formal employment. Undermining this model to patch short-term fiscal gaps would be like tearing out a building’s foundation to fix a leaky roof. If incentives are rolled back, new investors will look elsewhere — to Mexico, Colombia, Asia. Existing companies may shrink or pull out entirely. The ripple effect? Fewer jobs, lower exports, and ironically, less tax revenue down the line. The idea that removing incentives would increase income is not just flawed — it’s dangerous. The Global Game Has Changed: The U.S. is rethinking its supply chains. Nearshoring is no longer theory — it’s strategy. Costa Rica, with its stable democracy and proven free zone model, should be a natural ally. Dismantling that model now would be geopolitical malpractice. We need to double down, not step back — positioning our zones as strategic partners in regional supply chains. Instead of scrapping the regime, let’s improve it: • Demand stronger reinvestment commitments. • Expand free zones into underserved regions. • Strengthen oversight without undermining competitiveness. Let’s turn our free zones into platforms for inclusion and innovation, not political targets. Costa Rica doesn’t need to choose between fiscal responsibility and competitiveness — it needs to balance both. But doing so means protecting what works. As long-term investors and operators of Costa Rica’s industrial parks, we at Zeta Group urge policymakers to defend the country’s most powerful economic tool — and help write its next chapter, not its obituary.

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5 signs you are not a modern CFO (and how to fix them). First, let’s be clear: A modern CFO isn’t defined by title. It’s defined by mindset. Modern CFOs are: ➡ Business partners, not scorekeepers. ➡ Capital allocators, not budget police. ➡ Translators of strategy, not historians of numbers. ➡ Builders of systems, not slaves to spreadsheets. Now, the 5 signs you’re stuck in the past: 1️⃣ You obsess over EBITDA instead of cash. Legacy CFOs report profitability. Modern CFOs manage liquidity, working capital, and cash conversion like investors. 2️⃣ Your dashboards tell the past, not the future. If your reports can’t shape the next decision, you’re not adding strategic value. 3️⃣ You think AI is “hype.” Modern CFOs use AI to cut grunt work, generate insights faster, and free capacity for strategy. 4️⃣ You spread capital evenly. “Every department gets a slice” is budgeting 2005-style. Modern CFOs double down where ROI is real and cut without flinching. 5️⃣ You avoid storytelling. If you can’t frame numbers into a narrative that influences the CEO or board, you’re just reciting figures. Why does this matter? Because the gap is widening. The companies with modern CFOs are moving faster, growing smarter, and attracting talent and more capital. The ones with “controllers-in-disguise” are getting left behind. So how do you make the leap? ✔ Start thinking like an investor: Cash before paper profit. ✔ Automate the manual so you can focus on influence. ✔ Kill even budgets: allocate capital like it’s your money. ✔ Build your storytelling muscle: Data only matters if it changes decisions. The title “CFO” doesn’t make you modern. Your mindset does. Which of these 5 signs do you see most often in finance today? #CFO #FPandA #ModernCFO #StrategicFinance

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In 𝘁𝗵𝗲 𝗔𝗴𝗲 𝗼𝗳 𝗔𝗜, Wizeline CEO Leads with Purpose 🤖 In his latest interview with Hispanic Executive, our CEO Andres Angelani shares his vision for a future where technology amplifies human potential rather than replaces it. 💬 “We’re not in the business of replacing teams right now. We’re in the business of making small teams perform like much larger teams.” 📖 Discover how his leadership is reshaping the services industry and what it really means to build for the future of work. 🔗 Read the full article: https://bit.ly/4cldNee #AILeadership #FutureOfWork #DigitalTransformation #Wizeline

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DENI LASER (formerly known as DESIMA) is a Mexican-American company specializing in the development of advanced engineering solutions, headquartered in Querétaro, Mexico. The company provides cutting-edge laser manufacturing technologies, including Directed Energy Deposition, metal 3D printing, laser cutting, laser hardening, and precision laser welding. What sets DENI LASER apart is its comprehensive approach to industrial laser applications. Beyond laser-based manufacturing, the company also offers high-precision machining services, the production of measurement instruments, and integration and automation of advanced manufacturing systems. A key element of the company’s success is its expertise in DED technology. DENI LASER not only utilizes it but also develops and commercializes its own DED heads, both for wire and powder-based applications. The company pioneered the development of Mexico’s first large-scale robotic DED system, designed, engineered, and manufactured entirely with local talent and resources. Moreover, DENI LASER has achieved multiple industry firsts in Mexico, including the development of the first domestically produced DED heads and the creation of the country’s first hybrid DED-machining system, which integrates additive manufacturing with traditional machining techniques. With its commitment to innovation, local development, and industry advancement, DENI LASER is playing a crucial role in shaping the future of high-precision manufacturing in Mexico. See full company profile at AM World Map: https://lnkd.in/d5p-mYzU 

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Most companies in Mexico don’t manage receivables. They chase them. Invoices live in spreadsheets. Follow-ups happen over email and WhatsApp. Payment promises are tracked in someone’s head. Finance teams spend their days reacting instead of controlling outcomes. The consequences are structural: 1. Opaque: No real-time visibility into what’s owed, by whom, or when it’s actually likely to be paid 2. Manual: Nearly 80% of companies still rely on humans to chase payments Slow: 60+ day collection cycles are common, even for healthy customers 3. Unpredictable: One delayed payment can cascade into missed payroll, vendor strain, or stalled growth Despite generating over $1 trillion in B2B receivables every year, Latin America still runs critical financial workflows the way the U.S. did decades ago. Out of more than 20 million formal companies, over 5 million still manage receivables manually. Latin America hasn’t had that transition yet — but it’s arriving now. Savio is building the AI cashflow operating system for Latin America. If you have a business in Mexico and would like to get paid faster - reach out to Hugo@savio.mx Read more about what they are building here ✍ https://lnkd.in/egj3M7zX cc Bernardo Cordero, Victor Noguera, Ignacio Torras, Hugo Martinez, Federico Torre, Silvia Alcaraz, Manuel Llaguno, Ferrucho Doddoli Lankenau, Patricio Botello Naranjo, Juan Carlos Garfias Tovar, Miguel Alejandro Mendoza Mayorga, Nascent

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Everyone loves talking about how complex U.S. Indirect Tax is, but you never hear as much about Mexican Indirect Tax. Recently, we onboarded a company selling hardware + software into Mexico. They came in with what sounded like a pretty normal question: “Do we need to set up a local entity? Avalara spent a year trying to set us up and then told us it wasn't possible and refunded our money." But once we dug in, it turned out that wasn’t really the question. The whole thing hinged on how the hardware sale was structured. In their case, the hardware was sold outside Mexico and imported by a local partner. The foreign parent wasn’t the seller of record for physical goods in Mexico. The software, meanwhile, was licensed directly by the foreign company to Mexican customers. That distinction mattered. Because they weren’t selling hardware locally, the software could fall under Mexico’s foreign digital services VAT regime. Designed for online services like Netflix or Disney Plus, this program lets non-Mexican companies sell digital services into Mexico by registering as a foreign digital seller, charging Mexican VAT, issuing compliant invoices, and filing monthly VAT returns. And they can do this without forming a Mexican entity or triggering Mexican corporate income tax Same customers, same software. Very different compliance outcome- entirely driven by whether the hardware sale fell north or south of the border. What’s interesting is how easy it would’ve been to break this. If the hardware had been sold locally, or if hardware and software were bundled into a single Mexico-booked transaction, the digital seller regime wouldn’t apply. At that point, you’re operating locally: entity, VAT, income tax, accounting, the whole nine yards. This is what we mean by practical compliance at Commenda. This client did not need fancy software or tax gymnastics. Just an integrated strategy around the small commercial decisions a firm has to make in porting their operating model into different tax regimes. For CAOs, Controllers, and Heads of Tax dealing with cross-border growth, this is the real work. And for us at Commenda, it's what we love doing. Helping firms Do Business Anywhere.

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