Cesco Participates in the First Mining FuckUp Night

About 150 people participated in the first FuckUp Night, Mining Edition, an event organized by the High-Grade Program and the Center for Copper and Mining Studies (Cesco), held on the 15th of June in Santiago. On this occasion, four entrepreneurs, three of them from the mining sector, and other from the entrepreneurial ecosystem, talked about their failures and the obstacles they have experienced during their work trajectory to reach the success they have achieved today.  

Mauro Valdes, President for the High-Grade Program, said “there are certain cultural matters, that we don’t see, but that are in the air we breathe, and specially in mining, which hinders innovation and entrepreneurship. This is what we want to challenge. He must make these barriers visible in order to face them. We must share our opinions, be honest and talk in a more multi-faceted way. This is key to strengthen our mining and keep the 30% of market we have globally”.

Valdes added that “this event invites us to take of our masks toward becoming a world-class mining. This is not an easy road, but we must be sincere. Failures are not the end of our efforts, but only a way to reach further”.

Then it was the turn of Guillermo Vidal, General Manager for High Service Technology and whom referred to his start-up “Optibar”. He stated he was proud to share his failure, because this is proof that he dared to innovate. “I would have preferred it had worked out well for us at once, but the experience from failure is something I won’t trade for anything. During my career, I have been part of many endeavors and light comes several years after”.

The second speaker was Marcelo Diaz, partner from Scale Capital and Crowdpal, who started his story reinforcing that “the word failure doesn’t mean you have failed, but that the endeavor did”. He recognized that “failing is hard, you are trampled, but it’s necessary to develop the resilience capability and stand up again. In start-ups, 90% is sweat and 10% is innovation”. As an advice, he said that “it is very important to listen to other people who have failed so as not to make the same mistakes and that failing is as fast and cheap as possible, and always have some capital as a cushion in order to start again”.

Then it was the turn of Enrique Olivares, from the VizuTire team, whom admitted to have gone through several family failures that, for him, meant to lose a house, being in Dicom (debtors’ registry) and his brothers having to freeze their university courses. “Failure is a series of acts of not listening”, he said, and listed several factors he called “lowest common denominator” that have repeated in all his failures “complacency, naivety, pride, arrogance, and lack of focus. He stated that nurturing relationships was key. “Large part of successes obtained have to do with the networks you nurture, to know whom are he talking to”. Finally, he said that the word “impossible” must be eliminated, and change the “I can’t” by “What do I need?”, to believe that the world is at your fingertips and that opportunities are there and you only have to look for them. “Failure is not a science, and getting out of it is emotion and conviction and it only depends on us”.

Testimonials ended with the long history of endeavors of Pamela Chavez, partner of Aguamarina. “To me, failure is part of the process. I will fail in 9 of 10 attempts. There is always something that will go wrong, the important thing is to identify and fix is as soon as possible. There is no progress without failure, and failure is 90% of results”. From her experience, she said the most important are people. “Companies are made of people, they are the key to all”.  

On this occasion, Javier Muñoz, member of CESCO, took the advantage to inviting the participants to take part in the platform for the center of studies, aiming at generating debate on the future of mining and Chile.