By Liz Warren-Pederson
Since Eller Buzz checked in with the Reko Global Water team last year, the venture has incorporated in Chile, developed academic partnerships, identified incubators to assist in the next stage of development, connected with Chilean government agencies, and more.
The venture, from the McGuire Center for Entrepreneurship class of 2010, recently completed a six-month business feasibility project in Chile with the financial support of the Chilean Government program, Start-Up Chile.
“The 6-month Start-Up Chile program provided a perfect platform for researching legal and environmental feasibility of our project and building connections with Chilean people, who are very helpful and supportive,” said Akash Jain (Eller MBA ’10). “We are now moving to the next level of our business plan . . . with more smart and talented people on our team.”
“After reaching our initial goals, we decided to see how far we could go in getting the business established,” said co-founder Mauricio Torres-Benavides (Eller MBA ’10). “We set up Reko Global Water as an LLC in Santiago and we are now in the final stages of securing water rights on one glacier-fed river in the Chilean Patagonia.”
Reko Global Water has a vision of providing drinking water products from the Chilean Patagonia to markets in the Pacific Rim. Team members Jain, Torres-Benavides, and Dr. John Kyndt traveled to Chile with the objectives of assessing the legal environment, developing a local network and identifying new sources of funding.
“We realize that establishing a global water export business of this scale is something that does not happen overnight and that, in order to succeed in this effort, we need to recruit extensive legal, environmental, and research expertise,” said co-founder Kyndt. “These six months in Chile have given us the opportunity to establish such a network of support to help take Reko Global Water to the next level.”Learn more about current student-led McGuire Entrepreneurship Program ventures at McGuireExperience.com.