In reality, it doesn't matter to arrive quickly, but to stay firm on the path. They are advertised as the best companies because they achieve the status of mythical creatures in business: the unicorns, which boast of having secured funds that force us to open and close our eyes to make sure that what we are seeing on the screen is not an error. At a conference, three years ago, Fernando Ibarra —CEO of Banpay— warned us that, although unicorn startups already existed before the pandemic (Facebook, Uber, and WeWork leading the lists), it was in 2021 and 2022 when more unicorns were born than ever. In Mexico, there are also completely healthy unicorns, such as Bitso or Stori. Being a humble, but persistent camel may not seem as attractive to us as being a magnificent and flashy unicorn. That is not good news for anyone. Faced with this panorama, it is necessary that we seek the wisdom of the ancient entrepreneurs and the camel companies, those that advance slowly in search of the oasis called profitability, since growing for the sake of growing leads to nothing, but growing with the explicit objective of becoming profitable —a business that doesn't make money is not a business— is the key. Unlike unicorns, camels grow at a slower but steady pace and have sufficient profits so as not to depend on investment funds. And the famous influencers with hundreds of thousands of followers are the new celebrities: every year they acquire a larger house, a faster car, and some rent private jets, just for photoshoots. The same thing happens in the business world. Some of the surviving unicorns have become zombie unicorns: they report very few revenues, can no longer attract venture capital as before, and cling to the little shine they have left. For camels like Zoom and Grubhub, achieving a favorable EBITDA and establishing effective management with healthy practices is a priority because they know that once you prove that your business is indeed profitable and that you can grow sustainably despite setbacks, reaching the top of success is just a matter of time. For about a decade, it seems that the only company model to achieve is the one that, with an innovative product and an impressive persuasive power, reaches a valuation higher than one that has been on the market for decades, and in record time. Kavak, the first Mexican unicorn, had to withdraw from Colombia and Peru and suffered a devaluation of more than 70%. According to a study conducted by economist Jay Ritter, that year nearly 85% of the American unicorns that had gone public were not profitable. In Mexico alone, there were eight, a considerable increase if we consider that in 2020 there was only one. Two specific cases: every year they launch new smartphones and the first thing they advertise is how powerful their processors are, although most of us only use our phones for undemanding tasks, like watching videos, scrolling on Instagram, and taking photos. If the strategy had worked before, why not do it again? Several investors regretted it in 2023. It doesn't matter the way, but they convinced us that life is about having more and more every day, as quickly as possible. The only objective was to raise as much venture capital as possible to grow and expand rapidly, and to reach the coveted billion-dollar valuation, beyond emphasizing profitability. WeWork (I recommend watching the documentary WeCrashed) went bankrupt and was restructured later; although it became profitable in 2024 and 2025, the company is far from reaching the valuation it once had. Rivian, an electric vehicle manufacturer, expects to have a negative balance above two billion dollars in 2026. Patience against speed.
