Beltechub Technologies is a family-operated business corporation that connects buyers and sellers of industrial supplies, with focus in the conveyor and power transmissions systems components.
We had a chat with Mario Escoto Damas, CEO of Beltechub, who spearheaded the internationalization of his family business within such a traditional and closed conveyor and power transmissions industry.
Working His Way Up the Ladder
My entrepreneurship career started off in Honduras, under a company my parents founded. It is called Inverca, which have existed for 17 years in the market, dedicated to the supplies of industrial equipment, machineries and spare parts. We have been working along with world class brands, and have been selling products in Central America, the Carribeans and North America under Inverca. We have an extensive experience in Latin America as a traditional business, focusing in the conveyor and power transmission systems companies.
However, I had to make my way up the ladder. I spent almost all my professional career in the company and gained expertise along the years. I started off with operations and basic roles, such as the office assistant, to the management and operational roles, and became the procurement manager for four years. During that time, I had the opportunity to travel around the world, including China, South America, US, Mexico, to go the suppliers’ factories. I knew the business inside out. As I was gaining experience, I completed a few degrees as well, including some technical degrees. It was then I was able to apply for the General Manager position, and I was promoted to the role in 2016.
I have always had the goal to take the corporation into the next leveI. Hence, I am leading the internationalization of the company. With the goal in mind, Beltechub Technologies was created.
Discovering a Common Problem Worldwide
While visiting the different countries, we realized that there was a lack of innovation in several ways; the mass productions lines, the supply chain for the companies are very segmented. It was difficult for me to identify suppliers that could help me solve all the problems at the same time; I had to look for suppliers for motors in one country, and belting supplier in another. There was not any integral solution that can help a procurement manager to have the solutions in one single platform. This was not a problem that only we faced, but other companies as well.
That was when we saw the opportunity: to create an e-commerce platform that could help connect buyers and sellers of conveyor and power transmission systems. By using our platform, companies can gain visibility and also customers in the global market. We will also provide industrial marketing, community, networking and supplier directory. We want to create a marketplace in which companies can discover suppliers of any component in the industry. For future expansion, we might also have fulfillment centres in Honduras. This is a completely different from the traditional business model that we have been adopting in Central and Latin America. In North America, we have to incorporate more technology and adapt.
Disrupting the Industry from Canada
We have tried to enter the North American market through United States. However, it was very difficult as we did not have the guidance and support for us to navigate the ecosystem and settle our companies.
Meanwhile in Canada, you can find entities such as LatAm Startups and other accelerators that helps international companies to grow, with affordable prices as well, which enables us to save cost. Furthermore, Canada has a friendly and welcoming environment for entrepreneurs, and there is an easy access to the right talent that can support our business. Toronto is also currently the fastest growing ecosystem in the world, so we believe that it is a good decision for the internationalization to start from Canada.
Accelerators, Funding and Permanent Residency
We visited TechPlace, a Burlington Economic Development Accelerator, when we had an Ecosystem Tour during the Scaleup Bootcamp. We applied to TechPlace, and was accepted into a Launchpad office, the highest level in the accelerator. They provided us with a big office, mentorship, access to buyers and consultancy and other features. We were also accepted into Haltech and RIC Centre, which we received support in mentoring, advising, market research and data.
We are also part of Next Generation Manufacturing Canada. They are also supporting companies in the manufacturing sector, with support in networking, funding and grants in the public and private sectors.
With LatAm Startups, we are accepted in the Startup Visa Program, which we will receive our Canadian Permanent Residency. Moreoever, it allows us to have more support from the government and also which helps us to get access to more grants and funding only viable to Permanent Residents. It opens up a whole world pf opportunities. We will also not need to worry about our immigration status and have undivided focus only on growing the business.
Due to the different natures of the ecosystems in Latin America and North America, we are launching two different platforms; We are launching out platform for Latin America in May, and North America in July. Stay tuned!
To get updated on the platform release, please visit https://beltechub.com