The two met during their MBA at IESE, where a shared interest in energy, complementary skills and, as Ernesto puts it, “trust” eventually turned them into co-founders. We spoke with them about finding the right problem to solve, learning when to pivot, building a company in an international environment and the role that IESE and its entrepreneurship ecosystem has played along the way.

Could you introduce yourselves, share a bit about your backgrounds, and explain what brought you together as co-founders?

Sparsh: I grew up in India, studied industrial engineering in Germany, and spent the majority of my professional career working on industrial automation and energy efficiency projects for a family business based in India. A large part of why I came to IESE was to find a like-minded partner with whom I could build a global business. A mutual friend introduced me to Ernesto, and I shared an early version of my business idea with him for feedback. He felt equally passionate about the vision, we had complementary skill sets, and we were able to build trust through shared experiences during the MBA. That made it easier to embark on this journey together and build Suno after graduation.

Ernesto: I’m Ernesto Fernandez, born and raised in the US. I studied business, supply chain and logistics at Michigan State University. I spent four years at Amazon, the last two on the energy team for Amazon Air, buying sustainable aviation fuel and running carbon accounting. That’s where I saw how much of the energy transition runs on broken processes. I came to IESE with my own idea, then did Techstars Berlin alongside twelve startups. That taught me what building a company really takes, and it told me my idea wasn’t the one. Sparsh was working on something in energy and asked for feedback after my time at Techstars. We spent about a month discussing the opportunity, then spoke to each other’s MBA teams to understand how we worked as the conversation shifted toward becoming co-founders. Trust was the filter.

How did your time at IESE shape your entrepreneurial journey?

Sparsh: The launchpad was the Summer Entrepreneurship Experience, which gave me a low-risk, structured opportunity to put together a team and test a business idea in the real world. The biggest learning there was to quickly and iteratively (in)validate hypotheses and move toward solving a problem that users actually cared about. IESE also allowed me to tailor coursework to the business while it was still nascent. For example, I used one class to analyze a competitor’s financial statements and assess the long-term implications of their chosen business model on their balance sheet, which influenced how we chose to position ourselves from day one. We found our first angel investors, advisors and early adopters all through the IESE ecosystem, and the network continues to be invaluable for recruitment and customer outreach.

Ernesto: IESE has been a huge part of the entrepreneurial journey, and the network is the biggest piece of it. People from the network have helped us connect with industrial clients, and a lot of them have given us feedback expecting nothing in return. Some of our advisors came out of that network, and the friends we made during the MBA have introduced us to their own networks too. What I’d say IESE really brought us is access to a lot of very smart and curious people who want to know more and have a real impact. At the end of the day, business is between humans. Having that IESE background in common really helps.

Many ventures evolve significantly from their original idea. Has your business changed direction since you started it?

Sparsh: We have pivoted significantly from our initial product, industry and business model, all while remaining true to the vision that inspired the idea in the first place. We learned through customer conversations and deals that fell through about the importance of having a simple solution that solved a problem big enough that the user actually wanted to address it. Our initial hypothesis was to integrate end-of-life electric vehicle batteries with EV charging stations, whereas today we help commercial and industrial companies reduce electricity costs through energy management. Our initial solution was designed for stakeholders that didn’t have any urgency, and some hadn’t even faced the problem we were trying to solve. In our current business, we know that an industrial director staring at a six-figure annual electricity bill certainly does.

Ernesto: It’s changed drastically. Everyone tells you you’re going to pivot, but how you do it and what information you act on is what actually matters. We started building hardware – EV chargers integrated with batteries – and built one from scratch. When we spoke to customers, there wasn’t a real need, and everything moved slowly because we weren’t solving something somebody needed solved today. A lot of them kept saying the same thing: instead of using the battery to optimize the charger, can you use it for our own processes and save us money there? That took us from parking lots to industrial and large commercial clients. Our distribution channel has changed the same way, as we keep talking to people with a specific problem set.

The energy sector is undergoing a profound transformation. Where do you see the biggest opportunities for innovation, and what role can startups play?

Sparsh: Energy has traditionally been dominated by large, decades-old conglomerates with resources, thousands of clients and significant institutional backing. That provides the stability and security historically expected of the energy system, but we’re in the midst of a transition that is straining the electric grid, and these companies aren’t adapting quickly enough. A big opportunity is unlocking flexibility connected to the grid, while serving both the end user as well as the system, something that remains largely untapped today. Startups can use their agility to solve this problem and democratize access to clean and affordable energy while still maintaining security of supply and safety.

Ernesto: The biggest opportunity is the amount of data companies now have at their disposal, and what that makes possible. Renewable energy depends heavily on that data, and having it means you can collect it, analyze it, and act on it far faster than before. That’s where startups have a real advantage. The bottlenecks are fewer and you simply have more ability to get things done. On the other side, you have very large companies that have done things the same way for a very long time, and they can’t move at that pace. So the role startups play is pushing the sector toward innovation and greater speed.

Looking back, what have been the biggest lessons from your entrepreneurial journey?

Sparsh: This seems very obvious in hindsight, but the biggest one has been learning to say no. In the earliest days, when we were chasing our first customer, we found ourselves in conversations and opportunities that weren’t aligned with our strategy, but felt like progress: potential customers in geographies that weren’t our immediate focus, MoUs with partners that generated no revenue, features that didn’t move the needle for clients. Saying no to those would have freed up time and resources for the things that genuinely took us forward, and we didn’t do it enough. Now, every time we say no, we come out with more clarity on the aspects of the business we need to prioritize.

Ernesto: The biggest lessons have all come from setbacks. We’ve had them in fundraising, the team, sales, product – basically every single thing. And the only way you get a lesson is if there’s a setback first. What they’ve shaped in us is resilience. You learn to take them with a grain of salt and stay curious enough to learn something or try a different approach, and then you build on top of that. There are too many to call out here, but I’d say if you’re on this journey there will be a lot of setbacks and they’ll come across every vertical. It’s a huge exercise in willpower and grit, and in getting things done in whatever way, shape or form you can.

Building a startup is challenging enough, but you’ve also done it in an international environment. What have been the biggest challenges – and opportunities – of building a business across cultures and markets?

Sparsh: Even though I’ve always found it intriguing to learn about different cultures and languages, it is not easy to show up to a meeting and instill confidence in people while conversing in a language you started learning a couple of years ago. We have had meetings where I wanted to say something but couldn’t get it across cleanly enough in Spanish. It’s something I’m still working on every day. The flip side is that I’ve experienced firsthand the advantages of working in culturally diverse teams. Building a business in a city like Barcelona is a real opportunity to attract talent from across the world and build a team and a culture where people thrive because of their differences rather than in spite of them.

Ernesto: The biggest challenge was starting without a network. Spain is our main market, and neither of us came in with pre-existing relationships here. If we’d been in India, Sparsh would have had his network. In the US or Mexico, I’d have had mine. That’s why IESE mattered so much, because it gave us access to people we could talk to and learn from while we built from scratch. The other piece is learning the culture and the timelines Spain moves by. August is a completely dead month, so you don’t do outbound then. The opportunity is that we’ve been an international team from day one. As we grow the team and the ambition, that stays true, and it’s cross-cultural and cross-market by default rather than by effort.

What advice would you give to anyone who is thinking about starting a business?

Sparsh: Talk to people who are facing the problem instead of building a business model canvas or financial projections in Excel. Those are merely hypotheses that need to be validated in the real world. Early on, all your presentations and projections will become obsolete within a matter of weeks, so don’t spend all your energy building those. Instead, dedicate that time to talking to actual customers, listening to their objections and collecting real feedback.

Ernesto: Pick something you’re passionate about or know a lot about. If you’ve lived the pain yourself, even better. If you haven’t lived it, then pick a market where you already have a lot of contacts. That way you can go verify the pain points with real people, across enough of them that you actually learn something. Those are the two big ones. The idea itself will probably change, but the people, the context and the problem stay. And finding the real pain points takes a large network and genuine access to it. You need people who will talk to you openly, without gating information or being cautious about what they say. That’s much harder to get in a market where you’re a stranger.

Speed round

What’s your favorite way to spend your free time?

Sparsh: Experimenting in the kitchen with a recipe I’ve never tried before, or playing squash.

Ernesto: Getting up to date on all the new tech trends, and going to the beach.

What are you reading, watching or listening to these days?

Sparsh: Ted Lasso’s new season on Apple TV.

Ernesto: Reading Awaken the Giant Within – a great book for business and life.

What’s one thing that always gives you energy?

Sparsh: Talking to my dad – he’s always brimming with ideas and optimism.

Ernesto: Coffee.

What’s your favorite place in the world?

Sparsh: Bremen, the city where I spent my most transformative years.

Ernesto: Any mountain for snowboarding! But if I had to pick, the Alps.

The post Finding the problem worth solving: Sparsh and Ernesto’s entrepreneurial journey first appeared on Entrepreneurship.

There is rarely a single right answer. But one challenge often goes unnoticed: founders and the investors, corporations, mentors and policymakers around them do not always agree on what matters most. 

That is one of the clearest insights developed by IESE Business School’s Entrepreneurship and Innovation Center as part of the European Innovation Council (EIC) Scaling Club’s Challenge Roadmaps, a series of reports examining ten common scaling challenges, from go-to-market strategy and fundraising to partnerships, talent and regulation. Across all of them, a consistent pattern appears: the greatest obstacles are not always operational. They often stem from different perspectives on what deserves attention. 

1. Founders and stakeholders do not always look at the market through the same lens

For founders, go-to-market decisions often revolve around finding the right customers, sharpening the value proposition and building an effective sales engine. 

Investors, corporate partners, mentors and policymakers tend to look further ahead. They place greater emphasis on competitive positioning, business-model resilience, production scalability and using performance metrics to guide decisions. ¹ 

A similar pattern appears during fundraising. While founders often focus on demonstrating the impact of their technology and preparing for future investment rounds, investors place greater weight on evidence such as customer acquisition costs, retention, team complementarity and company performance. ² 

When scaleups seek a lead investor, another difference emerges. Companies tend to emphasize industry awards, future funding strategy, technology impact and transparent documentation, while stakeholders place greater importance on aligning expectations between founders and investors. ³ 

Neither perspective is wrong. They simply reflect different ways of assessing whether a company is ready to scale.

2. Boards can contribute more than founders sometimes expect

Many founders see boards primarily as a source of strategic advice, introductions and fundraising support. 

Stakeholders expect boards to play a broader role. Beyond opening doors, they value independent guidance, support in identifying market trends, investor engagement and even contributions to intellectual-property strategy. ⁴ 

The question is not whether a company has a board, but whether it is making full use of the expertise that board members can bring.

3. Strong partnerships depend on governance as much as access

Partnerships are often viewed as opportunities to access customers, funding or new markets. 

The roadmaps suggest that long-term success depends just as much on how those partnerships are managed. Stakeholders consistently assign greater importance to governance mechanisms such as joint steering committees, regular partnership reviews, transparent investment terms and structured knowledge sharing. ⁵ 

The same applies to European and institutional partnerships, where stakeholders see greater value in making use of EU funding instruments, advisory services, mobility programmes, EU-funded training and knowledge-exchange programmes than many scaleups currently do. ⁶ 

In ecosystem-building efforts, one of the clearest gaps concerns financial tools for engaging investors, which stakeholders rate more highly than companies do. ⁷ 

Building relationships is only the first step. Sustaining them requires deliberate structures and processes.

4. Organizational growth demands as much attention as business growth

Scaling changes what companies need from their people. 

Stakeholders consistently place greater emphasis on career development, dual career paths, employee engagement, cultural adoption and reward programs than founders tend to do. ⁸ 

The same pattern emerges in diversity and inclusion. Investors and other stakeholders attach greater importance to diverse boards, diversity audits, feedback systems for inclusivity, the adaptation of diversity strategies and unconscious-bias training. ⁹ 

These are not simply HR initiatives. They become increasingly important as organizations grow in size and complexity.

5. Regulation is more than a compliance exercise

Many founders naturally focus on meeting regulatory requirements as they enter new markets. 

Stakeholders tend to view regulation more strategically. They emphasize building legal capabilities, data protection, partnerships with public agencies, access to compliance-related grants, public-funding applications and public-funding networks. ¹⁰ 

In other words, regulatory capability is not simply about avoiding problems. It can become a source of competitive advantage.

6. Alignment matters more than agreement

Perhaps the most important lesson from the Challenge Roadmaps is not that one group has better priorities than another. 

Founders and stakeholders evaluate scaling through different lenses because they play different roles in the company’s growth. Misalignment is therefore not necessarily a sign that someone is wrong. It is a signal that expectations may need to be discussed more openly. 

The roadmaps provide a practical framework for doing exactly that. By helping companies compare their own priorities with those of investors, corporations, mentors and policymakers, they make these differences visible and therefore easier to address. ¹¹ 

Scaling will always involve difficult decisions. But companies that understand where perspectives diverge are often better equipped to have productive conversations, align expectations and make stronger decisions as they grow. 

Author: David Ricardo Gonzales, Research Assistant at IESE’s Entrepreneurship and Innovation Center.

The post Scaling deep tech in Europe: Where do priorities diverge? first appeared on Entrepreneurship.

Let’s start at the beginning, can you tell us a little bit about your background and how you got here today?

I grew up in India and began my career in the corporate world after completing an MBA and qualifying as a cost accountant. Over time, I realized that the corporate path was not for me, so I decided to apply for PhD programs.

I joined IESE in 2004 as a PhD student, focusing on corporate creativity and creative teams. Back in India, I had been involved in theatre and cinema, and I’ve been fortunate to connect my creative side with my background in business administration. That combination has shaped my career to this date.

Who have been the most influential figures in your life and why?

One of the most influential people in my life has been Professor Pradip Khandwalla. He introduced me to the idea that management is not just about running organizations, but also about understanding society, behavior, and decision-making more broadly.

His ability to combine analytical thinking with creativity inspired me to pursue this field. At IESE, I have also been fortunate to learn from mentors and colleagues whose teaching and research have shaped how I think about creativity and management. Professors Antonio Dávila and Juan Roure, in particular, were very influential in my teaching methodology and work.

In personal space, I would say my parents have been a big influence. My father didn’t have electricity in his home till he was 17 years of age. Despite coming from a humble background and a small village, he was able to reach a good position in a bank and provide very good education to his children.

At IESE, we develop leaders who will have a deep and lasting impact, through their professional excellence and spirit of service. What are your thoughts on the role of entrepreneurship in society?

Entrepreneurship is fundamental to how society progresses. Entrepreneurs do not just create businesses, they solve problems. Where others see difficulties, entrepreneurs see opportunities to create value.

That value leads to innovation, job creation, and broader development. Over time, I have become more convinced that entrepreneurship is one of the key drivers of economic, social, and human progress, because it enables individuals to act on ideas and transform them into meaningful outcomes.

Which personal or professional achievement are you most proud of, and what motivates you about it?

I would say I am most proud of being able to maintain both sides of my identity: the analytical and the creative. Alongside my academic work, I have continued to be involved in theatre, television, and film. For me, the ability to keep both “worlds” active is important.

There are also many smaller achievements, such as developing new courses or experimenting with new teaching approaches. These are motivating because they allow me to create something from scratch, see it come to life, and witness the impact it has on our students.

I am also immensely proud of everyday things, like helping or developing my children’s interests and achievements.

What inspires you most about your work in and outside IESE?

The people I work with are the biggest source of inspiration. At IESE, we interact with very talented colleagues and participants. Teaching experienced executives, for example, is inspiring because they bring a wealth of knowledge and perspective.

It creates an environment where learning becomes a shared process. Outside IESE, working with creative professionals in artistic settings is equally inspiring, as it exposes me to different ways of thinking and creating.

How do you see the role of AI reshaping creativity and entrepreneurship?

AI is shaping both creativity and entrepreneurship in a huge way. Let’s talk about creativity first. AI is a big enabler. I have developed a tool called FOOTCing (Flying Out of the context) – which helps users understand the context from which they are drawing new ideas and go beyond the context. In other words, a tool that literally takes you ‘out of the box’. However, there is also a risk that people would stop pushing their own brains for creative solutions and rely heavily on AI.

On the other hand, AI has facilitated entrepreneurship in a massive way. Not only does the availability of AI tools offer more opportunities to create new solutions, but it also helps you test your ideas and create quick prototypes. My colleagues Sandra Sieber, Yuliya Snihur and Liinus Hietamami recently created and delivered an entire course – FUND II (Fundamentals of Entrepreneurship) that was developed through AI.

What advice would you give to students or anyone considering entrepreneurship?

You must give it a go. You cannot become an entrepreneur just by thinking about it – you have to take action and experiment.

At the same time, your priority should be knowledge, not money. Focus on understanding your product and your market, and work to convert your assumptions into knowledge. If you build that foundation, your chances of success increase significantly, because your decisions are based on insight rather than guesswork.

Speed round

What do you do in your free time?
I read fiction.

Three words to describe yourself?
Committed, curious, flexible.

What are you reading, watching, or listening to these days?
I am reading Blueprints by Marcus du Sautoy, about mathematics and creativity, and listening to poetry and music by Vinicius de Moraes.

Something that makes you happy
Walking with my children to or from school and having conversations with them.

Favorite place?
Home here in Barcelona to relax, and also India, as there is always something new to discover.

Explain creativity and entrepreneurship to a 10-year-old
Ask: “Take something you already know or own; What would you change? What would you do differently? ” If they act on it, that’s both creativity and entrepreneurship.

Kandarp Mehta is Senior Lecturer of Entrepreneurship and Negotiation Teaching Unit at IESE Business School.

The post Creativity and Entrepreneurship: A conversation with Kandarp Mehta first appeared on Entrepreneurship.

In this interview with Stan Yu, MBA’24 and IESE 40under40 honoree, the Taiwan-born entrepreneur reflects on his journey from launching a failed fitness equipment project to co-founding Nocera, which went public on NASDAQ in 2022. Stan credits IESE for deepening his business knowledge and opening the connections that led him to join Cardumen Capital, a European venture capital firm recognised for its deep-tech focus and strong partnerships with leading global corporates. His key lessons in entrepreneurship include the value of grit, treating anxiety as a useful signal, and choosing the right partners to navigate inevitable challenges. Today, Stan is taking on a pioneering role: building Cardumen’s presence in Asia and shaping a long-term bridge between European VC and the region’s strategic institutional capital.

Join us to discover what drives Stan, and his predictions for future business trends.

Hi Stan, tell us a bit about yourself.

I am from Taiwan, and I grew up in a city called Tucheng in Taiwan. I had my first entrepreneurial experience around the age of 24. I am a fitness enthusiast, which is why I was dedicated to starting a business in the fitness industry. At that time, I was involved in a fitness equipment project, but it failed after three years. We burned through all our cash and eventually had to give up in 2017. After that, I served in the military (mandatory in Taiwan). During my military service in 2018, I met two business partners who became my co-founders in two subsequent companies, namely VRTX Sports and Nocera. Nocera is the company that I took public in 2022, while VRTX continues to operate steadily.

Regarding my family, there are four of us: my sister, my parents, and myself. Both of my parents are entrepreneurs. My mother is in the educational services industry, while my father runs a food company.

How have IESE’s entrepreneurship ecosystem and your MBA journey contributed to your path as an entrepreneur?

I was already an entrepreneur before pursuing my MBA. After completing my MBA, I transitioned into venture capital and now lead the Asia-Pacific development efforts for a European VC firm. So, how did IESE help me? Actually, my connection with the co-founder of this VC fund is entirely thanks to IESE. This founder — Igor de la Sota (IESE 40under40 and MBA’11), co-founder of Cardumen Capital — and I met at IESE’s 40under40 event, and we hit it off immediately, discussing whether we could do something groundbreaking together in Asia. So, I joined Cardumen Capital in 2023 and have been working with them ever since. What we are doing now and planning for the future is very entrepreneurial: I am building Cardumen’s Asia office from the ground up and creating the firm’s first structured bridge between European deep-tech ecosystem and Asia’s major corporates and family institutions. This work involves opening new capital corridors, establishing strategic partnerships, and shaping Cardumen’s long-term presence in the region.

Looking back, the MBA curriculum at IESE was especially valuable, particularly during the first year. The core courses in accounting, finance, and operations were exceptionally strong and gave me a solid grounding in the fundamentals. That foundation continues to shape my thinking and will be essential in my future entrepreneurial journey. In terms of the MBA curriculum, IESE has also been very beneficial, especially in the first year. The foundational business knowledge courses, such as accounting, finance, and operations, were very solid. These courses have laid a strong foundation for my business knowledge, and I believe this knowledge will be very helpful in my future entrepreneurial journey.

You co-founded NOCERA and IPO’d in 2022 – what a journey this must have been. What are your top learnings from your journey as an entrepreneur so far?

My insight is that entrepreneurship is a battle against the law of entropy. You need to have strong GRIT to solve problems and be prepared for constant anxiety. Anxiety is not necessarily a bad thing because it makes you more cautious and helps you prevent mistakes. Sometimes, having fewer mistakes than your competitors means outpacing them.

I remember when I took on the role of COO at Nocera. Due to poor initial communication with a subsidiary, a domino effect led to severe consequences, resulting in a loss of control over the subsidiary. It took me nine months to clean up the mess. I felt very frustrated at that time, but my efforts to rectify the situation and minimize the damage earned the board’s recognition. This process was a true test of endurance because disasters are not resolved overnight; it requires daily persistence and error-free execution to resolve the issues. Furthermore, I became more cautious after this incident. The devil is in the details, and it’s crucial to always anticipate potential risks and prevent them on time.

To sum it up:

1. Entrepreneurship requires strong GRIT.
2. Moderate anxiety is not a bad thing; it constantly reminds you not to overlook the devil in the details.

Innovation requires moving away from traditional paths, how would you encourage out-of-the-box thinking in business?

I believe that understanding first principle thinking is key to breaking free from traditional frameworks. Through first principle thinking, you will critically evaluate whether what you are doing and the way you are thinking are just within a framework. E.g. Can we delve deeper to uncover its more fundamental and core meaning, and ensure that you are pursuing the most essential value and seeking truth?

Many great entrepreneurs also advocate for first principle thinking. I believe that when you clearly understand the most fundamental value and meaning behind anything, you can break free from conventional frameworks and pursue genuine truth.

Looking ahead, what do you believe are the key trends shaping innovation and business to tackle the world’s pressing challenges?

This is a broad question, but I believe several themes are becoming increasingly clear from my work connecting European deep-tech innovation with Asia’s strategic corporates. The first is, of course, AI. AI will continue reshaping entire industries, not only by automating tasks but also by expanding the capabilities of enterprises and governments. As AI scales, I believe there will be a growing emphasis on human development — how individuals and organizations adapt, learn, and find meaning in a world where intelligence becomes abundant.

A second trend is the rising importance of infrastructure behind AI: semiconductors, data centers, connectivity, and energy systems. Much of what we see at Cardumen in Europe reflects a new deep-tech cycle, and Asia’s corporates are actively seeking access to these capabilities. The reshaping of global supply chains, national industrial strategies, and capital flows will define the next decade.

The third key trend is sustainability — climate technologies, food systems, and resource efficiency. Climate change and food-related challenges are intensifying, and the world is accelerating investment in solutions that can scale globally. From energy transition technologies to new approaches in agriculture and materials, sustainability will remain a defining force for innovation in the years ahead.

So, the major trends I see are:

AI, human and organizational transformation, next-generation infrastructure, and climate-related technologies. These forces will shape how nations innovate, how industries compete, and how capital moves across regions in the years ahead.

As an entrepreneur, you may have experienced a setback or two, what advice would you give to fellow IESE students or graduates who are thinking of taking the entrepreneurship route?

I believe that before starting a business, you should first reflect on the setbacks you’ve experienced and how you handled them. Did you approach and overcome them in a positive way, or did you end up avoiding them? I think mindset is crucial. If you can handle setbacks positively, this reflects the GRIT (perseverance and passion) I mentioned earlier. If you have grit, then I believe you are well-suited for entrepreneurship.

My second piece of advice is to be very careful in selecting partners because dealing with people is often the most challenging aspect. You need to ensure that your partners can work steadily with you throughout the entrepreneurial journey and can resolve difficult issues together peacefully. This is extremely important because internal friction is a major cause of startup failure. Both you and your partners need to be mature enough to recognize this issue. One criterion for evaluation could be whether you have successfully worked together in the past.

Thank you Stan! Now, for the speed round

Q: What do you do in your free time?

A: Train—I’m a weight training freak.

Q: Dog, Cat, Parakeet, Goldfish, Pet Rock?

A: A Beast is better;) (We think outside the box)

Q: What are you reading, watching, or listening to these days?

A: “Let It Hail” by Team Fearless and NEFFEX songs.

Q: Something that makes you happy

A: Carbs on my cheat day.

Q: Favourite place?

A: A silent, empty café or gym, or wild places without people.

The post IESE 40under40: Stan Yu’s journey from founder to global connector first appeared on Entrepreneurship.

Rahul Jain (MBA’10 and IESE 40under40) is the CEO and Co-Founder of Peach Payments, an electronic payment solutions provider based in Cape Town, South Africa. Its specific focus is the African continent, where the local infrastructure requires a unique and tailored approach to online payments in each market.

Rahul Jain was working in the U.S. in 2011 when he got a call from Andreas Demleitner, a German friend he had met in South Africa during a summer internship as part of his IESE MBA. He suggested they start a digital payments business in Africa together – and the rest, as they say, is history. They both relocated to Cape Town and launched Peach Payments.

With hundreds of different payment methods available across the African continent, their challenge was to build a world-class platform where all types of merchants and users – from the biggest business to the smallest side hustle – could enjoy the same seamless, secure, personalized payment services via mobile and web, which integrated easily with leading e-commerce platforms. “Our innovation was in reimagining how things might work differently in African markets,” says Jain. The 2020 pandemic was a game-changer for their business, as it marked a major shift in consumer behavior and confidence in accepting digital payment systems. Active in South Africa, Kenya and Mauritius, Peach Payments is expanding its presence to other countries across the African continent. Jain sees their payment tool as fundamental as other basic infrastructure like roads for African businesses.

On being recognized for his innovation, Jain is humble, crediting his diverse team. As if proving his corporate claim that “our customer is our most important stakeholder,” he notes that, “We hired people who were customers. One was on the other side of the negotiating table, and we knew we wanted her on our side. We have an Olympic athlete on staff, too.” Having such capable hands made it easier for Jain to “leave South Africa and rest assured that everything is still working while I’m away. It’s about having an idea, imagining how to get it done, and then being there and getting it done.”

 Explore Rahul’s venture, Peach Payments
 Learn more about IESE 40under40

The post IESE 40under40 Rahul Jain: Fintech firsts for Africa first appeared on Entrepreneurship.

Q1: What led you from IESE and your earlier career in consumer goods into the world of social entrepreneurship and, specifically, to Tiny Miracles?
My MBA at IESE in 2006 and my early career deepened my passion for consumer brands, so I joined my dream employer: Unilever. After eight years, I moved to a food start-up to gain hands-on brick & mortar retail experience, while coaching newcomers to the Netherlands in my spare time. Over time, I felt increasingly drawn to purpose-led work. In 2022, everything clicked when I joined Tiny Miracles, founded by university friend Laurien Meuter, a B Corp in Mumbai and Amsterdam that boldly blends commercial drive with real social impact.

Q2: For those less familiar, how would you describe Tiny Miracles’ mission and the social challenges it addresses?
Our (not so) simple mission is to upskill women from underserved communities in Mumbai and help them build a dignified, financially independent future. By crafting high-quality textile merchandise, they stitch a brighter future through fair incomes and lift their families out of poverty. It’s not charity, it’s good business. We co-design products tailored to each community’s needs. One client alone ordered 1.3 million bracelets producible from home by elderly and visually impaired artisans. Today, 500+ women produce over three million textile products for partners like Rituals, Heineken, and Tony’s Chocolonely.  Besides our business arm, our foundation provides healthcare and education.

Q3: As Head of Partnerships, how do you approach building alliances that help scale Tiny Miracles’ impact?
We help companies rethink sourcing, beyond labels like Organic Cotton or Fairtrade, and focus on what truly changes lives. Alongside commercial partnerships, we engage future leaders through talks at IESE, B Corp events, and industry forums. And we’re now collaborating with designers from Europe and India to launch a social design hub in Mumbai, which I’m incredibly excited about.

Q4: How did your MBA at IESE shape your perspective on leadership, collaboration, and purpose-driven work?
My 210 classmates, many of whom are still close friends, broadened my worldview and constantly challenged my assumptions. I learned that perspective shapes problem-solving, and that diverse lenses lead to better answers. In Barcelona, the world pulled up a chair. Professor Johanna Mair also exposed me to corporate responsibility, planting a seed that’s now grown into my everyday work. I’m walking the talk. Today, I feel proud helping decision-makers in start-ups and global B2C brands use sourcing as a genuine force for good.

Q5: What are some of the hurdles you face in establishing partnerships for social enterprises, and how do you overcome them?
Many companies are unaware of social sourcing or fear leaving their “smooth” supplier who cuts corners for us, a team who bears necessary inconveniences to deliver real impact. We overcome questions on quality and scale through transparency, our track record of millions of products, and co-designing with our product developers to de-risk orders for merchandise. Explaining the real impact of an order -say, 100,000 bags- helps. But the biggest converter is bringing partners to our un-factories. Seeing is believing.

Q6: What advice would you share with IESE students and alumni interested in contributing to social entrepreneurship, either as founders or through strategic roles like yours?
The good news is: you don’t need all the answers to a social challenge on day one. Pilot, learn, iterate. Laurien began Tiny Miracles by organizing schooling for children living on Mumbai’s streets, then years later created dignified work for their parents, and today we produce 3+ million products a year. Step by step. Make sure to engage your colleagues and end-consumers. Most people want to contribute to a brighter world, but don’t know how. Your company can be that enabler. Finally, profit is not the enemy. Building financially sound solutions will ignite all companies to follow, one day. If you’d like to exchange thoughts, don’t hesitate to get in touch on LinkedIn. And if you’re ever in Mumbai, we’ll arrange a visit to our un-factories.

Thank you, Martijn, now for the speed round.

Q1: What do you do in your free time?
Play tennis, read newspapers, and meet friends in Amsterdam’s cozy brown cafés (bruine kroegen in Dutch).

Q2: If you had to describe yourself in three words, what would they be?
Broad-minded, loyal, quick-witted.

Q3: What are you reading, watching, or listening to these days?
Reading various newspapers and Shantaram, 900+ pages, wish me luck. Occasionally, I binge on series, but I lack the patience for endless seasons.

Q4: Something that makes you happy:
Seeing 3,000 community members build brighter futures. And closer to home: skating on frozen Dutch lakes.

Q5: Favorite place:
My local bar and tennis club. And further away: Barcelona, of course, New York, and Mumbai.

Q6: What is the most important lesson you’ve learned in life so far?
Live and let live.

The post Bridging business and purpose: Martijn Ruding on social impact first appeared on Entrepreneurship.

Shayp is an AI-powered water tracking and anomaly detection solution. Smart sensors are installed on existing water meters, enabling real-time monitoring of water flow. Within less than an hour, the system can detect anomalies in water usage. The platform then sends an alert — helping users act quickly to conserve resources. Already deployed in over 9,000 commercial, industrial, and institutional buildings, Shayp’s technology has saved 27 billion liters of water since its inception — including 8 billion in 2025 alone — with the bold aim of reaching 100 billion liters by 2027. Clients also benefit immediately, achieving an average 22% reduction in water use and a positive ROI within the first year.

In 2025, Shayp launched a new product line and business model focused on water stewardship for both corporations and society at large. The company combines the benefits of its technology — already implemented in schools and public buildings — with the water usage commitments of corporates seeking replenishment projects to meet ESG goals. This approach enables companies to reduce their overall footprint by claiming the savings generated in public facilities.

In his TEDxIESEBarcelona talk, “Are you crazy enough? Go for impact,” Gregoire shares his philosophy with quiet conviction: “You don’t have to be a top performer — you’ll learn along the way; there’s no such thing as failure, and small steps will lead to big impact.” This mindset reflects Shayp’s journey: A willingness to learn, embrace incremental progress, and stay committed to ambitious goals.

At IESE we celebrate ventures with purpose. Gregoire’s story — which brings together engineering, environmental stewardship, and resilient teamwork — embodies the entrepreneurial spirit IESE seeks to nurture. His journey reminds us that innovation is not always about grand breakthroughs; often, it is about aligning societal impact, stakeholders, and sustainable business models.

Explore Gregoire’s venture, Shayp
Learn more about IESE 40under40

The post IESE 40under40 Gregoire de Hemptinne: Turning challenges into impact first appeared on Entrepreneurship.

Let’s start at the beginning, Carlos—can you tell us about your background and your relationship with IESE Business School?
I studied engineering and, after gaining some experience in our family business, decided to pursue the International MBA at IESE, graduating in 1986.

You’ve had a remarkable career spanning top-tier consulting and executive leadership at Mango. How did that path unfold?
I joined BCG and spent 26 years in consulting, focusing on consumer goods, retail, travel, and healthcare, building a fantastic team along the way. Later, I had the opportunity to support Isak Andic during Mango’s generational transition and strategic transformation, which allowed me to put my consulting experience into practice. I feel very fortunate for all the opportunities and challenges I’ve encountered.

In what ways did IESE’s MBA program influence your path as a business leader and now as a mentor and advisor?
The MBA was pivotal. It broadened my technical knowledge and, more importantly, gave me a strategic, general management perspective. It also helped me understand how critical people and team dynamics are to business success.

What inspired you to support entrepreneurship after years in the corporate world?
I discovered a strong personal motivation to help others. We have a new generation of energetic individuals eager to improve the world, but they face many obstacles. I believe experienced managers can make a real difference by offering pro bono advice and support.

Tell us about your experience as a WeGrow mentor.
It’s been a rewarding journey across diverse sectors—e-commerce OTC drugs, beauty, recycling, restaurants, loyalty and transport SaaS, and formal menswear. I’ve helped teams navigate challenges like rapid growth, international expansion, retail optimization, franchising, and organizational development.

Looking ahead, what key trends will shape the investment and entrepreneurship space? What should future entrepreneurs pay attention to?
E-commerce has matured, and investor caution has reduced the pace of disruption in that space. But over the past two years, we’ve seen a surge in AI applications creating exciting new opportunities. Venture capital is now actively backing AI-driven ventures across many industries.

What advice would you give to current IESE students—or anyone—considering entrepreneurship?
Entrepreneurship is rewarding but also tough and risky. If you don’t have a clear purpose, get hands-on experience and a solid business education first. But if you do have a strong passion or a compelling idea, build a robust plan, seek advice from trusted mentors, and go for it, learning along the way.

Thank you, Carlos. Now for the speed round:

What do you do in your free time?
I love art, jazz, and sports… a diverse portfolio, need more time!

If you had to describe yourself in three words, what would they be?
Motivated to learn, willing to help, and resilient.

What are you reading, watching, or listening to these days?
Love to read about AI applications and impact, and can recommend Co-Intelligence: Living and Working with AI, by Ethan Mollick

Something that makes you happy?
Seeing my children and other young people progress in their lives.

Favorite place?
Top of a snowy mountain on a sunny day.

What is the most important lesson you’ve learned in life so far?
Need to keep a balance between short-term and life objectives.

The post Carlos Costa (MBA’86) on leading, learning, and giving back first appeared on Entrepreneurship.

Cristina Aleixendri didn’t set out to change the shipping industry. An aeronautical engineer by training, she simply saw a massive challenge—maritime decarbonization—and an opportunity to apply her expertise in wings and airflow to an entirely different mode of transportation.

Today, as co-founder of bound4blue, Cristina is helping ships return to their roots by reintroducing wind power through rigid suction sails. Her startup’s technology offers a practical, scalable way for vessels to reduce fuel consumption and emissions—by up to 40%—with ROI in under five years. And it’s not just about sustainability: with evolving regulations and rising fuel costs, Cristina makes a clear call to ship operators to “consider wind propulsion as an alternative fuel source.”

Getting there, though, wasn’t easy. From countless rejections to industry skepticism, Aleixendri and her co-founders were told they were crazy. But she persevered, motivated by moments like seeing the smile on a customer’s face after the first successful installation. “That photo told me everything,” she recalls.

A 2022 IESE’s 40under40, Aleixendri’s story is anchored in values and resilience. She credits a high school math teacher for sparking her engineering journey and sees success not as a title or metric, but as staying true to one’s purpose.

In both life and business, she lives by a clear motto: “Live with purpose, align your actions with your values, and persevere through challenges—you’ll find your way.” That, and one more powerful habit she’s adopted in recent years: “Speak less and listen more.”

Cristina Aleixendri is not only helping ships sail more sustainably—she’s proving that with vision, grit, and values, anything is possible.

Explore Cristina’s venture, bound4blue
Learn more about IESE 40under40

The post IESE 40under40 Cristina Aleixendri: Powering the future of shipping with wind and purpose first appeared on Entrepreneurship.

Q: Let’s start at the beginning, can you tell us a little about your background and how you got to where you are today?
I’m originally from France and lived there until I finished university. I started my career working for Airbus, and that took me to Mexico and the U.S., and eventually I landed in Barcelona, where I did my MBA, at IESE of course!

I’ve always been passionate about entrepreneurship and have dedicated the past 25 years to it: as a founder, business angel, VC fund manager, and teacher. I live a “double life”: investing in startups and teaching others how to do the same, and guiding companies and individuals on their entrepreneurial journeys from idea to success.

Q: Who are the most influential figures in your life?
Two stand out. Winston Churchill – he fought for freedom and democracy, staying true to his beliefs through victories and defeats. When I face uncertainty, I think of him. And of course, my wife – a true entrepreneur who takes full responsibility for her actions and beliefs. Having both public and personal role models offers me a well-rounded perspective on life.

Q: At IESE, we aim to develop leaders with a deep and lasting impact through professional excellence and service. What role does entrepreneurship play in society?
Entrepreneurship is fundamental. It drives innovation and gives people – not just founders, but also employees – a sense of freedom and ambition. It’s also key to tackling pressing challenges like technological shifts and climate change. Entrepreneurship doesn’t just create companies; it generates solutions.

Q: What accomplishment, personal or professional, are you most proud of?
I believe the reason why I spend a significant amount of my time investing in startups is not only because of the impact but also because all those investments I’ve been making over the years are providing people new ways to make a living. As an investor, being behind the creation of thousands of jobs is something I feel proud about. Beyond that, I’ve been compiling my experiences into a book to help entrepreneurs navigate the full journey of building a business, and to encourage investors to invest in startups. It was hard work, but I’m proud of the result.

Q: Your book is titled Straight Talk (Hablando en Plata in Spanish). What motivated you to write this book and what are the key messages behind it?
After years of teaching entrepreneurship, I saw the impact of sharing real-world insights with my students. So why not aim at a broader audience? My two main messages in the book are:

Transparency and accessibility: Providing straightforward, easy-to-understand insights to help entrepreneurs anticipate challenges and dilemmas along their journey.

Encouraging investment in startups: Inspiring private investors to support entrepreneurship, so we can continue to see entrepreneurship and new ventures flourish.

Q: What inspires you most about your work inside and outside IESE?
Impact. I love teaching more every day. Helping students become better entrepreneurs, leaders, and people is incredibly rewarding. Seeing them pursue their ambitions and make a difference in the world inspires me constantly.

Q: What do you think will be the next big trend in startups and entrepreneurship?
Right now, the answer to everything is AI. But as an investor, I remain cautious. I’ve seen trends rise and fall – blockchain, e-commerce… The impact of AI is undeniable, but I believe it remains a tool, a vehicle. The real question is: What comes next? AI will produce a few major successes, but many ventures will fail. The key is anticipating the next big thing beyond AI.

Q: Finally, what advice would you give to students and future entrepreneurs?
Entrepreneurship is a tough, uncertain path full of ups and downs. My advice: work on yourself. Know your strengths and weaknesses. If you truly believe in your idea, go all in – but only if you can thrive in uncertainty. Otherwise, it will be a miserable experience.

Thank you, Mathieu. Now, for the speed round.

Q: What do you do in your free time?
Cycling! I love the workout and the community around it.

Q: What are you reading, watching, or listening to these days?
I often listen to The ITNIG Podcast – raw, candid conversations about startups, entrepreneurship, and business innovation. It resonates with me because I believe transparency is key to fostering the entrepreneurial spirit.

As for books, The Mom Test – a must-read. It has helped thousands of entrepreneurs transition from an idea to an opportunity, a challenge many struggle with.

Q: Something that makes you happy?
Seeing the real impact of helping entrepreneurs.

Q: Favorite place?
Barcelona!

Q: Explain early-stage equity financing to a 10-year-old.
Starting a business requires two things: effort and money. If you don’t have the money, an investor provides it in exchange for a share of your success. Imagine organizing a bike race – you have the legs to race, but no bike. An investor gives you the bike (equity financing), and together, you work to win the race.

The post Meet Mathieu Carenzo: Senior Lecturer, founder and investor first appeared on Entrepreneurship.