My name is Íñigo Muñoz Bilbao, and I recently graduated from the International Master in Management. I am 24 years old and I cofounded Mynbest Crowdfunding, a crowdfunding platform. We have been up and running for a short time and now that all of our team is dedicated to the project full time, we hope to position ourselves as one of the leading crowdfunding platforms in Spain. The challenge is being able to offer a real alternative to traditional means of funding for people that, due to the current economy, do not have access to financing despite having an interesting project.
Crowdfunding (collective funding) brings together large and small investments from various sources to finance a project. Investors or collaborators are compensated with products or services related to the project that is being financed. This system is particularly interesting, as it allows the project’s creator to use the financing campaign as a means of getting the word out about his or her product, and ultimately, make sales!
Image being able to create a company without having to go into debt. Moreover, at the same time, you are getting your product out on the market and making sales, which also helps you with market research. And all of this without any risk and with the guarantee that 2% of your profits will go to a fund that Mynbest uses for social projects in search of funding. These are just a few of the advantages that our platform offers. We provide an innovative solution to the current crisis in an increasingly community-oriented society.
But where did it all begin? During my undergraduate degree in economics at the Universidad Autónoma de Barcelona, I realised that I was passionate about business. Every case was its own world and I found that different ways of dealing with the same activity could lead to completely different results. I had known that I wanted to start my own company for a long time, and I liked strategy and talking about new business ideas. I enjoyed innovation and creativity on a technical level, but I couldn’t understand an income statement or analyse decisions with an eye to business, which made me realise that I needed further professional development if I wanted to continue with the path I had chosen.
Professional development normally goes hand in hand with entering the workforce. There you start to apply what you have learned, creating a base of knowledge that you can use in future ventures, and, if all goes well, in your own company.
My own path naturally led me to the International Master in Management in EADA. The Master taught me about companies and, through the Case Method, taught me important lessons based on the achievements and mistakes that have had the biggest impact on real companies.
While enrolled in the programme, a close friend and I became interested in starting a company. At first glance, it seemed clear that we should wait (until we were finished studying, had more experience, had saved up some seed money), but timing was an important factor. If we had waited, it would have been too late.
We decided to launch the company. This meant that while I learned different management techniques in class, I was also putting them into practice in the planning and development of my company, Mynbest Crowdfunding. I was also able to take full advantage of the professor’s knowledge and experience as I explained my project and asked for advice. My partner had to take on more and more responsibilities at Mynbest as the workload in EADA increased with intense classes, a marketing plan with a real company and the final project. My group ended up winning the Best Project Prize that year, in recognition of our hard work and dedication.
At the beginning of the year, we were already in the process of setting up the company launch for April 1. The moment of the grand opening had arrived! Now that our company was officially registered, and we suddenly realised that we had created a company. This meant added responsibilities that I wouldn’t have been able to take on if it weren’t for my classmates and mentors at EADA. The knowledge I gained about business management was also essential to my success.
We have currently been accepted in a programme run by the Fundación INLEA, which helps start-up companies consolidate and prepare to receive the necessary financing to grow. At the moment, we are working on positioning Mynbest: getting the word out about crowdfunding and looking for projects in need of financing. I am able to apply my knowledge from the master and “learn by doing”, like in EADA.
In conclusion, the traditional career path made up of studies, work, experience and the creation of a company, was not to be in my case. Circumstances created a new path culminating in the most extraordinary year in my personal and professional life, which I am sure will have a great impact on my future.