Brazil (is not) for Beginners

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Jun 2026

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About the show

Brazil (is not) for Beginners is a podcast about the opportunities and challenges of doing business in Brazil. Host Isaac Matzner is the co-founder of Teddy and has been living and working in Brazil for the better part of a decade. He is based in São Paulo.

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June 4, 2026Episode 51 hr 8 min

Guilherme Hannud on Finding Empathy and Freedom in the Art of International Trade

In this episode of Brazil (is not) for Beginners, Isaac sits down with Guilherme Hannud, international trade veteran, serial entrepreneur, and author — a man who has spent 55 years representing Brazilian businesses across more than a dozen countries and helping foreign companies find their footing in Brazil.Guilherme’s story starts early: washing cars at 12, raising 27 caged birds in a São Paulo apartment, and then landing as an exchange student in a Norwegian farming community of 633 people in North Dakota — an experience that would shape everything that followed. By the early 1970s, he was in West Africa with a list of 100 products from a delegation of African businessmen he’d met at a dinner by chance. Instead of selling them the products, he asked a different question: why not help build the industries to make them locally? That instinct — rooted in what he calls freedom over dependency — became the philosophy behind a career that took him through Senegal, Nigeria, Ivory Coast, and beyond, representing Brazilian manufacturers at a moment when Brazil was just beginning to discover its own industrial identity.The conversation moves between decades and continents, but returns again and again to the same ideas: that lasting business relationships are built on honesty and exceeding expectations, that trade is really about bringing different civilizations into contact, and that Brazil’s greatest untapped resource is the 40 million people still outside its formal economy. Guilherme also shares the story of the Life Recycling Association he co-founded 23 years ago — a model that turned social inclusion and waste recovery into a profitable enterprise, without subsidies.Other key topics include:Brazil's industrialization in the 1960s and '70s — and why the shift from exporting coffee to manufacturing changed everythingHow a chance dinner with an African trade mission in 1972 launched a career in West AfricaWhy building industries in partner countries creates more durable business than simply selling productsThe cultural distances that make international trade harder — and more rewarding — than domestic businessWhat Brazilian companies need to understand before going abroad, and what foreign companies miss about BrazilWhy Brazil is a medium and long-term strategic partner regardless of short-term political or economic turbulenceThe Life Recycling Association and turning social inclusion into a sustainable business modelAnd lots more…

May 7, 2026Episode 41 hr 14 min

50 Years on the Front Lines of Brazilian Trade with Roberto Giannetti

In this episode of Brazil (is not) for Beginners, Isaac Matzner sits down with Roberto Giannetti da Fonseca, economist, trade diplomat, and one of the most seasoned voices in Brazilian international trade. With a career spanning half a century — across both government and the private sector — Roberto offers a rare firsthand account of how Brazil's economic relationship with the world has evolved, and the forces that will shape it going forward.Roberto graduated as an economist from USP just as the first oil shock hit the world economy, and found himself on what he calls a "trade battlefield" — a generation of Brazilians called upon to build a trade surplus and keep the country solvent. What followed was 50 years on the front lines: co-founding Cotia Trading with his best friend and growing it from zero into Brazil's second-largest exporter by 1985, just behind Vale. From airlifting chilled beef to Nigeria and building Guaraná bottling plants to compete with Coca-Cola, to selling Brazilian steel to a pre-industrial China, Roberto's early career reads like an adventure in global commerce.The episode moves through Brazil's most turbulent economic decades — the debt crisis of the 1980s, hyperinflation, the Collor Plan, and the Plano Real — with Roberto as both a witness and an architect of policy. He eventually joined the FHC government as head of CAMEX, Brazil's foreign trade policy body, where he created APEX, championed floating exchange rates before they were popular, and used export taxes on raw leather to force-build a domestic shoe industry. The conversation closes with Roberto's vision for Brazil's role in the 21st century: food superpower, biodiversity guardian, and emerging energy giant — and the infrastructure gaps that still stand in the way.Other key topics include:How the 1973 oil shock turned exporting into a patriotic mission for Roberto's generationBuilding Cotia Trading from zero into Brazil's second-largest exporter in under a decadeThe Nigeria chapter: airlifting beef, building 79 cold stores, and launching Guaraná to beat Coca-ColaSelling Brazilian steel to China in 1985 — when Beijing still ran on bicyclesWhy hyperinflation quietly destroyed Brazilian export competitiveness from 1987 onwardThe debt crisis, the moratorium of 1987, and Roberto's case to European ambassadors in GenevaThe Collor Plan, the Plano Real, and the three pillars that finally stabilized the economyHow Roberto went from loudest outside critic of FHC's exchange rate policy to head of CAMEXCreating APEX and using an export tax on raw leather to build Brazil's shoe industryThe case for open economies — and why protectionism makes industries lazyBrazil's three missions for the 21st century: food superpower, biodiversity guardian, energy giantWhy cultural fluency — not just market knowledge — is non-negotiable for anyone doing business in BrazilAnd lots more!

April 2, 2026Episode 31 hr 11 min

Taking Calculated Risks and Building with Purpose with Tsai Chi-Yu

In this episode of Brazil (is not) for Beginners, Isaac Matzner sits down with Tsai Chi-yu, Founder and CEO of Stay, to discuss his entrepreneurial journey, the lessons he learned working on scaleups in the early Brazilian tech ecosystem and, and why he is dedicated to building with meaning.Taiwanese by birth and Brazilian by heart, Tsai's trajectory goes from banking in the US and France to entering the early tech ecosystem in Brazil. He shares lessons from the early days of scaling operations at Uber Brazil and recounts his experience as part of the team orchestrating 99's impressive turnaround from single digits to nearly 40% market share. Tsai shares key insights gained at each stage: from understanding market dynamics and the demands of high-stakes operations, to his focus on hiring for drive and his view on taking calculated risks.He also delves into the hard-won lessons from past ventures, notably the 2022 shutdown of Hash despite the significant capital it raised, and the importance of resilience and strategic thinking when innovating in Brazil. The conversation highlights how these experiences ultimately led him to focus on Brazil's private pension system with Stay. Driven by a mission to address the country's demographic shifts and an unsustainable system dominated by legacy providers, Tsai emphasizes how his continuous search for big problems and meaningful impact drives his approach to building and running Stay.Other key topics include:- Growing up Taiwanese in Brazil — and finding freedom in being multi-cultural- What Uber and 99 taught him about talent density, ambition, and risk-taking culture- One-way vs. two-way doors — and why most people are more conservative than they need to be- His experience at Hash and what the macro environment of 2022 exposed about cash-intensive business models- Brazil's demographic shift and the structural crisis facing the public pension system (INSS)- The opportunity Stay is pursuing around private pensions - less than 10% of Brazilians have private pensions and five big banks dominate 90% of that market- Building a direct, high-performance culture that blends Brazilian warmth with international efficiency- And lots more!

March 5, 2026Episode 21 hr 14 min

Uncorking Brazilian Wine and Its Place in the Global Wine World

In this episode of Brazil (is not) for Beginners, host Isaac Matzner sits down with Alykhan Kareem, co-founder and former CEO of Sonoma Market, Latin America's leading premium wine marketplace, for a deep dive into Brazilian wine and the Brazilian Wine industry.While Argentina and Chile dominate South American wine discussions, Alykhan reveals how Brazil—with 150 years of winemaking history rooted in its history of Italian immigration—is quietly producing world-class wines. Isaac and Alykhan enjoy six carefully selected bottles, while they talk about Brazil’s unique wine story—from sparkling wines that compete with champagne to Italian grape varietals that went extinct in their homeland but flourish in southern Brazil. He explains how the country’s distinct wine regions are producing everything from delicate Pinot Noirs to bold Merlots that hold their own against global competition.Beyond the tasting, Alykhan unpacks the economic realities shaping Brazilian wine, and shares colorful stories from the trenches like discovering exceptional producers hidden in the forests of Serra Gaúcha.Beyond the tasting, Alykhan unpacks the economic realities shaping Brazilian wine, and shares colorful stories from the trenches like discovering exceptional producers hidden in the forests of Serra Gaúcha.Other key topics include:How 19th-century Italian immigration planted the seeds of Brazil’s wine industryBrazil’s emergence as a sparkling wine powerhouseThe natural wine movement and Eduardo Zenker’s controversial storyHow Brazilian terroirs differ from neighboring Chile and ArgentinaThe impact of taxation, import costs, and the “custo Brasil” on wine productionThe elegance and challenges of doing business in Brazil’s wine industryAnd lots more…

February 5, 2026Episode 132 min

Beyond Big Banks: How Sicoob’s Cooperative Model is Helping to Shape the Future of Financial Access in Brazil

Welcome to the new season of Brazil (is not) for Beginners! To kick things off, host Isaac Matzner sits down with Louize Oliveira, Coordinator of Sustainability at Sicoob, one of Brazil’s largest banking cooperatives.While Brazil has historically been dominated by big-banks, Louize explains how Sicoob, which serves over 9 million members across 2,400 cities – including 450 communities where traditional banks simply don't exist – together with other cooperatives, are charting a different course. She shares the largely unknown history of cooperative banking in Brazil, from its origins in Brazil’s 19th-century colonies to Sicoob's powerful "phygital" model that blends local presence with digital solutions.Louize further delves into Sicoob's innovative approach to financial education, particularly how identifying "teachable moments" can transform financial literacy, reduce credit risk, and build customer loyalty. This conversation reveals how understanding local needs, fostering community, and embracing a sustainable growth mindset are not just good principles but crucial competitive advantages in Brazil's unique market.Other key topics include:The fundamental differences between cooperative banking and traditional banks.Sicoob's growth and its impact on financial inclusion throughout Brazil.The historical roots and evolution of the cooperative banking movement in Brazil.The critical role of financial education and literacy in Brazil's post-pandemic economic landscape.How "teachable moments" are utilized to increase financial understanding and reduce debt.Sicoob’s "phygital" model: leveraging both physical branches and digital tools for broader reach.Navigating the complexities and vast opportunities within Brazil's financial sector.And lots more...

December 11, 2025Episode 2032 min

Season 3 Recap

In this special Season 3 recap of Brazil (is not) for Beginners, we look back on 19 episodes featuring founders, executives, investors, and creators working across Brazil’s most dynamic sectors. Through extended excerpts and fresh reflections, this recap highlights the themes that emerged most clearly in 2025: complexity, adaptability, creativity, and the deep importance of relationships.Across conversations about fraud prevention, beer innovation, agroforestry, search funds, insurance, pet care, governance, culture, entrepreneurship, and many more topics, a picture emerges of a country that is challenging, sometimes unpredictable, but endlessly rewarding for those who choose to build and work here.Guests this season showed how Brazilian business is shaped not just by regulation and bureaucracy, but by human behavior, local rhythms, community connections, and cultural fluency. This episode revisits some of the season’s most powerful moments, including reflections on trust, social mobility, uncertainty, innovation, purpose, and the small expressions that reveal how Brazilians think, act, and relate.From micro-entrepreneurs to CEOs, early-stage founders to corporate leaders, everyone faced the same reality: Brazil demands adaptability — but rewards those who commit.

November 27, 2025Episode 191 hr 5 min

Inside Angel Investing with Lucas Lima from LASP Capital

In this episode of Brazil (is not) for Beginners, Isaac Matzner sits down with Lucas Lima, partner at LASP Capital and experienced angel investor, to explore the many facets of investing in new entrepreneurs in Brazil. Lucas explains how the early-stage investment process works, from identifying promising opportunities and evaluating potential businesses to understanding founder motivations and deciding when and how to get involved. The conversation also delves into Lucas’s own experience as an entrepreneur, including the story of his company, Men’s Market. He reflects on the lessons he learned from founding, running, and eventually selling the business, and how those experiences inform the way he supports and mentors the companies he invests in today.Other topics include:Identifying a market opportunities and understanding product market fit as well as capital dynamicsThe challenges and learnings that come with building a startupThe process of evaluating startups and spotting green and red flagsChallenges faced by new founders in BrazilBuilding trust and managing relationships between founders and investorsAdvice for new investors and mistakes to avoidUnderstanding the Brazilian startup ecosystemAnd lots more…

November 13, 2025Episode 1849 min

Corporate Governance in Practice with Alexandre D’Ambrosio

In this episode of Brazil (is not) for Beginners, Isaac Matzner hosts Alexandre D’Ambrosio, a lawyer and former executive at major corporations such as Votorantim, Santander and Vale. Together, they explore the nuances of corporate governance and the bicultural perspective of business that Alexandre brings from his years living and working in both the United States and Brazil. Throughout the conversation, Alexandre reflects on the processes of developing professionalization and strong corporate governance at large companies while navigating the cultural and structural realities of the Brazilian corporate environment. He and Isaac also discuss board relationships, change management and crisis management inside large organizations and what it takes to do business in Brazil (as a local and as a foreigner), offering an insider’s look at the challenges and opportunities of operating or working in Brazil.Other topics include:The process of privatizing Brazilian companiesThe important role of Boards in supporting strong corporate governanceLessons from the Vale tragedies in Brumadinho and MarianaShifting the company’s leadership perspectiveRebuilding stakeholder trust after company crisesAdapting to the Brazilian corporate styleBringing executives and employees together toward a common goalAnd lots more…

October 30, 2025Episode 1743 min

The Early Stage Startup Journey with Caccao’s Gustavo Ruiz and Gustavo Zago

In this episode of Brazil (is not) for Beginners, Isaac Matzner hosts Gustavo Ruiz and Gustavo Zago, the co-founders of Caccao, an early-stage startup that combines AI with relationship intelligence to increase companies sales and growth. This is an open conversation with two entrepreneurs who are in the midst of their journey, who recently pivoted their thesis and who are searching to find product market fit. Gus and Zago pull back the veil what it is like to be an entrepreneur and to try to build something from zero. They talk about the risks and decisions that define the startup journey — from launching a product in uncertainty to recognizing when it’s time to pivot. Throughout the conversation, the duo delve into the initial challenges of finding product-market fit, making decisions and building a product and a company. They also reflect on the unique aspects of starting a business in Brazil, including the importance of personal connections and the collaborative nature of the local startup ecosystem.Other topics include:How to develop and build a strong company cultureThe importance of balanced leadershipHaving a team aligned with the company’s stage and goalsThe role of intuition in decision-makingNavigating uncertaintyIdentifying the right moment to pivot or change directionAnd lots more…

October 16, 2025Episode 1651 min

Advice for Early Stage Founders (and Investors) with BZCPs Eduardo Zilberberg

In this episode of Brazil Is Not for Beginners, host Isaac interviews Eduardo Zilberberg, the Z in BZCP, a leading local law firm focused on M&A advisory services, where he focuses on helping entrepreneurs navigate the country’s complex business landscape. Throughout the conversation, Eduardo shares practical lessons for entrepreneurs on fundraising, building trust with investors, and understanding the life cycle of a startup—from pre-seed to exit. He also reflects on the current state of the Brazilian startup ecosystem, comparing its maturity and unique challenges with global markets.Other key topics include:Brazil’s venture ecosystem and what makes the country both promising and challenging.How early-stage founders can navigate Brazil’s bureaucracy and make smarter fundraising decisions.Key differences between foreign and local investors — and how these perspectives shape startup growth.The stages of a founder’s journey, from first steps to scaling, and how strategic choices change over time.The importance he places on providing business and operational support and not just legal adviceAnd lots more…