
Class of 2026
A dozen Wisconsin MBA and Master’s students traveled to South America in January 2025 for the opportunity to exchange ideas and best practices with business professionals in Peru through our Global Learning Experience program. We gathered for an introductory evening of history, food, and culture upon arrival in Lima with Professor Min Li and Director Joe Crombie at Huaca Pucllana, a traditional Peruvian restaurant near a magnificent pre-Incan stepped pyramid structure.
We began our business immersion at Banco Central de Reserva del Peru. We were hosted by General Manager Paul Castillo, who presented a history of economic development in the country since the 1970s. He described populist policies in the 1970s and 1980s that led to a structural downturn, hyperinflation, and debt rating issues. Extensive economic reforms undertaken in the 1990s helped stabilize the economy and set the stage for future growth. Banco Central focuses on the single policy objective of price stability, rather than the dual mandate of the U.S. Federal Reserve (inflation and unemployment). Peru has seen annual GDP growth of over 4% for the past two decades, with annual inflation of 3%, leading to a significant reduction in the poverty rate.
I was personally impacted by this session at Banco Central, hearing firsthand about the extreme challenges and economic hardships encountered by Peru and its people in the recent past. I have been fortunate to travel and visit several countries, but I had not examined at this level the severe difficulties faced by smaller economies as they struggle to transition from exploited exporters of low value-added raw materials to increased stability as respected world trade partners. I found myself both moved and impressed by the progress Peru has already made and by the vital benefits to its citizens.
From there, we headed to Elemento Chocolates, a sustainable chocolate company founded in 2016 by Lorenzo Llosa and Jose Visconti. Sourcing their cacao from indigenous farmers deep in the Amazon basin, the founders initially lived in these remote communities for weeks at a time to gain the trust of their supply partners. The company specializes in unusual flavor profiles, including citrus, fruit, nutty, and floral notes, and General Manager Miguel Alonso Marrou Osores let us sample the product. I can enthusiastically recommend their chocotejas with walnuts and goldenberries!
The next day brought us to AJE, a manufacturer and distributor of beverages, where we met with Jorge Lopez-Doriga, Chief Communication and Sustainability Officer, and Steffany Hundskopf, Professional Climate, Culture, and Innovation Practitioner. AJE was founded in Ayacucho in 1988 and now operates in over 20 countries across Latin America, Asia, and Africa. Their initial local product was Kola Real, but as they grew, their product line and purpose also evolved. Their offerings now include juices, carbonated beverages, energy drinks, teas, dairy, and beer. Their mission is to democratize the consumption of beverages while promoting health and well-being, and their sustainability vision values biodiversity and cultural legacy. Rural Amazonian communities supply superfruits such as acai, camu camu, and aguaje for juices produced by AJE, and our site visit included another welcome opportunity to taste the product!

We had studied the internal and international transportation challenges facing Peruvian firms such as AJE. A major development for the country is the recent opening of a second megaport, located 50 miles north of Lima in Chancay. Peru’s largest trading partner is now China, not the United States, and the new site will further expand this trade relationship, as a Chinese state-owned company holds a controlling stake in the new Port of Chancay.
After that, we went to Campo Alpaca, an apparel company launched in 2017 by WSB alum Katie Lorenz. Her firm sources alpaca fleece sweaters, socks, scarves, and blankets. The items are produced by local artisans in Lima, Cusco, and Arequipa, and Campo Alpaca is committed to compensating these women fairly for their skills. The red “Wisconsin” sweater on display looked fabulous, and Katie is right: alpaca fleece really does feel marvelous!
On Saturday we visited Centrum-PUCP, a graduate business school. Professor Emeritus Gregory Scott discussed Peru’s economic and political history over the past four decades. He covered the macroeconomic turmoil of the 1980s, the policy reforms to control inflation in the 1990s, the subsequent boom in agricultural and commodities exports, a renewed emphasis on infrastructure projects, and the economic progress of this century. We had the opportunity to mingle during a coffee break with Centrum-PUCP students, many of whom work full-time, attending evening and weekend classes.
The next morning, our Badger crew sought some additional immersion, heading to Playa Makaha for a surfing lesson. We then visited Museo Larco, which houses archaeological exhibits spanning over 5,000 years of Peruvian history.
On Monday we started at Krealo, a venture capital firm focused on fintech and startups across Latin America. Investment & Strategy Senior Associate Santiago Sevilla described their portfolio, which favors fintech verticals in payments and digital lending. He reviewed the leading regional markets of Brazil, Mexico, Colombia, and Chile, with Lima regarded as an emerging technology hub. We next visited Group Project Manager Diego Morales at Yape, a digital wallet and payment app. The firm’s presence and signage are quite evident in Lima, and users can send and receive money, pay bills, and sell event tickets. Yape is also increasingly used by microbusinesses. Later, we drove to Banco de Alimentos Peru, a non-profit that fights hunger and food insecurity in underserved communities. Our team pitched in, helping to wash crates, unpack products, and load items on pallets for delivery.

We began our final day at Endeavor Peru, an accelerator that supports startups and entrepreneurs. We were hosted by Entrepreneur Experience Associate Maria Laura Luna Hidalgo and met with CEOs from portfolio investments Leasy and AIMO. Gregorio Gilardini told us about Leasy, which provides automobile financing for ride-hailing drivers. Jose Luis Bolivar discussed AIMO’s B2B digital solution for restaurants. We then visited Ferreyros, an official Caterpillar dealer. CFO Patricia Gastelumendi Lukis and Investor Relations Executive Rafael Solari Fernandez described their sales by business line, which are dominated by mining (55%) and construction (24%). They also noted a strong forward pipeline due to upcoming infrastructure projects.
The opportunity to interact with dynamic and entrepreneurial Peruvian business leaders was instructive and eye-opening for me. While charting a strategic business course for success, these executives emphasize positive outcomes for all stakeholders, from their employees and operations to their supply chain. I sincerely admire and can learn from the examples of AJE and Elemento Chocolates working with rural and remote communities, Campo Alpaca empowering artisan women, Yape enabling efficiencies for microbusinesses, and AIMO helping local restaurants thrive. I can now more fully appreciate that management attention to stakeholder well-being has helped to reduce poverty and meaningfully impact the lives of the people of Peru.
We gathered for a farewell dinner at Cala, a restaurant by the Pacific Ocean in Barranco, Lima. Before returning to the frozen tundra of the Upper Midwest, Cala afforded one more opportunity to sample ceviche, soak in the sunset and the evening breeze, and reflect on our enchanting and educational experience in Peru.
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