Endeavor (non-profit)
| Type | Non-Profit |
|---|---|
| Founded | 1997 |
| Headquarters | New York City, New York, United States |
| Key people | Linda Rottenberg Edgar Bronfman, Jr. |
| Website | endeavor.org |
Endeavor is a non-profit organization that pioneered the concept of High-Impact Entrepreneurship in emerging markets. Its mission is to “lead the global movement to catalyze long-term economic growth by selecting, mentoring, and accelerating the best High-Impact Entrepreneurs around the world.”
Established in 1997, Endeavor is headquartered in New York City with a satellite office in San Francisco. With offices in 15 countries, current operations include Endeavor Argentina, Endeavor Brazil, Endeavor Chile, Endeavor Colombia, Endeavor Egypt, Endeavor Jordan, Endeavor Indonesia, Endeavor Lebanon, Endeavor Mexico, Endeavor South Africa, Endeavor Turkey, and Endeavor Uruguay. The organization has announced plans to reach 20 emerging markets by 2015, including in the Middle East and Southeast Asia.
Endeavor's model aims to identify and support those entrepreneurs with the greatest potential for impact. In 14 years, Endeavor has screened and provided feedback to 28,000+ candidates and selected 600+ High-Impact Entrepreneurs from 380+ companies. Supported and mentored by a network of 2,000+ local and global business leaders, these entrepreneurs have created over 150,000 high-value jobs and in 2010, generated $4.5 billion in revenues. Among other impact metrics, companies in the Endeavor portfolio average a 69.4% growth rate within the first two years of selection. Currently, Endeavor Entrepreneurs donate annually back to the organization, which eventually aims to be self-sustaining.
Endeavor's support is designed to catalyze a chain reaction in the larger economy—driving investment, creating role models, and fostering the conditions for the next Silicon Valley in Rio or Capetown, Cairo or Jakarta. Thomas Friedman, best-selling author and Pulitzer Prize winning columnist, stated in his book The World is Flat that "Endeavor was formed for the purpose of promoting entrepreneurs in emerging markets. Its basic model is to link up small and midsize businesses with seasoned entrepreneurs so that little guys and gals can get the advice and contacts they need to grow their companies into bigger businesses that can employ more people -- the best antipoverty program of all."[1]
Contents |
[edit] History of Endeavor
1997: Linda Rottenberg and Peter Kellner establish Endeavor.[2]
1998: The AVINA Foundation provides $500,000 in seed capital and an Argentine business leader provides a $200,000 matching grant. Endeavor initiates offices in Argentina and Chile.
1999: Endeavor organizes its first venture forums, linking international investors with emerging-market entrepreneurs.
2000: Endeavor launches Endeavor Brazil and Uruguay.
2001: Endeavor holds its ninth selection panel, and selects its 100th entrepreneur. Endeavor launches Endeavor Mexico. Time Magazine recognizes Endeavor’s founders as among the “Top 100 Innovators for the 21st Century” in its November 5, 2001 issue.[3]
2002: The Schwab Foundation and the World Economic Forum endorse Endeavor as one of 40 leading examples of social entrepreneurship from around the world.,[4]
2003: The International Finance Corporation funds Endeavor scoping trips to Africa, and Endeavor decides to launch a South Africa affiliate.
2004: Edgar Bronfman Jr becomes Chairman of Endeavor’s Global Board of Directors.
2006: James Wolfensohn, former president of The World Bank, joins Endeavor’s Global Board of Directors. Endeavor opens operations in Colombia and Turkey.
2007: Endeavor celebrates its 10th anniversary. MercadoLibre is the first Endeavor company to go public on NASDAQ. Thomas Friedman highlights Endeavor in the latest edition of his book, The World is Flat: A Brief History of the Twenty-first Century Version 3.0].[1]
2008: Endeavor opens affiliates in Egypt, Jordan and India. Wenceslao Casares, one of the first Endeavor Entrepreneurs, joins the Global Board of Directors.[5] Linda Rottenberg co-chairs the World Economic Forum on the Middle East, held in Egypt.[6] Endeavor receives a commitment of $10 million dollars from the Omidyar Network.[7]
2009: Endeavor launches the Mentor Capital Program, Global 25 Program, Endeavor Jordan, and Endeavor's Center for High-Impact Entrepreneurship research arm. Endeavor opens its satellite office in San Francisco. Endeavor Brazil engages 5.3MM people in Global Entrepreneurship Week. Second HBS case study is published, focused on Endeavor in the MENA region. Andy Freire becomes the first Entrepreneur to serve as a country board chairman (Argentina).
2010: Endeavor launches in Egypt. Endeavor’s CEO, MENA board members, and several Endeavor Entrepreneurs participate in US Presidential Summit on Entrepreneurship.
2011: Endeavor launches in Lebanon and Dubai (UAE).
[edit] Endeavor's Model
Endeavor's model includes five key components: Launch, Select, Support, Multiply, and Give Back.
Launch:
Endeavor launches in new countries with a “pull” model led by the local private sector. Endeavor engages local business leaders to form a Board of Directors that will spearhead a country launch. They provide financial, strategic and networking support, and their buy-in is necessary to greenlight Endeavor’s entry. In scoping new countries, Endeavor looks for strong macroeconomic conditions that enable entrepreneurship (e.g. stable economic growth, low corruption levels). While Endeavor operates in countries that possess structural barriers to entrepreneurship, the organization looks for indicators that with Endeavor's help, these barriers can be diminished (e.g., early stages of inbound foreign investment).
Select:
Endeavor aims to select a group of emerging-market entrepreneurs who have the potential to transform industries, communities, and countries. Endeavor screens thousands of entrepreneurs each year and selects those that it believes have "high-impact" potential. Through a rigorous, multi-step selection process (12–18 months), candidates pass a series of local and regional interviews before presenting to panelists from Endeavor's global business network at International Selection Panels held four to five times each year.
Support:
Once selected, entrepreneurs are provided with customized services from a volunteer network of 1,000+ global and local business leaders (“VentureCorps”) who serve as mentors, advisors, connectors, investors, and role models. These services take place on both the affiliate and global levels. Endeavor’s Entrepreneur Services focus on providing access to mentorship, networks, strategic advice, talent, skills, and inspiration.
Multiply:
In each country where Endeavor operates, Endeavor highlights its entrepreneurs as role models, with the aim of transforming social norms around entrepreneurship and inspiring future generations to innovate, take risks, and "think big" - the multiplier effect. Endeavor accomplishes this through thought leadership, competitive capital markets, inspiring innovation, influencing policymakers, and education.
Give back:
To support ongoing operations, Endeavor has established a formal Give-Back program that asks Endeavor Entrepreneurs to donate a portion of equity or incremental revenues to the organization in order to support the next generation of entrepreneurs. As community leaders and role models, Endeavor Entrepreneurs also mentor earlier-stage innovators, share their stories to inspire future generations, and spearhead socially responsible business initiatives and venture funds. Ultimately Endeavor aims to be self-sustaining through give-back and other market-driven revenues.
[edit] Endeavor Entrepreneurs: Examples
OfficeNet (Argentina) Entrepreneurs: Andy Freire and Santi Bilinkis
Endeavor’s very first entrepreneurs, Andy and Santi founded OfficeNet in 1997, attempting to create the “Staples of Latin America.” Among other services, Endeavor helped them to renegotiate their equity stake from 0% to 35%, assisted in developing a regional expansion model, and introduced them to Staples Founder Thomas G. Stemberg. Staples later bought Officenet, which had become the largest office supply business in Latin America creating hundreds of local jobs.,[8][9] Andy and Santi later become the Chair and Vice-Chair of Endeavor Argentina.
| Revenue | 1,698% |
| Employees | 606% |
MercadoLibre.com (Argentina) Entrepreneurs: Marcos Galperin and Hernan Kazah
MercadoLibre.com began in 1999, the same year its founders Marcos and Hernan were chosen to be Endeavor Entrepreneurs. MercadoLibre, which is Latin America's number-one auction site, is known as the Ebay of Latin America with more than 30 million users. Endeavor provided key introductions to help MercadoLibre expand into 12 countries in Latin America, including Brazil, Argentina and Mexico, and assisted in negotiations when MercadoLibre sold a stake to eBay.[10] In 2007, the company went public on the NASDAQ with a US$400 million IPO; as of March 2011, the company has a market cap exceeding US$3 billion.
| Revenue | 17,310% |
| Employees | 25,816% |
Globant (Argentina) Entrepreneurs: Martín Migoya, Guibert Englebienne, Martín Umaran and Néstor Nocetti
Founded by four engineers from Buenos Aires shortly after the 2002 financial crisis in Argentina, Globant is one of Argentina’s leading IT outsourcing firms. Endeavor helped the entrepreneurs streamline their hiring strategy to hire over 2,000 Argentines, and raise significant financing from two US-based private equity funds.[11] Globant’s clients include Google, Disney, and DreamWorks, and the company’s annual revenues exceed US$60 million.
| Revenue | 884% |
| Employees | 1,067% |
Patagon (Argentina) Entrepreneurs: Wenceslao Casares
Another example is Wences Casares who, as the son of a sheep farmer in rural Argentina, founded patagon.com, Latin America’s first online brokerage firm. Wences had been turned down by more than 30 local investors when Endeavor selected him. Endeavor helped Wences raise $4 million in equity financing. Two years later, he sold the business to Spain’s Banco Santander for $750 million. Wences, who became the subject of a Harvard Business School case study, is now an angel investor and sits on Endeavor’s Global Board.
| Revenue | 27,000% |
| Employees | 9,275% |
‘’’Three Melons’’’ (Argentina) Entrepreneurs: ‘’’Patricio Jutard’’’ and ‘’’Mariano Suárez Battán’’’
Mariano and Patricio founded Three Melons in 2005 as an early video game company in Argentina. The launch of the company’s Indiana Jones LEGO game drew over 10 million users worldwide. Most of Three Melons’ games are web-based and generate revenue through in-game advertising and virtual goods. Over 800,000 people every day play Bola (videogame), the studio’s first social game, on Facebook and Orkut.
In March 2010, Three Melons was acquired by Playdom, a fast-growing social gaming company in Silicon Valley. In July 2010, the Walt Disney Company agreed to acquire Playdom [12] for US$763 million.
Beleza Natural (Brazil) Entrepreneurs: Leila Velez, Rogério Assis, Jair Conde, and Heloísa Helena Assis
The daughter of a janitor and a maid, Leila grew up in a favela in Rio de Janeiro and, together with family members, came up with an in-store hair care experience centered around a hair relaxer product she created. After opening their first salon, women waited over four hours to have their hair treated. Endeavor connected the entrepreneurs with top business leaders in Brazil and helped them open six salons. The multi-million dollar franchise currently employs over 1,000 Brazilians.
| Revenue | 918% |
| Employees | 214% |
Tecsis (Brazil) Entrepreneur: Bento Koike
The son of Japanese immigrants, Bento graduated from a Brazilian university with a degree in aeronautical engineering and an idea for producing cutting-edge wind blades for wind power turbines. In 1995, he launched Tecsis just outside São Paulo. The company now has 35% market share in the US wind energy market, nearly 90% of its products are exported to the US and Europe; and clients include General Electric, Siemens, and Petrobras. Endeavor has supported Bento in numerous ways, including helping him negotiate a major deal with GE and launch new facilities.[13]
| Revenue | 1,717% |
| Employees | 567% |
LapDesk (South Africa) Entrepreneur: Shane Immelman
Shane spotted a problem: 80 million students in Africa lacked basic schooldesks. To fill the gap, he created LapDesk, which produces ergonomically designed portable desks made from plastic. The operation is funded by corporate sponsors which brand the desks with their logos and socially responsible messaging. LapDesk has delivered nearly 500,000 desks while making a profit, and has plans to be active in 60 countries within the next five years.[14] In 2010, FIFA appointed LapDesk as a fund partner, sponsoring 5,000 LapDesks and taking 7,000 LapDesk recipients to the FIFA World Cup games.
| Revenue | 2,666% |
| Employees | 775% |
Yola (South Africa) Entrepreneur: Vinny Lingham
A serial entrepreneur, Vinny founded Yola (webhost), a website builder and website hosting company now headquartered in San Francisco. The company allows people without programming skills and a limited knowledge of HTML and graphic design to create web-sites using a drag-and-drop system. Yola, which has received numerous industry and media awards, now serves over three million customers. In 2009, the company received $20 million in Series B financing. In December 2010, Yola signed for distribution with Hewlett-Packard to pre-install Yola on all HP computers—approximately 60 million per year. Recently, Yola also signed a major deal with AOL.
AirTies (Turkey) Entrepreneur: Bülent Çelebi
Bülent founded AirTies in 2004 after a 20-year career in Silicon Valley, and the company was selected by Endeavor in 2006. AirTies provides wireless solutions for the residential and small business market in Europe, the Middle East and Africa. Endeavor helped Celebi secure $3.1M from four angel investors and has connected Celebi to business leaders in Egypt and Greece. In early 2011, AirTies announced acquired a multi-million dollar investment to further expand operations.
| Revenue | 466% |
| Employees | 473% |
[edit] Endeavor Events
Endeavor Global holds an annual gala fundraiser event in New York City. This Gala attracts nearly 500 top international business leaders and decision makers. In 2007, Endeavor honored Blackstone Group Chairman & CEO Stephen A. Schwarzman and the founders of Skype and Joost, Niklas Zennstrom & Janus Friis. In 2008, Endeavor honored media mogul Rupert Murdoch. The 2009 Gala honored Jonathan Nelson, CEO of Providence Equity Partners, and in 2010, Endeavor honored the founding team of Gilt Groupe -- Kevin P. Ryan, Michael Bryzek, Susan Lyne, Alexis Maybank, and Alexandra Wilkis Wilson. This gala featured a musical performance by Bruno Mars.
Endeavor also holds a biennial summit. The theme of the May 2009 Summit, which was held at the Fontainebleau Hotel on Miami Beach, was "Opportunity in a Time of Crisis" and addressed issues, challenges and opportunities facing emerging market entrepreneurs during the current global financial crisis.[15] Speakers and panelists at the summit included Reid Hoffman, Founder of LinkedIn, Robert Rubin, former Treasury Secretary to President Bill Clinton, Chris Hughes Co-Founder of Facebook, Alberto Sicupira, InBev board member, Fadi Ghandour, Aramex CEO, Diego Piacentini, Amazon Vice President, Matt Bannick, Omidyar Network Managing Director, Luis Alberto Moreno, President of Inter-American Development Bank and Dan Heath, author of Made to Stick.[16]
The 2011 Summit will take place at the Westin St. Francis in San Francisco in June. The theme of the summit is "Innovation has no boundaries. Ideas have no borders." Speakers will include Reid Hoffman, CEO of LinkedIn, and Josh Silverman, former CEO of Skype and Evite.
As part of its services to entrepreneurs, Endeavor also hosts a range of immersion tours. In October 2010, Endeavor hosted a tour of Silicon Valley for 42 of its entrepreneurs. This tour included visits to some of the region's leading innovators: Microsoft, Google, Facebook, and eBay.
[edit] Endeavor Global Board
Edgar Bronfman, Jr. (Chairman), Warner Music Group, Chairman & CEO[17]
Michael Ahearn, First Solar, Chairman [18]
Emilio Azcárraga Jean, Televisa, Executive Director & Chairman of the Board[19]
Matthew Bannick, Omidyar Network, Managing Partner; eBay, Former President [7]
Nicholas F. Beim, Matrix Partners, General Partner[20]
Matthew Brown, CAISfunds, Managing Principal
Wenceslao Casares, Bling Nation, Co-CEO; Endeavor Entrepreneur[21]
Paul J. Fribourg, ContiGroup Companies, Inc., Chairman & CEO[22]
Jason Green, Emergence Capital Partners, General Partner
Reid Hoffman, LinkedIn, Co-Founder and Executive Chairman
Peter B. Kellner, Uhuru Management, Managing Partner; Endeavor, Co-founder[23]
William McGlashan, TPG Capital, Managing Director [24]
Arif Naqvi, Abraaj Capital, Founder and CEO [25]
Joanna Rees, VSP Capital, Managing Partner,[26]
Linda Rottenberg, Endeavor, Co-founder & CEO[27]
Charles B. Seelig, Jr., Dune Capital Management LP, Managing Director[28]
Brian Swette, Burger King, non-executive Chairman; eBay, Former COO[29]
James Wolfensohn (emeritus), World Bank, Former President; Wolfensohn & Co, Chairman[30]
[edit] Endeavor Country Chairmen
Eduardo Elsztain (Argentina), IRSA Inversiones & Representaciones S.A., Chairman[31]
Carlos Alberto Sicupira (Brazil), InBev, Board Member[32]
Sven von Appen (Chile), Ultragas Ltda., President
Andres Echavarria (Colombia), Organizacion Corona, Board Member
Naguib Sawiris (Egypt), Orascom Telecom Holding S.A.E., Chairman & CEO
Shobhana Bhartia (India), Hindustan Times, Chairperson
Ali Al-Husry (Jordan), Hikma Pharmaceuticals, Director; Capital Bank, Former Chairman & CEO
Elias Cababie (Mexico), GICSA, Chairman
Adrian Gore (South Africa), Discovery Holdings, Founder & CEO
Ozcan Tahincioglu (Turkey), Tahincioglu Holding, Chairman
Gabriel Rozman (Uruguay), Tata Consultancy Services, Executive Vice-President of Emerging Markets[33]
[edit] Select Members of Endeavor's Global Network
Jorge Paulo Lemann, AB-Inbev, Board Member
Khaled Bichara, Orascom Telecom Holding, CEO
Fadi Ghandour, Aramex, CEO
Alejandro Santo Domingo, Bavaria Brewery (Colombia), Chairman of the Board
Guillermo Romo, Grupo Mega, President and CEO
Lorenzo Zambrano, CEMEX, CEO
Hlumelo Biko, Circle Capital, CEO
Ali Yıldırım Koç, Koç Holding Corp., Chief Executive of Information Technologies
Suzan Sabancı Dinçer, Akbank, Chairman and Executive Board Member
[edit] External links
- Endeavor website
- Endeavor on Twitter
- Linda Rottenberg on Twitter
- Endeavor on Facebook
- Endeavor on YouTube
- The Not-for-Profit Capitalist Wall Street Journal, December 2, 2010
- Fiscal Chaos Aside, Start-Ups Bloom in Argentina New York Times, December 25, 2008
- America's Best Leaders: Linda Rottenberg, Entrepreneur US News & World Report, November 19, 2008
- Linda Rottenberg on entrepreneurs (podcast) The Economist, 2008
- Profile of Endeavor Entrepreneur Bulent Celebi Inc. Magazine, April 1, 2007
- Boosting Emerging-Market Entrepreneurs BusinessWeek, May 23, 2007
- 45 Social Entrepreneurs Who are Changing the World Fast Company
- Small Business: Better Than Charity Time Magazine, December 11, 2005
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