Endeavor Impact Report - 2013

IMPACT REPORT 2012 – 2013

“If people
aren’t calling
you crazy,
you aren’t
thinking

ENDEAVOR IMPACT REPORT 2012 – 2013

1

Welcome

3

SCALING UP

26 THE ENDEAVOR MODEL
36 IMPACT AND RESULTS
38 SUMMIT ROUNDUP
43 NETWORK
60 FINANCIALS, DONORS, & BOARD MEMBERS

enough.”
Linda Rottenberg

WELCOME

A year ago, when we launched Endeavor’s

context of today’s realities. We realized

office in Athens, Andrew Ross Sorkin

that opportunities for—and obstacles

interviewed me on CNBC. His first

to—entrepreneurship can be found

question? “Why in God’s name, if you

everywhere. With this in mind, we’ve

were going to start doing business

kept up our robust presence in emerging

in Europe, would you start by doing

and growth economies, launching

business in Greece?” Andrew had

affiliates in Malaysia, Morocco, and

a point: It was September of 2012, and

the United Arab Emirates, but we’ve also

the Greek economy was on the verge

sought to expand our network into

of a spectacular meltdown.

developed markets, starting with an

But when economies turn down,
entrepreneurs turn up. Over the past

affiliate in Miami.
Previous generations had politi-

year, our offices in Greece and elsewhere

cians and bureaucrats, corporate men

have weathered all manner of political

and financiers. Ours has entrepreneurs:

and economic upheaval: A downturn

Creative men and women with the heart

in Brazil, protests in Turkey, regime

to effect change. Their drive is the best

change in Egypt, and a debt crisis in the

remedy to today’s stagnant economy;

Eurozone. Through it all, Endeavor affili-

their agility, the best solution to today’s

ates have remained steadfast in their

uncertain climate.

mission to support innovators with the
potential to lift economies.
The entrepreneurs we support collectively generate $6 billion in annual
revenues and employ 225,000 people.
In Egypt, Dr. Amina Hassab is heading
one of the fastest-growing medical labs
in the country. She employs over 150
people—half of whom are women. In
Greece, sisters Maria and Penny Vlachou
are breathing new life into the snailprocessing business. Fereikos-Helix,
their company, provides work for some
200 snail farmers. And in Brazil, Bento
Koike’s wind blade company, Tecsis, created a whopping 4,000 jobs last year to
reach a total of 7,000.
We’ve also spent the past twelve
months rethinking our model in the
1

We’re in the midst of an entrepreneurial revolution. The entrepreneurs are
turning up. Are you?
Linda Rottenberg
Endeavor
Co-founder & CEO

When economies
turn down,
entrepreneurs
turn up.


Scale upS
CONTRIBUTE
BETWEEN

AND

OF NET NEW JOBS
TO THE ECONOMY

SCALING UP

Scale Up
Companies are
Today’s Job
Creators

IT HAS become fashionable to associate the

Endeavor believes that the real

word “entrepreneurship” with “start-up.”

heroes are the small subset of entrepre-

The media celebrates stories of 19-year-

neurs who move their companies from

olds launching companies from their col-

start-ups to scale ups, small- to medium-

lege dorms and Brooklyn moms building

sized businesses that record 20% or

national businesses on eBay. Yet while

more average annual growth over a

Mark Zuckerberg did grow Facebook

three-year period. Endeavor Insight—the

from his Harvard dorm room into a pub-

organization’s research arm, launched

licly traded company, one third of start-

with seed funding from the Omidyar

ups fail within two years, never creating

Network—conducted studies based

the amount of jobs and revenue that can

on World Bank surveys in a number of

significantly impact an economy.

emerging markets. The data shows that
while scale ups represent just six to
twenty percent of businesses, they
contribute the lion’s share of net new
jobs, anywhere from 25 to 91%!
By finding and supporting these
high-impact entrepreneurs, Endeavor
hopes they will create even more
jobs and generate even more revenue.
The organization’s track record is strong:
In markets as diverse as Brazil, Mexico,
South Africa, and Turkey, Endeavor
companies create two to twenty times
more jobs than comparable companies.

3

Unless otherwise noted, all revenue figures in this report are in U.S. dollars.


Selecting
High-Impact
Entrepreneurs

SERIAL ENTREPRENEUR, DJ, and brand-

ing genius, Anton Wirjono was run-

employing over 300 people.
By early 2013, Anton was leading a

ning a Jakarta-based events agency

high-growth scale up company. He had

when a new opportunity crystallized:

ambitious plans to reach 17 stores and

Indonesia’s creative class—everyone

1,500 employees by 2015. But to do so,

from young designers to eager urban

he knew he’d need to overcome signifi-

consumers—was booming, and the

cant challenges. To finance expansion,

demand for hip products was oustrip-

for example, Anton needs to access

ping supply.

smart capital. And to be able to focus

Anton decided to meet demand

on his strengths—business development

and launched The Goods Group,

and branding—he has to hire senior man-

a department store that aspires to be

agement with operational expertise. But

the “universal provider of everything

both fundraising and finding top talent

cool.” Offering a highly curated shop-

in Jakarta are challenging. So when

ping experience, The Goods Group sells

Sati Rasuanto, the Managing Director of

mid-to-upscale apparel, accessories,

Endeavor Indonesia, spoke to him about

and shoes. Its in-store café serves items

Endeavor, Anton’s interest piqued, and

like “coffee-rubbed burgers.” Since the

he agreed to join the candidate pipeline.

first location opened its doors in 2010,
two more have followed, collectively

Over the following months, members
of Endeavor’s network reviewed both

Panelists interview Endeavor Entrepreneur
candidate Anton Wirjono during Interview
Day at the 49th International Selection
Panel in Johannesburg, South Africa.

big numbers: ENDEAVOR

9

538
COMPANIES FROM TWO COUNTRIES
SELECTED IN 1998

companies selected from 14 countries
as of October 2013

Anton and The Goods Group against
Endeavor’s selection criteria, including
the entrepreneur’s leadership potential
and his ability to think BIG.
Having passed through first- and
second-opinion reviews, Anton attended
a Local Selection Panel in Jakarta,
where Endeavor Indonesia Board
Members cleared Anton for presentation at an International Selection Panel.
Finally, Sati and her team prepped Anton
for the“ISP,” at which six global business
leaders would interview Anton about
his business, and then deliberate and
vote on whether or not he has the highimpact potential necessary to become
an Endeavor Entrepreneur.

There were two sisters from Greece

Joining Anton at the 49th

leveraging relationships with 200 snail

International Selection Panel in

farmers to sell snails and snail products

Johannesburg, South Africa, were candi-

to wholesalers throughout Europe. And

dates representing a range of countries

there was an entrepreneur whose com-

and industries. There were three men

pany provides catering services to major

from Egypt running a round-the-clock

corporations in Mexico.

healthcare services company in Cairo.
5

On Interview Day, panelists grilled

Yogome, an Endeavor Mexico
company, develops educational
tablet and mobile games for kids
aged four to ten. Most recently,
Yogome received funding from
an Endeavor Senior Advisor
who met founder Manolo Díaz
through Endeavor.


$

332m

6b

REVENUE GENERATED BY ENDEAVOR
COMPANIES in 2002

$

REVENUE GENERATED BY ENDEAVOR
COMPANIES IN 2012

Anton on fundamental issues such

human resources and fundraising

as governance and talent. They asked

challenges, Anton was at an inflection

him about his plans for expansion and

point where Endeavor could offer key

assessed his leadership potential.

support. The panelists voted

“It was humbling,” Anton told Sati,

unanimously to select Anton as an

“to sit across the table from incredible

Endeavor Entrepreneur.

business executives who had taken time
to review my business. I don’t want to

let them down. I want to grow The Goods
Group into a major company as they
did with their own businesses.”
The following afternoon, panelists
came together to discuss Anton and
his business, comparing both against
the selection criteria. All agreed that
Anton was a clear fit for Endeavor.
An inspiring leader who had achieved
incredible and early success with
The Goods Group, Anton seemed nonetheless open to feedback from mentors.

His company had a significant runway
for growth and was poised to be a major
national or even international job creator.
And with his significant near-term
6

“Sustainable economies are dependent
on high-impact
entrepreneurship.
What Endeavor does
better than any other
organization is to
create entire cultures
of entrepreneurship
that spread within and
between countries.”
REID HOFFMAN
CO-FOUNDER &
EXECUTIVE CHAIRMAN
LINKEDIN
ENDEAVOR GLOBAL
BOARD MEMBER

SPOTLIGHT ON

INVESTOR
NETWORK

The Endeavor Investor Network
connects venture capital
and growth equity firms with
Endeavor Entrepreneurs.
An annual membership program, the Investor
Network serves two goals: First, to extend the reach
of investment firms by providing introductions to
entrepreneurs who have passed through Endeavor’s
rigorous screening process, and second, to help
Endeavor Entrepreneurs access smart capital.

A “speed-dating” session between Founding
Board Member Jason Green (Emergence Capital
Partners) and Endeavor Entrepreneur Diego
Saez-Gil (WeHostels) at a September 2012
Investor Network event.

SINCE 2011:
Recruited 40+ top firms
as members
Coordinated 2,702
introductions between
Endeavor Entrepreneurs
and investors
Helped 72 Endeavor
companies raise over
$300m in equity capital

FEATURED COMPANY

LOMAR
Modernizing the thobe

The thobe, a traditional robe-like
garment worn by Arab men for
centuries, is coming into the modern
era thanks to Lomar, a Saudi fashion
house led by designer Loai Naseem.
Fed up with the shapeless, uniform
cloth he was required to wear for
business and social occasions,
Loai decided to apply his eye for
design to create more comfortable
and trendy options for Arab men.
Lomar has overcome resistance
from those who did not believe in
modernizing the thobe and has
established its position as a leading
men’s traditional luxury brand since
opening its first showroom in 2005.
The company sells 50,000 thobes
per year, with 380 employees
and a large production facility. Lomar
can use this leading position to take
advantage of rapid growth in Saudi
luxury goods, an important segment
of the Middle East’s largest market.

employees at selection

380

Loai Naseem
company

LOMAR

selected

2012

industry

Fashion
COUNTRY

SAUDI ARABIA


Scaling Up
Endeavor’s
High-Impact
Entrepreneurs

POST-SELECTION , entrepreneurs like Anton

with EY. Founders needing consulting

enter the next chapter in their Endeavor

support on topics like international

journey. During their initial months

expansion or marketing strategy can

as official Endeavor Entrepreneurs,

recruit an “eMBA student.” Through

they receive customized service plans

Endeavor’s partnership with Barclays,

designed to help them tackle short-

over 400 eMBAs from top schools

and long-term challenges. They work

have spent their summers at Endeavor

with their Endeavor account manager

companies.

to set up advisory boards that meet

In 2013, Endeavor marked its 80th

quarterly and are populated by the

engagement with the MIT Global

organization’s mentors and industry

Entrepreneurship Lab program, which

experts. And they begin to participate as

matches teams of four second-year MBA

formal members of their local Endeavor

students with Endeavor Entrepreneurs

network of board members, mentors,

for part-time work during the fall semes-

and fellow entrepreneurs.

ter and full-time on-site work for the

Down the line, Endeavor
Entrepreneurs can attend events

month of January.
Andrés Angulo, for example,

like a biennial networking Summit

challenged an MIT “G-Lab” team

in San Francisco (see pages 38–42 for

to research international expansion

highlights from the 2013 Summit)

targets in Latin America for his

or industry-specific immersion tours.

company, Campoalto, which runs voca-

Entrepreneurs looking for advice on

tional health training schools through-

tax and insurance issues can apply for

out Bogotá, Colombia. By offering a

an EY fellow or intrapreneur, executives

pay-as-you-go plan and flexible class

who work on the ground with entrepre-

schedules, Campoalto has graduated

neurs for six weeks—delivered free of

over 20,000 alumni, primarily from low-

charge through Endeavor’s partnership

income communities. Andrés’s G-Lab

big numbers: Campoalto

218
EMPLOYEES AT SELECTION

Students attending
vocational classes
at a Campoalto campus
in Bogotá.

10

400
EMPLOYEES 2013

SCALING UP

team suggested that he consider

that his company’s focus on providing

launching in Miami, where the combina-

mobile services for basic phones

tion of a need for healthcare profession-

was too narrow. To stay relevant, the

als and a large immigrant population

mentor warned, Naranya would need

provided fertile ground for Campoalto

to eventually branch into smartphone

schools. Andrés decided to take the

offerings. As a result, Arturo began

team’s advice. His company will launch

investing aggressively in R&D, launch-

its first school in Miami by year-end 2013.

ing an Innovation Unit of 20 engineers

Following another suggestion from the

as well as a start-up accelerator and

G-Lab team, Campoalto’s Miami campus

early stage fund. From 2011 to 2012, the

will pair healthcare training with English

Mexican company grew revenues by

proficiency classes because the United

36% and jobs by 18%.

States government requires that most

Pozitron, a Turkish mobile B2B

board certification classes be taught

company, reported that at the 2007

in English.

Summit, a mentor told them to “never

Endeavor’s range of support services

delegate negotiation.” The founders

seeks to connect entrepreneurs to

to participate in contract negotiations

matter experts who can help them navi-

with major clients, which led them to

gate problems and seize opportunities.

develop and strengthen long-term,

A 2013 Endeavor Insight study showed that
65% of the founders of the fastest-growing
Endeavor companies reported that the best
business advice they had ever received
came from an Endeavor mentor.
Arturo Galvan of Naranya, for exam-

James Wolfensohn
Chairman
Wolfensohn & Company LLC

implemented the advice by continuing

a network of executives and subject

“You cannot hope
to lift economies
without promoting
entrepreneurship.
Endeavor has
proven itself the
most effective
organization at
building entrepreneurial ecosystems
where none had
existed before.”

sustainable partnerships. Between 2011
and 2012, the company reported 77%
growth in revenues and 70% growth
in jobs.

ple, was advised by an Endeavor mentor
Arturo Galván, the founder
& CEO of Naranya, in the
company’s Monterrey, Mexico
headquarters.

big numbers: tecsis


The Link
Between
Revenue
Growth
and Job
Creation

POZITRON’s STORY is emblematic of a

trend repeatedly observed in Endeavor
companies post-selection: A strong
correlation between revenue growth and
job creation. While this may seem like

600
EMPLOYEES AT SELECTION in 2002

an obvious parallel, in reality, companies reporting high revenue growth
don’t always invest in new hires. When
broken down by affiliate, there were nine
cases in which, from 2010 to 012, the
2
company with the top absolute growth
in revenues also recorded the highest

“Endeavor has had
a tremendous impact
on my business,
my vision, and, most
importantly, on my
expectations for
myself. This impact
has driven me to
become an Endeavor
Egypt board member
so that I can
contribute to
furthering the mission
and impact locally.”
Amr Shady
Founder & CEO, T.A. Telecom
Endeavor Entrepreneur

absolute growth in job creation. These
nine companies—headquartered in
Brazil, Colombia, Egypt, Greece, Jordan,

$

Lebanon, Mexico, Saudi Arabia, and
Turkey—represent a variety of industries,

$

25.7m

including tourism, mobile payments,
and IT services.

Revenue at Selection in 2002

Let’s take a closer look at four.
While attending Brazil’s Institute for
Aerospace Technology in the mid-70s,

that it manufactured about 50% of

Bento Koike built a wind turbine for a

all custom blades operating in North

class. Roughly 20 years later, Bento

America. In 2012, Tecsis had the highest

revisited this experience and launched

revenue of any Endeavor company. From

Tecsis, a manufacturer of custom turbine

2010 to 2012, Tecsis also recorded the

blades for the wind energy industry.

highest absolute growth in revenues and

Today, Tecsis is at the forefront of

the highest absolute growth in jobs.

cleantech, with 40,000 blades in operation worldwide. The company estimates

Lomar—the first company selected
from Saudi Arabia—manufactures and
sells modernized thobes, a traditional

Bento Koike, the founder and
CEO of Tecsis.

robe-like garment that has been worn
by Arab men for centuries. Lomar’s
founder, Loai Naseem, was the Creative
Director of a Saudi ad agency when,
frustrated by the limited thobe options
on the market, he designed his own.
Loai’s thobes received so many compliments that he began to accept orders
from friends and colleagues. A year later,
Loai formally launched Lomar. Today,
men can purchase thobes at 11 showrooms throughout Saudi Arabia and via
the company’s online site. Loai also has
plans to expand Lomar internationally.

$

7,000

800m
EMPLOYEES 2013

REVENUE 2012

From 2010 to 2012, Lomar’s revenues

Across the Atlantic, Baydöner,

increased by $5 million, and the

a chain of fast-casual restaurants, led

company added 90 employees to

Endeavor Turkey’s roster in terms of job

its workforce.

and revenue growth. Having grown

While studying industrial engineer-

up in families where dining out was

ing at university, Carlos Londoño sold

not an option, founders Levent Yılmaz

his first tour package to high school

and Feridun Tunçer decided to open

seniors in Bogotá, Colombia. His current

restaurants in middle-class malls and

venture, Travel & Vacation Group,

shopping centers. And by serving just six

continues Carlos’s passion for getting

dishes—iskender döner (a plate of thinly

people to travel. Equal parts travel

cut grilled meat served with tomato

agency and hotel chain, TVG’s main

sauce and yogurt on pita bread), four

product is an “all-inclusive” travel pack-

side options, and künefe (a traditional

age to the island of San Andrés that

Turkish dessert)—Baydöner restaurants

includes flight, hotel, food, beverages,

can guarantee high standards and

and other benefits. Salesmen go door-

service quality while keeping prices low.

to-door to sell these packages, offer-

The concept has been a hit. Today,

ing monthly installment plans in order

Baydöner operates 70 restaurants—

to make the vacations affordable for

including 17 franchises—across 34 cities

low- to-middle-income families. Against

in Turkey. From 2010 to 2012, Baydöner

the backdrop of a booming Colombian

added $32 million in revenues and

economy, the company’s revenue has

370 jobs.

tripled over the past two years—to $88
million—and TVG added 1,700+ jobs.
13

Tecsis estimates that it
manufactured 50% of all custom
wind blades in operation in
North America.

FEATURED COMPANY

BAYDÖNER
bringing dÖner
to the masses.

İskender döner, a dish of thinly cut
grilled meat served with hot tomato
sauce and yogurt over pita bread, is a
Turkish specialty. Having grown up in
families where dining out was not an
option, entrepreneurs Feridun Tunçer
and Levent Yılmaz decided to found
Baydöner (“Mr. Döner”), a restaurant
chain that serves high-quality iskender
döner at fast-food prices.
With its delicious döner recipe,
affordable prices, and rigorous quality standards, Baydöner has been
attracting waves of Turkish consumers.
Since the launch of the first Baydöner
location in 2007, the company has
expanded to operate 70 restaurants,
including 17 franchises, across 34
cities in Turkey. In the next five years,
Feridun and Levent plan to leverage
their efficient operations to reach 200
restaurants across Turkey and MENA.

Feridun Tunçer &
Levent Yılmaz
company

Baydöner
selected

2012

industry

Consumer:
Food & Beverage
Employees at Selection

550

Employees 2013

1,000

Revenue 2011

$26.6m

Revenue 2012

$45m


What Kind
of Jobs Do
High-Impact
Entrepreneurs
Create?

Any company can create jobs, but the

better training opportunities, and a

best ones build careers. Endeavor is

sense that they were advancing faster

committed to helping its entrepre-

than peers.

neurs succeed on both fronts: Endeavor

Entrepreneurs create jobs 5.4x faster than
peer entrepreneurs in their respective
countries, and they do so while guaranteeing high levels of employee satisfaction.

Over the past three years, Endeavor’s
research team has completed additional surveys of over 2,000 Endeavor
company employees in six countries:
Argentina (2011), Brazil (2011), Egypt

In 2010, Endeavor Insight surveyed

(2012), Jordan (2012), Turkey (2011), and

the employees of Endeavor South Africa

Uruguay (2011). The results reveal some

companies. The data showed that not

interesting global patterns emerging

only were Endeavor companies paying

from the workforce effects of rapidly

significantly above minimum wage—

scaling high-impact companies.

with a great trickle-down effect on families—but also that employees received
a range of benefits from working for
an entrepreneurial company. These
benefits included higher job satisfaction,

Countries Surveyed
Endeavor Insight has surveyed 2,000 Endeavor company employees from six countries.

TURKEY
JORDAN
EGYPT
BRAZIL

ARGENTINA

URUGUAY

Click here to read the Endeavor Insight report.
16

Employee
Satisfaction

Roughly 80% of employees of Endeavor

The individual survey results

Entrepreneurs said they were satisfied

found in different Endeavor countries

or very satisfied with their current job

are also interesting:

versus just 46% who were satisfied

Just 34% of employees of Endeavor

with their previous job. The results

Brazil companies said that they were

varied little by country with respondents

satisfied with the workplace culture

ranging from 77–85% satisfied.

at their previous jobs; after moving to

When asked about company culture and

an Endeavor firm, however, that figure

professional development, the results

spiked to 78%.

yield a similarly compelling picture.

Jordanian employees of Endeavor-

Levels of satisfaction were approxi-

backed firms are over 3x more satisfied

mately 50% higher at Endeavor compa-

with their compensation compared to

nies versus previous employers.

their rating of their previous job.
In Uruguay, employees of Endeavor
Entrepreneurs are more than 2x as
satisfied with their opportunities for
professional development than they
were at their previous jobs.

Satisfaction in Previous vs. Current Job
% at previous job / % at current job

ARGENTINA

TURKEY

(AVERAGE)

61% / 77%

76% / 79%

37% / 85%

46% / 80%

BRAZIL

JORDAN

URUGUAY

32% / 80%
17

EGYPT

19% / 80%

52% / 82%


Employees’
Families

With higher incomes and better

advancement opportunities, Endeavor
Entrepreneur employees are able to
provide their children with a high level
of educational opportunity. On average,
92% of employees said that their
current job allowed their children to
have a better or similar education as
children of their peers. In several
countries, including Argentina, collegeage children of Endeavor Entrepreneurs’
employees are over 3x more likely than
their peers to attend university.

“The Abraaj Group
has developed a deep
relationship with
Endeavor as a
means to nurture
entrepreneurial
ecosystems in many
of the world’s fastestgrowing markets…
it’s a mission
we are completely
aligned with.”
Arif Naqvi
Founder & Group CEO
The Abraaj Group
ENDEAVOR GLOBAL
BOARD MEMBER

Percentage of Employees Satisfied with
Company Culture

Percentage of Employees’ Children with
Equal or Better Access to Education than Comparable
Workers’ Children


21%

50%

34%

78%

59%

86%

23%

78%

23%

69%

24%

69%

Percentage of Employees Satisfied with
Professional Development

%

97 91

81

97 92


22%

50%
68%

27%

63%

63%

70%

20%
26%
22%
18

51%
54%
color key: ARGENTINA BRAZIL EGYPT JORDAN TURKEY URUGUAY average

SCALING UP

Interest in
Entrepreneurship

A key long-term goal of Endeavor

expressed a strong desire for their

is to increase the visibility and promo-

children to become entrepreneurs one

tion of entrepreneurship as a viable

day. In Egypt, for example, over 90% of

career choice. On average, 80%

employees said they would be happy if

of employees in Endeavor companies

their children became entrepreneurs.

said that they believe very strongly
in entrepreneurship. This interest was
particularly high in South Africa, where
100% of respondents reported that they
had either a high or moderate interest
in becoming entrepreneurs in the future.
In Argentina, that figure was over 90%.
And in many countries, employees

Percentage of Employees with Interest in
Becoming an Entrepreneur Themselves
% with High Interest / % with Moderate Interest / % with Low Interest

48%

71%

56%

45%
27%
23%
argentina

EGYPT

TURKEY

42%

45%

48%

33%

37%

38%

brazil
19

JORDAN

URUGUAY

FEATURED COMPANY

Travel &
vacation group
Sending Colombians on vacation
While studying industrial
engineering at university, Carlos
Londoño sold his first tour
package to high school seniors
in Bogotá. His current venture,
Travel & Vacation Group, continues
Carlos’s passion for getting
people to travel. Equal parts travel
agency and hotel chain, TVG’s
main product is an “all-inclusive”
travel package to the island of
San Andrés that includes flight,
hotel, food, beverages, and other
benefits. Salesmen go doorto-door to sell these packages,
offering monthly installment plans
in order to make the vacations
affordable for low- to-middleincome families. Against the
backdrop of a booming Colombian
economy, the company’s revenue
has tripled over the past two
years—to $88 million—and TVG
added 1,700+ jobs.

Carlos Londoño
company

Travel & Vacation Group
selected

2008

industry

Travel & Tourism
COUNTRY

Colombia
Employees
at selection

600

Employees 2013

1,750

Revenue 2007

$7.6m

Revenue 2012

$64m

SPOTLIGHT ON

ENDEAVOR
CATALYST
To turbo-charge its global
impact, Endeavor has
created Endeavor Catalyst
Inc. to co-invest in
raising professional rounds
of capital.

In addition to financial
returns to Endeavor,
Catalyst Inc. generates
numerous social benefits:
As its investments in
fuel the growth of highimpact companies, they
also create new jobs,
revenues, and economic
growth in the places that
need them the most.

INVESTMENTS TO DATE

“Endeavor Catalyst is a force
multiplier for Endeavor. It provides
a new source of capital for
entrepreneurs, strengthens ties
with investors, and accelerates
Endeavor’s growth plans.”
Nick Beim
General Partner, Venrock
endeavor global board member

HISTORICAL RETURNS
Historical analysis of Endeavor Entrepreneurs’
performance with the Catalyst-defined, metrics-based
investing over the past ten years would have yielded
2.9x return on invested capital, on par with the top quartile
of growth capital funds.

48
ENDEAVOR: $10m THRESHOLD
(1998–2010)

23

%

CAMBRIDGE U.S. VC 1ST QUARTILE
(1998–2010)

8%
CAMBRIDGE U.S. VC 2ND QUARTILE
(1998–2010)

INVESTMENT CASE STUDY
Globant, the first Endeavor
Entrepreneur company to
receive Catalyst funding,
is Latin America’s leading
software outsourcing
firm. Just one year after
Catalyst’s pioneering
investment in Globant, WPP
acquired a 20% stake in
the company, resulting in
a partial exit of Catalyst’s
22

invested capital. As of
January 2013, Catalyst’s
ROI multiple for the
Globant partial exit is 1.97x.
This exciting number is
proof of the power of the
Catalyst model to generate
significant returns—and to
propel the growth of both
Endeavor and the highimpact companies it serves.

15%

CAMBRIDGE EM VC/PE AVG.
(2000–2010)

14%

CAMBRIDGE EM VC/PE AVG.
(2000–2010)

%

INSPIRATION

SCALING UP

The Multiplier
Effect

After endeavor’s high-impact entrepre-

neurs scale up their companies, many
begin to take on new leadership roles.
Some speak at universities or entrepreneurship events targeting the next
generation of leaders. Others mentor
or invest in newly-selected Endeavor
Entrepreneurs.
In brief, Endeavor Entrepreneurs
have an outsized influence on the

1

growth of their entrepreneurial ecosystem—what Endeavor calls “The Multiplier
Effect.” The hope is that the combined
efforts of a community of high-impact
entrepreneurs will help to develop flourishing ecosystems akin to what is seen in
places like Silicon Valley.
Case in point: In July 2013–16 years
after the launch of Endeavor’s first
office in Buenos Aires—Argentine think-

2

tank Prodem released the results of a
study, in which it asked 1,000 Argentine
entrepreneurs to name their entrepreneurial role models. Four of the top-ten
Steve Jobs: Wikimedia Commons user Matthew Yohe, Bill Gates: Wikimedia Commons user Dts News

most-named role models were Endeavor
Argentina Entrepreneurs.
Coming in second on the Prodem
list (sandwiched between Steve Jobs,
who came in first, and Bill Gates,
who came in third) was Andy Freire.
In 1998, Andy and Santiago Bilinkis,
his business partner and another name
on the Prodem list, were chosen at the
organization’s first selection panel.
The two P&G alums had left the

3
When 1,000 Argentine
entrepreneurs were asked to name
their entrepreneurial role models,
Endeavor Argentina Entrepreneur
Andy Freire was the second-mostfrequently cited person, after Steve
Jobs and ahead of Bill Gates.

corporate world to found Officenet,
a warehouse-style retailer of office

on the Prodem list—and Hernán Kazah,

supplies. With Endeavor’s help, Andy

two Stanford Business School grads

and Santiago reworked their owner-

who had adapted eBay’s model to Latin

ship structure and expanded to Brazil.

America by founding MercadoLibre.

Endeavor also secured them a meeting

Marcos and Hernán brokered a deal

with the CEO of Staples, who would

with eBay, which acquired a stake in

buy Officenet in 2005.

their company. Today, MercadoLibre is

The following year, Endeavor
selected Marcos Galperín—number five
23

the leading online marketplace in Latin
America, with a Nasdaq listing, a market


capitalization of $6 billion, and 3,000

the entrepreneurs began “paying it

employees.

forward.” Each entrepreneur started

The final Endeavor Entrepreneur

investing in an array of technology start-

to reach the “top ten” of the Prodem list

ups and devoted time to mentoring their

was Wences Casares. When Endeavor

founders.

selected Wences in 1998, he was a

As their success fanned out, an

23-year-old college dropout who had

interesting pattern emerged—a few

started an online brokerage platform,

highly influential entrepreneurs played a

Patagon.com. Endeavor organized a

major role in developing a thriving local

roadshow for Wences that resulted in

technology sector. By 2012, Buenos Aires

a $4 million fund raise. Two years later,

was home to offices of Google, eBay,

Wences sold Patagon.com to Banco

Facebook, and Yahoo!. The tech sector

Santander for over $750 million.

“Bain has been proud
to work with Endeavor
to generate greater
insight into entrepreneurial success and to
help the organization
build on its best
practices and increase
its impact.”

had created more than 30,000 jobs

But these entrepreneurs’ stories

Chris Bierly
Partner, Bain & Company
ENDEAVOR SENIOR ADVISOR

and $1.7 billion in revenue in Argentina,

didn’t end when they exited their

representing almost half a percent of the

companies. All but Galperín have since

country’s gross domestic product.

left to start new ventures. Much as

The unexpected success of the

$72m

they had received counsel from others,

Argentine ecosystem led Endeavor

big numbers: OFFICENET

$

3.2m

REVENUE IN 2000

revenue IN 2004

Endeavor Entrepreneurs Andy Freire
and Santiago Bilinkis in a warehouse of
Officenet, an office supply chain that
they sold to Staples in 2005.

SCALING UP

Insight to conduct a series of studies

hotbeds of entrepreneurial activity:

on these tech markets, beginning

Amman, Jordan and Istanbul, Turkey.

with Buenos Aires’s tech hub in 2011.

The results exhibited the same pattern:

Insight surveyed 200 Argentine tech

Local networks developed around a

entrepreneurs and asked them

small number of high-impact entrepre-

five questions: 1) Who inspired you?

neurs. By paying it forward—mentoring

2) Where did you work previously?

protegees, helping start new businesses,

3) Who invested in your company?

and acting as angel investors—these

4) Who mentored you? 5) Have you

entrepreneurs had a strong, outsized

founded any additional companies?

effect on the ecosystem.

What emerged was a map of the
network showing a dense web of
interconnections among a fast-growing
group of tech start-ups. At its center
were a handful of high-impact entrepreneurs whose influence radiated
out in all directions: Patagon’s Wences,

m

Officenet’s Andy and Santiago, and
MercadoLibre’s Marcos and Hernán.
The data showed that these initial

entrepreneurs had an impact on 80%
of the network through hands-on activi-

ties like mentoring and investing.
The entrepreneurs’ impact on the

ecosystem continues to this day. Andy
currently serves as the board chair of
Endeavor Argentina. His Officenet cofounder, Santiago, runs an innovative
social venture fund. Marcos continues to
lead MercadoLibre and recently donated
over $1 million to Endeavor Argentina
so that the organization can purchase
a headquarters building. Marcos’s cofounder, Hernán, has launched a venture
capital firm that has invested in over 15
companies in Latin America. Wences,
meanwhile, is based in Palo Alto, where
he serves on the board of Endeavor and
has become a godfather to hundreds of
young Latin American entrepreneurs,
providing inspiration and thousands of
hours of mentoring.
To validate the repeatability of this
multiplier effect, Endeavor conducted
similar research in two more unlikely
25

THE END.


OUR

MISSION

Endeavor is leading the
high-impact entrepreneurship
movement around the world.

THE ENDEAVOR MODEL

19

countries
with affiliate
or support
offices

844

high-impact
entrepreneurs
from

538

high-impact
companies

26

225k+
jobs created

WHAT WE LOOK FOR:

ENDEAVOR MODEL

1.

LAUNCH

Pipeline of entrepreneurs
with potential to go big
Private sector committed
to creating more
open business networks

With growing demand for
the economic and social
value created by high-impact
entrepreneurship, business
executives and entrepreneurs
around the world are urging
Endeavor—as the leader
in scaling up businesses and
developing entrepreneurial
ecosystems—to launch in
their communities.

Business leaders eager
to unleash Endeavor’s
model in their community

ENDEAVOR COUNTRIES
launched
LAUNCHING soon
POLAND
spain

DETROIT
NEW YORK

san francisco

italy
GREECE

Lebanon
JORDAN

ATLANTA
Mexico

Turkey

PORTUGAL

MIAMI

MOROCCO
EGYPT

COLOMBIA

united arab
emirates
Saudi Arabia
thailand
KENYA

singapore

INDONESIA

BRAZIL
South Africa
Uruguay
Argentina
GLOBAL support offices

27

PHILIPPINES

MALAYSIA

peru

CHILE

MALAYSIA

vietnam

Philippines


2.

SELECT

Five times a year, Endeavor
selects the next class of
entrepreneurs at International
Selection Panels, where
business leaders interview
candidates before deciding
whether or not these
candidates become Endeavor
Entrepreneurs.

The “ISP” is the culmination
of a rigorous, year-long process
in which candidates pass
through a series of reviews
by local staff members and
mentors. Candidates must share
and receive feedback on all
aspects of their business model,
including financials and HR.
Since 1997, Endeavor
has screened more than 37,000
entrepreneurs and selected
844 of those with the highimpact potential necessary
to create hundreds if not
thousands of jobs, to generate
significant revenue, and to
inspire the next generation
of entrepreneurs.

7,5
1,10
THE ENDEAVOR
SELECTION PROCESS
JANUARY 2012–JUNE 2013

candidates reviewed by
Endeavor staff

28

candidates met with and
received feedback from
Endeavor Mentors

ENDEAVOR MODEL

Endeavor Co-Founder
& CEO Linda Rottenberg
moderates a panelist
session at an International
Selection Panel in 2012.

519
04
238

candidates interviewed at
local selection panels

29

218

145

candidates presented their
businesses at 7 International
Selection Panels

candidates from
87 companies selected as


3.

SUPPORT

“An effective mentorship can
save the entrepreneurs a few
mistakes and help them take bold
decisions they may not have taken
on their own. As a mentor, I am
also inspired by the entrepreneurs’ continuous innovation and
fresh thinking.”

Post-selection, Endeavor helps
entrepreneurs grow their
businesses by delivering services
through four key channels:
mentoring, smart capital, partnerships, and events.

Diego Piacentini
Senior Vice President, International
Amazon.com
Endeavor Senior Advisor

MENTORING

SMART CAPITAL

Since 1997, Endeavor has built a mentor
network of over 2,700 business leaders who
donate significant time to advising Endeavor
Entrepreneurs.

Endeavor helps its entrepreneurs access smart
capital and structure fair deals with investors
through the Endeavor Investor Network, which
connects Silicon Valley and international firms
with Endeavor Entrepreneurs.

In 2012/2013,
the endeavor network:

In 2012/2013:

50k+

hours donated to mentoring

1,115

Global Connections
sessions (tailored meetings
between “EEs” and
mentors) advising Endeavor
Entrepreneurs

On average, Endeavor
Entrepreneurs received
90 hours of mentoring
in 2012–13.

730

Advisory Board meetings

40

leading venture capital
firms served as formal
members of the Investor
Network

490

investors, Endeavor
Entrepreneurs, and
Endeavor candidates
attended Investor Network
events in Argentina, Brazil,
the United Kingdom, and
the United States

2,702

and investors were
coordinated by the Investor
Network

ENDEAVOR MODEL

Sidar Sahin, Co-Founder
¸
of Peak Games, leads
a breakout session at
the 2013 Endeavor
Entrepreneur Summit.

PARTNERSHIPS

EVENTS

Through Endeavor’s local and global partnerships,
Endeavor Entrepreneurs have access to support services
including market research, industry expertise, and probono consulting/talent.

Bringing together Endeavor Entrepreneurs,
mentors, and global business leaders,
events are a cornerstone of the Endeavor
model and range from intimate networking
lunches to 1,000+ person conferences.

In 2012/2013, global partners
and sponsors included:

In 2012/2013:

450+

and mentors from 16
countries participated
in the 2013 Endeavor
Entrepreneur Summit in
San Francisco

8,000+

university students and
entrepreneurs attended
Experiencias—educational
outreach events—in
Argentina and Uruguay

31

910

entrepreneurs and
executives attended CEO
Summits in Mexico and
Turkey

4,000

people from 144 countries
attended the March 2013
Global Entrepreneurship
Congress in Rio de Janeiro,
hosted by Endeavor Brazil


2012/2013 HIGHLIGHTS:

4.

MULTIPLY

Through presence in global
media, events, and prestigious
awards programs, Endeavor
and its entrepreneurs
are leading the high-impact
entrepreneurship movement.

Four Endeavor
Entrepreneurs represented
Endeavor Mexico in a
meeting with President
Obama during his May 2013
visit to Mexico City.
Endeavor was featured
in a number of leading
publications including
Financial Times,
Harvard Business Review,
Miami Herald, Stanford
Social Innovation Review,
and USA Today.

THE MULTIPLIER EFFECT
IN ACTION
An Endeavor Insight study found that
Endeavor Entrepreneurs played
a major role in the evolution of the tech
sector in Turkey. Yemeksepeti.com,
for example, had inspired or mentored
the founders of almost 30 tech
companies in Istanbul. Yemeksepeti.com
is the leading online food delivery
platform in the Middle East. In 2012,
General Atlantic led a $44 million investment round in the company.

Entrepreneurs who have
received investments from
Melih, Nevzat and/or Cem

Entrepreneurs who have
been inspired by Melih, Nevzat
and/or Cem

Entrepreneurs who were former
employees of Yemeksepeti

Entrepreneuers who have
been mentored by Melih, Nevzat
and/or Cem

32

Nevzat Aydin
Yemeksepeti.com

The Schwab Foundation
named three Endeavor
Entrepreneurs—Moís
Cherem (Enova, Mexico),
Bedriye Hülya (b-fit, Turkey),
and Sugianto Tandio (Tirta
Marta, Indonesia)—winners
of its Social Entrepreneur
of the Year 2013 Award.
Both The Wall Street
Journal and The Economist
highlighted Endeavor Turkey
companies Peak Games and
Yemeksepeti.com in articles
on the entrepreneurial
ecosystem in Turkey.

ENDEAVOR MODEL

Demprendedores, an
eight-part series broadcast
by CNN Chile and Vive
TV Chile, examined the
successes and challenges
of seven Endeavor Chile
Entrepreneurs.

2008

Fernando Fabre,
Endeavor’s President,
was a featured speaker
or panelist at a number
of leading global events:
Instituto Tecnológico
de Buenos Aires in Buenos
Aires, Argentina; TedX
Orange Coast in Costa
Mesa, California; Start-Up
City: Miami, run by The
Atlantic in Miami, Florida;
and Impulsa Forum 2013
in Girona, Spain.

2009

Mario Hernandez
(Marroquinera , Colombia),
Martín Migoya (Globant,
Argentina) and Jorge
Pacheco (Oxxean, Chile)
won the 2013 Ernst & Young
Entrepreneur of the Year
Award for their respective
countries.

2010

2011

2012
BIFINCAN
ANNELUTFEN
DAVETLIMSIN
ARMUT

BOATBOOKINGS

GOBOTI
BONVAGON
BULDUM
DULDUM

INPLOID

MAKALESEPETI
FIRRLA

ETKILAB

PHONESPARK
PEMBE
PANJUR

KURDELE
SOCIAPLUS

TRENDYOL
GIDEROS
MOBILE

PEAK
GAMES

STILSOS

GIYSICINI
TMOB
TASARTI
LIDYANA
USTAELI
MAPPS
VAARMI
33


GIVE-BACK IN ACTION

5.

GIVE-BACK

Endeavor is an organization of,
by, and for entrepreneurs.
To support Endeavor’s goal of
long-term sustainability, Endeavor
Entrepreneurs are expected
to pay the organization an annual
fee for services rendered and,
in the event of an acquisition,
to donate 2% of their personal
equity in their companies.
In 2012/2013, “Endeavor
Advocates” gave back to
Endeavor in a variety of ways.

Carlo Gonzaga
Taste Holdings
South Africa
Carlo frequently mentors
other entrepreneurs
and serves on the
board of Endeavor
South Africa.

34

During Awards Night at the 2013
Endeavor Entrepreneur Summit,
Endeavor recognized an
entrepreneur from each affiliate
who in the past year had most
embodied the spirit of Endeavor,
building high-impact businesses
while continuing to support
Endeavor and its mission.

ENDEAVOR MODEL

Marcos Galperín
MercadoLibre
Argentina

Naif Alqahtani
LSS
Saudi Arabia

In addition to serving as a
board member and leading
role model for aspiring
Argentine entrepreneurs,
Marcos’s generous
donation enabled Endeavor
Argentina to purchase a
new headquarters building.

An enthusiastic Endeavor
promoter, Naif chronicled
the Endeavor Selection
Process through 54 tweets
about his experience.

Isabella Jaras
Nutrabien
Chile
Isabella donated 2% of her
proceeds from the sale of her
company to Endeavor Chile.

Nikos Kakavoulis & Phaedra Chrousos
Daily Secret
Greece
Nikos and Phaedra created “Daily
Secret: Private Editions” for
Endeavor’s Athens ISP and 2013
Summit, sending attendees
cool “to-dos” in the neighborhood
throughout the event.


GLOBAL IMPACT
METRICS

Endeavor and its high-impact entrepreneurs enable
significant impact across five types of capital.

Financial
Capital

$6.0b

68%

37k+

844

in revenues generated
by Endeavor
Entrepreneurs in 2012

Human
Capital

compounded average
growth rate in first two years
post-engagement with Endeavor

entrepreneurs have
received professional feedback
since 1997

Social
Capital

high-impact entrepreneurs
selected from 538 companies

174

50k+

190

50

113k+

51k

mentor the next generation
of entrepreneurs

Intellectual
Capital

Endeavor companies
invested in R&D in 2012

Cultural
Capital

followers of Endeavor
twitter feeds

36

hours of counsel
provided by Endeavor
Mentors in 2012–2013

International Selection Panels
since 1998

attendees of Endeavor
events in 2012-2013

IMPACT AND RESULTS

$332m

75+

companies would have qualified
for the Inc. 500 list of fastestgrowing US companies over
the past 15 years

Endeavor Companies
have been acquired
since 1997

225k+

367

people employed, on average,
by Endeavor companies

150+

have started another
company post-selection

1,115

2,702

Endeavor Entrepreneurs and
investors coordinated by the
Investor Network in 2012–2013

2,708

business leaders mentor

900+

500+

entrepreneurs and experts
interviewed for Endeavor
Insight research in 2013

105

MBA students and EY fellows
worked with Endeavor
Entrepreneurs in 2012–2013

631

4,405

115

in debt & equity capital
raised by Endeavor
Entrepreneurs in 2012

high-quality jobs
created by Endeavor
Entrepreneurs

Global Connections
made between Endeavor
Entrepreneurs and Endeavor
mentors in 2012–2013

patents or patents pending
filed by Endeavor companies
since 1997

entrepreneurship awards
received by Endeavor
Entrepreneurs since 1997
37

media mentions of
Endeavor in 2012–2013

43

partnerships with universities
across Endeavor offices

2013

SUMMIT ROUNDUP
Over 450 Endeavor Entrepreneurs
and mentors attended the 2013
Endeavor Entrepreneur Summit.

Held in San Francisco from June
19–21, the biennial conference
invited Endeavor Entrepreneurs
to hear business leaders’ secrets
to success, to participate in
one-on-one “Global Connections”
mentoring, and to attend a wide
array of interactive workshops
and breakout sessions.

pre-summit events
For many, the Summit started early.
Over 100 Endeavor Entrepreneurs
participated in four different pre-Summit
events on the morning of June 19th:
Lunch with Zynga founder
Mark Pincus at the
company’s headquarters
(above)
Visit to Dropbox’s San
Francisco office space

38

An Investor Network event,
followed by a cook-off
competition with investors
A tour of Google’s famed
Mountain View campus

“Company leaders can’t
look angry or worried.
Their job is to look happy.
It’s contagious.”
Jack Dorsey Twitter Co-Founder & Chairman
and the CEO & Co-Founder of Square

Biz Stone Co-Founder
of Twitter, Jelly, and
The Obvious Corporation

“Don’t let your fear of failing stop
you from taking risks. Think before
you act–but not so much that
you miss the boat.”
Ali Partovi Leading angel investor

“The best leaders learn
the fastest.”
John Donahoe CEO of eBay

“Company core values should be more
than a plaque on a wall.”
Jenn Lim CEO & Chief Happiness Officer of Delivering Happiness,
co-founded with Zappos.com CEO Tony Hsieh

39

“Every person is a genius in something.”
mitch free founder of manufacturing company mfg.com

“We are an organization
of, by, and for
entrepreneurs.”
LINDA ROTTENBERG CO-FOUNDER & CEO
ENDEAVOR

Workshops &
Breakout Sessions
Entrepreneurs were able to choose
from nearly 20 different workshops,
side panels, and group discussions,
which tackled subjects as diverse as
protecting IP and managing customer
data. Sessions were led by experts from
leading companies including Bain
(customer service), Business Model
Generation (strategic planning), General
Electric (human resources), and SAP
(design thinking).

GLOBAL
CONNECTIONS
A two-hour Global Connections
session brought together
close to 300 entrepreneurs
and Endeavor network members
for a round-robin series of
one-on-one mentoring sessions.

“We are what we repeatedly do.
Excellence is a habit.”
Chris Zook Partner at Bain & Company
and author of Repeatability

“Work with people you like to work with,
work with people smarter than you, and work
to people’s strengths.”
Dave Goldberg CEO of SurveyMonkey

41

“This award has been set up to celebrate
the best of the best. It identifies that
one person who over the course of the
year has achieved the highest impact
and demonstrated the requisite mix of
vision, passion, and tenacity.”
MATT BANNICK
OMIDYAR NETWORK MANAGING PARTNER &
ENDEAVOR GLOBAL BOARD MEMBER

BENTO KOIKE
FOUNDER & CEO, TECSIS
WINNER OF Omidyar
Network-Endeavor
high-impact entrepreneur
of 2013 award
High-Impact
Entrepreneur
of 2013 Award

ENDEAVOR AWARDS NIGHT
The Omidyar Network-Endeavor Awards Night
honored the remarkable achievements of Endeavor
Entrepreneurs in a number of categories.
omidyar network-endeavor

High-Impact Entrepreneur
of 2013 Award
Bento Koike (Tecsis, Brazil)

Social Impact Award
Presented by eBay

Moís Cherem (Enova, Mexico)

Jobs Awards
Presented by SAP

Most Jobs Created by Year-End 2012
Carlo Gonzaga (Taste Holdings,
South Africa)

Highest Percentage Growth in Jobs
(2010–2012): Sidar Sahin (Peak
¸
Games, Turkey)

Highest Absolute Growth in Jobs
(2010–2012): Bento Koike
(Tecsis, Brazil)

Revenue Awards
Presented by Barclays

Highest Overall Revenue 2012:
Bento Koike (Tecsis, Brazil)

Highest Percentage Growth in
Revenue (2010–2012): Sidar Sahin
¸
(Peak Games,Turkey)

Highest Absolute Growth in
Revenue (2010–2012): Bento Koike
(Tecsis, Brazil)

NETWORK

BIG NEWS

PHOTO: FLICKR USER DASPADER

ENDEAVOR OPENS
FIRST U.S. affiliate in
miami
Endeavor launched its first-ever U.S. affiliate
in Miami in August 2013. A city of immigrants,
with close ties to Latin America, Miami has a
promising basis for entrepreneurship but suffers
from high unemployment (roughly 2% higher
than the national average) and an exodus of
talent to entrepreneurial hotbeds like Silicon
Valley and New York. The Endeavor Miami Board
of Directors, with strong support from the Knight
Foundation, believes that identifying and
supporting a small group of high-impact
entrepreneurs and helping them to scale their
businesses will have an outsized impact on
Miami’s future economic development. Endeavor
is energized by the potential of Miami as a
U.S. affiliate and hopes that Miami will be the first
of many U.S. cities to benefit from its model.

“Since 1997, Endeavor has been very
successful in helping entrepreneurs
from emerging markets grow their
businesses. Today, with the launch
of Endeavor Miami, we look forward
to bringing the lessons we’ve learned
back to the U.S.”
Peter Kellner
Founder & Managing Partner
Richmond Global LLC
co-founder, endeavor
endeavor miami, jordan,
and global board member


AFFILIATE
OFFICES
LAUNCHED
IN 2012–2013
KUALA LUMPUR

MALAYSIA
“As an entrepreneur,
I know how important
mentorship can be.
Endeavor can provide
valuable support
to Malaysia’s next
generation of highimpact entrepreneurs.”

KUALA LUMPUR: FLICKR USER EMRANK

Afzal Abdul Rahim
ceo, time
endeavor malaysia
chairman-elect

In 2013, Endeavor launched its second Southeast
Asian affiliate in Kuala Lumpur, Malaysia.
Recognized as one of the strongest economies in
the region, Malaysia is ranked 1st in the world for
access to credit and 12th for ease of doing business, according to the World Bank. While Malaysia
has successfully transformed from a low- to
middle-income country, its economy is squeezed
by its neighbors, with low-wage economies on one
hand and more innovative advanced economies on the other. And with one of the smallest
populations in the region (27 million), Malaysian
entrepreneurs must look outside their country for
significant growth opportunities. Enter Endeavor:
Operating in 19 countries around the world and
growing, Endeavor will provide Malaysian
entrepreneurs with the support they need to scale
their businesses, thereby helping the country
find its way out of the middle-income trap.

44

NETWORK

CASABLANCA

CASABLANCA: FLICKR USER INK OMEGA · DUBAI: FLICKR USER ROBERTPAULYOUNG

MOROCCO
With support from a local board of business
leaders chaired by Moulay Hafid Elalamy,
President of SAHAM Group, as well as grants
from the USAID-MEC program and the Citi
Foundation, Endeavor launched its 6th MENA
affiliate, and first in the Maghreb region, in
Casablanca, Morocco. Although there is a
growing sense of excitement around entrepreneurship in Morocco and no shortage of talent,
aspiring entrepreneurs have relatively few
homegrown role models to emulate and also
face limited access to mentoring opportunities
and smart capital. Furthermore, with 49%
of Morocco’s youth population neither in school
nor in the workforce, the country is in dire
need of more and more valuable jobs.
By capitalizing on Endeavor’s strong regional
network and 15+ years of proven success,
Endeavor Morocco can unleash the power
of entrepreneurship in Morocco.

45

DUBAI

UNITED ARAB
EMIRATES
In June 2013, the United Arab Emirates became
the location of Endeavor’s 7th affiliate in the
Middle East. As a leading regional business
hub with a diverse population, the UAE offers
an outstanding platform for high-impact
entrepreneurs to achieve regional and global
scale across a range of industries. Endeavor UAE
also represents a deepening of the organization’s
presence across the Middle East and North Africa
to address the challenge nd opportunity
—a
—
of creating the tens of millions of jobs needed to
realize the potential of young people who face
limited prospects. Endeavor now has affiliates
stretching across the region from Morocco to
Turkey, providing a network as extensive as that of
Endeavor in Latin America and offering unrivaled
support for high-impact entrepreneurs.

FOCUS


ARGENTINA
Endeavor Argentina supports
57 entrepreneurs from 35 companies.
In 2012, Endeavor Argentina
companies generated over $1b
in revenues and directly employed
more than 10,000 people.
NOA (2012)

CÓRDOBA (2007)
ROSARIO (2008)

ENDEAVOR MAIN OFFICE

BUENOS AIRES (1998)

news
In May 2013, Endeavor
Argentina hosted an
International Selection
Panel in Buenos Aires that
was attended by over 150
people from 13 countries.
Importantly, five Endeavor
Entrepreneurs from
Argentina, Colombia, and
Mexico served as panelists.
WPP purchased a 20% stake
in Globant, the leading
software outsourcing
company in Latin America.
Selected by Endeavor in
2005, Globant was also
Endeavor Catalyst Inc.’s
first investment in 2012.

46

With a venture round led
by Intel Capital, Endeavor
Entrepreneurs Mariano
Suárez Battan and Patricio
Jutard launched their second
company, Mural.ly,
a collaborative and innovative
platform that allows users
to create murals of online
content. Mariano and Patricio
sold their first company, Three
Melons, to Playdom in 2010.
The Wall Street Journal
covered the Series B
fundraise of Restorando,
an online restaurant
reservation service.
Boston–based Flybridge
Capital led the $13.3m
funding round. Five other
backers, including Endeavor
Catalyst Inc. and KaszeK
Ventures, also participated.

Ecosystems

In 2012, Endeavor Insight released
a “video study” on the tech sector
in Buenos Aires, which found that
Endeavor Argentina Entrepreneurs
had played a powerful role in shaping
the ecosystem by mentoring, inspiring,
and even employing people who
went on to found businesses. To date,
the video has been viewed more
than 10,000 times.
Increasingly, within the Endeavor
network, longtime Endeavor
Argentina Entrepreneurs are playing
an even more powerful role in the
next generation, with many investing
in or joining the advisory boards of
newly-selected entrepreneurs.
In 2012/2013, highlights included:
Marcos Galperín of MercadoLibre
investing in Wormhole and Aivo;
KaszeK Ventures, the VC firm
of Endeavor Entrepreneur Hernán
Kazah and Nicolas Szekasy, investing
in GoIntegro and Restorando;
and Globant’s co-founders investing
in GoodPeople and Ventas Privadas.

ENTREPRENEUR SPOTLIGHT

NETWORK

BRAZIL

Wilson Poit

Endeavor Brazil supports
In 2012, Endeavor Brazil companies
generated over $2b in revenues and
employed 45,000+ people.

company

Poit Energia
selected

2002

industry

Energy & Utilities

68

employees 2012

4,500

revenue at selection

$5.1m

revenue AT SALE IN 2012

$70.5m
Pernambuco (2011)

minas gerais (2010)

news
In March 2013, Endeavor
Brazil welcomed 4,000+
non‐profit executives,
entrepreneurs, students,
and policy makers from
144 countries to the Global
Entrepreneurship Congress
in Rio de Janeiro. The GEC
is the main planning event
for Global Entrepreneurship
Week, a worldwide
celebration and promotion of
entrepreneurship that takes
place each November.
In 2012, Prática, a food
production equipment
manufacturer, received an
investment of $8m from
BNDES to pursue business
expansion projects.

47

EBANX, an e‐commerce
payment solution for
International Merchants in
Brazil, announced a strategic
alliance with AliExpress, an
online retailer and an affiliate
of the Chinese e‐commerce
giant AliBaba Group. Through
the partnership, Brazilians
can purchase any of the 54
million products offered by
AliExpress (everything from
car accessories to clothing
to electronics) using their
preferred local payment
method, Boleto Bancario.
In an article entitled,
“A Spirit for Enterprise,”
the Financial Times featured
both Endeavor’s Co‐Founder
& CEO, Linda Rottenberg, and
Endeavor Brazil’s success
in building the country’s
entrepreneurial ecosystem.

Rio de
Janeiro
(2005)

ENDEAVOR
MAIN OFFICE

SÃo Paulo
(2000)
paranÁ (2010)

Santa Catarina
(2013)

Until Wilson Poit founded Poit Energia
in 1997, the generator industry in Brazil
was notorious for its faulty and complicated
service. His company changed the status quo
by providing streamlined, comprehensive
service—a business model that in turn
attracted a long list of corporate clients.
After selection by Endeavor in 2002,
Wilson worked with Endeavor on HR,
building an advisory board, and corporate
governance. He credits the organization
with teaching him that “dreaming big
involves the same amount of work as
dreaming small.”
In 2012, Wilson sold Poit Energia to
Scottish power company Aggreko and
donated a portion of the cash‐out to
Endeavor Brazil.

Porto Alegre (2011)


CHILE

Endeavor Chile supports
Since engagement with Endeavor,
Chilean Endeavor Entrepreneurs have
grown revenues by 51% and jobs by 48%.
ATACAMA:
ANTOFAGASTA (2011)


SANTIAGO (1998)

CONCEPCIÓN (2010)
TEMUCO (2010)

PUERTO VARAS (2008)

news
BBC News highlighted
SIRVE, a seismic protection
services provider founded
by entrepreneur Juan
Carlos de la Llera. After the
devastating 2012 earthquake
in Chile, the 13 buildings with
Sirve’s system remained
standing—even the country’s
highest building.
Frontier Investments,
an arm of U.S. microfinance
lender Accion, invested
$3m in Tiaxa, a services
provider for prepaid mobile
phone users. Last year,
Tiaxa’s co‐founder and
CEO, Felipe Valdés, moved
to Hanoi in order to lead
business development
in Asia.

48

La Nacion named Leo Prieto,
the co‐founder & CEO of
Betazeta, Entrepreneur of
the Year in Latin America.
Betazeta is a network of
vertical communities,
including some of the
most popular blogs in the
Southern Cone.
Endeavor Chile company
ComparaOnline.com, a
comparison site for financial
products and insurance,
signed a strategic alliance
with Buscapé, founded
by Endeavor Brazil Board
Member Romero Rodrigues.

FOCUS

Give-Back
Serial entrepreneur Sergio Lopez
was selected in 1999 for Gemelo
Storage Solutions, an internet
application service provider
and developer. Since leaving Gemelo—
where he still serves as an advisor—
in 2003, Sergio has gone on to found
or co-found a number of new ventures,
including ProactiveOffice.com,
a project management platform,
and ASECH, an association for
Chilean entrepreneurs.
Through the years, Sergio has
remained an active and dedicated
member of the Endeavor network,
both globally and locally. Notably,
in 2012, Sergio attended Stanford
Business School’s leadership program
for Endeavor Entrepreneurs. He also
donated hundreds of hours
to mentoring the next generation
of Endeavor Entrepreneurs—the
most time of anyone in the Endeavor
Chile network.

The Endeavor Chile network at their
annual retreat in Valle Nevado.


NETWORK

COLOMBIA
Endeavor Colombia supports
These companies have added
$308m in revenue and 7,148 jobs since
engagement with Endeavor.

Andrés Alban &
Mauricio Hoyos
company

Conexred
selected

2012

industry

Technology

107

employees 2013

202

revenue 2011


$4.2m

BOGOTÁ (2006)

revenue 2012

$40.3m

news
To cap off a week spent
meeting with local
business leaders, Endeavor
Entrepreneurs and mentors
in Bogotá and Medellín,
Endeavor Board Chairman
Edgar Bronfman, Jr.
discussed the organization’s
activities in Colombia with
the country’s president,
Juan Manuel Santos.
In an article anticipating
the launch of Endeavor Miami,
The Miami Herald examined
Endeavor Colombia’s impact,
specifically highlighting
Campoalto, a leading provider
of vocational programs for
healthcare professionals,
and its plans to expand into
South Florida.

49

Endeavor Colombia company
Dynamo joined Participant
Media’s PanAmerican Film
Initiative, an agreement
to produce Spanish‐language
films in Latin America.
Founded by eBay’s first
employee Jeff Skoll,
Participant Media finances
movies with a social message,
including The Help (2011)
and Lincoln (2012).

In Colombia, the under‐ and unbanked have
few ways of efficiently accessing financial
services. Thanks to Conexred, however,
these citizens are now able to make financial
transfers, purchase mobile minutes, and
access other services through the company’s
PuntoRed network, which consists of more
than 45,000 terminals in smalls shops and
supermarkets throughout Colombia. Each
year, the PuntoRed network facilitates over
350 million transactions.
Founders Andrés and Mauricio are active
mentors and angel investors in Bogotá. Most
recently, Andrés and Mauricio led Conexred’s
acquisition of Geelbe, the first Latin
American online private shopping club.


EGYPT

Endeavor Egypt supports
Endeavor Egypt companies employ,
on average, 278 people.


Ahmed Hindawi
company

Hindawi Publishing Corporation
selected

2010

industry

Publishing


CAIRO (2008)

335

employees 2013

1,000

revenue at selection

$2.7m

revenue 2012

$13.5m

news
With the goal of encouraging reading in impoverished
areas, Diwan Bookstore
donated children’s and young
adults’ books to underfunded
schools as part of their
newly-launched charitable
program.

Endeavor Egypt has built
Advisory Boards for more
than half of the companies
it supports, with plans
to build additional boards
next year.

Amr Shady, the founder of
T.A. Telecom and Endeavor Egypt
Entrepreneur & Board Member,
was profiled in Entrepreneur
Country, a British magazine that
identifies global entrepreneurship success stories.
50

While completing a PhD in High Energy
Physics at the University of Pennsylvania,
Ahmed Hindawi saw an opportunity in
academic publishing. Upon returning to Cairo,
Ahmed abandoned plans to be a physicist
in favor of becoming an entrepreneur.
Today, his eponymous company, Hindawi
Publishing Corporation, publishes over 500
English‐language peer‐reviewed scholarly
journals—primarily on scientific, technical,
and medical topics—through an Open Access
platform that swaps subscriptions with
author processing charges to make articles
freely available.
Ahmed is an ambitious and inspiring
entrepreneur committed to creating jobs
in a country still regaining its footing after
the 2011 Arab Spring. Since selection
by Endeavor, he has worked closely with
his Endeavor‐formed Advisory Board, pulling
in impressive results: Revenues have grown
roughly 500% and the number of employees
has tripled!


NETWORK

GREECE
Endeavor Greece
supports 10 entrepreneurs
from 6 companies.

Emilios Markou &
Alexis Pantazis
company

Hellas Direct
selected

December 2012
industry

Insurance

23


ATHENS (2012)

revenue 2012

$200,000

revenue growth since selection

260%

The Endeavor Greece team in
their office in Athens.

news
Within its first six months
of operations, Endeavor
Greece welcomed over 100
people from 15 countries to
Athens for an International
Selection Panel, at which 18
candidates were selected as
Endeavor Entrepreneurs.

51

Endeavor Co-Founder
& CEO Linda Rottenberg
appeared on CNBC’s
SquawkBox to announce the
launch of Endeavor Greece.
Endeavor Greece has
partnered with three Greek
universities and Junior
Achievement to bring
entrepreneurship education
to high school and university
students.

Entrepreneurs Emilios Markou and
Alexis Pantazis are jump‐starting the car
insurance industry in Greece. By cutting
out sales commissions, their company Hellas
Direct—the first direct‐to‐consumer online
car insurance agency in the country—
is able to offer safe driver policies that are
15‐35% cheaper than comparable coverage
options. And in these trying times for the
Greek economy, drivers are speeding
towards savings: Just three months after
launching, Hellas Direct had already given
out 7,000 quotes.
Former bankers who met while working
for Goldman Sachs in London, Emilios
and Alexis are now creating jobs in
an economy that badly needs them—and
they are setting powerful examples of
entrepreneurial success that they hope will
help reverse the damaging “brain drain”
trend in their home country.
Alexis and Hellas Direct were recently
highlighted in a Financial Times article on the
revival of the Greek economy.



INDONESIA
Endeavor Indonesia
from 5 companies.

Niki Luhur
company

Kartuku
selected

2012

industry

Mobile Payments
employees at
selection

300

employees 2013

354

revenue 2011

$3.9m

revenue 2012

$5.4m

JAKARTA (2012)

news
In its first year of
operations, Endeavor
Indonesia screened over
1,000 entrepreneurs,
ultimately bringing
the five candidates with
the most high‐impact
potential to International
Selection Panels, where
they were successfully
selected as Endeavor
Entrepreneurs. The office
also developed a portfolio
of 37 mentors, including
business leaders from the
media, finance, consulting,
and energy sectors.

52

Sugianto Tandio, the
founder of Tirta Marta,
won a Schwab Foundation
Social Entrepreneur of
the Year 2013 award.

Forbes Indonesia
highlighted Endeavor’s
presence in Indonesia
in its June 2013 edition.
Vincent Iswaratioso,
the CEO of Indomog, was
featured by The Jakarta
Globe as a pioneer in the
online payments industry.
Indomog recently signed
an agreement with a leading
local chain, adding 7,000
outlets to its distribution
channel.

Indonesia’s payment ecosystem has
historically struggled with widespread
inefficiencies—poor infrastructure, insecure
cardholder data storage, and registers
prone to human and mechanical error.
And with the number of credit and debit cards
in circulation growing at 15% per year over
the last five years, the market is in dire need
of modernization.
Enter Kartuku, the country’s first provider
of integrated end–to–end electronic payment
services. Led by Niki Luhur, Kartuku counts
11 out of 12 major Indonesian banks as clients,
as well as a number of large retailers.
Looking ahead, Niki plans to add bill
payment, data analytics, and market
intelligence to Kartuku’s roster of services.


NETWORK

JORDAN
Endeavor Jordan
from 11 companies.

Dr. Amin Amin
COMPANY

ASK for Human Capacity Building
SELECTED

2009

INDUSTRY

Professional Services:
HR & Training

AMMAN (2008)

NEWS
AMJAD ARYAN, the founder
of Pharmacy 1, became the
first Endeavor Entrepreneur
to join Endeavor Jordan’s
Board of Directors.
Considered the “CVS of the
Middle East,” Pharmacy 1
employs more than 600
people.
IN PARTNERSHIP WITH
INT@J, Endeavor Jordan
organized “Invest in ICT,”
the first regional investment
matchmaking event. Over
50 investors and companies
attended from Jordan and
the region.

53

EMPLOYEES 2013

82

REALIZING THAT ACCESS to talent is one of
MENA’s biggest challenges, Dr. Amin Amin
decided to bridge the link between education
and employment. His company, ASK for
Human Capacity Building, provides a range
of professional development and consulting
services to schools and corporations
throughout the region.
Originally selected for his first educational
venture, CADER, serial entrepreneur
Amin Amin has been mentored by Gilt
Founder and Chairman Kevin Ryan and is
one of Endeavor Jordan’s most devoted
advocates. Most recently, ASK and Endeavor
co‐organized an outreach activity promoting
entrepreneurship as part of the New Think
Festival 2013.

Since the launch of
the EY Intrapreneurship
program in 2012,
six Endeavor Jordan
companies have
received Intrapreneurs,
EY executives who work
on site with entrepreneurs
for 6–7 week stints.



LEBANON
Endeavor Lebanon
from 9 companies.

Hervé Cuviliez &
Delphine Edde
company

Diwanee
selected

2012

industry

Technology


BEIRUT (2011)


123

employees 2012

129

revenue 2011

Omar Onsi of Nymgo (right),
at the 2013 Endeavor Summit.

$4.3m

revenue 2012

$5.7m

news
Mosaic Marble’s products
will be featured in an
upcoming Hollywood film
starring Denzel Washington.
In the past year, the
company moved to larger
premises in order to expand
production capacity.
Eastline Marketing
launched SWEEPZ,
a flexible off‐the‐shelf
marketing solution that
helps customers increase
fans/likes, build a marketing
database, and generate
buzz. The company was also
named the preferred digital
partner of Mindshare,
a WPP Group media and
marketing services agency.

54

Hailed as a patron of Design Days Dubai,
Nada Debs is at the forefront of design in
the Middle East and, increasingly, abroad.
Nada was recently shortlisted to the top
ten—out of 270 nominations—for the highly
esteemed Jameel Prize 2013 at the Victoria
& Albert Museum in London. In 2013, her
company finalized a promising partnership
in the Kingdom of Saudi Arabia, one of
the region’s largest markets.
In 2012-2013, Endeavor Lebanon was
mentioned in 105 media clips, including
broadcast coverage on three regional TV
channels, a feature article in Beirut’s French‐
language daily newspaper L’Orient le Jour,
and coverage in the largest Arabic language
newspaper, Al Nahar.
In their November 2012 list of the “Top
20 Lebanese Entrepreneurs,” Executive
Magazine included nine Endeavor Lebanon
Entrepreneurs.

Though Arabic speakers make up more than
5% of the world’s population, only 3% of
total online content is in Arabic. To bridge this
gap, Endeavor Entrepreneurs and husband
& wife team Hervé Cuviliez & Delphine Edde
founded Diwanee, a digital media company
publishing high-quality content in Arabic for
women. Diwanee’s specialized web portals
also provide Arab women a platform to
discuss lifestyle topics such as motherhood,
fashion, and health.
In just three years, Diwanee has become
the market leader in women’s lifestyle
web content in the Arabic language,
attracting 4.8 million unique visitors a month
in an environment where advertisers—such
as L’Oréal and Chanel—are eager to target
customer segments with high spending power.
Most recently, Diwanee successfully raised
$3.25m from a strategic investor in Lebanon.
The company used the investment to launch
Mooda.com, a proprietary e-commerce
platform giving regional fashion designers
the opportunity to reach customers
worldwide. Prior to founding Diwanee, Hervé
sold his first company to Omnicom. Delphine,
meanwhile, previously served as Media
Director at Condé Nast France.


NETWORK

MEXICO
Endeavor Mexico
from 71 companies.

Jorge Camil
Moís Cherem
Raúl Maldonado
company

Enova

selected

2011

baja california (2007)

industry

Education
employees at
selection

nuevo leóN (2008)

55

sinaloa (2009)
(2007) AGUASCALIENTES

employees 2013

Querétaro (2013)
GUANAJUATO (2013)

493

MEXICO CITY (2002)

Quintana Roo
(2012)

puebla (2007)
YUCATáN (2009)

Jalisco (2008)

revenue 2010

$5.1m

revenue 2012

$15.8m
CHIAPAS (2008)

news
Kubo Financiero announced
a partnership with US
non‐profit KIVA, which has
distributed over $400m
in loans since 2005. As a
result, some Kubo borrowers
now have their loans posted
on KIVA’s lending site.
The alliance was covered
by Reforma, one of the
most widely‐circulated
newspapers in Mexico.
Naranya, a leader in
innovative mobile
communications
technologies, launched
an accelerator program
in Monterrey to help new
start‐ups get their business
ideas off the ground.

55

During his May 2013
visit to Mexico City,
President Barack
Obama met with four
Endeavor Mexico
Entrepreneurs.
The New York Times’
Thomas Friedman
mentioned three Endeavor
Mexico Entrepreneurs
in a March 2013 column
on the resurgence of the
Mexican economy.

Enova’s mission is ambitious but simple:
To reduce the educational and digital divide
in Mexico, where only 25% of children
graduate from high school and roughly 69%
of the population does not have access to the
internet. The company builds and operates
technology and education centers that
provide services—such as blended learning
programs—to low‐income communities in
Mexico. As of September 2013, over 120,000
users had taken courses at Enova’s 70
computer centers. Over the next few years,
Enova hopes to build more centers across
the country and become a market leader in
education technology.
Social entrepreneurs running a company
experiencing explosive growth, Jorge,
Moís, and Raúl are earning well‐deserved
accolades: Jorge was named one of the top
Mexican entrepreneurs under 35 by MIT
Technology Review, Moís recently won
the Schwab Foundation Social Entrepreneur
of the Year Award, and Raúl was included
in a recent New York Times column by
Thomas Friedman.



SAUDI ARABIA
Endeavor Saudi Arabia
from 4 companies.

Abdulmohsin Al-Rabiah
company

Shawarmer
selected

2013

industry

Consumer
employees at
selection

249


RIYADH (2012)

news
Loai Naseem (Lomar) and
Endeavor KSA Managing
Director Rakan Al Eidi
were featured in Tadawul
Magazine, the leading Saudi
stock exchange publication.

Endeavor KSA announced a
partnership with Oqal Angel
Investors Group in KSA
for potential collaboration
in funding and nominating
candidates.

Endeavor KSA has supported
5+ entrepreneurship events
in the Kingdom, including
Startup Weekend, Wamda
MixN‐Mentor, and KAUST
seed fund competitions.

In its first year of
operations, Endeavor KSA
hosted events attended by
more than 50 entrepreneurs,
investors, and mentors.

“Endeavor gave me the opportunity
to start planning for regional,
across-border growth.”
Naif Alqahtani, LSS

56

Whether you call it “doner,” “gyro,”
or something else entirely, the shawarma,
as it is known in Saudi Arabia, is the region’s
signature sandwich. Filled with grilled meat
shaved off a spinning rotisserie, shawarma
is found in every Saudi neighborhood
at corner stands and informal shops.
In 1999, capitalizing on the shawarma’s
popularity and consumers’ mistrust of
street food, Abdulmohsin Al‐Rabiah opened
Shawarmer in Riyadh, the first in a chain
of fast‐casual restaurants that serve
shawarma and other Arab foods made with
fresh, high‐quality ingredients.
Today, Shawarmer has 31 locations
in food court, seasonal kiosk, and drive‐
through formats, with plans to open 230
new franchises in Saudi Arabia, the GCC,
and Egypt by 2016.


NETWORK

SOUTH AFRICA
Endeavor South Africa supports
27 entrepreneurs from
16 companies. These companies
have created over 10,000 jobs.

Cynthia Mkhombo
company

Masana Hygiene Services
selected

2010

industry

Professional Services
employees at
selection

752

JOHANNESBURG (2004)

employees 2013

1,750

Revenue Growth Since Selection

266%
CAPE TOWN (2011)

news
In the last year, Silulo
Ulutho Technologies, which
operates internet cafés
that offer computer literacy
programs, launched five new
centers and grew revenue
by 60%. Founder Luvuyo
Rani’s entrepreneurial
journey was also featured
in the SA Business Times.

In August 2013, Endeavor
South Africa welcomed
over 100 people from 11
countries to Johannesburg
for Endeavor’s 49th
International Selection
Panel. The event was heavily
covered by press, including
Entrepreneur Magazine
South Africa.
Endeavor South Africa
Entrepreneurs Robert
Sussman and Lance
Fanaroff sold Integr8 IT—
an arm of their company,
Integr8 Group—to Business
Connexion for an estimated
$12.9m.

57

South African entrepreneur Cynthia
Mkhombo brought her mother’s experience
as a domestic worker and her own expertise
as a Township Council Health Inspector
together to create Masana Hygiene
Services, a cleaning service company
that has attracted high‐profile clients like
the Johannesburg Zoo and the Gautrain
(Gauteng’s rapid rail and bus service).
Due to Cynthia’s commitment to putting
“people first,” Masana Hygiene Services
pays up to 40% more than hourly minimum
wage for contract cleaners. And, in a country
where female unemployment outpaces male
unemployment, 95% of Masana’s nearly
2,000 employees are women, 70% of whom
were previously unemployed.
In 2012, Masana created more than
600 new jobs, with goals to reach 10,000
employees in the next five years.


TURKEY
Endeavor Turkey supports
Their revenues have grown,
on average, by 250% since engagement
with Endeavor.


Sidar Sahin
¸
company

Peak Games
selected

2011

industry

Technology (Gaming)

85
endeavor main office

employees 2013

Istanbul (2007)

250

Revenue Growth Since Selection

568%

news
In 2012, Endeavor Turkey
hosted 35 events and co‐
hosted 69 events, at which
108 network members
participated as panelists and
mentors. In planning these
events Endeavor Turkey
partnered with 16 NGOs, 15
universities, 15 private sector
firms, eight media channels,
and two incubators.
Since its launch in 2011,
Endeavor Catalyst Inc. has
invested in four Endeavor
Turkey companies: AirTies,
Lidyana.com, Peak Games,
and Yemeksepeti.com
(See page 22 for more
information on
Endeavor Catalyst Inc.).

58

In 2012/2013, Endeavor Turkey built Advisory
Boards for 11 companies in industries as
diverse as high‐end retail and social media.
In 2013, the 2nd Good Investment Summit,
an event targeted at developing an angel
investing community and entrepreneurial
culture in Turkey, was held at the Sabancı
Center in Istanbul in January. Organized
by Endeavor Turkey, TUSIAD and
Angel Resources Institute and sponsored
by Akbank and Turkcell, the Summit
brought together leading Turkish and
international investors, entrepreneurs,
academics, and top executives.

Just 270 days after its founding in November
2010, Peak Games had racked up ten million
daily users, doing so significantly faster
than both Twitter (780 days) and Facebook
(850 days). By June 2012, Peak Games had
become the third largest gaming company
in the world, after King.com and Zynga.
The company’s success has been
propelled by its talented co‐founder, serial
entrepreneur Sidar Şahin, and the genius
of its regional focus: Peak Games develops
and publishes Facebook and mobile games
that are targeted to the Turkish, Middle East,
and North African markets.
Sidar is a highly visible entrepreneur
in Turkey and abroad, having been
featured by the Wall Street Journal,
The Economist, Bloomberg BusinessWeek,
TechCrunch, and VentureBeat. Since
selection by Endeavor, he has promoted
and spoken on the organization’s behalf,
even running a breakout session at the
2013 Endeavor Summit.

Peak Games employees.


NETWORK

URUGUAY
Endeavor Uruguay
from 22 companies.

Eduardo Delbono &
Álvaro Maldonado
company

Asuan

selected

2012

industry

Industrials
employees at
selection

45


MONTEVIDEO (2000)

employees 2013

50

revenue 2011

$3m

revenue 2012

$5m

news
In coordination with
the IADB (Inter‐American
Development Bank) and
the MIF (Multilateral
Investment Fund), Endeavor
Uruguay has designed “Más
Emprendedoras,” a program
that aims to promote the
creation, development, and
growth of women‐owned
businesses in Uruguay.
The economy section
of El País, a top newspaper
in Uruguay, published
two separate cover stories
on Endeavor Uruguay
companies Asuan and
Conecta Games.

59

Endeavor Uruguay hosted MEGA
Experiencia Endeavor, the largest outreach
event in Uruguay. Over 1,500 people
attended a sold‐out full day program
that included presentations by Endeavor
Entrepreneurs from across the Southern
Cone, workshops led by 50 business leaders
and Endeavor mentors, and an exuberant
final networking reception.
The launch event for “Más
Emprendedoras.”

Industry innovator Asuan is pleased to
“meat” you! Or, at least, to help increase the
efficiency of your food‐production facility
with its customized red‐meat processing and
box‐handling systems. Since its founding in
2004, the company has signed up market‐
leading clients and has expanded throughout
Latin America.
Endeavor Uruguay has provided Álvaro
and Eduardo with strategic guidance
through an Advisory Board, introductions
in Mexico, and, most recently, support in
Brazil, where the entrepreneurs are opening
new operations.


FINANCIALS,
DONORS,
AND BOARD
MEMBERS

60

GLOBAL FINANCIALS

Statement of Financial Position
December 31, 2012 in U.S. $

Endeavor Global
Executive Staff

ASSETS

$

Cash and cash equivalents
Restricted cash
Contributions receivable
Grants receivable
Investments
Prepaid expenses & other assets
Due from affiliated entities
Property & equipment
TOTAL ASSETS

12,379,670
147,663
2,418,011
2,374,400
4,557,384
208,077
108,739
1,223,114
23,417,058

LIABILITIES AND NET ASSETS
Accounts payable and other accrued liabilities
Due to affiliated entities
Deferred rent & capital lease obligations
Total Liabilities

204,352
260,940
247,719
713,011

Net Assets
Unrestricted net assets
Temporarily restricted
Permanently restricted net assets
Total Net Assets
Total Liabilities & Net Assets

13,669,809
9,009,238
25,000
22,704,047
23,417,058

Linda Rottenberg
Co‐Founder & CEO
Fernando Fabre
President
Lawrence Brooks
VP, Finance & Administration
Walt Mayo
SVP, Expansion
David Wachtel
SVP, Marketing,
Communications &
Partnerships

Managing Directors
of Affiliate Offices
Argentina
Gabriela Macagni
Brazil
Juliano Seabra
Chile
María de los Angeles Romo

Combined Statement of Activities
December 31, 2012 in U.S. $

RevenueS
unrestricted

Contributions
265,943
Grants
3,821,213
Gala & other fund-raising events
1,790,514
Net realized & unrealized gains (losses) on investments 293,369
Interest & other income
287,296
In-kind services & goods
48,321
Net assets released from restriction
1,620,339
Total Revenues
8,126,995

temporarily permanently
restricted
restricted

2,603,000
5,124,650

(1,620,339)
6,107,311

TOTAL

2,868,943

8,945,863

1,790,514

293,369

287,296

48,321

0
0 14,234,306

Expenses

Colombia
Adriana Suárez
Egypt
Heba Gamal
Greece
Haris Makryniotis
Indonesia
Sati Rasuanto
Jordan
Rasha Manna

327,639
2,396,220
268,758
796,493
819,728
1,554,254
1,017,080
322,203
7,502,375

0

0

327,639
2,396,220
268,758
796,493
819,728
1,554,254
1,017,080
322,203
7,502,375

Lebanon
Tarek Sadi

Direct donor benefits of Gala & other fund-raising events 177,439
Management & General
525,291
Fundraising and development
1,011,582
Total Expenses
9,216,687

0

0

177,439
525,291
1,011,582
9,216,687

Morocco
Amine Hazzaz

eMBA
Entrepreneur Selection & Growth
Endeavor Net
Organizational Development
Center for High-Impact Entrepreneurship
New Country Expansion
Partnerships & Networks
Philanthropic Networks
Total Program Expenses

Change in net assets
Net assets, beginning of year
Net Assets, End of Year

(1,089,692)
6,107,311
0
5,017,619
14,759,501 2,901,927 25,000
17,686,428
13,669,809 9,009,238 25,000 22,704,047

A complete set of the audited financial statements by McGladrey & Pullen for the fiscal
year ending December 31, 2012 can be obtained by sending a written request to Endeavor
Global, Inc. at 900 Broadway suite 301, New York, New York 10003, USA

These financials are for Endeavor Global and its wholly-owned subsidiaries
and do not include information about Endeavor’s affiliate offices.
61

Malaysia
Zaman Ahmad
Mexico
Pilar Aguilar
Miami
Laura Maydón

Saudi Arabia
Rakan Al Eidi
South Africa
Catherine Townshend
Turkey
Didem Altop
United Arab Emirates
Noor Shawwa
Uruguay
Laura Raffo


HIGH-IMPACT DONORS
1997–2012
$10,000,000+

$500,000+

$250,000+

Morgan Stanley

Omidyar Network

AFP HABITAT

William A. Ackman,
Pershing Square
Foundation

Francisco De Narvaez

$5,000,000+
The Abraaj Group

Emilio Azcárraga Jean
Banco de Chile
Nick Beim
Wences Casares

Ann L. Bronfman
Foundation

Fadi Nahas
Natura
News Corporation
Murat Özyeğin, Fiba
Holding

CORFO

Arab African International
Bank

Gayle & Michael Ahearn

José Luis del Río

Pedro Aspe

AVINA

Dell Computer

Mehmet Ali Babaoğlu

Banco Santander

Paul Fribourg

Banco ABN AMRO Real S.A.

Barclays

Goldman, Sachs & Co.

Len Blavatnik

Clarissa & Edgar
Bronfman, Jr.

ITAU

Bloomberg Philanthropies

JPMorgan Chase Co.

Matthew Brown

Suzan Sabancı Dinçer,
Akbank

Beth & Michael Klein

BTG Pactual

Soledad & Alvaro Saieh

Anne & Vincent Mai

Elias Cababie

Alejandro Santo Domingo

Emilio Odebrecht

Citi

Naguib Sawiris

Fundação Brava Inc

Jennifer & Jonathan
Oppenheimer

Corporación Andina de
Fomento (CAF)

Christoph Schiess

Marcos Galperín

Proteus

Enrique Cueto

Simpson Thacher &
Bartlett

Adrian Gore

Salvador Said
Sebrae São Paulo

Dick & Betsy DeVos Family
Foundation

Brian Swette

Reid Hoffman & Michelle
Yee

$1,000,000+

Citi Foundation
Pamela & J. Michael Cline
Eduardo Elsztain
EY

Inter‐American
Development Bank (BID)
International Finance
Corporation (IFC)
John & James Knight
Foundation
George & Bicky Kellner
Peter Kellner
Michael & Susan Dell
Foundation
Multilateral Investment
Fund (MIF/FOMIN) of
the Inter‐American
Development Bank (IADB)

Secretaría de Economía
(Mexico)
Chip Seelig

Pedro Passos
Rainbow Foundation
Joanna Rees
SAB Foundation

Antonio Dias Leite

Özcan Tahincioğlu,
Tahincioğlu Holding

Barry Diller, IAC/
InterActive Corp

Visa do Brasil

Tony & Carlos Slim

Vuslat Doğan Sabancı,
Hürriyet

Woods Staton

Albert Douer

Lorenzo Zambrano

DRA ‐ Tshikululu
Melissa & Timothy Draper
Andrés Echavarría
First National Bank
Fleury S.A.
David Frankel
Emin Hitay, Hitay Yatırım
Holding

Fayeeza & Arif Naqvi

Ali Y. Koç, Koç Holding

Pam & Pierre Omidyar
Wilson Poit

Thomas H. Lee & Ann
Tenebaum

SAP

Lehman Brothers

SEBRAE

Jorge Paulo Lemann
Jean‐Paul Luksic
Microsoft Corporation

62

Eduardo Pacheco

Sven von Appen

DONORS

DONORS
2012
$5,000,000+

Mohammed Hafiz, Al‐Sawani
Group

Omidyar Network

Inter‐American Development
Bank/BID

$1,000,000+

ITAU

Marcos Galperín

JPMorgan Chase Co.

Reid Hoffman & Michelle Yee

LOCAWEB

John & James Knight
Foundation

Multilateral Investment Fund
(MIF/FOMIN) of the Inter‐
American Development Bank
(IADB)

$500,000+
Barclays
Wilson Poit

$250,000+
Banco de Chile
Banco Santander
Bloomberg Philanthropies
CORFO
Dell
Dick & Betsy DeVos Family
Foundation
SAP

$100,000+
3M
Gayle & Michael Ahearn
Yousef Al‐Majdouie, Al‐
Majdouie Group

Antonio Dias Leite

Alejandro Santo Domingo

Barry Diller, IAC/InterActive
Corp

Mu’taz Sawwaf, Mimar Invest

Albert Douer, Ajover S.A.
Andrés Echavarría
Eduardo Elsztain
Jorge Errázuriz
Fares Fares, Wedge
Alternatives
Karim Farra, Manara Capital

Christoph Schiess
Carlos Alberto Sicupira
SMZTO
John Stassinopoulos
George Tahija, Austindo
Nusantara Jaya
Takis Theocarakis
Spyros Theodoropoulos

Diego Piacentini

First National Bank

Hossam Y. Radwan, Abraaj
Group

Marily Frangista

Faisal Tamer, Tamer Group

Selim Ghorayeb, Algorithm

Televisa

Goldman, Sachs & Co.

Carlos Andrés Uribe, Ladrillera
Santafé

Adrian Gore
Mareva Grabowski

$50,000+

$10,000+

Instituto Euvaldo Lodi

Accel Mgmt

Michel Abouchalache, Quilvest
Group

Habib Kairouz, Rho Capital
Partners

Accretive Health, Inc.

William A. Ackman, Pershing
Square Foundation

Peter Kellner

María Noel Ache & Federico
Cella, AIVA

Marwan Kheireddine, Al‐
Mawarid Bank

Giovanini F Advogados

Svida Alisjahbana, Femina
Group

Paul Fribourg

Sami Khouri, Teeba Holding

Husodo Angkosubroto,
Gunung Sewu Kencana

Hendrick Kolonas, Celebes
Artha Ventura

Arab African International
Bank

Theodore Kyriakou

Emilio Azcárraga Jean

Musaab S Al‐Muhaidib, Al‐
Muhaidib Technical Supplies

Banco de Galicia y Buenos
Aires S.A.

Abdulaziz A. Al Omran,
Khalid & Abdulaziz Al Omran
Company

Banco Intermericano de
Desarrollo

Abdulla M. Al Zamil, Zamil
Industrial

Nick Beim

Fabio Barbosa

Rami K Alturki, Alturki Group
BHP

Booz & Co, Lebanon

Jeff Brody

Michael Chandris

Clarissa & Edgar Bronfman, Jr.
Matthew Brown

Dr. (h.c.) Ir. Ciputra & Harun
Hajadi, Ciputra

BTG Pactual

Wences Casares

Jorge Paulo Lemann
Jean‐Paul Luksic
Jimmy Masrin, Caturkarsa
Megatunggal

Totvs S/A
Melina Travlou
Sven von Appen
Elliot Weissbluth
Zennstrom Philantropies Ltd

Ersin Akarlılar, Mavi Jeans, Inc.
Marcelo Alecrim & Sérgio
Cavalieri
Ali Al‐Husry
Alibio
AmEx Ventures
ANTEL
ArcCanto

William E McGlashan, Jr.

AX Ventures S.R.L.

Azmi Mikati, M1 Group

Ahmed Badreldin

Fayeeza & Arif Naqvi

Bain & Company, Inc.

Emilio Odebrecht

Banco de Investimento Credit
Suisse

Eduardo Pacheco
Joanna Papadopoulou
Dimitris Papalexopoulos

Banco Hipotecario S.A.
Banco Modal

Pedro Passos

Waddah Barkawi,
Ernst & Young

Laércio Cosentino

Louis Polk

BDMG

Citi Foundation

John Coustas

Proteus

Juan Berchesi, Isbel

Pamela & J. Michael Cline

Credit Suisse (Argentina)

Khaled Bichara

Discovery

Enrique Cueto

Theodore P Rachmat, PT
Triputra Investindo Arya

EY

José Luis del Río

Moulay Hafid Elalamy

Deloitte & Co.
DGMT

63

Joanna Rees
Salvador Said

Hlumelo Biko
Leon Black
Bloomberg, LP
BOOTCAMP


DONORS
2012
$10,000+

Gobierno de la Ciudad de
Buenos Aires

Raúl Mandía & Ricardo Méndez,
McDonald’s ‐ Arcos Dorados

Julia Rodríguez Larreta,
El País

The Brody Family Fund

Google

Marc Haas Foundation

Rogério Chor

Cablevision Systems
Corporation

Google Argentina

Diego Masola, Banco Comercial
‐ Group Scotiabank

Gabriel Rozman, Tata
Consultancy Services

Salim Mattar

Kevin Ryan

Mazars Cabrera Consultoria
Contabil e Tributaria S.S

SAB

Café Punta del Cielo
Daniel Carriquiry & Juan Carlos
Rodríguez, Costa Oriental

Alejandro Gorodish
GP Investimentos
Jason Green

Juan Ignacio Casanueva

Grupo AMV Desig

Bülent Çelebi, AirTies

Grupo Modelo

Antonio Celia

Grupo MYT

Federico Cella & Gabriel Colla,
Lynkos

Martin Guerra, in Capital

Andrés Cerisola, Ferrere

Haakon Lorentzen

Chilim Balam

Paul Harris

Coatue Managment

Youssri Helmy

Juan Collado

Marianne Hosni

Compagas

HSBC Bank Argentina

Said Darwazah

INDG

Adam Dell

Integration

DMGT International

Intellego

Doc Solutions
Vuslat Doğan Sabancı,
Hürriyet

Intendencia de Comodoro
Rivadavia (Provincia de
Chubut)

e.Ventures

Interdeli

Eastern Advisors Capital
Group, LLC

Isabella & Patricio Jaras, Nutra
Bien

Sebastian Echavarría

Khaled Ismail

Murat Özyeğin, Fiba Holding

Edson Bueno

Itambé

Américo Pereira

Emergence Capital Partners

Jonathan M. Nelson Family
Foundation

Ariel Pfeffer, Trillonario.com

Gustavo Grobocopatel

Rubens Menin
Bernardo Minkow
Alan Mnuchin
Precious Moloi‐Motsepe
Álvaro Moré, Young & Rubicam

Santander
Alp Saul, Pronet

Network For Good Corp.

Robert Schumer

News Corporation

SEBRAE ‐ RJ

Meyer Joseph Nigri

José Seripieri Jr

NM Rothschild

Jean Shaw, Sabre Holdings

Nossa Caixa Desenvolvimento

Silicon Valley Bank

Nova Prolink

Simpson Thacher & Bartlett

Ghassan Nuqul

Nelson Sirotsky

NXTP LABS

Berk Smith

Jennifer & Jonathan
Oppenheimer

The Sobel Family Foundation

Optima Energía
Ebru Özdemir, Limak Holding

Kaszek Ventures

Raúl Polakof, Scanntech

David Feffer

Işık Keçeci Aşur, Aragon
Capital

Polo Ralph Lauren

David Frankel

George & Bicky Kellner

Andrés Freire

Ali Y. Koç, Koç Holding

Janus Friis

Ezequiel Farca

Ferit F. Şahenk, Doğuş Holding

Mustafa E. Say, Access Turkey
Capital Group

Henry Martin Pistrelli &
Asociados

Evolution Group SA

Suzan Sabancı Dinçer, Akbank

Natura

Maher Kaddoura

Daniel Espinosa

SAB Foundation

Sportium
David Stemerman
Luiz Sthulberg
Nicolás Szekasy
Özcan Tahincioğlu, Tahincioğlu
Holding
Marcel Telles
Alberto Torrado
Luiza Helena Trajano

PREVITA

Transvaal Electric Motors
(Pty) Ltd

PricewaterhouseCoopers

Ulhoa Canto
Mahmut Ünlü, Ünlü & Co

Korbitec (Pty) Ltd

PricewaterhouseCoopers
Mexico

Fundacion Bavaria

KPMG

Procesa Chiapas

Fundación Bolívar Davivienda

KPX

Promotora

G2 Consultores

Benjamin Quadros

José Galló

Miguel Krigsner & Artur
Grynbaum

Pablo Garfinkel, Life Cinemas

La Anónima

General Atlantic Partners

Leonard & Evelyn Lauder
Foundation

Mark Gerson
Fadi Ghandour
Globant

64

Thomas H. Lee & Ann
Tenebaum

Qualcomm
Quotidian Ventures, LLC
Geoff Ralston
Red Innova
Riverwood Capital
Managment, LP

Uruguay XXI
Valiant Capital Partners, LP
Vieira Rezende Advogados
Ricardo Vontobel
Wayra Argentina S.A.
Woven Fund
Niklas Zennstrom
Fawaz Zu’bi

Endeavor Impact Report - 2013

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (20)

En vedette

En vedette (20)

Similaire à Endeavor Impact Report - 2013

Similaire à Endeavor Impact Report - 2013 (20)

Plus de Can Bakir

Plus de Can Bakir (20)

Dernier

Dernier (20)

Endeavor Impact Report - 2013