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Endeavor Impact Report - 2013

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Endeavor Impact Report - 2013

  1. 1. IMPACT REPORT 2012 – 2013 “If people aren’t calling you crazy, you aren’t thinking
  3. 3. 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.
  5. 5. 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.
  6. 6. ENDEAVOR IMPACT REPORT 2012 – 2013 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.
  7. 7. 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.
  8. 8. ENDEAVOR IMPACT REPORT 2012 – 2013 $ 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
  9. 9. 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
  10. 10. 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
  11. 11. Loai Naseem company LOMAR selected 2012 industry Fashion COUNTRY SAUDI ARABIA
  12. 12. ENDEAVOR IMPACT REPORT 2012 – 2013 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
  13. 13. 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.
  14. 14. big numbers: tecsis ENDEAVOR IMPACT REPORT 2012 – 2013 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.
  15. 15. $ 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.
  16. 16. 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.
  17. 17. 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
  18. 18. ENDEAVOR IMPACT REPORT 2012 – 2013 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
  19. 19. 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%
  20. 20. ENDEAVOR IMPACT REPORT 2012 – 2013 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 % at previous job / % at current job 21% 50% 34% 78% 59% 86% 23% 78% 23% 69% 24% 69% Percentage of Employees Satisfied with Professional Development % 97 91 81 97 92 % at previous job / % at current job 22% 50% 68% 27% 63% 63% 70% 20% 26% 22% 18 51% 54% color key: ARGENTINA BRAZIL EGYPT JORDAN TURKEY URUGUAY average
  21. 21. 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
  22. 22. 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.
  23. 23. 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
  24. 24. SPOTLIGHT ON ENDEAVOR CATALYST To turbo-charge its global impact, Endeavor has created Endeavor Catalyst Inc. to co-invest in Endeavor Entrepreneurs raising professional rounds of capital. In addition to financial returns to Endeavor, Catalyst Inc. generates numerous social benefits: As its investments in Endeavor Entrepreneurs 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) %
  25. 25. 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
  26. 26. ENDEAVOR IMPACT REPORT 2012 – 2013 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.
  27. 27. 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.
  28. 28. ENDEAVOR IMPACT REPORT 2012 – 2013 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
  29. 29. 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
  30. 30. ENDEAVOR IMPACT REPORT 2012 – 2013 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
  31. 31. 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 Endeavor Entrepreneurs
  32. 32. ENDEAVOR IMPACT REPORT 2012 – 2013 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 Endeavor Entrepreneurs 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 Endeavor Entrepreneur 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 introductions between Endeavor Entrepreneurs and investors were coordinated by the Investor Network
  33. 33. ENDEAVOR MODEL Endeavor Entrepreneur 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+ Endeavor Entrepreneurs 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
  34. 34. ENDEAVOR IMPACT REPORT 2012 – 2013 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.
  35. 35. 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 Endeavor Entrepreneurs 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
  36. 36. ENDEAVOR IMPACT REPORT 2012 – 2013 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.
  37. 37. 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.
  38. 38. ENDEAVOR IMPACT REPORT 2012 – 2013 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 Endeavor Entrepreneurs 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
  39. 39. IMPACT AND RESULTS $332m 75+ Endeavor Entrepreneur 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+ Endeavor Entrepreneurs have started another company post-selection 1,115 2,702 introductions between Endeavor Entrepreneurs and investors coordinated by the Investor Network in 2012–2013 2,708 business leaders mentor Endeavor Entrepreneurs 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
  40. 40. 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
  41. 41. “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
  42. 42. “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).
  43. 43. 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
  44. 44. “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)
  45. 45. 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
  46. 46. ENDEAVOR IMPACT REPORT 2012 – 2013 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
  47. 47. 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.
  48. 48. FOCUS ENDEAVOR IMPACT REPORT 2012 – 2013 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.
  49. 49. ENTREPRENEUR SPOTLIGHT NETWORK BRAZIL Wilson Poit Endeavor Brazil supports 102 entrepreneurs from 54 companies. In 2012, Endeavor Brazil companies generated over $2b in revenues and employed 45,000+ people. company Poit Energia selected 2002 industry Energy & Utilities employees at selection 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)
  50. 50. ENDEAVOR IMPACT REPORT 2012 – 2013 CHILE Endeavor Chile supports 89 entrepreneurs from 64 companies. Since engagement with Endeavor, Chilean Endeavor Entrepreneurs have grown revenues by 51% and jobs by 48%. ATACAMA: ANTOFAGASTA (2011) ENDEAVOR MAIN OFFICE 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.
  51. 51. ENTREPRENEUR SPOTLIGHT NETWORK COLOMBIA Endeavor Colombia supports 37 entrepreneurs from 22 companies. 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 employees at selection 107 employees 2013 202 revenue 2011 ENDEAVOR MAIN OFFICE $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.
  52. 52. ENDEAVOR IMPACT REPORT 2012 – 2013 EGYPT Endeavor Egypt supports 28 entrepreneurs from 16 companies. Endeavor Egypt companies employ, on average, 278 people. ENTREPRENEUR SPOTLIGHT Ahmed Hindawi company Hindawi Publishing Corporation selected 2010 industry Publishing employees at selection ENDEAVOR MAIN OFFICE 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!
  53. 53. ENTREPRENEUR SPOTLIGHT NETWORK GREECE Endeavor Greece supports 10 entrepreneurs from 6 companies. Emilios Markou & Alexis Pantazis company Hellas Direct selected December 2012 industry Insurance employees at selection 23 ENDEAVOR MAIN OFFICE 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.
  54. 54. ENDEAVOR IMPACT REPORT 2012 – 2013 ENTREPRENEUR SPOTLIGHT INDONESIA Endeavor Indonesia supports 5 entrepreneurs 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 ENDEAVOR MAIN OFFICE 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.
  55. 55. ENTREPRENEUR SPOTLIGHT NETWORK JORDAN Endeavor Jordan supports 16 entrepreneurs from 11 companies. Dr. Amin Amin COMPANY ASK for Human Capacity Building SELECTED 2009 INDUSTRY Professional Services: HR & Training ENDEAVOR MAIN OFFICE 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.
  56. 56. ENDEAVOR IMPACT REPORT 2012 – 2013 ENTREPRENEUR SPOTLIGHT LEBANON Endeavor Lebanon supports 11 entrepreneurs from 9 companies. Hervé Cuviliez & Delphine Edde company Diwanee selected 2012 industry Technology ENDEAVOR MAIN OFFICE BEIRUT (2011) employees at selection 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.
  57. 57. ENTREPRENEUR SPOTLIGHT NETWORK MEXICO Endeavor Mexico supports 130 entrepreneurs 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) ENDEAVOR MAIN OFFICE 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.
  58. 58. ENDEAVOR IMPACT REPORT 2012 – 2013 ENTREPRENEUR SPOTLIGHT SAUDI ARABIA Endeavor Saudi Arabia supports 5 entrepreneurs from 4 companies. Abdulmohsin Al-Rabiah company Shawarmer selected 2013 industry Consumer employees at selection 249 ENDEAVOR MAIN OFFICE RIYADH (2012) news Endeavor Entrepreneur 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 Endeavor Entrepreneur 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.
  59. 59. ENTREPRENEUR SPOTLIGHT 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 ENDEAVOR MAIN OFFICE 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.
  60. 60. ENDEAVOR IMPACT REPORT 2012 – 2013 TURKEY Endeavor Turkey supports 33 entrepreneurs from 25 companies. Their revenues have grown, on average, by 250% since engagement with Endeavor. ENTREPRENEUR SPOTLIGHT Sidar Sahin ¸ company Peak Games selected 2011 industry Technology (Gaming) employees at selection 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.
  61. 61. ENTREPRENEUR SPOTLIGHT NETWORK URUGUAY Endeavor Uruguay supports 39 entrepreneurs from 22 companies. Eduardo Delbono & Álvaro Maldonado company Asuan selected 2012 industry Industrials employees at selection 45 ENDEAVOR MAIN OFFICE 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.
  63. 63. 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
  64. 64. ENDEAVOR IMPACT REPORT 2012 – 2013 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
  65. 65. 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
  66. 66. ENDEAVOR IMPACT REPORT 2012 – 2013 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