Endeavor Global: Finalist's Statement
"Endeavor has played an instrumental role in promoting entrepreneurship as a tool for development. It is a model that should be replicated around the world."
- James D. Wolfensohn, the former World Bank President
Endeavor unleashes the power of entrepreneurship in emerging markets.
Entrepreneurship is the most effective way to build wealth in a society. High-impact entrepreneurs create jobs, serve as inspirational role models, and generate sustainable economic growth.
Endeavor identifies the most promising and innovative high-impact entrepreneurs, then provides strategic, world-class support to help take their companies to the next level. Through these success stories, Endeavor inspires the next generation to think big and take risks.
With Endeavor's support, businesses expand, jobs are created, and entire countries are transformed, one entrepreneur at a time.
- Enter- Endeavor targets emerging market countries transitioning from international aid to international investment. Endeavor then seeks out local partners to build country boards and benefactors to launch Endeavor local affiliates.
- Select - Through a rigorous, multi-step selection process, Endeavor screens thousands of emerging market entrepreneurs to identify the best talent in a country. Candidates with the most innovative, high-growth ventures and greatest promise as future leaders become Endeavor Entrepreneurs.
- Support - Endeavor provides customized local and global services for selected Endeavor Entrepreneurs, including access to hands-on tools, mentoring and networks that will increase opportunity for success.
- Promote - Endeavor's local offices partner with leading media companies and universities to promote Endeavor success stories and role models, demonstrating that regardless of background it is possible to transform an entrepreneurial idea into a world-class business.
- Influence - Endeavor partners with governments and multilateral institutions to examine policy changes that countries can make to promote entrepreneurship and venture capital. Endeavor also aims to inspire a tradition of philanthropy where local entrepreneurs serve as community leaders and philanthropists - donating time, money and knowledge back to their communities.
Endeavor is not a charity. We do not offer financial aid. We support high-impact entrepreneurs who, through a multiplier affect, create sustainable economic growth in emerging markets. Since selecting its first Entrepreneur in January 1997, Endeavor has:
- Screened 11,892 emerging market entrepreneurs in Argentina, Brazil, Chile, Mexico, Uruguay, and South Africa
- Selected 236 Endeavor Entrepreneurs from 159 companies
- Created 25,583 value-added jobs through Endeavor Entrepreneurs
- Provided 14,400 hours of mentoring to Endeavor Entrepreneurs
- Helped raise US$79.8 million in financing for Endeavor Entrepreneurs in 2004
- Generated US$839 million in revenues through Endeavor Entrepreneurs in 2004
- Trained over 500 angel investors
- Promoted 2,231 media articles and interviews featuring Endeavor Entrepreneurs
Today, 95% of Endeavor Entrepreneurs' companies are still operating. Furthermore, Endeavor is transforming the entrepreneurial landscape in its operating countries. A few examples:
- The term "entrepreneurship" does not exist in the Portuguese dictionary. Endeavor Brazil co-publishes over 1,000 media articles, writes a book on entrepreneurship, and develops one of the country's most popular educational websites. The editor of a leading Brazilian dictionary contacts Endeavor Brazil about incorporating "empreendedorismo" in the next edition.
- Mexican banks only lend to businesses that can prove three consecutive audited years of profitability, shutting out the vast majority of entrepreneurial ventures. In Mexico, Endeavor Entrepreneurs have a survival rate of 100%. As a result, Mexican banks now offer Endeavor Entrepreneurs debt financing on reasonable terms. Endeavor Mexico has partnered with top Mexican banks - Banamex, Inbursa, and UPS Capital - to allocate pre-approved credit lines of up to $5 million to Endeavor Entrepreneurs.
- Uruguay lacks a local venture capital industry. Inspired by Endeavor's selection process, leaders of Endeavor Uruguay's network partner with the Inter-American Development Bank/Multilateral Investment Fund (IDB/MIF) to launch Uruguay's first venture capital firm: Prospéritas Capital Partners.