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Endeavor Lebanon Co-Hosts Global Lebanese Entrepreneurs and Investors Summit in Beirut

Endeavor Lebanon and the Lebanese International Finance Executives (LIFE) held the Global Lebanese Entrepreneurs and Investors Summit, a meeting that brought together over 300 Lebanese investors, business executives and local entrepreneurs. The goal of the Summit was to create a dialogue between Lebanon’s local and global stakeholders and position the country as a prime market for investment. Select Endeavor Entrepreneurs from the local network also attended the event to share their high-impact stories.

Hosted in Beirut, the day-long event showcased the evolution and high-growth potential of Lebanon’s entrepreneurial ecosystem. Hundreds of high net-worth, venture capital and growth equity investors attended the Summit from major financial centers including New York, London, Paris, Geneva, Singapore and Dubai. Comprised mainly of Lebanese ex-patriates, the participants explored investment opportunities in businesses built by a young generation of local entrepreneurs in a variety of sectors. Panel discussions throughout the day highlighted the investment potential in the thriving Lebanese technology and design industries, as well as the importance of attracting and retaining human capital.

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A panel discussion during the Summit

“Lebanon boasts a vibrant scene of entrepreneurial talent and SMEs with great potential to grow, but this potential remains capped due to lack of access to capital and international markets. This summit, organized with our partners LIFE, has given birth to an investor network that specifically strengthens that weak link and creates the missing connections,” said Tarek Sadi, Managing Director of Endeavor Lebanon. “Hundreds of people are here today because they truly care to revive the country’s economy and help it grow.”

In his keynote speech, H.E. Mr. Riad Salame, Governor of Lebanon’s Central Bank, announced plans to license a stock exchange that would list SMEs and family-owned businesses and to facilitate exit strategies for Lebanese entrepreneurs. This follows a series of several important initiatives undertaken by bank in the past two years to support local entrepreneurs.

A number of top Lebanese entrepreneurs, including many in the Endeavor network, attended the event – Labib Shalak, Jamil Corbani, Mohamad Arayssi and Nada Debs all shared their success stories, failures and insights on how they attracted capital despite the challenges and risks in the country.

Find out more about the event by clicking here.

Harvard Business Review Features Endeavor Research on Tech Founders

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The Harvard Business Review (HBR) featured research from Endeavor Insight that dispels some popular myths about tech entrepreneurs. Tech founders are often associated with prominent colleges, technical training and youth. Data from Endeavor, however, reveals that these beliefs are often the exceptions, not the rule.

Two of the most successful tech entrepreneurs in history – Bill Gates and Mark Zuckerberg – promote the stereotypes around tech founders. Both were college dropouts who studied computer science by day, programmed by night, and built large public companies without ever having worked at one. Anecdotes from popular media have only added to the cult of youth. Last year, articles in The New Republic and The New York Times explored the role that young entrepreneurs have played in shaping Silicon Valley.

Over the last year, Endeavor Insight began studying the New York City tech sector, one of the largest in the world, to understand just how closely these myths align with reality. Starting with publicly available data from Crunchbase, AngelList, and LinkedIn – and layered on top of interviews with nearly 700 local tech founders – the data found that none of these stereotypes hold up.

Read the full HBR piece to find out more about Endeavor’s findings by clicking here. Also find mention of Endeavor’s research in the Financial Times.

The Myth of the Tech Whiz Who Quits College to Start a Company

Endeavor’s Linda Rottenberg Highlights the Inclusive Power of Entrepreneurship for WEF 2015

World-Economic-ForumAs part of the World Economic Forum’s annual gathering in Davos, Linda Rottenberg, Endeavor co-founder and CEO, published an article assessing the state of inclusive entrepreneurship worldwide. The article celebrates the role that Endeavor Entrepreneurs like Leila Velez from Beleza Natural and Lateefa Alwaalan from Yatooq have played in transforming economies and creating high-quality jobs in countries like Brazil and Saudi Arabia.

Endeavor’s role, for nearly 20 years, has been to build “an inclusive middle path, making high-impact entrepreneurship the foundation of prosperous societies worldwide,” Rottenberg writes. Endeavor Entrepreneurs like Leila and Lateefa have moved entrepreneurship into the realm of possibility for millions at society’s margins. Rottenberg, writing about the role of these transformative entrepreneurs, also highlights recent research from Endeavor Insight. As part of a study of New York City’s tech entrepreneurs, she discusses the impact that top-performers can have on the growth of local entrepreneurship ecosystems. In New York City, she notes that “top-performing entrepreneurs…[are] more than twice as likely to become top-performers themselves.” These dynamics, in turn have led to the fast growth of women-led companies in New York City, “just 42 in 2003 to 457 in 2013.” Supporting more than 1,000 entrepreneurs worldwide, Endeavor catalyzes a dynamic of reinvestment that can make entrepreneurship, and society at large, more inclusive.

Read Linda’s full piece for WEF by clicking here.

How entrepreneurship boosts inclusive growth – Agenda – The World Economic Forum

Endeavor Launches Third Southeast Asian Country Affiliate in the Philippines

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Endeavor Philipines Logo no tag (color) web smallManila, Philippines – January 7, 2015 – Endeavor announced that it will expand its presence in Southeast Asia with the launch of Endeavor Philippines, its third country affiliate in the region. The launch is supported and led by some of the country’s top entrepreneurs and business leaders, including seven founding board members and a newly named managing director. According to the World Bank, the Philippine economy remains one of the fastest growing in the region, offering a promising climate for high-impact, high-growth entrepreneurship.

With a population of nearly 100 million spread across more than 7,000 islands, the nation is the seventh most populous in Asia and one of the most diverse. While the Philippine economy has grown at an average of 6% since 2012 according to the World Bank, over 20% of the population still lives in poverty. Supporting high-impact entrepreneurship in the region offers a critical opportunity to fuel economic growth at all levels. With an estimated 99% of Philippine enterprises considered small- or medium-sized businesses, many are facing the crucial scale-up stage that determines whether or not they can grow into impactful businesses that create thousands of jobs. Endeavor research found that just 5% of the country’s total number of firms are considered high-growth (with a minimum of 20% average annual growth), but created 75% of the net new jobs in the country.

The landscape of entrepreneurship in the country continues to show much promise. The Global Entrepreneurship Monitor found that nearly half (48%) of all Filipinos have a very positive view of the entrepreneurial opportunities in their country; furthermore, 68% believe they have the capabilities needed to start a business. At the same time, many recognize the barriers to entrepreneurial development in the country, including a lack of access to financial support, government programming and guidance from role models.

This is where Endeavor’s model can make a difference. By providing access to a world-class network of industry leaders, investors and talent, Endeavor’s support can give the best entrepreneurs in the region the chance to turn their ventures into transformational businesses. Endeavor aims to take the magic of networks like Silicon Valley and bring it to regions with great ideas and potential, but not necessarily the resources to help founders take their visions to the next level. Once selected into the network, Endeavor Entrepreneurs are connected with strategic mentors and given access to an array of tools that can catapult them to success. Since its beginning in 1997, Endeavor has selected and supported 1,030 entrepreneurs representing 651 companies in the 22 markets where it operates. In 2013, from Miami to Morocco, these entrepreneurs have generated $6.8 billion in revenue and created 400,000 jobs across Latin America, Africa, the Middle East, Europe and Southeast Asia.

“It is an exciting time in the history of Endeavor, as we have now helped more than a thousand entrepreneurs realize their dreams,” said Endeavor co-founder and CEO Linda Rottenberg. “The addition of Endeavor Philippines ensures that we will continue to make an impact in one of the most dynamic and exciting regions in the world.”

All Endeavor affiliates are spearheaded by a local board of leading business people, each of whom believes that entrepreneurship can transform economies.  The Endeavor Philippines founding board will be chaired by Eugenio (Gabby) López III, Chairman of ABS-CBN Corporation. He will be joined by Jaime A. Zobel de Ayala, Chairman & CEO of Ayala Corporation; Cezar Consing, President & CEO of the Bank of the Philippines Islands; Anthony T. Huang, President of SSI Group, Inc.; Sheila Lirio Marcelo, Founder, Chairwoman & CEO of Care.com; Edgar Injap Sia II, Chairman of DoubleDragon Properties Corp.; and Julio Sy, Jr., Founder & CEO of TAO Corporation.

“Endeavor has come to the Philippines at just the right time,” said Board Chairman Eugenio (Gabby) Lopez III.  “Sustained economic growth has seen the rise of entrepreneurial activity in the country. We hope to accelerate the development of a vibrant entrepreneurial ecosystem by helping to unleash the full potential of high-impact entrepreneurs.”

The board has selected Manny Ayala as Managing Director of the office, overseeing the successful launch of Endeavor Philippines. Mr. Ayala was a co-founder of Hatchd Digital, a tech incubator, and a Managing Director of investment bank IRG. He will lead the day-to-day operations of the Endeavor office in Manila and will be involved in screening the first entrepreneur candidates for consideration.

Deloitte Fast50 Ranks Endeavor Companies from Egypt and South Africa as Fastest-Growing Tech Firms in the Region

fast50Egypt’s TA Telecom and South Africa’s Everlytic were named to Deloitte’s Technology Fast50 list, an annual ranking which highlights technology companies that have achieved the fastest rates of revenue growth in the African region over the past five years. The list is the leading ranking of its kind in the region, putting a focus on innovation in growth markets.

Fast50 Africa is part of an international program run by professional services firm Deloitte. Entrants of the Fast50 are also entered into  the Deloitte Technology Fast500 EMEA (Europe, Middle East and Africa) program. Previous winners have included some of the most dynamic players in all areas of technology, from Internet specialists to biotech, digital media technology to life sciences, computers to semiconductors and software to telecommunications.

Selected by Endeavor in 2011, TA Telecom was founded by entrepreneur Amr Shady as a value-added services (VAS) mobile solutions provider that delivers time- and location-specific content to subscribers. With operations across the Middle East and Africa, TA’s services range from demographically-targeted SMS advertising to custom content delivery platforms. Servicing over 10 million subscribers, TA is also working towards international growth with an expansion into South Africa supported by Endeavor. Since joining the network, Amr has been an active promoter of the organization’s work, serving as a mentor and board member for Endeavor Egypt. As a panelist at International Selection Panels, he has also played a key role in selecting new generations of entrepreneurs in the pipeline.

Joining the network in 2009, South Africa’s Everlytic, founded by entrepreneurs Sam Hutchinson and Josh Adler, has evolved from a web-applications developer into a content management system provider for the publishing industry. The company offers world-class products like Preditor CMS, a targeted content platform for magazine publishers, and pMailer Enterprise, an email and SMS marketing and delivery service. Together, these products significantly reduce the cost of print production for customers while exposing new opportunities on web and mobile platforms. Endeavor has helped the team connect with industry experts and business leaders, as well as foster critical relationships through the Endeavor Investor Network.

View a complete list of the Fast50 winners below and by clicking here.

Ranking Company Name Country Growth
1 Interswitch Limited Nigeria 1226%
2 Techno Brain Kenya 621%
3 Everlytic South Africa 606%
4 T.A Telecom Egypt 560%
5 Adapt IT South Africa 295%

Argentina’s Globant Opens New Development Center in Peru, Expands Latin American Presence

GlobantEndeavor Entrepreneur company Globant, a technology services firm focused on delivering innovative software solutions, announced that it has expanded its operations to Perú by opening a new development center in Lima. The new office allows Globant to expand its presence in Latin America and continue developing its customer portfolio, propelling services provided to its clients and expanding opportunities for regional talent. One of Endeavor’s top entrepreneurial success stories, Globant also has offices in cities across Argentina, Uruguay, Brazil, Colombia, and the US.

Founded in 2003, Globant was envisioned from the start as a business that could generate world-class career opportunities for IT professionals while showcasing Latin American talent. Globant has become one of the fastest growing software solutions companies in Latin America, providing clients worldwide with solutions that are design-minded, scalable and efficient. The entrepreneurs have put Argentina on the radar of the global marketplace for offshore IT services, with a portfolio of clients that include Google, LinkedIn, Sabre and Electronic Arts. Employing more than than 3,500 professionals worldwide, Globant and its founders have succeeded in becoming a source of inspiration for entrepreneurs both in Argentina and all around the world.

“We chose Peru due to the outstanding growth it has shown during the past years,” said Martín Umaran, Globant Chief of Staff and co-founder. “Lima has become a remarkable business center in the region. We see a growing amount of highly qualified professionals that are at the same level as the best professionals worldwide. With this in mind, we expect to continue growing in Peru towards our goal of becoming the best company in the creation of innovative software products.”

Martín Migoya, Globant CEO and co-founder, added: “We are extremely happy to open this development center in Peru and to keep expanding our presence throughout the world in the search of the best talent. This center proves that world-class software products can be built by putting together global teams, and by understanding that geography today isn’t the predominant factor to take into account. It’s just one of the many facts that impacts the career growth of young people all over the world.”

The company, which held its IPO on the NYSE in 2014, has been highly engaged with Endeavor’s work in Latin America and globally, serving as mentors, ISP panelists and donors. The founders have also attended and spoken at a number of Endeavor-hosted events, including both regional and global galas, retreats and summits. Martín and Guibert also serve as board members in Argentina, with Guibert recently named chairman of the local board. The story of the Globant founders is a testament to Endeavor’s model and the multiplier effect of entrepreneurship as the team becomes role models and investors for future generations of ventures.

Read more about the news by clicking here.

Turkey’s Iyzico Acquires Payments Analytics Firm MyPat.co

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Turkey’s Iyzico, an online payments platform, recently acquired consumer analytics company MyPat.co, uniting the services to better serve Turkish businesses operating online. Founded by Endeavor Entrepreneurs Tahsin Isın and Barbaros Özbugutu, Iyzico is transforming the payment processing experience for businesses through its bank-integrated, fraud-protected payment platform tailored to the nuances of the Turkish market.

Selected this year at the 55th International Selection Panel in Istanbul,  Iyzico was founded in 2012 with the vision of making online payments easier than ever before. From obtaining contracts with banks to systemic fraud, Turkish companies both large and small struggle with online payments. Iyzico’s two API platforms connect 22 banks and payment companies with over 850 merchants, enabling merchants to accept online payments in the easiest and safest manner.

The company’s seasoned executive team and local know-how – from collective 33 years experience in the payment market to personally setting up all the contracts with the banks – enable it to offer a more sophisticated and adaptable platform than competitors in Turkey. While there are many global competitors in the online payment market — namely Stripe and World Pay — none have entered the Turkish market because of the high barriers to entry, providing Iyzico with a window of opportunity. With over 7,2000 registered members, Iyzico’s acquisition news will allow the company to expand its services and provide a better understanding of customer behavior and analytics.  MyPat.co currently serves six major clients, including Endeavor Entrepreneur companies Yemeksepeti and Armut.

Learn more about the news by clicking here.

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Iyzico founders with MyPat.co founder Hakan Erdogan

Report on Scale-Up Entrepreneurship in the U.K. Examines Research from Endeavor

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A new report titled The Scale-Up Report on UK Economic Growth has identified the impact of scale-up companies on the country’s economy and highlighted the importance of supporting high-impact, high-growth firms. Authored by entrepreneurship influencer Sherry Coutu, the report utilizeEndeavor’s research and work to underscore the need for policies and programs that support businesses through the critical scale-up phase.  

The report defines scale-ups similar to the way that Endeavor Insight and other organizations like the OECD and Nesta do. According to its analysis, a scaleup is “an enterprise with average annualised growth in employees or turnover greater than 20 per cent per annum over a three year period, and with more than 10 employees at the beginning of the observation period.”

The report found that scaleups are quite rare. There are more than two million businesses in the U.K., but only 8,923 of these companies are scaleups. However, these businesses accounted for a huge share of the country’s job and wealth creation. A study cited in the report noted that the fastest-growing 6 percent of U.K. firms created over half of its new jobs. The analysis included in the scaleup report also estimates that if the U.K. can increase the number of scaleups in its economy, it will generate an additional 238,000 jobs and £38 billion in value within three years.

If scaleups are so critical, it is important to understand what they need in order to continue to grow. A survey of over 300 founders of scaleup firms in the U.K. revealed that attracting talent, securing customers, and attracting financing are the the most pressing issues faced by these fast-growing companies.

Accessing critical talent was the most important issue cited by scaleup founders in the U.K. For example, over 85 percent of the scaleup companies reported that they would grow faster if it were easier to develop their leaders, and 87 percent of scaleups said that they would be able to grow faster if university graduates had the skills needed to meet customer demand. Eighty percent of scaleup founders also reported that they could greatly benefit from accessing more talent from overseas.

Interestingly, according to additional data shared at the public release of the report accessing finance was primarily an issue for smaller, fast-growing firms. Larger fast-growing firms reported much greater access to funding.

The report concludes with a number of recommendations that the U.K. government can take to support the growth of scaleup firms. It focuses on six areas:

– Targeting, supporting, promoting and reporting on scale-up gap closure. This includes targeting, supporting, promoting and reporting on the number of scaleup companies and their performance.

– Accessing talent. As the report notes, “For leaders of scale-ups, the number one problem that prevents them from being able to accept customer orders is access to talent, namely a skilled supply of people who they can hire.”

– Developing scaleup leadership. Developing internal leaders and managers inside their companies was the second most important factor cited by scaleup founders as stopping them from growing their revenues.

– Increasing customer sales at home and abroad. According to the report, “Barriers exist that prevent companies creating new products and services for domestic markets, and selling successful products in other countries.”

– Financing scaleups. Analysis suggests that scaleup companies often turn to the US or Asia to raise financing.

– Accessing infrastructure. Entrepreneurs at scaleup businesses also reported that lack of access to infrastructure makes it more challenging to grow their companies in the U.K.

To read the full report and its analysis, please click here.

Chile’s DBS Beauty Store Plans Acquisition by National Pharmaceuticals Brand SalcoBrand

Chile’s DBS Beauty Store, founded by entrepreneur Dominque Rosenberg, recently announced plans to be acquired by Chilean pharmaceuticals giant SalcoBrand. DBS currently operates over 30 stores throughout Chile in addition to a variety of other distribution channels. Formed in 2006, DBS is dedicated to the distribution of beauty products for professional and consumer use, representing over 35 international brands.

SalcoBrand, which owns national brands like PreUnic, MakeUp, Medcell, Medipharm and Pharma Benefits, has a portfolio of over 500 stores in Chile. The acquisition, according to SalcoBrand, complements the range of beauty and health products featured in the firm‘s premium segments. DBS will continue to operate autonomously under the brand and the executive team will continue to lead management. Both parties are currently awaiting approval from the National Economic Prosecutor (FNE) to validate the acquisition.

Selected as an Endeavor Entrepreneur 2011, Dominique and DBS have created more than 400 jobs and reports sales in the millions. Tired of shuttling around Santiago to buy assorted brands of mascara, moisturizers and the like, Dominique founded DBS with the vision to reinvent the consumer beauty experience in Chile. DBS has introduced a convenient and fun shopping experience that includes both beauty products imported from around the world and private label products. Endeavor has provided Dominique with a custom advisory board of industry experts and mentors who have helped guide the team on growth, acquisition and product development strategies.

Read more about the news in Chilean media by clicking here.

 

2014 Global Entrepreneurship Summit in Morocco Spotlights the Endeavor Network

GES2014The 5th Annual Global Entrepreneurship Summit took place in Marrakech, Morocco this year, serving as one of the world’s largest celebrations of entrepreneurs who bring ideas to life by creating enterprises, driving economic growth and expanding human welfare. The event attracted over 3,000 participants to Morocco, including top entrepreneurs, high-level government officials, corporate leaders, students, and innovators from all over the world. The event was supported by Endeavor Morocco and featured key members of the local network.

As a knowledge partner of the GES, Endeavor Morocco produced a learning track on “Scale-Up Experiences” during which high-impact entrepreneurs shared stories of the challenges they faced while scaling their companies and multiplying their impact. Rhett Morris, Director of Endeavor Insight, also participated in a plenary session on “transforming the speed and scale of entrepreneurship” and presented the preliminary results of a research initiative on Casablanca’s entrepreneurship ecosystem. Watch Rhett’s address below.

Endeavor Entrepreneur Youssef Chaqor, founder of Kilimanjaro, had the opportunity to meet and participate in a roundtable discussion with U.S. Vice President Joe Biden. Youssef was cited by the U.S. Administrator for small businesses, Maria Contreras-Sweet, during the GES closing speech and was highlighted as an inspiring high-impact entrepreneur who is helping to support the next generation of entrepreneurs.

“Youssef pioneered a method to transform waste into energy by recycling used cooking oil into biofuel that reduces carbon emission by 70% compared to petroleum,” said Contreras-Sweet in her speech. “It’s an amazing advancement in science, but that’s not where Youssef’s story ends. Youssef is now creating a network of young entrepreneurs in charge of collecting oil from households to help improve the air that we breath. By 2020, Youssef hopes to create thousands of new jobs through this collection program. One entrepreneurs’ work holds the potential to create thousands of micro-entrepreneurs. You don’t have to be a brilliant scientist to change the world. We all have a role to play.” Watch the full speech below.

Endeavor Morocco was also present in the Innovation Village, where the team organized a booth to present the organization’s model and impact both in Morocco and on a global scale.

View video recaps of the entire Summit by clicking here.

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