Endeavor Insight recently released “The 6-30 Report” with support from Omidyar Network, highlighting the contributions of scaleup companies towards job creation and economic growth in the country of Mexico. This is the third in a series of reports from Endeavor Insight that will focus on scaleup ecosystems worldwide and their significance in transforming emerging markets. The first two reports in the series focused on economies in Indonesia and Colombia.
Scaleup companies, defined as companies more than three years old with a minimum of 20% average annual employment growth, are becoming a critical component of economic and social development in Mexico and throughout the region. The report found that these businesses represent just 6% of the country’s total number of firms but created 30% of net new jobs over the past three years. For a market and economy like Mexico, with an estimated workforce growth of more than 7.9 million people by 2020, the demand for new jobs for young adults has never been higher. A reported 900,000 Mexicans between the ages of 15 and 24 are currently unemployed.
As a result, scaleup companies are critical to curating an environment for continued growth, addressing the challenge of unemployment by driving innovation, strengthening value chains, and paving the way for long-term economic expansion. As the largest job creators in the country, scaleups need access to the sort of services Endeavor works to provide, scaling the right mix of talent, funding and networks to accelerate high-impact entrepreneurship that can transform a nation.
To read the full report and learn the methodology for these insights, click here.