Endeavor Insight has released “The 8-45 Report” with support from Omidyar Network, spotlighting the contributions of scaleup companies towards economic growth in the country of Colombia. This is the second in a series of reports from Endeavor Insight that will focus on scaleup ecosystems worldwide and their significance in transforming emerging markets. The first report in the series focused on the Indonesian economy, and is available here.
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 job creation and development in Colombia. The report found that these businesses represent just 8% of Colombia’s total number of firms but created 45% of net new jobs in the past three years. This is particularly significant for Colombia, which has a projected workforce growth of one million people by 2020, but currently has more than 1.1 million unemployed young adults between the ages of 14 and 28.
As the demand for new jobs continues to climb, scaleup companies are helping to foster an environment for steady growth, addressing the challenge of unemployment by driving innovation, strengthening value chains, and paving the way for long-term expansion. As the largest job creators within Colombia, 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 the region.
To read the full report and learn the methodology for these insights, click here.