Lima, Peru – April 29, 2014 – Endeavor announced that it will expand its presence in Latin America with the launch of Endeavor Peru, the organization’s seventh office in the region. The launch is supported by some of the country’s most influential and successful entrepreneurs and business leaders, who see the potential for Endeavor’s model to boost the local economy, create jobs, and transform the region.
With a population of over 30 million, Peru has become a driver of economic and social change within Latin America, overcoming past decades of instability and fiscal uncertainty. According to data from the World Economic Forum, Peru has nearly tripled its GDP in the last decade with 6% average annual growth, boosted by government-led reforms and a rise in market-friendly policies. With new national initiatives focused on diversifying local industries, Peru is primed to enter a new era of growth as consumer spending and foreign investment continue to rise.
For Peru to continue its trajectory, providing support for local entrepreneurs and their high-impact ventures has never been more critical. The country’s burgeoning ecosystem makes it an attractive target for the Endeavor model, which will provide the country’s top entrepreneurs with access to resources that will help them realize their scale-up potential. With Peru’s workforce expected to grow by more than 2.5 million workers by 2020, Endeavor Entrepreneurs will create thousands of jobs, stimulate the local economy and become role models for future generations.
“We are excited to build our presence in Latin America and continue the momentum in the region, where the outlook for entrepreneurship has never been brighter,” said Endeavor co-founder and CEO Linda Rottenberg. “In Peru especially, which is becoming one of the region’s big economic players, Endeavor’s model can have a tremendous impact.”
Founded in 1997, Endeavor selects and supports high-impact entrepreneurs who have the potential to scale from promising SMEs into companies that create hundreds, if not thousands, of jobs and generate significant revenues. Once selected, Endeavor Entrepreneurs are given world-class strategic mentoring advice, access to key networks and other tools and talent programs that can catapult them to success.
In the past 16 years Endeavor has selected 917 high-impact entrepreneurs from 20 countries around the world in Latin America, Africa, the Middle East, Turkey, and Southeast Asia. In 2012, these entrepreneurs generated US $6.0BN in revenue and had created 250,000 jobs. Endeavor affiliates already operate in six other Latin American countries: Argentina, Brazil, Chile, Colombia, Mexico and Uruguay.
All Endeavor affiliates are spearheaded by a local board of leading business people, each of whom believes that high-impact entrepreneurship can spark economies. The Endeavor Peru founding board includes: Oswaldo Sandoval, Chairman of the Board of Sandoval Group.; Carlos Rodríguez-Pastor, Chairman of Intercorp; Ernest Bachrach, Managing Partner of Advent International; Diego de la Torre, President of La Viga S.A.; Alex Fort Brescia, CEO of Brescia Group; Mario Alvarado Pflucker, CEO of Graña y Montero; Juan Carlos Verme, Chairman of Inversiones Centenario S.A.A.; Jorge Medina Méndez, Managing Partner of EY Peru; Luis Felipe Castellanos, CEO of Interbank; and Eduardo Hochschild, Executive Chairman of Hochschild Mining.
“Endeavor’s launch demonstrates the vibrant entrepreneurial ecosystem that has been developing in Peru,” said Board Chairman Oswaldo Sandoval. “Entrepreneurship will be critical to the country’s growth as we look to spark innovation and spotlight Peru on the global stage.”
The board has nominated Ana Sofia Valdivia as Managing Director to oversee the successful launch of Endeavor Peru. Ms. Valdivia served previously as a manager at McKinsey with a focus on consumer goods segmentation, go-to-market strategies and transformational programs. She will lead the day-to-day operations of the Endeavor office in Lima and will be involved in screening entrepreneur candidates for consideration.