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31 High-Impact Entrepreneurs from 15 Countries Join the Endeavor Network at the 54th Selection Panel in New York City

New York, NY – August 14th – Endeavor selected 31 high-impact entrepreneurs leading 21 companies in 15 countries at its 54th International Selection Panel. Endeavor now supports 948 High-Impact Entrepreneurs from 606 companies across 20 […]

August 14th, 2014 — by admin

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Endeavor and the SAP Social Sabbatical Program Featured in Stanford Social Innovation Review

The Stanford Social Innovation Review recently profiled the Social Sabbatical program at SAP, an Endeavor sponsor, and the software giant’s efforts to transform emerging market economies by leveraging the expertise of its employees. Developed in partnership with  PYXERA […]

April 3rd, 2014 — by admin

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HR tips from Dr. Dana Ardi

Reprinted from Fred Wilson’s AVC.  See original article here.

Dr. Dana Ardi is a friend, former colleague, and an expert in the fields of talent management, organizational design, assessment, leadership, coaching, and recruiting. Dana has taught me a ton about these areas and was a partner at Flatiron Partners where we made a big investment in the talent side of the business. I asked Dana to “bat cleanup” on this series on People and she’s done that in fine form with snippets from her coming book on Betas, the new archetype of organizational leader.

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“When someone asks you, A penny for your thoughts, and you put your two cents in, what happens to the other penny?” It’s a really great question, as well as being one of my favorite among many George Carlin quotes. And it came to mind when Fred asked me to contribute a guest blog post.

Having just put the finishing touches on a book about organizations that’ll be out next year, I’m happy to toss that second penny into the ring.

I consider myself a corporate anthropologist. I’ve spent most of my life studying the cultures of organizations, how they evolve and intersect with what’s happening right this second, and how the people in them influence and shape their communities. My consulting mission isn’t to transform established, successful companies – they’re doing fantastically well the way they are. It’s to assist them and other entrepreneurial ventures with the positioning to succeed with today’s workers, in today’s new business environment, and to help them evolve.

In the Information Age, workers in today’s organizations are accustomed to being sold, not told. Robert Louis Stevenson once wrote, “Marriage is a long conversation,” but so today is business – which is why companies have to change or else risk going under.

It’s pretty clear to me that the Information Age requires a new approach to organizing groups of people, as well as to successfully function within those same organizations. This approach I call Beta, to distinguish it from the old Alpha paradigm, and it trickles down to corporate culture, recruitment, and most of all, leadership.

What do all the most successful leaders, companies and workers have in common? In a nugget, it’s the trait we call self-awareness. In Heart, Smarts, Guts and Luck, a recent business title published by Harvard Business Review Press, co-author Anthony Tjan argues that all successful business leaders are skilled at just that. Of the four core qualities that he has observed make up most successful entrepreneurs and business-building, they know when to dial up…or dial town. They know when to emphasize passion, lower the pitch on assertion and bypass analytical smarts in favor of creative thinking or relational skills. In short, they’re as fluid and adaptable as the businesses they run.

What if you want to be there, but you’re not there yet? Here are a few things to to bear in mind about today’s and tomorrow’s winning-est organizations.

The Most Successful workplaces of the Future…

• Do away with archaic command-and-control models. Winning workplaces are horizontal, not hierarchical.Everyone who works there feels they’re part of something, and moreover, that it’s the next big thing. They want to be on the cutting-edge of all the people, places and things that technology is going to propel next.

• Instead of knives-out competition, these workplaces put a premium on collaboration and teamwork, and on building a successful community with shared values.

• Oh, and I’m not saying workplaces should become democracies – that would never work – simply thatpeople are empowered and encouraged to express themselves.

• Winning contemporary workplaces stress innovation. They believe that employees need to be given an opportunity to make a difference – to give input into key decisions and to communicate their findings and learnings to one another.

Corporate Culture matters more than you think

• The best teams are hired with collaboration in mind. People who remain in the culture are those who are dedicated to the ideal that that the whole is more than the sum of the parts.

• In the most winning corporate cultures, everyone has something to contribute. Leadership is fluid and bend-able. Integrity and character matter a lot. Everyone knows about the culture. Everyone feels the culture. Everyone subscribes to the culture. Everyone recognizes both its passion and its nuance.

• In winning corporate cultures, roles, identities and responsibilities mutate weekly, daily, sometimes even hourly. There’s a focus on social, global and environmental responsibility. No, these initiatives aren’t just good ideas, they really matter.

Today’s Most Successful Organizations…

• …look less like an advancing army and more like a symphony orchestra. They are divided up into sections rather than functions. Each section has a leader and every player is a member of a team that works in synchrony. The orchestra conductor may direct what the orchestra does, but he knows he’s not completely in charge. His sole mission: To impel the other orchestra members to play to the very best of their ability, while integrating those efforts into a concerted group effort.

• In life as in business, most people are not generals, they’re lieutenants. Nor do they necessarily want to be generals – they want to be impact players. Frankly, most of us are happy to have the opportunity to accomplish what we’re good at, and what we enjoy, so long as we receive adequate recognition and reward.

• The most successful contemporary cultures convey the message that it’s okay to be yourself, and to do your best. You don’t always have to move up; you can also move across. More important is that you are happy, fulfilled, contributing to the community and feeling productive and rewarded.

The Leaders of Today have to be self-aware – and top-down mandates no longer work

• There will always be the need for decisive leadership, particularly in crisis times (and there’s a touch of the autocrat and control freak inside every successful entrepreneur). But today’s world is all about collaboration –and launching and maintaining that “long conversation” that Stevenson talked about.

• The leaders of tomorrow need to practice ego management. They should be aware of their own biases, and focus as much on the present as on the future. They need to manage the egos of employees by rewarding collaborative behavior and teamwork.

• Leaders should strive to become what Michael Maccoby dubbed “Productive Narcissists,” tempering high self-esteem and confidence with empathy and compassion. Mindfulness, of self and others, by boards,executives and employees, may very well be the single most important trait of a successful company. Companies have to define the culture; the culture can’t define them. So pre-define it!

• Finally, companies need to understand that every individual in the organization is a contributor; and the closer everyone in the organization comes to achieving his or her singular potential, the more successful the business will be. Successful cultures encourage their employees to keep refreshing their toolkits, keep flexible, keep their stakes in the stream.

Rethink Recruiting

• Diversity is key – and by diversity I mean of thought, style, approach and background. You’re building a team, not filling a position. Cherry-picking candidates from name-brand universities will do nothing to further an organization and may even work against it.

• Don’t buy resume or credentials. Buy competence, track record, character and culture fit.

• Avoid hiring only superstars. It’s about company teams, not just the individual. Sure, it’s totally tempting to create an All-Star team, but in case you hadn’t noticed, those people don’t pass the ball, they just shoot it.

• Hire competencies but remember: hire with your heart. Make sure new workers fit into the preexisting culture, while also importing their expertise. Become their sponsor – onboarding is essential. Spend time listening. Give them what they need to succeed.

• Sometimes you need to hire aliens – folks outside of the culture who bring new ideas and best practices from other places. These people become culture-influencer and agents of change.

• New hires are more than just the college or university they attended. In short, don’t hire credentials, hire people.

• Character matters. Most people don’t succeed in teams not because they are unqualified or incompetent, but simply because they are not a good cultural fit.

• Act now. One of the big mistakes entrepreneurs make is they don’t act quickly enough. Put aside perfectionism, don’t wait for the perfect person – he or she may not exist. Hire track record and potential.

• If, looking back, you realize someone is not a good cultural fit, or is not getting it done, don’t wait to make the change. Sometimes it is just as simple as readjusting their position or redefining their role. If they really don’t get it done, then it’s time to make the tough call.

Be on the lookout for signs of a lack of emotional commitment from employees:

• People complain about the hours they’re putting in;
• Turnover is high, particularly among young top achievers;
• Recruitment is difficult; there’s little innovation or creative thinking; and
• There’s more politicking that there is actual dialogue.

Take note of those employees who have an emotional commitment to the organization:

• People give extra effort voluntarily;
• They become your best ambassadors
• Employees make personal and professional sacrifices to stay rather than leave;
• People feel free to think outside the box; and
• Meetings often result in lively debates and team action.

The employees of tomorrow plays to their strengths

• Rather than aspiring to omnipotence, and acting as though they’re the masters of all they survey, Betas focus on what I call “motivated skills,” e.g., the things they know they do exceptionally well. And instead of exploiting their peers’ weaknesses in order to attain and hold onto power, they encourage their fellow team-members to play to their own strengths so that the entire team and organization can succeed.

Self-Awareness is all (but don’t think for a moment it means you’re soft)

• What is self-awareness but bringing an intellectual and emotional understanding of your strengths and their weaknesses, your goals and their motivations to a given situation?

• Ensure that you hire self-aware people. Give them the proper tools, techniques and feedback, as well as the proper levers of success and sponsorship. Onboard people with the belief that they’ll be successful. Then make sure it happens.

• That said, organizations cannot be whole-heartedly responsible for their employees’ development; employees have to play their roles, too. Beta leaders are skilled at assembling employees, encouraging them to think new thoughts in different ways and challenging them to do new things.

If there’s a single takeaway from years of consulting, recruiting and observing both old and new organizations it’s this: People really truly matter. They are your strategy. They need to be encouraged and coached to pursue what they do best; to keep doing what they enjoy, and to participate in the success of your company.

To survive and thrive today and into the future, business leaders need to grow and develop their own self-awareness. Self-awareness means that you are willing and able to collaborate with employees, directors, customers and yes, even your competitors. It means that you understand that every individual in your organization is a contributor with varying degrees of potential – and that the closer everyone comes to attaining a high level of self-awareness, the closer the organization comes to achieving its potential. It means that your self-awareness feeds into your employees’ own self-awareness, which in turn ignites the overall success of the venture.

Now that Fred has made me the cleanup hitter, I’ll leave with this parting shot: Hire smart and hire the very best people you can. Don’t just onboard someone to fill a slot. Instead, build a community. Keep asking yourself not just what you want and need, but what’s best for the organization to grow and evolve. And remember what George Carlin said: “If you haven’t gotten where you’re going, you’re probably not there yet.”

Stanford Social Innovation Review features Endeavor Entrepreneur Jalil Allabadi

Reprinted from Stanford Social Innovation Review. Original article here.

By Jamil Wyne

During the past two years, Internet penetration in the Arab world has increased dramatically. It has proven to be a powerful civic participation tool and is developing into a facilitator for commercial opportunities. As access continues to grow, it is important that the government, private sector, and general public leverage it to enhance the region’s social development space, in particular health care, which is evolving in the region.

As of June 2012, 3.7 percent of the world’s Internet users were in the Middle East and North Africa region, with Internet penetration reaching 40 percent of the population (compared to the world average of 30 percent). Between 2000 and 2012, Internet penetration grew by more than 2,600 percent. Further, between January and November 2011, the number of Facebook users in the region increased by 68 percent, and as of June 2012, Arabic was the fastest-growing language on Twitter.
Much of the recent fascination with online penetration is due to the Arab Spring. Twitter and Facebook became part and parcel of the discussion surrounding Tahrir Square and events in most countries that saw uprisings. Facebook usage at least doubled during times of protests across the region.

This conversation now also includes e-commerce—in fact, business-to-customer online sales in the region could reach USD$15 billion by 2015 (MRG International—October 2011). In a recent report of 8 countries by the Dubai School of Government, 84 percent of 4,000 Internet users said that social media tools can assist in developing entrepreneurial skills, and 86 percent thought that social media was an important tool for startups. This suggests that Internet users are looking to the online space to shape civic and commercial participation, helping them to learn and enhance productivity.

But an issue often overlooked in this conversation is the role that online space can play in Arab health care systems—a cornerstone of the region’s social development agenda. Parallel to rising online activity, health care in the region is changing. Increasing incomes have led to new demand for health services, calling for more institutions and facilities to answer. As more players demand information on where and how to obtain services, enhancing basic health care knowledge is increasingly important.

As new suppliers and consumers enter the field, online information hubs can play a huge role in educating patients and enhancing awareness of different health care providers. One company in particular offers a model for how this framework could operate.

The Jordanian company Al-Tibbi began in 2009 with a simple agenda: to build the first online Arabic medical dictionary. From there, founders Jalil Allabadi and his physician father created a one-stop shop for online health care information, which now receives 50,000 unique visitors a day, or roughly 1,500,000 unique visitors a month—and those numbers are growing at a rate of 17 to 20 percent every month.

Al-Tibbi’s mission is to expand health awareness and application. The online resource makes information on hospitals, clinics, physicians, and other medical facilities publically available for Arabic consumers. It also helps visitors learn about different health risks, ailments, and treatments—information that can directly inform their decisions and lifestyle. Perhaps most important is the fact that the information is provided only in Arabic. Though Arab physicians and health care professionals study the same materials as their English-speaking peers, relaying the same concepts to Arab patients can be done only through accurate translations.

Al-Tibbi has also created a portfolio of “firsts” in the Arab world. Its Symptom Checker is an online tool that helps patients better understand ailments and maladies. The company has also built the largest Arabic health channel on YouTube, with 2.9 million views to date. Additionally, 750 physicians contribute expertise to site visitors, and 100 more join in each month. The incorporation of physicians is part of Al-Tibbi’s larger strategy to change the way experts, patients, and other stakeholders communicate about health care. Supporting this goal, Al-Tibbi recently became an Endeavor-supported company that has grown from 5 employees in 2010 to 23 in 2012, plus 10 freelancers.

The region needs many online players to contribute to its health care space, which must go beyond information sharing and education. The same is true for the rest of the region’s social development agenda. Online tools are critical to advancing knowledge and to increasing well-being and opportunities. Companies such as Al-Tibbi demonstrate how online and social development objectives can intersect, and provide a blueprint for other players to follow and for millions to leverage.

Endeavor Entrepreneur company Pozitron recognized as Deloitte Technology Fast 50 Winner

Reprinted from Pozitron press release.

Selected from hundreds of nominees, Pozitron has achieved 9th spot in this year’s Deloitte Technology Fast 50™. The ranking identifies the 50 fastest growing Turkish technology companies with the highest percentage revenue growth over the past five years. This success is a product of team work and we want to thank all of our co-workers, clients and business partners in making us the country leader in mobile software space.

Endeavor cited in Harvard Business Review: Focus entrepreneurship policy on scale-up, not start-up


Reprinted from Harvard Business Review. Original article here.

By Daniel Isenberg

Would you allocate more of society’s resources to giving birth to more babies or to raising children well? Now, think about enterprise creation and the challenge of economic growth. Societies’ leaders need to rebalance entrepreneurship policy towards scale, not start.

In recent years, we have been witnessing a significant global shift in attitudes towards entrepreneurship in countries around the globe. This is reflected in the dramatic proliferation of start-up programs: Start-up America, Start-up Chile, Start-up Russia, Start-up Britain, Start-up Weekend, and dozens of others. “Start-up” has replaced “Silicon” as the reigning entrepreneurship buzzword: There is hardly a country or city that is lacking a start-up program.

Unfortunately, this is being guided almost exclusively by a narrow conception of entrepreneurship as consisting primarily in the starting-up of an enterprise. Equating entrepreneurship with start-up is not wrong; it is just very incomplete. It is also problematic because of two flawed implied messages: The first is that the most difficult and important task of the entrepreneur is launching his or her venture. The second is a notion we might call “the more the merrier” — i.e., the more start-ups, the more successful the program. Quantity of start implicitly trumps quality of scale.

Both of these messages are doubtful. If we look at entrepreneurship in terms of extraordinary value creation and capture, which I do, then it is clear that value can be created and captured in a large variety of ways, and there is no a priori reason to think doing this from scratch via a start-up is the only or even the best way. Extraordinary value creation may involve acquiring, re-purposing, spinning off, or recombining underutilized or undervalued assets, or what my Stanford colleague George Foster calls “re-starts.” The Kaspersky’s, for example, founded their leading anti-virus company by spinning it out from a struggling Russian institute they worked for. Over the past decade or so, search funds have become an effective vehicle for acquiring undervalued companies to infuse with capital, management and growth. Family businesses, large corporations, R&D centers and universities — any of these can be essential in creating or freeing up assets rich with untapped potential. And yet:

Extraordinary value creation cannot occur without growth, and entrepreneurial growth post start-up has numerous challenges which can be an order of magnitude more difficult than simply starting a venture. Growth entails developing a powerful sales and marketing machine, building an organization by hiring and managing diverse groups of people, and knowing how to acquire strategic inputs such as the right kinds of capital and suppliers. Growth requires amazing amounts of energy and dedication, not to mention smarts. Forward-looking policy, as well as culture and the private sector, must support all these skills and resources more than it does at present.

Indeed, when I dig into examples of start-up programs, ranging from Scandinavia to the Middle East to both North and South America, scale-up is the far bigger challenge: After two years and $12 million, Start-up Chile’s largest resident start-up employs three people, according to Horacio Melo, the CEO. A comprehensive set of start-up programs and policy reforms in Denmark in the early 2000s led to a dramatic increase in the numbers of ventures formed, but when analyzed five years later, the vast majority had plateaued at a few employees, and fewer than 1% met the fairly modest criteria set to be considered “growth” ventures.

Chile and Denmark’s policies are not “wrong” (in fact, in Denmark this finding has provided policy makers additional impetus to strengthen efforts to crack the code of scale). The lesson is: scale-up is so much harder than start-up entrepreneurs (and policy leaders) realize. As one of my successful entrepreneur friends warns, “This is tough bloody s[***].” We need to turn the focus on growth-after-start: growth will not somehow take care of itself. To return to the imperfect analogy of my lede above, anyone who has been a parent knows that the long and complicated job of growing a healthy, educated and moral child is vastly more challenging than giving birth. I vividly remember how our first birthing class spent hours on breathing and epidurals, yet I had no clue about how to change a diaper or deal with a rash let alone be a father of teenagers! And societal resources required to formally and informally prepare parents for and support them in parenthood are immeasurably greater than for the birth process itself.

So it is just now dawning on many in business and government that when these start-up programs are successful in stimulating venture birth rather than venture scale, the tremendous challenges of growth may paradoxically become worse, not better, and can leave many stagnant or overvalued ventures that may have little real prospect of growth.

We can refocus policy on scale-up in a number of ways. One is structural: stop treating venture survival as an indicator of policy success and start looking at those that grow. It is also necessary for policy to facilitate extremely high levels of venture death and recycling in order to avoid a plethora of valueless start-ups. Focus much more attention on enriching the local labor pool, an essential aspect of an effective ecosystem. Entrepreneurs I meet with from Boston to Bangalore to Barcelona who have succeeded in obtaining market traction almost universally complain about the paucity of appropriately skilled people and managers to hire. Entrepreneurial ventures can never grow without talent, and the two basic types of talent needed — new employers and new employees — must evolve together.

Furthermore (and here is where the parenting analogy breaks down), experience and the existing data suggest that a very small number of high-growth ventures may be sufficient to generate almost all of the social and economic benefits of entrepreneurship. One venture which grows to 100 people in five years is probably more beneficial (to entrepreneurs, shareholders, employees, and governments alike) than 50 which stagnate at two. Endeavor has recently shown that just two or three unusually scaling ventures can have an utterly disproportionate impact on dozens of successors, and impact the entrepreneurship culture in a region.

Which is more important, giving birth or raising children? Obviously, birth is necessary, but it is greatly insufficient. In focusing entrepreneurship policy almost exclusively on start-ups we are favoring quantity of start-up at the expense of quality of scale-up.

Endeavor Entrepreneur Bedriye Hülya honored by Ashoka, speaks at Barcelona TEDx conference

By Becky Pressman, Endeavor Intern

The past few months have been busy for Endeavor Entrepreneur Bedriye Hülya. Since founding b-fit, Turkey’s first national chain of women’s gyms in 2006, the business has grown to over 190 locations run and staffed by women. Bedriye has been recognized for this dedication to the field of social entrepreneurship by being selected as an Ashoka Fellow. Bedriye Hülya will now receive lifelong support from the Ashoka organization as well as the title of one of the leading entrepreneurs in the industry. The award was given at the annual Ashoka in Turkey Gala, attended by a wide range of distinguished guests. Ashoka welcomed three new entrepreneurs for the first time in six years and hopes this will only signify the further growth of the social entrepreneurial field in Turkey.

Recently, Bedriye was also a featured speaker at the inaugural TEDxBarcelonaWomen conference — focused on the empowerment and entrepreneurial talents of women around the globe.

Endeavor Entrepreneurs featured in Stanford Social Innovation Review

Endeavor Entrepreneurs have been on the forefront of innovation and expansion in the Middle East and North Africa, and the world is taking notice. The Stanford Social Innovation Review has recently included several profiles of Endeavor Entrepreneurs and their companies and has championed their contributions to their MENA markets.

A profile of Al-Tibbi, founded by Endeavor Entreprenuer Jalil Allabadi, an extensive, online Arab language medical information portal, is reviewed as a “blueprint for other players to follow” and a major leader in the field of the intersection between online and social development. The article highlights Jalil’s commitment to his mission of health awareness, and his innovative online solution for the Arab-speaking population.

Another article featured in the Review features Endeavor’s contributions to the Jordanian and Egyptian markets. With quotes from many Endeavor Entrepreneurs including Laith Zraikat, Firas Al-Otaibi, Mohammed Asfour, Wael Attili, Amin Amin, Ahmed El Bedawy, and Salma Salem, this article showcases the impact Endeavor is having in the region.

At Miami selection panel, Endeavor selects 40 High-Impact Entrepreneurs (from Argentina, Brazil, Chile, Colombia, Greece, Lebanon, Mexico, Saudi Arabia, Turkey, and Uruguay)

 

Original press release here

MIAMI– Endeavor selected 40 High-Impact Entrepreneurs from 10 countries at its 46th International Selection Panel. Endeavor now supports 766 High-Impact Entrepreneurs from 476 companies in 14 emerging and growth market countries. The entrepreneurs were chosen at a Panel held from December 10-12.

“In Endeavor’s 15-year history, this was our largest International Selection Panel to date,” said Endeavor co-founder and CEO Linda Rottenberg. “We’re thrilled to witness to the incredible diversity in innovations from across the globe; and were especially impressed with the high level of panelists representing six countries. Our entrepreneurs and network continue to prove the transformative value and scope of high-impact entrepreneurship worldwide.”

Leading off a week of entrepreneurship and venture capital events in Miami, the Endeavor panel brought together candidates from 10 countries representing businesses from GPS tracking services and online insurance, payments and flash sales, to cataract surgery clinics and Saudi men’s fashion.

The International Selection Panel is the culmination of a rigorous multi-step Search & Selection process where top local and international business leaders interview and then offer guidance to entrepreneur candidates. Post-selection, Endeavor provides entrepreneurs with customized services provided by local business mentors and volunteers from Fortune 500 consulting firms and top U.S. business schools. Endeavor Entrepreneurs have had a significant track record of creating thousands of jobs and building sustainable growth models in their home countries.

Entrepreneur(s)/Companies selected:

Argentina

Entrepreneurs: Frank Martin and Franco Silvetti

Company: Restorando (www.restorando.com)

Description: Restorando allows diners to book tables at their favorite restaurants online. Restaurants use the company’s cloud-based platform to offer their patrons a streamlined, transparent, and convenient way to book tables in advance.

 

Entrepreneurs: Felipe Herrera

Company: Ventas-Privadas (www.ventas-privadas.com)

Description: Using online flash sales, Ventas-Privadas allows brand-conscious consumers to purchase overstocked premium items at affordable prices while providing vendors with increased stock rotation and cash flow generation. The company’s eCommerce services unit provides solutions to brands with no or little online presence.

 

Entrepreneurs: Sally Buberman, Ignacio Lopez, and Maximiliano Menasches

Company: Wormhole IT (www.wormholeit.com)

Description: Wormhole IT offers a wide range of web conferencing services designed to work in areas with poor and unreliable Internet connections. Using Wormhole IT’s superior technology, individuals and institutions in the developing world can easily and affordably meet, train, and broadcast events online without sacrificing quality.

 

Brazil

Entrepreneur: Bruno Balbinot

Company: AMBAR

Description: AMBAR designs, produces, and installs home electrical systems for large-scale construction projects. Ambar’s industrialized solution reduces project time and cost by manufacturing and assembling precise electrical wire kits in a factory, resulting in an easy to install product that does not require highly-skilled labor. To date, the company has secured large-scale contracts with companies such as Odebrecht, Pacaembu, and Tecnisa.

 

Entrepreneurs: Alphonse Voigt, Wagner Ruiz, and João Del Valle

Company: Ebanx (http://www.ebanx.com/en/)

Description: Ebanx is a payment solutions provider that is revolutionizing e-commerce in Brazil. The company allows Brazilians to pay for online purchases from foreign merchants using domestic payment methods, including Boleto Bancario, bank transfers and domestic credit cards. Prior to Ebanx’s service, only Brazilians with access to international credit cards could transact with these merchants.

 

Entrepreneurs: Alencar Carvalho and Fabio Piastrelli

Company: Gera (www.geravd.com.br)

Description: Founded in 2005, Gera’s mission is to support the management of direct sales channels by providing IT tools, specialized personnel and services. The company’s cloud-based platform, GeraSGI, centrally manages the most critical processes in a variety of direct sales channels (door-to-door resellers). GeraSGI’s robust and flexible platform gives network administrators agile conditions to implement marketing and sales strategies, while controlling payments, orders, and inventory. To date, they have secured partnerships with large companies dealing in direct sales including Natura and Johnson & Johnson.

 

Entrepreneurs: Luis Milani and Carlos Alves

Company: Grupo Oilcheck (www.grupooilcheck.com.br)

Description: Grupo Oilcheck delivers the heavy machinery market a complete solution for both predictive maintenance – oil analysis – and preventive maintenance – microfiltration. Oilcheck provides oil analysis kits to the final customer, handles return logistics, and analyzes the oil in its lab – ultimately providing the client with detailed maintenance recommendations through a web platform, SMS, and a call center.

 

Entrepreneur: Gustavo Travassos

Company: MXT Holdings (www.mxt.com.br)

Description: MXT Holdings creates customized, comprehensive technological solutions—each consisting of integrated hardware, software, and back office services—that outperform those of competitors in terms of energy savings, connectivity, and processing power. MXT is recognized for its know-how and agile production model, which allow the company to deliver products and services up to ten times faster than competitors.

 

Entrepreneurs: Sérgio Lomachisky, Zeev Katz and Iliane Alencar

Company: Tec Saude (www.tecsaude.com.br)

Description: “The goal of your hospital is to take care of people. Our goal is to take care of your hospital.”  That is the guiding philosophy behind TECSAÚDE, Brazil’s leading clinical engineering outsourcing company. Regular maintenance and troubleshooting are essential to maintain the quality and lifetime of a piece of medical equipment, but the majority of hospitals in Brazil cannot afford to train and hire an in-house team of technicians and engineers. With a database of over 500 defined preventative maintenance procedures and 160 technicians and engineers on-site at the hospitals, TECSAÚDE is able to deliver a quick and efficient clinical engineering solution.

 

Entrepreneurs: Rafael Biasotto, Ivan de Oliveira

Company: Uatt? (www.uatt.com.br)

Description: Uatt? provides Brazil’s growing middle-class with exciting gifts and accessories. The company, based in Florianópolis, creates innovative, fun, and affordable products that are sold at over 3,500 retail locations throughout Brazil.

 

Chile

Entrepreneurs:  Sebastian Valin

Company:  ComparaOnline (www.comparaonline.com)

Description: ComparaOnline enables consumers to efficiently make informed insurance, telecommunications, and personal credit purchases while helping traditional vendors establish a Web-based sales channel.

 

Colombia

Entrepreneurs: Mario Hernández Zambrano, María Fernanda Hernández Pérez,  Mario Hernández Pérez

Company: Marroquinera (www.mariohernandez.com)

Description: Marroquinera designs and sells leather goods and other accessories under the brands, MARIO HERNÁNDEZ and *FLY. The company has stores in Aruba, Colombia, Costa Rica, Mexico, Panama, and Venezuela. The leather goods are manufactured in-house while production is outsourced for other accessories such as travel bags and various gift items.

 

Entrepreneur: Jaime Arbeláez

Company: WideTech (www.widetech.com.co)

Description: WideTech helps companies to manage their logistics operations with a focus on vehicle fleets, field based sales personnel, and cargo. It has a proprietary, cloud-based software platform that provides clients with easy-to-read dashboards measuring and relaying relevant variables to help them cut costs, boost sales, and keep track of their logistics operations. The company also offers tracking solutions for taxi and bus fleets.

 

Greece

Entrepreneurs: Emilios Markou, Alexis Pantazis

Company: Hellas Direct (www.hellasdirect.gr)

Description: Hellas Direct is Greece’s first online-only car insurance company. They use cutting edge technology to provide a quote in less than 5 minutes and their prices are generally lower than competitors of comparable quality. They achieve low prices through sophisticated algorithms and a low-risk portfolio that is restricted to safe drivers in the Greater Athens area.

 

Lebanon

Entrepreneurs: Herve Cuviliez and Delphine Edde

Company:  Diwanee (www.diwanee.com, www.yasmina.com, www.3a2ilati.com)

Description: In an increasingly digitized age, Diwanee (Arabic for “e-gathering”) seeks to bring the topics Arab women might discuss amongst themselves to the online platform. By 2015, Arabic is expected to be the fourth most widely used language on the internet, yet only 1.5% of total online content is in Arabic today. Diwanee’s specialized web portals 3a2ilati.com (motherhood, health) and Yasmina.com (beauty, fashion, gossip) satisfy its readership with information tailored to their lifestyle and life stage. In just three years, Diwanee has become the market leader in women’s lifestyle web content in the Arab language in an environment where large consumer brands are eager to target customer segments with high spending power.

 

Mexico

Entrepreneurs: Francisco Javier Cárdenas Ibarra

Company: Orcius (www.orcius.com)

Description: Orcius is a one-stop shop for SME web services. Instead of navigating a market full of freelancers with narrow skill sets, SMEs can now turn to Orcius for a full service experience including reliable web and mobile site design, hosting, site administration, and social media marketing services. Founded in 2008, Orcius uses a franchise model with a wide reach and has launched more websites than any of its competitors in Latin America.

 

Entrepreneurs: Javier Okhuysen Urrutia, Carlos Orellana Aguilar

Company: salaUno (www.salauno.com.mx)

Description: salaUno is a newly launched, well-received and growing provider of ophthamological services, specifically the surgical removal of cataracts, to lower income citizens in the Mexico City area. salaUno is a first mover in this sector in Mexico, and uses uniquely developed business practices that allow for surgeries at 60% less the cost of its competitors. They are one of the top institutions performing cataract surgery in Mexico City by volume.

 

Entrepreneurs: Vidal Cantú, Guillermo Farias

Company: Veramiko (www.inteam.com)

Description: Veramiko, founded in 2006 by Vidal Cantú and Guillermo Farías, has developed InTeam.com, an online platform that provides companies with an integrated intranet solution that fosters organic workplace collaboration. InTeam.com has all of the features of social networks, such as profiles, “walls”, and news feeds, plus specialized business applications including project management tools, file sharing, wikis, and groups.

 

Saudi Arabia

Entrepreneur: Loai Naseem

Company: Lomar (www.lomarthobe.com)

Description: Lomar is the brainchild of Loai Naseem, a Saudi advertising executive turned fashion designer. Fed up with having to wear uniform, unoriginal thobes, the robe-like traditional Arab men’s garments, he decided to create his own with modern, fashion-forward touches. His designs caught on and he turned this hobby into a luxury business, which now boasts 11 showrooms, 380 employees, a large manufacturing facility, and a loyal brand following.

 

Turkey

Entrepreneurs: Berk Aleva, Gizem Yasa, Harun Guner

Company:  Butigo (http://www.butigo.com)

Description: In 2011 alone, Turkey saw 135 million online transactions worth US$12 billion. Butigo, the Turkish based fast fashion brand, seeks to capitalize on Turkey’s ecommerce opportunity and US$1.22 billion market for women’s shoes. Inspired by the immensely popular shoedazzle.com (US), Butigo’s celebrity endorsed online shoe brand offers Turkish women the latest high-end shoe designs at affordable prices, all through a customized online boutique. Each shoe ranges from US$27 to US$120 making the Butigo brand an affordable alternative to high-end designer shoes.

 

Uruguay

Entrepreneurs: Alvaro Maldonado and Eduardo Delbono

Company: Asuan (http://www.asuan.com.uy/quienes.htm)

Description: Asuan provides comprehensive turn-key systems to food processing and packaging facilities throughout Latin America. The company specializes in meat deboning systems, but also offers systems for a variety of different sectors within the food industry, including dairy and bread. Since its founding in 2004, Asuan has expanded from Uruguay into Argentina, Brazil, Chile, Mexico and Paraguay with the help of market-leading clients JBS, SuKarne, and Gorina.

Endeavor Insight Releases a Term Sheet Calculator

How does the pie get divvied up when an entrepreneur sells his company?  Who gets the biggest slice?  And, importantly, who or what sets these terms?  The answer to all of these questions is in one eponymous document: The Term Sheet.  But, term sheets can be complicated, convoluted, and confusing especially for an entrepreneur who might be  negotiating for the first time with a financing partner.  To demystify this process, Endeavor Insight has created an educational tool designed to help entrepreneurs understand at a high level how to best raise smart capital. The Endeavor Term Sheet Calculator helps entrepreneurs who are entering their first round of funding understand how changes to critical parts of the contract can dramatically alter how entrepreneurs, investors and employees share money upon the sale of a company.

Users can input key variables, including pre-money valuation, pre-money employee options, investment value, anticipated exit value, preferred participating cap multiple and liquidation preference, to see how exit scenarios would play out under capped, full and no participation models.   Below is a glossary of these key term sheet “buzz words” and a description of what they actually mean:

Pre-Money Valuation: the value of a company before it receives any funding from external investors

Pre-Money Employee Options: the percentage of common stock allocated to employees for motivation, reward, and incentive before VC investment

Full Participation: The investor’s right to collect the cash equivalent of his equity after he collects his liquidation preference multiple upon exit. For example, if an investor gives $10 million for 50% of a company with a liquidation preference multiple of 2x, when the company is sold he would receive $10m x 2 plus an additional 50% (due to full participation) of the remaining cash.

No Participation: The investor’s right to collect either the cash equivalent of his equity or his liquidation preference multiple upon successful exit. In our example, the investor would be entitled to either 2x of his initial investment or 50% of the company and would choose the higher value.

Capped Participation: The investor has a right to collect the cash equivalent of his equity after he collects his liquidation preference multiple up to a certain amount upon successful exit.  In our example, the investor is entitled to receive 2x his initial $10 million investment plus 50% of the remaining value of the company, if it does not exceed a certain cap or ceiling (typically a multiple). If that amount does exceed the cap, then the investor would just receive the cap

Liquidation Preference: The multiple by which the investor is entitled to increase his initial investment upon successful exit.

 

Endeavor Entrepreneur company GoIntegro secures growth equity funding from Riverwood Capital and Kaszek Ventures to fund growth initiatives

Press Release from GoIntegro.

Funding to accelerate growth of its leading SaaS social engagement platform for HR in Latin America with a specific focus on growing its presence in Brazil

GoIntegro, the leading SaaS social engagement platform for Human Resources in Latin America, announced today that it has completed a round of growth funding from Riverwood Capital, a global technology private equity firm, and Kaszek Ventures, a leading venture capital firm in Latin America.

“This round of funding comes at a strategic moment for the company, and will enable us to focus our efforts on expanding the business in key markets such as Brazil,” said Germán Dyzenchauz, CEO and Co-Founder of GoIntegro.

GoIntegro currently has a presence in Argentina, Brazil, Chile, Colombia, Peru, Uruguay and Ecuador. Going forward, GoIntegro plans to accelerate growth of its operations in Brazil under the leadership of Thiago Goncalves, the Company’s Brazil country manager. Today, GoIntegro’s customers in Brazil include PepsiCo, Mercadolibre.com, Kimberly-Clark and Monsanto.

GoIntegro offers a leading corporate social platform in the cloud, bringing together a diverse set of engagement solutions for human resources. The platform combines a corporate social network with applications designed to manage Internal Communication, Corporate Benefits, Recognition and Rewards Programs, and Incentives Programs. This combination of social capabilities and HR specific applications makes it a leading virtual platform for interaction between employees and companies and HR departments.

“Our solution is already used by the largest companies in Latin America, reaching one million employees every day. The current platform offering is the result of over 10 years of continuous improvement, reflecting insight from data collected through the system as well as changes observed in human resource organizations over the years,” said Dyzenchauz. “GoIntegro customers consider our solution to be indispensable as it has shown to deliver value by improving employee engagement and reducing turnover.”

“Today, one of the key challenges facing managers is to retain talent at all levels of the organization. Latin American companies are beginning to see human resources as a strategic function and are increasingly focused on managing the balance between performance and quality of life for employees. GoIntegro is uniquely positioned to help managers and HR departments that are committed to the sustainable growth of their organizations,” said Brazil Country Manager Thiago Goncalves.

About GoIntegro
Founded in 2002, GoIntegro is a pioneer in SaaS social engagement solutions for Human Resources.
The GoIntegro platform is used by more than 250 companies in Latin America today. Customers include Banco Itaú, Petrobras, Citibank, Banco Santander, Kimberly-Clark, Carrefour, IBM, Oracle, Accenture, BASF, Danone, GE, Hewlett Packard, Zurich, LAN Airlines, McDonalds, among others.

Endeavor Entrepreneurs receive help from Ernst & Young’s Americas Corporate Responsibility Fellows

Original Ernst & Young press release posted here.

CR Fellows return from seven-week skills-based volunteering program

Back row L-R: Susan Raffel, David McGibbon, Joe Sanabria, Joyce Olson,
Daniel Paquin, Linda Whalen, Rich Pashkin, Onuwa Uzor
Front row L-R: Roni Gibri; Uma Datla; Angela Gomez; Tamil Chellaiah

More than 60 Endeavor Entrepreneurs in Latin America have benefited from the volunteer efforts of Ernst & Young’s Americas Corporate Responsibility (CR) Fellows since 2006. The 2012 class of Fellows has just returned from their seven-week assignments where they leveraged their workplace skills to meet the specific business needs of entrepreneurs at no charge to the businesses. Since the program was formed, CR Fellows have contributed nearly 27,000 hours working with promising entrepreneurs in emerging markets in an effort to create scalable, sustainable economic value.

“Ernst & Young is recognized as a best-in-class learning organization because of the experiences that our people have both within the firm and the broader marketplace,” said Deborah Holmes, Americas Director of Corporate Responsibility for the Ernst & Young organization. “The CR Fellows program — along with our other signature programs, College MAP and Earthwatch Ambassadors — provide engaging, hands-on experiences for our employees that help them grow as inclusive leaders while using their professional skills to strengthen our communities.”

This long-running program benefited entrepreneurs in Brazil, Mexico, Argentina and Chile this year by engaging Ernst & Young’s top-performing talent in projects that addressed business issues like cash flow management, human resources strategy, financial process definition and sales and marketing. In turn, the CR Fellows gained a more global mindset through this short, sharp global mobility experience where they lived and worked in an unfamiliar culture. CR Fellows return to the workplace with stronger values of diversity and inclusion and an expanded global mindset.

Fellow Brendan Maher explained: “During my Fellows experience, the language barrier was always a challenge. When I was conducting a meeting in English, I often had to slow down to make sure everyone understood my message. I’ve tried to apply this lesson since returning to my team at Ernst & Young. Most of my current client-related work is related to over-the-counter derivatives reform stemming from the Dodd-Frank Act, which can be very difficult for new team members to grasp. When discussing a new concept, I often pause and ask them to explain the key impacts to demonstrate their understanding.”

Since 2006, Ernst & Young has collaborated with Endeavor, a not-for-profit organization that identifies and supports high-impact entrepreneurs in emerging economies, to match the CR Fellows with their host company. And just last year, the firm announced a three-year, multi-million dollar sponsorship with Endeavor that includes support for International Selection Panels, executive-level mentors and connections, Global events sponsorship and the launch of a new financial course designed expressly for Endeavor Entrepreneurs.

“Endeavor and CR Fellows work with entrepreneurs to help these businesses become ‘high-impact’ –- expanding employment, generating wealth and inspiring others to innovate,” said Endeavor co-founder and CEO Linda Rottenberg. “In fact, Endeavor’s high-impact entrepreneurs grow jobs 5.4 times faster than comparable companies and grow revenue 2.4 times faster than comparable companies.”

The 2012 Fellows supported 12 distinct entrepreneurs with the following projects:

Brazil

ClearSale, a provider of fraud risk management outsourcing solutions that focus on e-commerce and telesales environments, was assisted by an Assurance manager from Fort Worth on a financial processes project.

B2, an agency that serves as a marketing platform for brands and advertisers to access Brazil’s burgeoning youth market, received assistance from a Cleveland-based Advisory senior manager with a Human Resources leadership development project.

Pixel Labs, a developer of interactive cosmetic technology solutions for point of sale and online channels, received help with cash flow management and projection from an Atlanta-based Transaction Advisory Services manager.

Mexico

Tuyo, a company that buys and re-sells secondhand consumer electronics in stores, developed a same-store strategy and key initiatives with the support of an Americas Markets associate director from Secaucus, NJ.

BlueMessaging, a business that offers organizations a user-friendly and scalable digital messaging platform based on artificial intelligence, was assisted by a Financial Services Office senior manager from New York on financial processes.

Enova, a social enterprise specializing in technology-based educational services, worked with an Advisory senior manager from McLean, VA, to identify organizational improvement opportunities spanning people, process and technology.

Argentina

Integro, a company that creates Human Resources loyalty programs, received assistance with financial reporting from a Tel Aviv-based Assurance manager.
Conexia, a Business Process Outsourcing (BPO) information technology company, was helped with their financial planning process by a Transaction Advisory Services manager from New York.

Onapsis, a software development firm that performs automated SAP security assessments, was assisted by a Charlotte, NC-based Financial Services Office senior manager on various financial processes.

Goodpeople, an action sports community network that has a retail and online presence, was supported by an Assurance manager from Kitchener, Ontario, with their financials and forecasting.

Chile

Prey, a developer of an open-source, multi-platform software that helps people track and recover lost or stolen computers, tablets and mobile phones, prepared to raise capital and expand market share with the support of a Louisville, KY-based Advisory manager.

Buscalibre, an e-commerce bookstore, received assistance with brand and marketing strategy from a marketing associate director from Los Angeles.

Ernst & Young’s CR Fellows program is an extension of the organization’s global commitment to entrepreneurship, which includes the annual Strategic Growth Forum, an event that gathers more than 2,000 of the nation’s top CEOs, entrepreneurs, advisors, investors and other senior business leaders to share their experience on innovation, transactions, growth and what’s shaping the future of the global economy. This event also hosts the Ernst & Young Entrepreneur Of The Year® awards program, recognizing entrepreneurs for their vision, innovation, courage and leadership in building and growing successful businesses.

In addition to the Americas CR Fellows, Strategic Growth Forum and Ernst & Young Entrepreneur Of The Year® awards, the firm demonstrates support for the next generation of entrepreneurs with additional programs:

- The Ernst & Young Entrepreneurial Winning Women program, launched in 2008, helps outstanding women entrepreneurs accelerate the growth of their businesses by identifying and connecting them with the advisors, resources, and insights they need to scale up and become market leaders.

- The Ernst & Young Entrepreneur of the Year Alumni-Youth Entrepreneurship Fund, created in collaboration with the Network for Teaching Entrepreneurship (NFTE), provides scholarships for NFTE students while supporting NFTE in its mission of helping underserved youth pursue educational opportunities, start their own businesses and succeed in life. In addition to the fund, Ernst & Young LLP professionals provide leadership on each of NFTE’s Regional Advisory Boards across the US and demonstrate extensive volunteerism in NFTE programs.

- Ernst & Young LLP awarded an in-kind donation of $1 million worth of professional services to Kiva.org, the world’s first person-to-person micro-lending website that has helped fund nearly 845,000 entrepreneurs in developing markets. Ernst & Young LLP professionals from the Advisory and Assurance service lines contribute their time to Kiva.org in support of projects designed to help Kiva evaluate financial data and improve its controls.

To learn more about the Americas CR Fellows program, please click here.

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