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.
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42 High-Impact Entrepreneurs from 12 Countries Join the Endeavor Network at the 55th International Selection Panel in Istanbul
Istanbul, Turkey – October 24, 2014 – At the 55th Endeavor International Selection Panel (ISP), 42 high-impact entrepreneurs leading 23 companies from 12 countries were welcomed into the Endeavor network. Endeavor now supports 990 High-Impact Entrepreneurs from 629 companies across 21 countries. […]
October 24th, 2014 — by adminRead more
In the news
Endeavor Uruguay recently published a map of Endeavor’s Multiplier Effect in the country, highlighting the local entrepreneurship ecosystem and the contributions of Endeavor Entrepreneurs. Published as part of Uruguay’s 2013 Impact Report, the map focuses on the impact […]
May 28th, 2014 — by adminRead more
Latest Video(video) Endeavor Uruguay Gala Brings Together 750+ Network Members and Regional Influencers
September 6th, 2014
Reprinted from Pozitron press release.
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.
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 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.
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.
Entrepreneur: Bruno Balbinot
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.
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.
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.
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.
Entrepreneurs: Herve Cuviliez and Delphine Edde
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.
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.
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.
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.
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.
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.
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.
Original Ernst & Young press release posted here.
CR Fellows return from seven-week skills-based volunteering program
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:
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.
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.
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.
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.
Endeavor Global has released its impact report for 2011-2012. With updated country reports, a sleek new design, and a breakdown of Endeavor’s impact, the newly released impact report is available HERE as a look into how Endeavor is continually innovating and fostering high-impact entrepreneurship around the world.
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