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Endeavor eMERGE Dubai Convenes 40+ Entrepreneurs and Network Members to Highlight Human Capital

Endeavor hosted an Endeavor eMERGE event in Dubai this month, bringing together top members of the network from the MENA region for two days of networking, workshops and discussion. With a particular focus on the development […]

September 25th, 2014 — by admin

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Mexico’s Intellego and Chile’s Agrotop Named World Economic Forum Global Growth Companies in Latin America

Mexico-based Intellego, founded by Endeavor Entrepreneurs Felipe Labbe and Eduardo Graniello, and Agrotop, founded by Endeavor Entrepreneur Karina von Baer, was recently named by the World Economic Forum as Global Growth Companies (GGC) of 2014, which highlights […]

April 14th, 2014 — by admin

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Die-hard Indonesian gamer and Endeavor Entrepreneur turns obsession into winning business plan

Reprinted from Jakarta Globe. Original article here.

By Antonny Saputra

There are hundreds of online games published around the world every day, with dozens of them dubbed “the most popular” during their brief time in the spotlight.

With millions of die-hard fans spending hours in front of their computers all day long, game publishers can earn millions of dollars in profit through vouchers required for the players to keep playing, or through the sale of advanced items to players to enhance their gameplay.

Amid the sea of Indonesian gamers, one man has managed to find his own fortune within the online-gaming industry.

Vincent Iswaratioso is one of the founders of Indomog, an online company that provides people with an easy payment-solution option to purchase online gaming vouchers.

The website, which he launched with three of his friends in 2007, features an elegant Web layout that is free of unrelated pop-up ads and banners.

It was his success with the business that led Vincent to be chosen as one of three entrepreneurs to represent Indonesia at Endeavor’s 45th International Selection Panel in Istanbul, Turkey last month. Endeavor is an organization that aims to mentor promising entrepreneurs.

Vincent was joined by Niki Luhur, president director of payment-solutions company Kartuku, and Aldi Haryopratomo, chief executive of social enterprise Ruma.

“We attracted entrepreneur candidates from four continents to Istanbul, representing the true breadth of Endeavor’s efforts to identify and support high impact entrepreneurs throughout the world,” said Endeavor co-founder and chief executive Linda Rottenberg.

“After an outstanding ISP in Istanbul, I am thrilled to welcome our first Endeavor Entrepreneurs from Indonesia. We commend Vincent, Niki, and Aldi for their achievements thus far, and look forward to being part of their growth stories in the years to come.”

Vincent and his friends were still testing the waters of Indomog during their first three years of operation.

“It was a trial and error process for us in the beginning. We’ve even changed our management three times,” Vincent said.

Vincent, who is quite the gamer himself, was once among the hundreds of thousands of Ultima Online players when the MMORPG (massively multiplayer online role-playing game) was released in late 1997.

Now, 15 years later, Vincent is helping streamline the process for die-hard players by providing a one-stop solution to access every available popular online game in Indonesia.

“In a way, playing online games is also a form of education. Some adventure games teach you about history and geography and of course the online elements encourages social interaction. This is why I think it’s a mistake to see online gamers as geeks, although console players who only play single-player games may prove to be different,” Vincent said about his support for children and teenagers to play more online games.

As one of the biggest markets for online gaming in Asia, one could wonder why Indonesian publishers don’t consistently develop their own high-profile MMORPG to cover our huge market. Vincent argued that one of the biggest problems people faced here was the fact that capable experts required for the tiny details of game development were all spread out.

“It’s hard to assemble the team,” he said. Established 15 years ago, Endeavor is a non-profit organization that aims to lead the global movement toward accelerating long-term economic growth. This is achieved by monitoring, selecting, mentoring and promoting the best high-impact entrepreneurs around the world.

The organization’s community assists their selected entrepreneurs in overcoming developmental challenges through solid networking, access to smart capital, strategic advising and inspiration from successful world-renowned businessmen and women alike.

Endeavor chooses entrepreneurs like Vincent from around the world, with the hope that these talented people create job opportunities, become role models for others and foster an entrepreneurship ecosystem that promotes investment.

And now with its consistent growth, Endeavor has expanded to 15 different countries including Jordan and Saudi Arabia, with its Indonesian branch launched in February this year.

Vincent was one of the thousands of entrepreneurs Endeavor screened through an intense selection process, which lasted more than 12 months.

Participants had to pass a series of local and regional interviews before presenting themselves to the panelists of its global business network at an international selection panel, which is held four to five times each year.

When people are finally selected as an Endeavor Entrepreneur, they will then receive guidance from mentors who voluntarily dedicate their time.

Endeavor entrepreneurs have created more than 180,000 jobs, contributed billions of dollars into local economies and have become role models for young people in developing economies.

Silicon Valley to Beirut: Recommendations for VCs

As highlighted in a new report by Endeavor Insight, entitled “How to Improve Access to Finance in Lebanon,” Lebanon is primed to make its mark on entrepreneurship.

To make this mark, all actors in the ecosystem have specific roles to embrace in order to expand access to finance—a crucial piece of successful entrepreneurial ecosystems.  From interviews with nearly 20 influential Lebanese actors in the entrepreneurial ecosystem (including VCs, incubators, entrepreneurs, etc.), it is unsurprising that funders (particularly VCs) have an important, immediate role to play in the development of the Lebanese funding landscape. Below are key actions which emerged in interviews:

1)      Build a team that includes ex-entrepreneurs: VCs should make sure they have a good mix of investment professionals AND ex-entrepreneurs on their teams. “VCs need more people who have started their own business and have walked in our shoes,” comments Rabih Nassar, founder of Element^n. Currently, entrepreneurs often believe that VCs do not have enough people with the relevant personal experience to provide strategic guidance. VCs should make sure they are developing well-balanced teams that include people who have built a business and understand what it takes.

2)      Be transparent: VCs can be more transparent in simply explaining what they are looking for. By putting out sample term sheets, similar to what Fred Wilson of Union Square Ventures posts on his blog, companies will get a sense of what they are signing up for. Similarly, VCs can include templates for the types of presentations and information they are looking for in pitches along with sample financial models. “They also need to talk about the investments they have made and how they are doing,” comments Samer Karam of Seeqnce, one of the few accelerators in Lebanon. By being more transparent about their requirements and their performance, both VCs and entrepreneurs can save a lot of time.

To learn more about where Lebanon is now, as well as read recommendations for how it can fully capitalize on its bright future, please read the full report here.

Endeavor Entrepreneur Diego Saez-Gil honored with “Most Innovative Travel Startup of the Year” award

By Hilary Saccomanno, Endeavor intern

Endeavor Entrepreneur Diego Saez-Gil and his partners have been honored by the travel industry with the “Most Innovative Travel Startup of the Year” Award.

Wehostels was recognized and awarded the honor by 12 travel executives, including CEOs and VPs from companies like Expedia, Priceline, Sabre, Google and Viator among others at the PhocusWright Confrence’s Travel Innovation Summit.

When Diego and his partners created Wehostels, they aimed not only to allow people to book affordable accommodation quickly and easily but also to connect them with other travelers to build a community of young global adventurers. Beginning by constructing a website that facilitated travel and accommodation, they immediately recognized a trend in people’s increasing use of mobile devices instead of the web to book their arrangements. They also noticed that travel companies were not facilitating this trend. So, they made a shift in the way they connected people through virtual space by deciding to get rid of their website and “go mobile or go home.”

With a beautifully crafted application and a simple design that facilitates booking and even makes it fun (never before has credit card payment been enjoyable), Wehostels is not only creating a new use for technology but also facilitating new friendships by creating a new social forum and network of similarly minded adventurous individuals. Moreover, and as validated by industry experts, they have proven to possess obvious entrepreneurial instincts that promise to continue guiding their business decisions.

The PhoCusWright Confrence attracts the world’s leaders in travel, who attend or tune in annually to get the latest in research, ideas and inspiration from the industry’s innovators. The Travel Innovation Summit is a feature of the conference that is used to bring innovative ideas, applications and individuals center stage. Previous winners have gone on to develop the ideas for companies like Tripit, Gogobot, EveryTrail, Hipmunk and Groundlink. No less is expected from Diego. His company just announced their ambition to become the World Largest Mobile Travel Agency for the Youth Travel Market. Be sure to connect with him and Wehostels to see how they continue innovating to connect people and facilitate their experiences. In addition, if you invite friends, both you and your friends will receive $10 to use on future bookings.

Endeavor Entrepreneur company Fairtrasa wins 2012 Social Entrepreneurship award

The Americas Business Council (abc*) Foundation, a self-defined “think-do tank”, is on the forefront of empowerment and innovation in the Americas. The recent abc* Continuity Forum was held last week in Miami, and with keynote speakers such as Kofi Annan, Steve Wozniak and many other leaders in the field, the event was an impressive meeting of influential minds. Over 500 initiatives applied for support and funding from abc* to implement their initiatives over the next two years. Of these 500 entries, 32 finalists were given a chance to present their ventures at the forum. Endeavor’s own Fairtrasa was chosen as a 2012 winner.

Fairtrasa, Fairtrade South America, champions sustainable fair trade in Latin America through technical support and greater access, Fairtrasa ensures fair compensation for small-scale farmers as well as a high-quality product to markets overseas.

Patrick Struebi, Endeavor Entrepreneur and founder/CEO of Fairtrasa, was gracious in the acceptance of the award, stating that “this award is not only a very important recognition for the work we have been doing but also a clear sign that large organizations and political leaders increasingly recognize the importance and value of sustainable food projects and the need for including small scale-farmers into the world’s food supply systems. As a winner we will now receive support from the most influential business leaders over the course of the next two years to further scale our business to increase the positive impact for many more farmers.”

With the support of The Americas Business Council, the next two years will be full of growth not only for Fairtrasa, but for the small-scale farming initiatives they sponsor as well.

Silicon Valley to Beirut: Recommendations for Entrepreneurs

As highlighted in a new report by Endeavor Insight, entitled “How to Improve Access to Finance in Lebanon,” Lebanon is primed to make its mark on entrepreneurship.

To make this mark, all actors in the ecosystem have specific roles to embrace in order to expand access to finance—a crucial piece of successful entrepreneurial ecosystems.  From interviews with nearly 20 influential Lebanese actors in the entrepreneurial ecosystem (including VCs, incubators, entrepreneurs, etc.), it is evident that entrepreneurs themselves have an important, immediate role to play in the development of the Lebanese funding landscape.  Be on the lookout for actionable recommendations for other ecosystem actors over the next few days.    Below are key actions which emerged in interviews:

1)      Learn to bootstrap: Too many entrepreneurs see successes in Silicon Valley as evidence that funding should fall into their lap. As Elie Khoury, co-founder of YallaStartup says, “YallaStartup means ‘start working!’ YOU as an entrepreneur have to start figuring out how to make it work with low funding.” Entrepreneurs in Lebanon need to learn the importance of making sacrifices and bootstrapping. Plenty of entrepreneurs have created highly successful businesses with only limited funding in the early stages, but it required great sacrifice to pursue what they believed in.

2)      Be investment-ready: Entrepreneurs should not worry about approaching VCs until they are ready. They need to have something to show–a prototype, a demo or a proven model–before approaching funders. Too often, entrepreneurs show up with a “great idea” and a business plan without any proof of concept or revenue model. “Take the time to go through the process,” advises Walid Hanna of MEVP. “Build the business, work with incubators, be patient, get good mentors and wait until you are ready to approach VCs.”

3)      Look for strategic partnerships: After seeking out family and friends, most Lebanese entrepreneurs approach VC firms for funding. However, there is an alternative to traditional VC that can often be a better match – strategic partnerships or smart money. “Liaise with bigger companies that can benefit you in ways other than capital,” recommends Fadi Daou, serial entrepreneur and founder of MultiLane SAL. For example, rather than seeking traditional VC funding, a startup focused on providing media services might consider developing a partnership with a top media agency in Beirut.  These types of partnerships can provide strategic direction in addition to funding.

To learn more about where Lebanon is now, as well as read recommendations for how it can fully capitalize on its bright future, please read the full report here.

Video interview: Endeavor Entrepreneur Wael Attili of Kharabeesh [Wamda TV]

Reprinted from Wamda. Original article here.

By Nina Curley

This week’s entrepreneur of the week is Wael Attili, the founder of animation and Arabic digital media company Kharabeesh and Endeavor Jordan company Think Arabia, a creative production, technology and publishing company for the Middle East and North Africa.

Kharabeesh is one of Jordan’s success stories currently, not just because they created our icon, The Mini Entrepreneur. After several of its political cartoons went viral during the Arab Spring, the company began expanding and now offers five seperate content streams, Toons, its adult animation channel, Dawsha, its music production channel, Tahsheesh, its comedy center, Kharabeesh Street, its talk show channel, and Rusoom, its channel for caricatures.

Attili, who spoke at CoE Animate about how the internet democratized animation, chats about how Kharabeesh monetizes digital content, why Kharabeesh has launched a roadshow in Amman and Ramallah that will come to Dubai, and how his family has supported him through the company’s tougher moments.

It’s a new era for digital media in the region. “This is the first time we see young celebrities from YouTube and people are waiting to get their autograph. This is something we’ve never been able to see before,” he says.

[Disclosure: Think Arabia has received funding from MENA Ventures, the investment vehicle run by Wamda's Chairman, Fadi Ghandour].

Silicon Valley to Beirut: Recommendations for Government officials

As highlighted in a new report by Endeavor Insight, entitled “How to Improve Access to Finance in Lebanon,” Lebanon is primed to make its mark on entrepreneurship. To make this mark, all actors in the ecosystem have specific roles to embrace in order to expand access to finance—a crucial piece of successful entrepreneurial ecosystems.  From interviews with nearly 20 influential Lebanese actors in the entrepreneurial ecosystem (including VCs, incubators, entrepreneurs, etc.), it was evident that government has an important, immediate role to play in the development of the Lebanese funding landscape.  Be on the lookout for actionable recommendations for other ecosystem actors over the next few days.    Below are key potential governmental actions which emerged in interviews:

 

1)      Focus on infrastructure: “The government needs to work on providing the basics” (Elie Akhrass, Kafalat). 100% of the funders and facilitators interviewed said that the main thing the government should work on was developing infrastructure. In order to foster a truly dynamic entrepreneurial environment, the basics, electricity and internet, need to be reliable utilities.

2)      Create a space to foster entrepreneurship: The government should invest in creating a space, or “Entrepreneur City” that is exclusively for entrepreneurs. Similar to the concept of New York’s General Assembly, which receives city funding in order to promote education around technology, design, and innovation, providing a home for this sector will encourage collaboration and foster education amongst entrepreneurs. “We need a home for this space,” comments Omar Christidis of Arab Net. “This is a key way to stimulate growth in the sector.”

To learn more about where Lebanon is now, as well as read recommendations for how it can fully capitalize on its bright future, please read the full report here.

Recognizing the power of digital dreams: Eastline Marketing’s founders among Executive‘s “Top 20 Entrepreneurs”

Reprinted from Eastline Marketing. Original press release here.

Beirut, Lebanon, November 10, 2012: Executive, a highly respected Lebanese business magazine, selected 20 outstanding entrepreneurs and featured them in an article published online on the 2nd of November 2012. Eastline Marketing’s founders, [Endeavor Entrepreneurs] Marc Dfouni and Nemr Nicolas Badine, were among the privileged few to receive this prestigious magazine’s stamp of approval. Dfouni and Badine were chosen since they have shown they have the drive to succeed and the ability to rise to the challenges inherent in a country brimming with instability.

Founded in 2006, Eastline Marketing specialises in online marketing and has gained a solid reputation over the years. The team is now 15 members strong and revenues are steadily growing. In 2011 they were $800,000 and are expected to soar to $1.2 million in 2012 and $2 million in 2013.

The 35 year old entrepreneurs were honoured to receive this stamp of approval from Executive. Nemr Nicolas Badine commented that this was “Another great accolade for Eastline and the best is yet to come…” While Marc Dfouni stated, “We are very flattered to have been selected amongst the top 20 entrepreneurs in Lebanon and this comes with great gratification. Our aim is to become the leading digital marketing player in the Middle East region by 2016. This recognition is an encouraging sign that we’re on the right track.”

An award-winning online marketing firm, Eastline Marketing focuses on strategies that best address their clients’ needs and goals. Specialized in social media marketing, search engine optimization, paid search marketing, online advertising and online public relations, the firm has also created its very own technology to garner optimal results and impact.

Eastline Marketing has a vision and is taking steps to make it a reality by offering comprehensive digital marketing services (social media marketing, search engine marketing, display advertising and mobile marketing) and enlarging the potential of its social media marketing software platform. Badine and Dfouni’s digital dreams look set to leave their mark on the real world of business and online marketing.

Silicon Valley to Beirut: Recommendations for a Lebanese entrepreneurial ecosystem

As highlighted in a new report by Endeavor Insight, entitled “How to Improve Access to Finance in Lebanon,” Lebanon is primed to make its mark on entrepreneurship.  To succeed in this goal, all actors in the ecosystem have specific roles to embrace in order to expand access to finance—a crucial piece of fostering a true culture of innovation.  From interviews with nearly 20 influential Lebanese actors in the entrepreneurial ecosystem (including VCs, incubators, entrepreneurs, etc.), it was evident that there are actionable steps that can be undertaken by the government, entrepreneurs, and funders.  (Be on the lookout for a series of blog posts which focus on each of these actors.)  Below is the high-level recommendation which all Lebanese actors should work toward:

1) Engage and organize the Lebanese diaspora: With an estimated 10 million Lebanese living outside of the country versus just 4 million in Lebanon, a large untapped population lives outside of Lebanese borders. Ecosystem stakeholders should develop a strategy to leverage this brain drain.

2) The government could invite prominent expat business leaders and entrepreneurs to visit Lebanon, meet with dynamic Lebanese entrepreneurs, and experience the entrepreneurial ecosystem. IDAL (Investment Development Authority of Lebanon) plans on employing this tactic by working with organizations such as LIFE (Lebanese International Finance Executives) and LebNet, to engage the diaspora.  Their combined goal is to help build the technology startup community within the country in order to encourage more mentorship and angel investment.

3) VCs should try to engage Lebanese entrepreneurs in Silicon Valley and other locations, similar to what is being done by LebNet. By involving these entrepreneurs on their boards and in their investment committees, VCs can expose the Lebanese start-up community to the influence, inspiration, and guidance of the most successful Lebanese entrepreneurs.

To learn more about where Lebanon is now, as well as read recommendations for how it can fully capitalize on its bright future, please read the full report here.

Fred Wilson: How to be in business forever

Reprinted from A VC. Original article here.

By Fred Wilson

I will be doing office hours today at 6pm eastern. You can watch them here on this link. If you want to submit questions for office hours, you can do that here. Just like last week, I will review a few business model canvas projects and then will answer questions for the rest of the office hours.

This week I’d like to talk about company culture and how it impacts sustainability. If you want to be in business forever, you need to build a culture that sustains the business. I talked a lot about this in a post on culture a while back. You should give that a read as part of the assigned reading for this course. Here is the money quote from that post:

“Companies are not people. But they are comprised of people. And the people side of the business is harder and way more complicated than building a product is. You have to start with culture, values, and a commitment to creating a fantastic workplace. You can’t fake these things. They have to come from the top. They are not bullshit. They are everything. There will be things that happen in the course of building a business that will challenge the belief in the leadership and the future of the company. If everyone is a mercenary and there is no shared culture and values, the team will blow apart. But if there is a meaningful culture that the entire team buys into, the team will stick together, double down, and get through those challenging situations.”

I bumped into a friend last week who works at a company that is going through a difficult time right now. I asked him about the “talent drain” that is going on in his company. He said “the ones who were in it for only the money are long gone, the doubters are gone now too, and we are left with the true believers now.”
I thought to myself that the mistake the CEO of that company made was bringing the mercenaries and doubters into the company in the first place and allowing them to stay.

Mercenaries have no place in your company and your culture. Doubters are a bit different. You certainly don’t want to create a culture of “yes maam” in your company. So some doubting is healthy. But it should be out in the open. The doubts should be expressed upfront and they should be discussed and debated. But once the decisions have been made, everyone needs to get behind them. Ongoing doubting is not helpful to a culture.

True believers are required to get through the hard parts. And you need to be the leader who inspires the true believers. Watch this short video where @dens described what he did when Facebook launched a competing product to Foursquare.

You get true believers in your company by giving them something to believe in and someone to believe in. That is you. Even if you are scared shitless or bummed out, you can’t show that to the team. You have to lead if you want the team to follow.

The thing that you give them to believe in is called a vision. Make it a long one, a very long one. I like Bill Gates’ vision for Microsoft:

“When Paul Allen and I started Microsoft over 30 years ago, we had big dreams about software,” recalls Gates. “We had dreams about the impact it could have. We talked about a computer on every desk and in every home.”

A computer on every desk and in every home. That was a big hairy audacious goal in the late 70s. And it is exactly what happened, at least in the developed world.

The cool thing about that vision is it is drop dead simple to understand but took decades to execute. That’s a long vision that your team can buy into and stick with for the long haul. That’s what you need.

So if you want to build a business that lasts, you need a big and long vision and you need to be a leader who can inspire the team to believe in the vision and to believe in you. You need to hire folks who will stick around for the long haul and you need to be open to the doubts and doubters. But if they keep doubting, you need to part company with them. Don’t hire mercenaries. They won’t work no matter how hard you try.

Building a culture that can sustain the business is the most important investment you can make in your company. Once you’ve gotten a product into the market and proven product market fit, there is nothing that is more important than team, culture, and values. It is the glue that holds the whole thing together for the long haul.

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