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Mexico’s Ver De Verdad Launches First Mobile Eyecare Network in Mexico

Ver de Verdad, founded by Endeavor Entrepreneur Hugo Moreno González, is a retailer of  affordable, high- quality and stylish eyeglasses and accessories primarily serving low-income Mexican consumers. The retailer recently announced that it is introducing […]

October 31st, 2014 — by admin

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Endeavor Launches Seventh Latin American Affiliate in Peru

Lima, Peru – April 29, 2014 – Endeavor announced that it will expand its presence in Latin America with the launch of Endeavor Peru, the organization’s seventh office in the region. The launch is supported […]

April 29th, 2014 — by admin

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At Istanbul selection panel, 18 high-impact entrepreneurs from Brazil, Chile, Greece, Egypt, Indonesia, Mexico and Turkey join the Endeavor network

Istanbul, October 4, 2012 – Endeavor selected 18 High-Impact Entrepreneurs from seven countries at its 45th International Selection Panel. Endeavor now supports 726 High-Impact Entrepreneurs from 455 companies in 14 emerging and growth market countries. The entrepreneurs were chosen at a Panel held from October 1-3.

“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 CEO Linda Rottenberg. “I’m especially thrilled to welcome our first Endeavor Entrepreneurs from new affiliates we launched this year in Indonesia and Greece.”

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. Endeavor’s next scheduled International Selection Panel will be held in Miami in December. 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:

Brazil

Entrepreneurs: Caio Bonatto, Beto Justus and Lucas Maceno
Company: Tecverde (www.tecverde.com.br)
Description: Tecverde constructs eco-friendly homes with a guarantee of short construction time and low cost.

Chile

Entrepreneur: Roberto Cifuentes
Company: G-Process (www.gprocess.cl)
Description: G-Process develops additives for use during copper refining processes that increase the metal’s value. The company’s DXG-F7 additive can add $100 to the value of each ton of copper on average by improving the purity and appearance of copper produced. DXG-F7 also vastly reduces the amount of water needed to complete the refining process.

Egypt

Entrepreneur: Yasmine Shihata
Company: Enigma (www.enigma-mag.com)
Description: Enigma is an Egyptian English-language magazine and e-commerce business focusing on fashion, culture, travel, and key personalities in business, politics and entertainment for a globally oriented reader. Enigma magazine is available both in print and online in Egypt, Bahrain, Jordan, Kuwait, Oman, Qatar, UAE, and the UK.

Entrepreneurs: Mohamed Wahid, Ahmed El Kordy
Company: Mashaweer (www.mashaweeronline.com)
Description: Mashaweer is the first personal assistance service company in Egypt, and is dedicated to saving its clients’ time and effort by acting as a full-time personal assistant at a part-time cost. Mashaweer operates in Alexandria and Cairo, and is beginning operations in Beirut this month.

Greece

Entrepreneurs: Nikos Kakavoulis & Phaedra Chrousos
Company: Daily Secret (www.dailysecret.com)
Description: Daily Secret is a digital media company that sends a daily curated email newsletter featuring city “secrets” related to categories such as dining, entertainment, and shopping. The company is in 16 cities across the world, each with its own edition, often in the native language as well as English. Daily Secret is focused on expanding to large cities in emerging markets to serve their young and increasingly affluent populations.

Indonesia

Entrepreneur: Vincent Henry Iswaratioso
Company: Indomog (www.indomog.com)
Description: Indomog is Indonesia’s first comprehensive payment service provider (PSP) for online transactions. Indomog has secured partnerships with the majority of Indonesia’s game distributors and several international tech companies including Google and Facebook.

Entrepreneur: Niki Luhur
Company: Kartuku (www.kartuku.co.id)
Description: Kartuku provides payment processing solutions through secure and reliable hardware, software, and service offerings. Kartuku manages and services everything from data servers to point-of-sale payment devices. This model provides banks, retail merchants, and payment agents with a convenient “one-stop” solution for all their payment processing needs along with built-in risk reduction mechanisms.

Entrepreneur: Aldi Haryopratomo
Company: Ruma (www.ruma.co.id)
Description: Ruma has created a platform through which Indonesia’s small, traditional shops can buy and sell prepaid minutes via SMS. Ruma is now implementing tools for market intelligence, bill payment, and mobile banking to fully leverage their large network of over 4,000 active shops.

Mexico

Entrepreneur: René W. Lankenau & Luis Garza
Company: Advenio (www.advenio.mx)
Description: Advenio is a newly launched and quickly growing company that provides professional daycare services to the employees of large corporations.

Entrepreneur: Roger Viera
Company: Pounce Consulting (www.pounceconsulting.com)
Description: Pounce Consulting is a full-service IT consulting, product design, and manufacturing option for companies with complicated technical challenges. The company operates a full service manufacturing and assembly facility, specializing in printed circuit boards.

Turkey

Entrepreneur: Atlug Acar
Company: Hediyemo
Description: Hediyemo is Turkey’s first and leading mobile and social gifting platform. Customers can login through the Hediyomo website, mobile or a Facebook app and choose from 500 unique products and 300 gift cards in varying prices ranges from 34 merchants.

Entrepreneurs: Göktuğ Oğuz, Haldun Uraz
Company: Unnado (www.unnado.com)
Description: Unnado is an e-commerce website that conducts flash sales for baby and children’s products for children up to the age of 14. Working with suppliers to offer products at a significant discount for the customer, Unnado sells clothing, supplies, toys, and other products in three day sales on its website.

Endeavor October 2012 newsletter

To view Endeavor’s October newsletter, a recap of all the top news stories from the previous month, please CLICK HERE.

Reminder: To receive our monthly newsletters by email, please enter your email address in the sign-up box at the bottom of our homepage.

Global Social Innovators Forum 2012

Inclusive Innovation: Walk the Talk

By Hilary Saccomanno

On October 18-19 at the Grand Park City Hall in Singapore, Cindy Ko, a Vice President of International Expansion at Endeavor, will be speaking at the Global Social Innovators Forum 2012.  Miss Ko will be amongst the distinguished leaders from various fields invited by GSIForum to share their expertise.  Her insights will contribute the forum’s effort to advance the conversation on social innovation by providing a platform of exchange for change-makers from across the public, private and people sectors.

GSIForum 2012, themed Inclusive Innovation: Walk the Talk, aims to align the innovative efforts of world leaders from various sectors with the national narrative put forth by Singapore’s government for addressing complex national and international problems.  By encouraging cross-sector collaboration between diverse fields such as technology, enterprise and the arts, GSIForum seeks to harness the potential of each to create inclusive and sustainable social impact by fostering bottom-up change within society.  Topics covered by the event range from bottom-of-the-pyramid opportunities in Southeast Asia to the utilization of social media as a tool for social change.

GSIF is the foremost forum on social enterprise and innovation in Asia.  The annual forum is the brainchild of Social Innovation Park Ltd, a non-profit organization based in Singapore, whose mission is to empower innovators and enhance their impact by educating the people, public and private sector on the principles of social entrepreneurship and innovation.  In addition to GSIForum, Social Innovation Park offers the GSIFestival, which taps on innovative solutions from within the community and is bound to the forum by the i-GSIF online platform.

What are high impact entrepreneurs? Interview with Endeavor President Fernando Fabre

“What are ‘high-impact’ entrepreneurs? – Fernando Fabre, Endeavor President, interviewed by the Jobs Knowledge Platform .

(Transcription)

Fernando Fabre: We call them virtual High-Impact Entrepreneurs because we tend to believe that impact is a bigger word than high growth, high potential. That’s because impact means that entrepreneur is first of all, this particular type of high-impact entrepreneur have the capacity to generate tremendous amount of growth of an economy. They transform an industry, they transform the whole region. They have an amazing ability to create high quality jobs and I think more importantly than that, that’s a direct measurement of the impact that an entrepreneur has.

But much more important, a lot harder to measure is the role model potential that they have on others. You can call it the Bill Gates effect. I firmly believe that Bill Gates has had a bigger impact in the world not because of Microsoft and not because of his foundation, but because there are thousands of people saying, if he could do it from his garage, I can do it from my garage. That power of the role model is huge. Steve Jobs today, Mark Zuckerberg- those are amazing stories that everybody wants to follow I think, not everybody, a lot of people.

Admitting that you have no idea what you’re doing

Reprinted from This is going to be big. Original article here.

By Charlie O’Donnell

Most entrepreneurs aren’t qualified for their jobs–including about 100% of the first timers.

Many times, they get backed just because they’re smart people working in an interesting area. Sure, they had a demo or a prototype or something, but investors know the product will change.

What they’re really betting on is your ability to learn–and that starts with your willingness to admit the following:

“I don’t know what to do.”

At the Northside Festival this year, Dennis Crowley admitted in his session with Jerry Colonna that one of the toughest challenges that he has faced as an entrepreneur was having everyone looking to you, counting on you, investors betting on you–and feeling like you’re supposed to know everything. Sometimes–a lot of times–he said, you have to admit that you don’t know what to do, but that you’re going to find someone smart who knows the answer.

I was talking to an entrepreneur the other day, and I asked, “Do you feel like you have a good idea of how you should be spending your time?”

She looked at me as if I had just asked to take a ton of bricks off her shoulders and told me she didn’t–but she said it with an enormous sigh of relief in that by asking, I was making it ok.

And in fact, it is ok–particularly when you’re not a technical founder, it’s not always clear what your next step is in the early going. Even if you are on the technical side–you may never have managed before, nor been responsible for so many aspects of the product development at one time. The next move isn’t easy for anyone when it’s the first time they’ve ever done something.

The solution? Start asking a lot of questions.

Find people who seem to know what they’re doing–whose companies have acheived success. Ask them if they feel like they spend their time wisely and how they allocate tasks among the founding team. What do they do day in and day out?

One of the best ways to improve how you spend your time is coming up with a routine. Tim Ferriss recently blogged about the power of routines to help focus you on the things that matter, while not getting you bogged down on the things you don’t:

“I’ve always suspected that we start each day with a limited number of decision-making points that, once depleted, leave us cognitively impaired. This is part of the reason that automating minutiae, adopting rituals, and applying creativity only where it’s most valuable (e.g. not deciding what to eat for breakfast) is so important to me.”

Routines, however, come after you’ve defined roles–and for a CEO, that’s sometimes not obvious. Chances are, you have an incomplete team, so you’re doing multiple jobs. How do you handle Product on Tuesday, Hiring on Wednesday, and Fundraising on Thursday–especially when you don’t always have control over your own calendar and find yourself depending on others to make time for you?

The answer to how you in particular should spend your time is twofold:

1. Consult with your investors, advisors, and peers and where they thing you need to focus your energy–and get on the same page about the balance between near term and long term goals. Don’t be afraid to ask, “What am I supposed to do?”
2. Empower and support your team to achieve way more than they thought they were capable of–so that they can take a lot off your plate.

That’s pretty much it, because you really only have two options as a team to finish all the things you need to get done. To close the gap between all you want to do and all you can do, you need to focus on few things, and get better at doing more or them, because time is finite and you can’t make more of it.

How do you get better?

1. Get a mentor or a coach–someone that understands firsthand what you’re doing and ideally has done your job.
2. Be a continuous learner–take classes, and read books and your profession and best practices.
3. Set personal learning goals for yourself so you have some way to measure if you are improving or not.
4. Share your execution problems with others to get feedback on how you can improve.

Remember, it’s never too late to ask. I’ve been there–for the last six months of my startup I really had no idea how to save it. I made random calls to people I thought should buy it, with no success. I tried pitching business development ideas, coming up with marketing ploys. None of it was effective–yet I often worked late nights because I felt like I should, even though I knew what I was doing wasn’t moving the needle. I never thought to tell anyone, “I have no idea what to do right now.”

In hindsight, I feel like I might not have gotten to that point if I said that way at the beginning as well. I certainly think there are a lot of aspirational entrepreneurs that have gotten all excited about the pitch and the upcoming launch and aren’t totally clear what happens after that.

By Pilar Aguilar (Director, Endeavor Mexico): “Move over, Brazil: why Mexico’s entrepreneurs are prime for investment”

Reprinted from CNBC. Original article here.

By Pilar Aguilar, director of Endeavor Mexico

With daily news reports of drug-related violence on the U.S.-Mexico border, our neighbor to the South may not be the first place most wealth managers think of in search for returns on investment. But in recent years, Mexican businesses have grown at an impressive pace, making the country a new destination for venture capital firms in search of impactful returns.

I have seen it first-hand. For the last 15 years, the nonprofit Endeavor has worked with entrepreneurs in emerging and growth markets around the world to build their companies, with an eye toward improving the sustainable growth of local economies.

With roots in Latin America, Endeavor has built a network of 708 high-growth (or “high-impact”) entrepreneurs, including 98 in Mexico, who are mentored by a volunteer network of 2,500 local and global business executives and investors.

While Endeavor continues to see impressive entrepreneurial talent throughout global markets —from Latin America to Africa, the Middle East to Southeast Asia — many of our star performers hail from Mexico.

Mexican companies in the Endeavor network outgrew, on average, those of every other country in which the organization operates, both last year and from 2008 to 2011; in 2011, the Mexican entrepreneurs saw a 45 percent growth in average revenue. With the growth of these companies came significant impacts on the local job market; these companies grew their workforces by 23 percent in 2011, accounting for an additional 63 new jobs per company, the second largest average growth among the 13 countries in which Endeavor operates.

Investment buzz is growing louder. Now more than ever, we find ourselves fielding requests from global investors interested in Mexico, who previously were solely interested in “hot” emerging markets such as Brazil, Turkey, and South Africa. At the same time, we have also seen the rise of Mexico’s homegrown VC industry, enjoying more investment options than ever.

This enthusiasm is backed up by Endeavor’s own recent experience launching Catalyst, a passive co-investment vehicle—funded by private donations—which automatically invests in Endeavor Entrepreneurs already receiving professional rounds of $5 million or higher. Currently, Mexico has the healthiest pipeline of candidates for imminent investment; of the next 10 planned investments for Catalyst funds, many of the deals are with entrepreneurs located in Mexico.

These are not isolated results. Economists at Nomura Group recently predicted Mexico could overtake Brazil as Latin America’s largest economy in as little as 10 years. The investment firm is telling its clients to expect the country to repeat its relatively strong economic growth from last year; Mexico’s GDP grew by 3.9 percent in 2011, and Nomura expects a figure of 3.7 percent in 2012. This growth compares favorably to the recent slow patch faced by Brazil, which faces higher inflation and a moderating growth rate.

Nomura cites as reasons for Mexico’s performance: the rising cost of labor in China, which has a greater impact on Mexico’s industrial economy than the more commodity-based economy of Brazil, and the impending structural reforms of President-Elect Enrique Pena Nieto and the new Mexican Congress, to be sworn in next month. The country has seen a streak of new factory announcements from the automotive industry, and the new government is widely expected to eschew the recent populist political dominance of the region for more investor-friendly industrial policy.

As mentioned, philanthropic concerns are not the only funds that have begun to take an interest in Mexico. A growing number of venture capital firms have recognized the potential for significant profits in the country’s growing start-up market. Earlier this month, Monterrey-based Alta Ventures finalized a $70 million fund targeting the burgeoning Mexican tech sector. In addition to their own investments, the founders of Alta Ventures are convening a network of regional entrepreneurs and investors interested in Mexico.

The Mexico Venture Capital Conference (MVCC) is intended to provide a space for the sharing of ideas and closing of deals. This November, MVCC will announce the members of E|100, a peer-selected group of the 100 individuals most likely to lead a successful venture in the next few years. These entrepreneurs are building what will likely prove to be the foundation of a strong, profitable Mexican business expansion over the next decade.

More and more investment firms, including those with a purely profit-driven model and those pursuing the triple-bottom-line, are turning to Mexico for results. With one of the fastest growing economies in the region, a healthy start-up culture, and a shift towards a more business-friendly industrial policy and tax structure, the country is poised to take the lead in Latin America. If you have yet to include a Mexican strategy in your portfolio, it is time to take note.

Growing pains for Jordan’s tech entrepreneurs

Reprinted from Wamda. Original article here.

By Knowledge @ Wharton

Jordan has managed to avoid the violence and political upheaval its neighboring countries have experienced with the Arab Spring revolutions. Much of that stability is owed to the rule of King Abdullah II, who still enjoys popular support, but has nudged a slow, steady reform course.

Abdullah has also been a strong proponent for fostering a high tech entrepreneurship culture in the country. It is a policy that has produced dividends, particularly in the information and communications technology (ICT) industry. In just a decade, according to Jordan-based Information and Communications Technology Association (intaj), the ICT sector has come to represent 14% of the country’s GDP.

The country’s industry produced a watershed success for the region — Yahoo’s US$85 million acquisition of Maktoob, an Arabic email service and portal, in 2009. Jordan estimates that over 50% of its startups are now in the ICT field, including telecom, IT, mobile online businesses, and game development. The industry has also attracted foreign investment — roughly US$15 million in foreign direct investment in 2010, according to intaj.

Despite these achievements, ICT entrepreneurs in Jordan face some of the same hurdles for tech startups across the region. According to a recent study of Jordan’s entrepreneurship ecosystem by Fulbright Scholar Jamil Wyne, the country has managed to quickly develop a solid tech infrastructure, but the three main challenges for growth its entrepreneurs contend with include finding the right talent, knowing how to market products, and accessing angel investors.

Wyne notes that the solutions to these issues begin with getting a wider range of Jordanians involved in tech entrepreneurship, and fostering greater industry collaboration. “Finding ways to bring both young and old entrepreneurs into the ecosystem, attracting more female entrepreneurs and identifying mechanisms for fusing ICT with other industries are top priorities,” he writes.

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3 lessons from an athlete to entrepreneurs: how to work smarter, not harder

Reprinted from Wamda. Original article here.

By Chris Gallagher

The similarities between sport and business are well known. In both cases, doing things faster, differently or more efficiently can result in success. Having competed as an althete and now working as a coach, I can see three primary lessons that entrepreneurs can learn from.

1) Identifying your strengths

One of the essential things to know as an athlete is what you are good at. This might sound obvious, but it is remarkable how many athletes do not play to their strengths. This can be a tricky process, but without it, you are putting yourself at a considerable disadvantage. An athlete who is able to accelerate during the last 50m of an 800m race needs to know that they are able to do so, as it is their best way of winning. This applies for mental skills too – some athletes are able to read races. They are able to spot gaps in the race, changes of pace and the behavior of different competitors. This crucial insight can allow you to know when it is best to make a move.

In the same way, an entrepreneur needs to know what they are able to offer that is better, or at least different, from others. Just as an athlete can read a race, an entrepreneur’s advantage could be that they understand the market better. The success of a new bus company in my hometown (Bath, UK) resulted from a crucial key insight. The incumbent company was succeeding because they had little competition. The new company focused on two routes and sold tickets for a cheaper price. This simple (and successful) strategy resulted from the fact that they understood the reality of the situation – and played to it accordingly.

Finally, it is important to gauge how your strengths develop. In some cases, your core strength can change. Steve Ovett, the 800m 1980 Olympic Champion, is a prime example of this. During his junior years he was able to win races purely because of the fact that he was talented enough to be able to out-run his competitors. When he reached a world-class level, this changed; many of the people he raced against were capable of beating him. He then had to learn how to read the race and outsmart them. In the same way, Hotmail founders Sabeer Bhatia and Jack Smith spotted a simple problem – that email wasn’t portable enough – and exploited it. They made it possible to access email from anywhere, at no cost.

2) Growth and change

Growing your business is a process associated with risk. One entrepreneur once described to me the agony of hiring his first employee; he knew he needed to do it, but didn’t want to. Similarly, one of the biggest changes in athletics is going from junior to senior level. Unsurprisingly, it is the stage at which most athletes quit the sport. Having succeeded as a junior, they are unable to do as well as a senior. This is due to a number of key differences. First, the number of people you are competing against grows enormously. Whilst there may have been a dozen people of you caliber as a junior, there may be ten or twenty times more as a senior. Second, many senior athletes will have much more racing experience than you. You may be younger and be physically fitter, but they can still beat you because they know how to race. They can spot crucial gaps during competitions and know the strengths and weaknesses of other athletes. Finally, the competition standards are much tougher. It can take several years to achieve the necessary times and many athletes will drop out of the sport altogether.

An entrepreneur could encounter similar challenges when growing their business. If you decide to set up a new office in a larger city, you will undoubtedly find more competition. Indeed, you may find that they are outright better than you. In some cases, the businesses you are competing against may be as good as yours, but simply know how to market themselves better. With both business and sport, you cannot progress without taking on some form of risk. The athlete may quit against tougher competition and the entrepreneur may run out of money, for example. However, this should not discourage an athlete or entrepreneur from attempting to grow. It is simply a case of getting to know your competition well and working out your competitive advantages.

3) Managing information correctly

Feedback is something that a good athlete needs in order to progress, be it subjective or objective. The trick is not collecting this information, but managing it correctly. Numerous statistics are available – lap times, pulse rates and race results – but incorporating them into your training program properly is essential. One common mistake is to overanalyze a training (something I have done and seen often). The temptation is to change a training session or race tactics based on a few data points. Yet a slow race, or unusually fast session should be taken into account only in context of many months of training and racing. Otherwise, this can lead to minor adjustments being made on a regular basis that ruin the strategy for your whole season. More often than not, it is better to let your plan run its course. If not, you will never know how good it was in the first place. The lesson for entrepreneurs is clear here: once you have devised your strategy, stick to it. Take little changes into account, but allow for some variance in results. Run your strategy for a set period of time and then take stock.

These lessons emphasize the importance of working smarter, not harder, than the competition. Of course, hard work cannot be avoided, but the key is doing work efficiently.

What makes a good place to work?

Reprinted from Ben’s blog. Original article here.

By Ben Horowitz

At Opsware I used to teach a management expectations course because I deeply believed in training. In it, I made it clear that I expected every manager to meet with her people on a regular basis. I even gave instructions on how to conduct a 1:1 meeting so there could be no excuses.

Then one day while I happily went about my job, it came to my attention that one of my managers hadn’t had a 1:1 with any of his employees in over six months. While I knew to “expect what I inspect,” I did not expect this. No 1:1 in over six months? How was it possible for me to invest so much time thinking about management, preparing materials and personally training my managers and then get no 1:1s for six months? Wow, so much for CEO authority. If that’s how the managers listen to me, then why do I even bother coming to work?

I thought that leading by example would be the sure way to get the company to do what I wanted. Lord knows the company picked up all of my bad habits, so why didn’t they pick up my good habits? Had I lost the team? I recalled a conversation I’d had with my father many years ago regarding Tommy Heinsohn, the Boston Celtics basketball coach at the time. Heinsohn had been one of the most successful coaches in the world, including being named “coach of the year” and winning two NBA championships. However, he had gone downhill fast and now had the worst record in the league. I asked my father what happened. He said: “The players stopped paying attention to his temper tantrums. Heinsohn used to yell at the team and they’d respond. Now they just ignore him.” Was the team now ignoring me? Had I yelled at them one time too many?

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Negocios y Economía: “Endeavor Mexico: the rise of entrepreneurs”

Reprinted from Negocios y Economía. Original article here.

By Maria Eugenia Hernández Gutiérrez (translated from Spanish by Eunice Kim)

Given that since 2003, Mexico’s stock market value has grown 10% while Brazil’s has only grown 2%, why then has Brazil’s GDP grown 3 times more than Mexico’s during this time?

Global business experts explain that Brazil has implemented initiatives to help small to medium sized companies grow, while Mexico has not been able to implement the growth of small to medium sized enterprises. Brazil also supports the idea of venture capital firms investing in small rising companies, whereas Mexico has neglected to do so.

Creating companies is not enough; learning the tools to successfully grow the companies is what facilitates desired changes to the economy. An entrepreneurial culture that is cutting edge – and is at the forefront of what works and what doesn’t – is needed in order to create successful companies. In fact, 80% of start-ups in the world are likely to fail in the first 5 years, and 90% in 10 years. For Mexico, 75% of start-ups are likely to fail the first year, and 90% within 5 years.

This usually happens due to the lack of capital and official subsidies. The funds for the small to medium sized companies are so sparse, and those funded by the government don’t make enough revenue. With only the help of the government, 9 out of 10 companies would be able to exist but not grow. Another reason why they tend to fail is due to the state’s lack of willingness to reform their infrastructure to be conducive to positive growth of small to medium sized companies.

A solution to such problems would be through a program like Endeavor. Over the past 10 years, the Endeavor program in Mexico has striven to help reduce the high rate of failure for new companies.

Currently operating in 15 countries in Latin America, Africa, Southeast Asia, and the Middle East, Endeavor is an international NGO with a global network of business leaders, academic experts and professionals that selects, mentors, and accelerates the best high impact entrepreneurs around the world. In 15 years, Endeavor has screened and provided feedback to 30,000+ candidates and selected 708 high impact entrepreneurs from 443 companies. Supported and mentored by a growing network of 3,000+ local and global business leaders, these entrepreneurs have created over 180,000 high-value jobs and generate more than $5 billion in annual revenues. Endeavor’s support catalyzes a chain reaction in the larger economy – driving investment, creating role models, and fostering the conditions for the next Silicon Valley in Rio or Cape Town, Cairo or Jakarta. In fact, Thomas Friedman, the author of “The World is Flat 2.0,” journalist, and third time winner of the Pulitzer Prize, has described the Endeavor model as “the best anti-poverty program of all.”

In Mexico, Endeavor has been able to implement numerous projects and establish new offices in different regions of the country, such as Puebla, Yucatan, Baja California, and Distrito Federal. Linda Rottenberg, Co-Founder and CEO of Endeavor, says that the organization’s mission is to encourage public policy initiatives that help the growth of businesses.

In Mexico, Endeavor was the first of its kind to receive resources from the Secretary of Economy to work on specific projects to facilitate the growth of new companies.

Endeavor also helped change operational rules provided by the Secretary of Economy and the fund dedicated to small and medium sized companies so that the high impact, strategic projects can obtain up to 85 percent of the investment necessary to reach the next level of growth. Since 2005, Endeavor has annually received 5 to 6 million pesos from the fund dedicated to small and medium sized companies.

The success of the program can be attributed to the careful selection of the champions: high impact, innovative men and women who risk capital and create jobs. The selection process can be separated into two categories: the nomination of a company and the official decision on an Endeavor entrepreneur. Regional offices nominate companies who can benefit from strategic services in financing and the mentor network and strive for exponential growth. Statistically, the high impact entrepreneurs of Endeavor are able to generate income three times faster than those without the support of Endeavor. The companies promoted by Endeavor have registered annual sales growths of more than 45 percent and incomes of over 11 billion pesos, creating about 20,000 jobs.

Once a company is nominated by Endeavor, they have the opportunity to participate in an International Selection Panel, where they are met by a jury composed of individuals who represent Fortune 500 companies, consulting firms, and the top business schools of the U.S. If the panel comes to a unanimous decision, the nominated companies become promoted to Endeavor Entrepreneurs.

In January, the Endeavor Catalyst fund invested $2 million into Globant, a software developing company whose headquarters are in Argentina. In March, the fund completed a joint investment with Intel Capital to finance the company Minha Vida, a website promoting a culture of health and well-being in Brazil.

At the beginning of this summer in London, the International Selection Panel gathered for the 44th time and discussed the potential of 17 entrepreneurs from Brazil, Colombia, Jordan, Lebanon, Mexico, and Uruguay.

Representing Mexico at the panel, Gabriela León, CEO of Gresmex. introduced a company that produces a line of surgical disinfectants and doctors that are able to cure multiple viruses without the use of highly toxic substances.

Héctor Sepúlveda and Luis de Yturbe attended the panel on behalf of Litebuilt, which revolutionized the construction industry in 2008 with the development of a concrete blog that imitates the LEGO toy piece and provides more efficient, sustainable solutions than the traditional construction methods.

Also attending the panel were Diego Solórzano and Jimena Pardo, founders of Carrot, a company that issues car rentals via a monthly pay that includes rent, gasoline, insurance, service, etc. and can be used for hours or days in specific locations within Mexico.

During the remainder of 2012, there will be two more International Selection Panels, one in Istanbul in October and the other in Miami in December. Representing Mexico will be Marco and Alexandra Gallardo, whose company PowerPet produces snacks without additives or conservatives for pets, along with scientist Alberto Osorio who created the first safe technique to correct farsightedness. Edna Fong created Jaztea, which produces tea ice cream and drinks with natural flavors. Roberto Quintero and José Irigoyen successfully created Cinemagic, a company that brings movie theaters to the most isolated parts of the country, and even succeeded to obtain an international certificate in 2010 at a panel in South Africa. Mauricio Pariente and Alejandro Chiliub have sold canned tuna, using a new packaging that offers consumers with cans with higher quality and no conservatives. The recent discovery of natural gas, including shale gas, in the Gulf of Mexico has motivated the state of Veracruz to conduct studies on the feasibility of starting a regional Endeavor project to contribute to the development of innovative projects in the agriculture, energy, education and technology industries.

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