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Endeavor Entrepreneurs Spotlight Youth Employment at EY Strategic Growth Forum in Rome

At EY‘s first pan-Mediterranean Strategic Growth Forum in Rome, nearly 600 business executives, government leaders and entrepreneurs from across the globe came together to discuss the region’s business and investment potential. The two-day event included panel discussions with Endeavor Entrepreneurs Mostafa […]

April 24th, 2015 — by admin

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Endeavor Staff Convene at the 2015 Global Entrepreneurship Congress in Milan

At the 2015 Global Entrepreneurship Congress in Milan, Endeavor staff members from Argentina, Brazil, Chile, Colombia, Mexico, Turkey, Uruguay, and the U.S. were present. Held from March 16th – 19th, the annual Congress convenes industry leaders, top entrepreneurs, […]

April 2nd, 2015 — by admin

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January 2015 Newsletter

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

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Endeavor Launches Third Southeast Asian Country Affiliate in the Philippines

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Endeavor Philipines Logo no tag (color) web smallManila, Philippines – January 7, 2015 – Endeavor announced that it will expand its presence in Southeast Asia with the launch of Endeavor Philippines, its third country affiliate in the region. The launch is supported and led by some of the country’s top entrepreneurs and business leaders, including seven founding board members and a newly named managing director. According to the World Bank, the Philippine economy remains one of the fastest growing in the region, offering a promising climate for high-impact, high-growth entrepreneurship.

With a population of nearly 100 million spread across more than 7,000 islands, the nation is the seventh most populous in Asia and one of the most diverse. While the Philippine economy has grown at an average of 6% since 2012 according to the World Bank, over 20% of the population still lives in poverty. Supporting high-impact entrepreneurship in the region offers a critical opportunity to fuel economic growth at all levels. With an estimated 99% of Philippine enterprises considered small- or medium-sized businesses, many are facing the crucial scale-up stage that determines whether or not they can grow into impactful businesses that create thousands of jobs. Endeavor research found that just 5% of the country’s total number of firms are considered high-growth (with a minimum of 20% average annual growth), but created 75% of the net new jobs in the country.

The landscape of entrepreneurship in the country continues to show much promise. The Global Entrepreneurship Monitor found that nearly half (48%) of all Filipinos have a very positive view of the entrepreneurial opportunities in their country; furthermore, 68% believe they have the capabilities needed to start a business. At the same time, many recognize the barriers to entrepreneurial development in the country, including a lack of access to financial support, government programming and guidance from role models.

This is where Endeavor’s model can make a difference. By providing access to a world-class network of industry leaders, investors and talent, Endeavor’s support can give the best entrepreneurs in the region the chance to turn their ventures into transformational businesses. Endeavor aims to take the magic of networks like Silicon Valley and bring it to regions with great ideas and potential, but not necessarily the resources to help founders take their visions to the next level. Once selected into the network, Endeavor Entrepreneurs are connected with strategic mentors and given access to an array of tools that can catapult them to success. Since its beginning in 1997, Endeavor has selected and supported 1,030 entrepreneurs representing 651 companies in the 22 markets where it operates. In 2013, from Miami to Morocco, these entrepreneurs have generated $6.8 billion in revenue and created 400,000 jobs across Latin America, Africa, the Middle East, Europe and Southeast Asia.

“It is an exciting time in the history of Endeavor, as we have now helped more than a thousand entrepreneurs realize their dreams,” said Endeavor co-founder and CEO Linda Rottenberg. “The addition of Endeavor Philippines ensures that we will continue to make an impact in one of the most dynamic and exciting regions in the world.”

All Endeavor affiliates are spearheaded by a local board of leading business people, each of whom believes that entrepreneurship can transform economies.  The Endeavor Philippines founding board will be chaired by Eugenio (Gabby) López III, Chairman of ABS-CBN Corporation. He will be joined by Jaime A. Zobel de Ayala, Chairman & CEO of Ayala Corporation; Cezar Consing, President & CEO of the Bank of the Philippines Islands; Anthony T. Huang, President of SSI Group, Inc.; Sheila Lirio Marcelo, Founder, Chairwoman & CEO of Care.com; Edgar Injap Sia II, Chairman of DoubleDragon Properties Corp.; and Julio Sy, Jr., Founder & CEO of TAO Corporation.

“Endeavor has come to the Philippines at just the right time,” said Board Chairman Eugenio (Gabby) Lopez III.  “Sustained economic growth has seen the rise of entrepreneurial activity in the country. We hope to accelerate the development of a vibrant entrepreneurial ecosystem by helping to unleash the full potential of high-impact entrepreneurs.”

The board has selected Manny Ayala as Managing Director of the office, overseeing the successful launch of Endeavor Philippines. Mr. Ayala was a co-founder of Hatchd Digital, a tech incubator, and a Managing Director of investment bank IRG. He will lead the day-to-day operations of the Endeavor office in Manila and will be involved in screening the first entrepreneur candidates for consideration.

Endeavor Reaches Milestone of A Thousand Entrepreneurs Selected with Spain’s Shot & Shop and Miami’s Kairos

During the 56th International Selection Panel in Miami, FL, Endeavor officially marked the selection of a thousand entrepreneurs since 1997. During an intense day of deliberations by groups of expert panelists, two entrepreneurs simultaneously emerged as the thousandth entrepreneurs to be voted in unanimously during their panels. Spain’s Shot & Shop, founded by Sira Pérez de la Coba, and Miami’s Kairos, founded by Brian Brackeen, had the honor of being the milestone selections. Endeavor has now selected and supported 1,030 entrepreneurs from 651 companies across 22 countries.

Founded in 2012, Kairos’ facial recognition API captures the depths and contours of a 2D facial image through 85 points of interest and renders the image as a 3D model to ensure 99% identification accuracy. Even if people change their appearance – by growing a beard or putting on glasses – Kairos’ software will recognize them. The software’s pricing model allows clients to use it for free (for up to 50,000 identifications), and scale the service to meet their specific use requirements and budget. The system delivers fraud management and work automation solutions to clients through 3D facial recognition, one-to-many identification, anti-spoofing, mood detection, gender analysis, security and compliance, mobile authentication and more. Brian and his team have succeeded in raising over $3 million in funding to support the Miami-based company’s growth.

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Kairos’ Brian Brackeen during the Miami ISP

“The Endeavor story was intriguing to me from the start. The power of the network, the support, the mentorship, the help with accessing capital, are all a dream for any CEO,” Brian explained. “Endeavor pushes you forward, into markets that you did not before imagine. I’ve been an Endeavor Entrepreneur less than a month, and yet, it’s had a huge impact on our business.”

Across an ocean, Sira founded her Madrid-based company Shot & Shop in 2012 with the vision of inventing the first image recognition and retrieval technology able to identify accurate visual matches in real-time without previous image, pattern, or verbal tags. Shot & Shop’s proprietary technology has a host of commercial applications. In its first application, retail brands and digital advertisers are using Shot & Shop to better understand consumer preferences and improve the relevance and efficacy of targeted marketing, which drives online sales. The technology is especially equipped for real-time digital ad bidding, and is the only visual search technology able to make real-time digital ad recommendations based on a publisher’s visual content.

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Shot & Shop’s Sira Pérez de la Coba demonstrating her product

“My experience at the Miami ISP was like a dream: amazing, intense, passionate, unique, exciting, and really rewarding. Meeting so many people with so much talent and global vision was an incredible privilege,” Sira said about her selection. “With Endeavor, I look forward to changing the world as a scientist and Endeavor Entrepreneur, and I look forward to helping future entrepreneurs continue with their legacies.”

Read more about all of the entrepreneurs selected at the 56th Endeavor ISP in Miami by clicking here.

Entrepreneur to Entrepreneur Connections: Egypt’s SASCO Group and OfficeNet Co-Founder Santiago Bilinkis

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Egypt’s SASCO Group, an office supplies chain founded by entrepreneurs Tarek Sryo and Alaa Sryo, recently made an Endeavor connection with Argentine entrepreneur Santiago Bilinkis, co-founder of Officenet. Santiago honed his expertise in the office supply industry by creating the “Staples of Latin America” with fellow entrepreneur Andy Freire. Together, the pair became Endeavor’s first entrepreneurs and  built Officenet into a global success story when it was acquired by Staples in 2005. Santiago’s mentorship connection with SASCO’s founders demonstrate the growing reach and impact of the Endeavor network.

During the introductory mentoring session, which has to the potential to turn into a regular relationship, the SASCO team discussed a recent acquisition developed by Endeavor that has allowed the company to to foster its e-commerce platforms. The team was looking for advice on managing marketing, manufacturing and distribution best practices from a seasoned industry expert like Santiago. Santiago drew from his experience building Officenet until its acquisition, offering insights on everything from revenue streams to B2B and B2C sales. The session proved to be a valuable experience for SASCO’s founders and for Santiago, fostering the global ecosystem of entrepreneurship that forms the foundation of Endeavor’s model.

Since joining the network in 2011, Endeavor has helped SASCO form an advisory board of mentors and arrange connections with other entrepreneurs and investors around the world. One of Egypt’s largest manufacturers of stationery supplies, SASCO is a family business that the Syro brothers envisioned taking to the next level with innovative product lines, distribution channels and e-commerce services. The company now employs over 700 people and reports revenues in the millions, and the brothers have also demonstrated a willingness to give-back by supporting the work of the Endeavor Egypt office.

Deloitte Fast50 Ranks Endeavor Companies from Egypt and South Africa as Fastest-Growing Tech Firms in the Region

fast50Egypt’s TA Telecom and South Africa’s Everlytic were named to Deloitte’s Technology Fast50 list, an annual ranking which highlights technology companies that have achieved the fastest rates of revenue growth in the African region over the past five years. The list is the leading ranking of its kind in the region, putting a focus on innovation in growth markets.

Fast50 Africa is part of an international program run by professional services firm Deloitte. Entrants of the Fast50 are also entered into  the Deloitte Technology Fast500 EMEA (Europe, Middle East and Africa) program. Previous winners have included some of the most dynamic players in all areas of technology, from Internet specialists to biotech, digital media technology to life sciences, computers to semiconductors and software to telecommunications.

Selected by Endeavor in 2011, TA Telecom was founded by entrepreneur Amr Shady as a value-added services (VAS) mobile solutions provider that delivers time- and location-specific content to subscribers. With operations across the Middle East and Africa, TA’s services range from demographically-targeted SMS advertising to custom content delivery platforms. Servicing over 10 million subscribers, TA is also working towards international growth with an expansion into South Africa supported by Endeavor. Since joining the network, Amr has been an active promoter of the organization’s work, serving as a mentor and board member for Endeavor Egypt. As a panelist at International Selection Panels, he has also played a key role in selecting new generations of entrepreneurs in the pipeline.

Joining the network in 2009, South Africa’s Everlytic, founded by entrepreneurs Sam Hutchinson and Josh Adler, has evolved from a web-applications developer into a content management system provider for the publishing industry. The company offers world-class products like Preditor CMS, a targeted content platform for magazine publishers, and pMailer Enterprise, an email and SMS marketing and delivery service. Together, these products significantly reduce the cost of print production for customers while exposing new opportunities on web and mobile platforms. Endeavor has helped the team connect with industry experts and business leaders, as well as foster critical relationships through the Endeavor Investor Network.

View a complete list of the Fast50 winners below and by clicking here.

Ranking Company Name Country Growth
1 Interswitch Limited Nigeria 1226%
2 Techno Brain Kenya 621%
3 Everlytic South Africa 606%
4 T.A Telecom Egypt 560%
5 Adapt IT South Africa 295%

Argentina’s Globant Opens New Development Center in Peru, Expands Latin American Presence

GlobantEndeavor Entrepreneur company Globant, a technology services firm focused on delivering innovative software solutions, announced that it has expanded its operations to Perú by opening a new development center in Lima. The new office allows Globant to expand its presence in Latin America and continue developing its customer portfolio, propelling services provided to its clients and expanding opportunities for regional talent. One of Endeavor’s top entrepreneurial success stories, Globant also has offices in cities across Argentina, Uruguay, Brazil, Colombia, and the US.

Founded in 2003, Globant was envisioned from the start as a business that could generate world-class career opportunities for IT professionals while showcasing Latin American talent. Globant has become one of the fastest growing software solutions companies in Latin America, providing clients worldwide with solutions that are design-minded, scalable and efficient. The entrepreneurs have put Argentina on the radar of the global marketplace for offshore IT services, with a portfolio of clients that include Google, LinkedIn, Sabre and Electronic Arts. Employing more than than 3,500 professionals worldwide, Globant and its founders have succeeded in becoming a source of inspiration for entrepreneurs both in Argentina and all around the world.

“We chose Peru due to the outstanding growth it has shown during the past years,” said Martín Umaran, Globant Chief of Staff and co-founder. “Lima has become a remarkable business center in the region. We see a growing amount of highly qualified professionals that are at the same level as the best professionals worldwide. With this in mind, we expect to continue growing in Peru towards our goal of becoming the best company in the creation of innovative software products.”

Martín Migoya, Globant CEO and co-founder, added: “We are extremely happy to open this development center in Peru and to keep expanding our presence throughout the world in the search of the best talent. This center proves that world-class software products can be built by putting together global teams, and by understanding that geography today isn’t the predominant factor to take into account. It’s just one of the many facts that impacts the career growth of young people all over the world.”

The company, which held its IPO on the NYSE in 2014, has been highly engaged with Endeavor’s work in Latin America and globally, serving as mentors, ISP panelists and donors. The founders have also attended and spoken at a number of Endeavor-hosted events, including both regional and global galas, retreats and summits. Martín and Guibert also serve as board members in Argentina, with Guibert recently named chairman of the local board. The story of the Globant founders is a testament to Endeavor’s model and the multiplier effect of entrepreneurship as the team becomes role models and investors for future generations of ventures.

Read more about the news by clicking here.

Endeavor Jordan Research Spotlights Amman’s High-Growth ICT Industry

endjorEndeavor Jordan has released new research that sheds light on how high-impact entrepreneurs contribute to job creation and long-term economic growth in Amman and all around the country. The research is key to educating stakeholders about the importance of supporting the region’s entrepreneurial ecosystem and scale-up businesses. Titled Multiplying Impact: Amman’s High-Growth ICT Industry, the report specifically examines entrepreneurs that have made substantial contributions to the communications and technology sector through mentorship, investment or inspiration.

The development of entrepreneurship ecosystems cannot be judged by the number of startups in the ecosystem, nor are startups the only answer for the Middle East’s pressing job crisis. Rather, the scale-up entrepreneurs that manage to overcome the initial start-up phase hurdles and reach the more challenging stages of their businesses are the ones with the most potential to create large amounts of jobs and transform economies.

The report shares stories of such high-impact entrepreneurs whose impact have reached beyond the success of their own businesses to contribute to the organic growth of a growing ICT sector in Jordan. These entrepreneurs have enabled next-generation entrepreneurs to succeed in growing and scaling their own companies and commercializing their products and services, thus employing more people and expanding the economy’s productive potential.

By following the specific patterns of mentorship, investment and serial entrepreneurship activities, these founders have helped produce localized ecosystems that are increasingly integrated with the thriving global technology sector. The development of the ICT ecosystem in Jordan is also demonstrated through what Endeavor refers to as the “Entrepreneurship Acceleration Cycle”. This pattern has been observed in many successful communities around the world and is comprised of four distinct steps:

Step 1: Ambition
Entrepreneurs seek to build large, scalable businesses in their local communities.
Step 2: Growth
Ambitious founders achieve significant growth at their companies.
Step 3: Commitment
Successful founders choose to stay in the local area and share their resources with the next generation of entrepreneurs.
Step 4: Reinvestment
Successful founders reinvest in other entrepreneurs and businesses.

The cycle of entrepreneurial Ambition, Growth, Commitment, and Reinvestment has helped accelerate the development of Jordan’s technology ecosystem, as well as establish companies that demonstrate the potential to be sustainable and thriving businesses.

“Endeavor is committed to gaining a better understanding of the opportunities and challenges facing high-growth companies and the local entrepreneurial landscape as a whole. The report aims to provide in-depth insights into the Jordan’s dynamic ICT sector, which we believe has great potential to actively contribute to job creation,”said Rasha Manna, Managing Director of Endeavor Jordan. “In line with our ongoing efforts to sustain local entrepreneurship, the report also highlights the patterns of mentorship and reinvestment, which help accelerate industry growth, while advising policy makers and business leaders on how to best support the cultivation of high-growth companies.”

Read the stories of Jordan’s high-impact entrepreneurs in the full report below or by clicking here.  To read the report in Arabic, click here.

Turkey’s Iyzico Acquires Payments Analytics Firm MyPat.co

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Turkey’s Iyzico, an online payments platform, recently acquired consumer analytics company MyPat.co, uniting the services to better serve Turkish businesses operating online. Founded by Endeavor Entrepreneurs Tahsin Isın and Barbaros Özbugutu, Iyzico is transforming the payment processing experience for businesses through its bank-integrated, fraud-protected payment platform tailored to the nuances of the Turkish market.

Selected this year at the 55th International Selection Panel in Istanbul,  Iyzico was founded in 2012 with the vision of making online payments easier than ever before. From obtaining contracts with banks to systemic fraud, Turkish companies both large and small struggle with online payments. Iyzico’s two API platforms connect 22 banks and payment companies with over 850 merchants, enabling merchants to accept online payments in the easiest and safest manner.

The company’s seasoned executive team and local know-how – from collective 33 years experience in the payment market to personally setting up all the contracts with the banks – enable it to offer a more sophisticated and adaptable platform than competitors in Turkey. While there are many global competitors in the online payment market — namely Stripe and World Pay — none have entered the Turkish market because of the high barriers to entry, providing Iyzico with a window of opportunity. With over 7,2000 registered members, Iyzico’s acquisition news will allow the company to expand its services and provide a better understanding of customer behavior and analytics.  MyPat.co currently serves six major clients, including Endeavor Entrepreneur companies Yemeksepeti and Armut.

Learn more about the news by clicking here.

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Iyzico founders with MyPat.co founder Hakan Erdogan

Report on Scale-Up Entrepreneurship in the U.K. Examines Research from Endeavor

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A new report titled The Scale-Up Report on UK Economic Growth has identified the impact of scale-up companies on the country’s economy and highlighted the importance of supporting high-impact, high-growth firms. Authored by entrepreneurship influencer Sherry Coutu, the report utilizeEndeavor’s research and work to underscore the need for policies and programs that support businesses through the critical scale-up phase.  

The report defines scale-ups similar to the way that Endeavor Insight and other organizations like the OECD and Nesta do. According to its analysis, a scaleup is “an enterprise with average annualised growth in employees or turnover greater than 20 per cent per annum over a three year period, and with more than 10 employees at the beginning of the observation period.”

The report found that scaleups are quite rare. There are more than two million businesses in the U.K., but only 8,923 of these companies are scaleups. However, these businesses accounted for a huge share of the country’s job and wealth creation. A study cited in the report noted that the fastest-growing 6 percent of U.K. firms created over half of its new jobs. The analysis included in the scaleup report also estimates that if the U.K. can increase the number of scaleups in its economy, it will generate an additional 238,000 jobs and £38 billion in value within three years.

If scaleups are so critical, it is important to understand what they need in order to continue to grow. A survey of over 300 founders of scaleup firms in the U.K. revealed that attracting talent, securing customers, and attracting financing are the the most pressing issues faced by these fast-growing companies.

Accessing critical talent was the most important issue cited by scaleup founders in the U.K. For example, over 85 percent of the scaleup companies reported that they would grow faster if it were easier to develop their leaders, and 87 percent of scaleups said that they would be able to grow faster if university graduates had the skills needed to meet customer demand. Eighty percent of scaleup founders also reported that they could greatly benefit from accessing more talent from overseas.

Interestingly, according to additional data shared at the public release of the report accessing finance was primarily an issue for smaller, fast-growing firms. Larger fast-growing firms reported much greater access to funding.

The report concludes with a number of recommendations that the U.K. government can take to support the growth of scaleup firms. It focuses on six areas:

– Targeting, supporting, promoting and reporting on scale-up gap closure. This includes targeting, supporting, promoting and reporting on the number of scaleup companies and their performance.

– Accessing talent. As the report notes, “For leaders of scale-ups, the number one problem that prevents them from being able to accept customer orders is access to talent, namely a skilled supply of people who they can hire.”

– Developing scaleup leadership. Developing internal leaders and managers inside their companies was the second most important factor cited by scaleup founders as stopping them from growing their revenues.

– Increasing customer sales at home and abroad. According to the report, “Barriers exist that prevent companies creating new products and services for domestic markets, and selling successful products in other countries.”

– Financing scaleups. Analysis suggests that scaleup companies often turn to the US or Asia to raise financing.

– Accessing infrastructure. Entrepreneurs at scaleup businesses also reported that lack of access to infrastructure makes it more challenging to grow their companies in the U.K.

To read the full report and its analysis, please click here.

Endeavor Greece Celebrates Two Years and 3,500+ Jobs Created By Its Entrepreneurs

endeavor-greece-logo-454280Endeavor Greece released an infographic and video to highlight the office’s impact during its two year anniversary. The team supports some of the region’s top high-impact entrepreneurs who continue to drive sustainable job creation and contribute to a growing business ecosystem. Currently, Endeavor Greece’s network includes 16 entrepreneurs from 11 companies who have managed a total turnover of €110 million and have created  over 3,500 direct and indirect jobs.

When it was announced in  late 2012, the launch of Endeavor Greece made headlines in the midst of the country’s political and economic turmoil. Endeavor, however, saw a prime opportunity to bring its model to a struggling region and support high-impact, high-growth entrepreneurs that could create jobs and transform industries. Watch Linda Rottenberg discuss the the decision to enter Greece in this 2012 CNBC interview.

Eighty percent of the jobs created by Endeavor Greece entrepreneurs are in rural areas in sectors with a competitive advantage, including agriculture and tourism, or in sectors undergoing broader restructuring, such as financial services.With Endeavor’s support the network’s 16 entrepreneurs are present in 48 countries and have attracted more than €25 million of investment, benefiting from Endeavor’s strategic partnership with National Bank of Greece. View a video recap of the team’s impact below.

The Board of Directors of Endeavor Greece is chaired by Michael D. Chandris, Chairman, Chandris Group; and vice-chaired by Mareva Grabowski, who is also the founder of the Greek affiliate. They are joined by Dr. John Coustas, President & CEO, Danaos Corporation; Marily Frangista, Managing Director, Franco Compania Naviera; Theodore M. Kyriakou, Group CEO, Antenna Group; Johanna Papadopoulou, President & Managing Director, E.J. Papadopoulos; Dimitri Papalexopoulos, Managing Director, Titan; Costantza Sbokou Constantakopoulou, Architect T.E.MES; Yiannis N. Stassinopoulos, Viohalco; Spyros Theodoropoulos, Managing Director, Chipita; Alexandros Tourkolias, CEO, National Bank of Greece and Melina Travlou, Chairman and CEO, Neptune Lines Shipping & Managing Enterprises.

Through a powerful network of 3,000 business leaders worldwide and strategic partners in Greece (National Bank of Greece, ΕΥ, Deloitte, DDB/Tribal, Microsoft)and globally, Endeavor supports entrepreneurs in three main areas: access to markets, access to debt and investment, strategic advice for financial management, HR, branding and communication.

Haris Makryniotis, Managing Director Endeavor Greece comments: “Two years after Endeavor Greece launch, we are optimistic about the future of high-impact entrepreneurship in Greece. In times (2012-2014) when the country’s GDP decreased by 15% and employment by 20%, Endeavor entrepreneurs in Greece have managed to increase revenues by 79% and jobs by 45%. Over the next three years, our target is to expand our network and help our network’s companies to create a total of 15,000 direct and indirect jobs.”

Learn more about Endeavor Greece’s impact by clicking here.

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