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Argentina’s Globant Raises $59 Million on NYSE; Second-Ever U.S. IPO for an Endeavor Company

Argentina’s Globant, founded by Endeavor Entrepreneurs Martin Migoya, Guibert Englebienne, Néstor Nocetti and Martin Umaran, had its U.S. IPO on July 18th, raising nearly $59 million. The Buenos Aires-based software development giant has become one […]

July 21st, 2014 — by admin

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Endeavor Entrepreneurs Silvina Leibenberg and María Noel Ache Featured on CNN en Español

Endeavor Uruguay Entrepreneurs Silvina Leibenberg and María Noel Ache were both  featured on CNN en Español for their work as successful female entrepreneurs. Silvina Leibenberg appeared on the channel’s “America Latina: Fuerza En Movimiento” series, which spotlights successful  business leaders and entrepreneurs […]

January 2nd, 2014 — by admin

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Endeavor featured in 16-page report in a top Mexico business magazine

By David Rousseau, Endeavor summer intern

As a highlight of Endeavor Mexico‘s 10th anniversary celebration, a 16-page report on Endeavor entitled the “The Entrepreneur Club” was featured in the June edition of CNN Expansion, one of Mexico’s most influential business magazines. The report offered an inside look on seven influential members of the Endeavor network. CLICK HERE to view the article (in Spanish) as a PDF.

Below is a brief summary in English…

1. Linda Rottenberg: the “crazy girl”

The year was 1996, and in the back of an Argentinian taxi cab, a powerful idea was born. While conversing with the taxi driver, Linda Rottenberg, a young Yale graduate still uncertain of her career path, was struck with the realization that the word “entrepreneur” did not exist in Spanish. At the root of this semantic peculiarity was a more pervasive problem: developing countries lacked the entrepreneurial culture necessary for talented individuals and businesses to reach their full potential. Without access to capital or mentors, these individuals could not become entrepreneurs and scale their business. Linda wanted to address this problem by creating an entrepreneurial ecosystem that would nurture small and medium enterprises and help them grow. She launched Endeavor in 1997.

2. Pedro Aspe: the patron

Endeavor would be nothing without its network.The organization prides itself on its extensive web of seasoned business experts, entrepreneurs, and investors. The company’s success in a given country depends much on its ability to develop a viable network for its entrepreneurs. In Mexico, Endeavor struck gold. Pedro Aspe, the well-respected and well-connected business leader, teamed up with seven fellow business leaders to provide the financing and network necessary to launch Endeavor Mexico.

Endeavor Mexico, whose office has selected the most entrepreneurs of any country, is striving to reach ambitious goals for the coming decade. For instance, by 2020, the office intends to increase the number of entrepreneurs selected every year from 13 to 20.

3. Fernando Fabre: the innovator

Fernando Fabre’s innovative and entrepreneurial spirit revolutionized Endeavor’s business practices in his years as president of Endeavor Mexico. In his 6 years as head of the Mexico office, Fernando tripled the number of entrepreneurs in the network (from 15 to 45) and increased the number of mentors ten-fold, from 30 to 300. His innovative business practices were replicated in 14 regional offices. Linda paid very close attention to Mexico’s success and wanted the office’s results to be replicated at the global level. As a result, she invited Fernando to become president of Endeavor in 2010. Today, as Endeavor’s president, Fernando is striving to translate his success in Mexico at a global level.

4. Pilar Aguilar: the strategist

A day after resigning from her position as the HR director of Bain & Company to dedicate herself to philanthropic work, Pilar received a call from Fernando, who was about to move to New York as president of Endeavor. A former director of the “Commercial Intelligence” division  of Telefonica Moviles in Mexico who had  worked as a consultant in transport and energy for McKinsey and Company and guided the corporate development of Mexican satellite cities, Pilar Aguilar was the ideal candidate to head Mexico’s regional office. Today, Pilar is reaching for an ambitious objective: for Endeavor firms to account for 1% of Mexico’s GDP.

5. Eric Descombes: the mentor

Mentors are key drivers in helping Endeavor entrepreneurs bring their company to the next level. Individuals such as Eric Descombes, president of the ad agency Young & Rubicam Mexico and founder of Interfax 401, are a crucial part of the network. As impartial advisors that are not compensated for their time, they provide valuable business insight to entrepreneurs who lack the guidance necessary to take their business to the next level. “Mentors are the true heroes of our time,” proclaims Pilar Aguilar, president of Endeavor Mexico.

6. Jaime Cater: the inspirer

At the forefront of the movement to modernize healthcare in Mexico, Endeavor Entrepreneur and his company HDS are helping to bring the health-care sector out of the dark ages.” Its web-based software helps hospitals, clinics, state departments, and health insurance companies deal with the serious problem of clinical mismanagement. Most health entities in Mexico operate with outdated technologies, to the detriment of the patient. Since being selected in 2009, HDS has multiplied sales tenfold, grown revenues by over 1,200%, and entered new markets such as Colombia and Venezuela.

7. Sergio Garcia de Alba: the civil servant

In every country in which it operates, Endeavor “must encourage the creation of public policies that help entrepreneurs,” asserts Linda Rottenberg. Endeavor Mexico’s success in working with the public sector illustrates the importance of such an approach. When Pedro Aspe and Fernando Fabre walked into the office of Garcia de Alva, the undersecretary of  Mexico’s Small and Medium Enterprises (Spyme), they went in with a concrete objective: obtain government funds to finance Endeavor’s business accelerator program. Garcia de Alba, who saw in their endeavor the opportunity to boost the economy, accepted the proposal and drafted a new article in the statutes of the PME (Spyme) funds. The article stipulated that strategic high impact projects could obtain up to 85% of the investments needed. Thanks to Garcia’s help, Fernando acquired enough resources to work on special projects such as improving the offices, opening an information portal for businesses, and printing a book to promote entrepreneurship.

Nevertheless, some dissident voices criticize the model behind Endeavor’s selection process in Mexico and abroad–saying its growth is limited by the fact its process is so selective. However, as Pilar Aguilar explains, “The business people and mentors that make up the board of directors need to feel that their donations have an impact. That is why we have to be so strict in our selection process.”

Perform acquires majority stake in Endeavor Entrepreneur company Mackolik

Endeavor Entrepreneur Erdem Yurdanur is the considered by many to be the godfather of the growing software development community in Istanbul. He runs Kokteyl, a software incubator that develops web-based businesses and backend software. Erdem is also the CEO of Mackolik Internet Hizmetleri Ltd.Şti., an amalgamation of the different sports related websites developed by Kokteyl and its partner, Coretech.

The following are excerpts from a recent press release detailing the acquisition of Mackolik by “Perform”. See original release here.

Perform Group plc (“Perform”), the global market leader in the distribution and commercialisation of sports content across connected digital platforms, announces that it has acquired a majority stake in Mackolik Internet Hizmetleri Ticaret A.S. (“Mackolik”) which owns and operates a number of Turkey’s leading independent sports websites including mackolik.com and sahadan.com

Perform is acquiring an initial 51% stake in the business for cash consideration of [USD$22.6 million] 40.8 million Turkish Lira (TRY) (£14.6 million).

Erdem Yurdanur, CEO of Mackolik, commented: “The internet initiative we started in Turkey 13 years ago has achieved significant local success. We are extremely happy that we completed an acquisition process, which will expand our success to a global scale. We understood the importance of being global better when we were selected as an Endeavor Entrepreneur in 2010 and now the future looks more promising for us. This acqusition proves the importance of producing quality content and we hope that it will serve as an example to other entrepreneurs in Turkey as well. Needless to say, I am look forward to hearing about further succes stories from Turkey in the future.”

Mackolik is the market leader in digital sports media in Turkey, operating 10 sports websites. These include Turkey’s top two most visited sports sites – mackolik.com and sahadan.com, which averaged over 7.8 million and 8.5 million monthly unique users across the 5 months ending May 2012, up from 5.7 million and 6.9 million for the same period in 2011, representing growth of 37% and 23% respectively.

Its websites contain a mix of original sports editorial content, live scores and social features including forums and moderated chat. The sites are available in desktop formats and via a range of smartphones and tablet platforms.

Oliver Slipper, joint CEO of Perform commented: “We continue to execute our strategy of augmenting our strong organic growth with selective acquisitions and are delighted to have announced the acquisition of Mackolik.

“Turkey is a hugely exciting opportunity for Perform, given the rapid growth in online advertising and internet usage and its young and growing population. Within this important geography, Mackolik is the clear market leader with a fantastic portfolio of websites and content. We are delighted to be able to welcome Mackolik to the Perform Group.”

Endeavor July 2012 newsletter

To view Endeavor’s June 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.

Train anyone to do anything: a conversation with Endeavor Entrepreneur Ryan Falkenberg about how to make everyone “Clevva”

Reprinted from businesstrade.org. Original article here.

By Keith van der Linde

Endeavor Entrepreneur Ryan Falkenberg knows that most school leavers have little hope of getting formally employed. That’s why he developed Clevva, the software system that gives ordinary people the decision-making prowess of experts.

What motivated you to start Clevva?

My whole career has been dedicated to solving the riddle of, “How can someone who lacks knowledge or experience but who has the right attitude and aptitude, be empowered to perform effectively without having to endure boring training sessions?” I decided to find a way to enable a person with the right attitude and aptitude, but who may lack knowledge and experience, to become highly employable. Not only would this help businesses grow, but it would make thousands of young people social assets (as opposed to social liabilities).

What exactly does Clevva do?

Clevva allows companies to capture the logic that experts use in making predictable decisions and performing predictable activities. For example, you can now get a sales person to successfully sell hundreds of complex products as if they were a product expert. This is because Clevva guides them through the client discussion, analyses the client need, recommends the right products, and then automates the quote while they talk to their client. It allows them to focus more on their interpersonal skills without worrying about making a basic error.

What do you regard as the biggest success of Clevva?

Our biggest success has been that off one platform, we have managed to enable an inexperienced sales person to effectively sell 12 000 products with limited product knowledge.

The biggest challenge?

As a new brand, operating in a new category of technology, it takes longer than I would like to get companies to understand exactly what Clevva is (and is not), and what it can potentially do for their business.

How would you describe your personal journey with the company?

My journey really began 18 years ago as a change management consultant. It was there that I realised that people were really struggling to keep up with the rate of business change, and the complexity of the environment they were asked to operate in. I then turned my attention to finding ways of helping people thrive in complex, changing environments. This led me down the path of workplace learning and smart performance support technologies. Clevva is the culmination of over 15 years of blood, sweat and tears.

What role has Endeavor played in your personal development?

My relationship with Endeavor stretches over 8 years, as an Endeavor entrepreneur, as a panelist, and as a mentor. What has been most satisfying is the privilege to interact with top corporate leaders and to build friendships with some of the most passionate, talented entrepreneurs on the planet. This incredible network both inspires and teaches. It places you in the company of greats, and thereby asks great things of you in return.

Do you consider yourself a born entrepreneur?

I really don’t know. I have always been very clear about what makes me happy and what I want to achieve in my life. That clarity and self-belief has helped me make certain decisions without necessarily being that clear on exactly how things would pan out. As long as I felt passionate enough about what I wanted to do, and was clear that it would be valued by the market, I trusted that it would work out OK. So far I have been lucky.

Do you have any expansion plans for the future?

You betcha. We have every intention of being a global business within the next 3-years.

If you could advise the entrepreneurs of tomorrow one thing, what would it be?

Once you are clear about what it is that makes you happy, what you value, and what your personal goals are, you can then start exploring the best way to achieve these goals (and whether this matches what the market wants). If any of your goals refer to security or making money, rather consider a corporate career. If your goals refer to making a difference in the world or leaving a personal legacy, then maybe your own business is the right answer for you. Surround yourself with people who share your dream, refuse to ever give up, and before you know it, your collective dreams may just become reality.

Endeavor Entrepreneur duo brings affordable regenerative medicine to Africa

The following article was reprinted from businesstrade.com. See original article here.

By Keith van der Linde

African biotech entrepreneurs put themselves on the map

Altis Biologics competes with the world’s leading biotech players at a fraction of the cost. I caught up with [Endeavor Entrepreneurs] Nuno Pires and Nic Duneas, the bright minds behind South Africa’s innovative bone tissue provider.

What exactly does Altis Biologics do?

We are a regenerative medicine company focused on developing and bringing regenerative biological products to market, with an emphasis on orthopedic and dental tissue regeneration. Indications include severe fractures, non-healing bone fractures and and spinal fusion.

Do you regard your company as a pioneer in this field?

We hold international patent protection for our novel high BMP extraction process. Our technology was first proven using human donor bone, but human donor bone is scarce. Our technology is licensed in SA to a human tissue bank, that Altis helped set up, and which has since become a leading tissue bank in the Southern hemisphere. Our human derived BMP product is also the very first injectable BMP-based product in the world. Our Altis-OBM range of porcine derived BMP products are also injectable, which makes it ideal for operating room conditions, as well as harsh conditions like military field applications.

Is the company in a positive state of growth?

Surgeons have been using the product with fantastic results. We recently received approval from One Military Hospital for the reimbursement of the product, and last week Discovery approved the reimbursement of our dental/periodontal range. We also just moved our facility from a very small and cramped area at the Tshwane University of Technology, to a larger facility at The Innovation Hub (TIH).

What do you regard as the biggest success of Altis Biologics? The biggest challenge?

Success: Successfully developing Altis OBM, and seeing it work in patients.
Challenge: Raising capital in SA for a medical tech company like us. Our competitors spent $600m and $200m to get to market, and to date we have managed to get to where we are with around $2m!

What role does Altis Biologics play in the continent’s development?

We are a world leader in our technologies, and have developed technologies/products that provide African surgeons an affordable equivalent to what our competitors charge $5,000/device. Because of this price tag, the technologies offered by our competitors are only essentially available in first world countries like the USA and Europe. We change that.

How would you describe your personal journey with the company?

The challenge of being a bio entrepreneur is SA has been tough, but somehow we have always managed to overcome the barriers that we have been faced with. There have been many hardships, but there have also been many successes, many of which looked impossible to achieve. Some people regard us as a “flagship” of SA biotech entrepreneurship and admire our achievements, and that alone makes us extremely proud of what we have achieved.

What role has Endeavor played in the company’s development? How has the Mentor Capital Program helped you?

Endeavor has linked us up with people who understand our difficulties and are able to provide solid EXPERT advice. They have also given us access to highly motivated MBA students who provide a professional but different perspective to our company. Our greatest shortfall is that we ran out of funds just as we joined Endeavor, as there is no doubt that if we had the financial resources to travel we would have been able to conclude an international deal by now. Endeavor plugs you in to the people you would not normally gain access to and opens doors that would normally be locked to us.

Do you consider yourself a born entrepreneur?

I don’t think I would use the words born entrepreneur. It would be more accurate in my case to say, a “self-made entrepreneur.” I guess in my case it’s a combination of personality, education, and solid work experience all coming together under the personal ambition to create something myself.

Do you have any expansion plans for the future?

Yes, we are in the middle of a capital raise which we hope will bring in sufficient funds for us to gain international approvals as the two largest target markets are the USA and Europe. We may therefore also need to set up operations in those two continents. So the future still holds many challenges for us, but with the right support (like Endeavor), we have no doubt we can succeed.

If you could advise the entrepreneurs of tomorrow one thing, what would it be?

In terms of business strategy: If there is an obstacle that is preventing your progress, then always remember if you can’t go through it, then you can always go around it, over it, or under it, or just change the obstacle (change your strategy).

In terms of brokering an international deal: When you have positive momentum, throw all your efforts behind closing the deal NOW! Momentum disappears over time, as do deals that aren’t concluded when things are looking good. Don’t forget that ‘awe’ only lasts so long, so capitalise on it. People also move on so all your efforts can be wiped out in a single day with the departure of a critical champion.

In terms of funding: Always raise more capital than you need (if you can), and always start raising capital at least 1 year before you run out. SA is just too small if you have high ambitions. So start looking internationally as soon as you are up and going.

Wallet overstuffed with receipts? Can’t find your insurance card at the doctor? Endeavor Entrepreneur digitizes your wallet

This article was reprinted from the Venture Capital Dispatch Blog on the Wall Street Journal. See original article here.

By Lora Kolodny

Lemon Aims to Squeeze More Juice from E-Wallets

Putting a new “twist” on digital wallet technology, Lemon Inc. has raised $8 million in a Series A round led by Maveron.

Joining in the financing were Lightspeed Venture Partners, CampVentures, Draper Fisher Jurvetson and the Social+Capital Partnership, a fund launched by former Facebook Vice President Chamath Palihapitiya.

The Palo Alto, Calif.-based start-up makes a “Smarter Wallet” app that its founder wants to see on every smartphone’s home screen. The company is the latest venture from serial entrepreneur Wences Casares [an Endeavor Entrepreneur and Endeavor Global board member], whose previous financial services and tech ventures include Bling Nation, MECK and Banco Limon.

Most companies offering mobile “e-wallet” technology today, including Google Inc., Visa Inc., PayPal Inc., Square Inc. and Venmo Inc., focus on payments via mobile phones, especially at point of sales. Others like Belly Inc., Stampt Inc. or Punchd (now owned by Google) digitize loyalty programs, so people don’t have to carry a paper punch card to get something like a “buy ten, get one free” deal from a favorite shop.

Lemon focuses on all the other sensitive stuff in your wallet, too.

The Lemon app lets users snap images of debit, credit, loyalty, health insurance and ID cards, as well as receipts, tickets and coupons, then upload these to a secure account in the cloud. The accounts store information associated with each card or slip of paper so that they are accessible from any web-connected device. It can even associate “in case of theft” phone numbers with different card types, a handy bit of info for a traveler in a panicked state of mind.

Mr. Casares reports that 1.5 million people already use the free, iOS version of the Lemon app, which launched in the last quarter of 2011. Alongside dialer, messenger and map apps, he believes a secure digital wallet could become essential to the world’s billions of smartphone users.

“I remember playing around with computers before there was a graphical interface,” he said. “Everyone said it was coming. You could not imagine what that world would look like. That’s where we are with mobile. The digital wallet will be as ubiquitous as the spreadsheet became in an earlier time. We want to establish early leadership.”

A diligent, savvy tech consumer with a Dropbox, Google Drive or similar data storage app could of course snap pictures and store images of their wallet’s seam-splitting contents, Mr. Casares admits. But Lemon is an easier user experience for that kind of thing, also providing organizational features like letting users view balances, manage expenditures, and receive deal offers from top retailers via their Smart Wallets.

Lemon just launched a more feature-rich version of its app, Lemon Pro, for $9.99 per month. Lemon Pro users will eventually be able to automatically notify credit and governement agencies, and various service providers to be on fraud alert, and suspend services should they lose their phones or wallets. He also said they may be able to purchase something like wallet insurance via Lemon Pro.

A partner with Maveron in San Francisco, Amy Errett, said Lemon’s focus, near-term, is “to create a secure foundation for a digital wallet” and solve a consumer pain point that is here today for consumers, not just sellers. She believes Lemon’s addressable market is “tremendous, encompassing anyone who currently uses both a wallet and a smartphone, globally on any platform.”

Competitors to Lemon, including Visa, Mastercard, Google and Isis (a joint venture between mobile carriers Verizon, AT&T and T-mobile), are thinking more about the payments piece, she said.

It appears that Apple is getting into the fray now as well. At the Worldwide Developers Conference on Monday, the smartphone giant revealed Passbook, an app that should ship with all iOS 6 devices. Passbook scans QR codes to get information about tickets for travel and events, then keeps it updated in real time, notifying users, for example, if their train is delayed or a concert is rained out.

Ms. Errett sees Apple’s move as a positive for Lemon. “The Passbook news from Apple validates the ticketing and couponing ‘compartments’ of Lemon’s Smarter Wallet,” she said. “In addition, it should dramatically speed up adoption of QR codes by brands and merchants wanting to reach consumers via their phones.”

Lemon launched on iOS but has Android and Windows phone apps on the way.

With 21 full-time employees today, Lemon plans to use its $8 million in venture funds to grow its marketing and engineering team, and create and test new features and services for its e-wallet apps.

Venture Equity Latin America features Endeavor Catalyst, a fund to finance Endeavor Entrepreneurs

This article was reprinted with permission from the June 15th, 2012 edition of Venture Equity Latin America, published by Thomson Reuters/WorldTrade Executive. For more information go to VELA, or call  978 287 0391.

By Dan Weil

Endeavor, a non-profit group that supports entrepreneurs in Latin America and other emerging markets, has launched a passive co-investment fund to invest in some of the businesses with which it is involved.

The new fund, Endeavor Catalyst, made its first two investments in Latin America, where Endeavor has offices in Brazil, Mexico, Argentina, Uruguay, Chile and Colombia. In January, the fund invested $2 million in Globant, a software developer based in Argentina. In March, the fund co-invested with Intel Capital, placing an undisclosed amount in Minha Vida, a broad-based health information website in Brazil.

Endeavor Catalyst currently has over $13 million of committed capital, with a target of $50 million. This money was raised through donations, and early contributors include eBay founder Pierre Omidyar and LinkedIn co-founder Reid Hoffman.

VELA recently chatted about the fund with Baily Blair Kempner, director of growth and sustainability initiatives at New York City-based Endeavor.

VELA: Can you tell us how the fund works?

Kempner: The fund serves as our endowment. We invest growth equity capital directly in Endeavor entrepreneurs. Whenever one of our entrepreneurs raises at least $5 million in primary equity capital from a qualified institutional investor, then we will contribute 10 percent of the deal, up to $2 million, if asked. Approximately 20 percent of returns will fund Endeavor operations, and the other 80 percent goes back to Catalyst to finance more entrepreneurs.

We go through a rigorous process to choose our entrepreneurs. We’re looking for those who can create the highest impact in terms of jobs and revenue and who would be role models to inspire the next generation of entrepreneurs. Over 15 years, we have accepted less than 3 percent of candidates and now have a portfolio of 430 companies. Globant was initially turned down.

We believe in our selection process to the point that we’re putting our money where our mouths are. We will align our future viability and our ability to support the next generation of entre- preneurs with the success of the entrepreneurs we’ve already chosen. Instead of investing our endowment in stocks and bonds we’re invest- ing in our own entrepreneurs. There’s no more authentic way to grow than along with our own entrepreneurs.

VELA: What is the reasoning behind the $5 million minimum?

Kempner: The $5 million threshold represents a neutral way of outsourcing the due diligence process and ensuring we’re investing in a profes- sional round.

We have many entrepreneurs doing deals under $5 million. To guarantee investment in them, we need more capital than the $13 million we’ve raised to date. Over time we anticipate reducing the threshold.

VELA: Can you talk about the emphasis which you place on your entrepreneurs giving back?

Kempner: To be eligible for investments, entrepreneurs must be in good standing with their Endeavor office, which entails giving back to Endeavor and the local entrepreneurial community. We ask our entrepreneurs to give back $10,000 every year to their local Endeavor office and 2 percent of their equity in liquidity events.

But it’s more than these donations. Two-thirds of our entrepreneurs mentor or invest in other entrepreneurs. Our entrepreneurs have returned to speak with thousands of students at their uni- versities, for example, to inspire the next generation of entrepreneurs. We’re trying to inculcate mentoring just like in Silicon Valley. The idea is to help people understand you can be the next Bill Gates of your country.

VELA: Do you expect to grow in Latin America?

Kempner: We’re looking to double the number of countries in which we operate and entrepreneurs we serve by 2016. Latin America is where we have our deepest roots, with six of our most successful offices there. So in the next two years, at least, we’ll be looking elsewhere for new countries.

Our Latin American entrepreneurs want to see us expand elsewhere as they look for international opportunities for their own companies. They’re especially excited about the Mideast, where we operate in five countries, including Saudi Arabia, our most recent addition.

As for the next Latin American country where we’ll place an office, Peru always comes up. A lot of exciting things are happening there. We aren’t currently looking at it, but you never know.

Are you seeing strong growth in Latin America’s venture capital industry?

Kempner: Yes, we’re seeing a 100 percent increase year-on-year in the number of deals being done in Latin America. Brazil dominates, but we’re beginning to see promising local venture players emerge in Argentina and Chile. And U.S.-based venture funds are beginning to look for opportunities in Uruguay, Mexico and Colombia.

Do you think you’ll be investing in more Latin American companies soon?

Kempner: Absolutely. We anticipate closing a handful more of investments there within the year. Most of the pipeline we see for the next few months is in Brazil and Mexico, with a little in Argentina. The majority of these companies are in the technology or consumer goods and services sectors.

eMBA field report: rainy weather and fiery ambition near the southernmost point in the world

Puerto Montt, Chile

Vijay Sarma Vedula is an MBA student at Babson’s F.W. Olin Graduate School of Business. He is interning with Endeavor Entrepreneur company Innovex in Chile through Endeavor’s eMBA Program.

While it’s cold and rainy outside here in Puerto Montt, the Salmon capital of Chile, near the southernmost point in the world, there is warmth inside the people who live here. It has helped me to settle into this new place quickly.

My first few weeks working with Innovex, a Chilean firm that offers proprietary technological solutions for the aquaculture industry, have been extremely rewarding. I have had to jump in with both feet and work on many different fronts simultaneously from day one. My work has changed a little from the original project scope, but I am happy to have the opportunity to help Innovex in every way possible during my brief time here. It is an exciting time to be at the company.

The fantastic local Endeavor team is very friendly and extremely supportive. They make my job easier by providing me with every resource I need to reach my end goal successfully.

Patricio & Gonzalo (the Endeavor Entrepreneurs) have shared every aspect of the business with me and included me in all the important meetings. For example, I was part of an Endeavor-organized advisory board meeting with leaders from successful companies from the region, focused on helping Innovex chart its future path. The discussion provided me with great insight into the opportunities and challenges that lie ahead. It was also a great experience to see these successful business leaders volunteering their expertise and to understand how valuable it was a small company. It is fascinating to see the challenges a small company faces and the strategies it uses to compete in a playground of giants.

I feel that in three weeks I have become an integrated member of this organization. As I get ready to face the next week and the new set of challenges it brings, I am already thinking about how I will miss this place when it is time to leave.

eMBA field report: saving the world one industrial city at a time

Fabian Gonzalez at Imagen Dental in Monterrey, Mexico

Fabian Gonzalez is an MBA student at The Wharton School of the University of Pennsylvania. He is interning at Endeavor Entrepreneur company Imagen Dental in Monterrey, Mexico through Endeavor’s eMBA Program.

I arrived in Monterrey three weeks ago, early on a Saturday morning. The first thing I noticed was that the city is surrounded by four beautiful, scenic mountains. Once you spend a few days here, you realize that this industrial city with 4 million inhabitants is actually terrific.

Unlike most of the industrial cities in the world, Monterrey has a wide range of activities and ecosystems. Here, you are in a big city, but, at the same time, you are just 20 minutes away from a picnic near a peaceful cabin in the mountains. If you like outdoor activities, like mountain biking and hiking, Monterrey is the place to be.

This summer, I am working at Imagen Dental as an eMBA intern. Imagen Dental is a one-stop health clinic that provides world-class dental, vision and hearing care to middle-class Mexicans. At the moment, it has more than 25 branch offices in Monterrey and employs more than 250 doctors. My job is to help the company to build a business plan for national expansion.

My experience with Imagen Dental has been amazing so far. I not only found people – at all levels – who are really working hard to improve Mexicans’ quality of life, but also have experienced the entrepreneurial environment that inspires them to change the world first-hand.

During my time at Imagen Dental, I have discovered that an eMBA internship is not only a summer business project, but also an opportunity to explore Endeavor’s network. Endeavor Entrepreneur Patricio Villarreal, one of Imagen Dental’s co-founders, has included me in all of Endeavor’s local activities. In addition to my experience with Imagen Dental, I met another Endeavor Entrepreneur a start-up social event. I also attended Endeavor’s National Selection Panel last weekend as an observer, where I heard three different pitches from entrepreneurs who want to become part of the Endeavor network.

My eMBA experience has already exceeded my expectations and it’s just getting started…

eMBA field report: taking an entrepreneurial risk to keep Mexican companies safe

Paul Marquard is an MBA student at Babson’s F.W. Olin Graduate School of Business. He is interning with ALTO with Endeavor Entrepreneur Jorge Nazer through Endeavor’s eMBA Program.

Working in a company where the entrepreneurial mindset ubiquitous and new ideas are welcomed provides a ripe opportunity for an MBA like myself to test his entrepreneurial skills. This is exactly what I’ve found as an eMBA intern at ALTO. When I started working with the ALTO team, I was received with a warm welcome and I immediately felt that I was a part of the company.

ALTO provides strategic solutions to prevent or mitigate the theft of companies’ assets. In addition to generating revenue, ALTO also has a positive impact on crime reduction is Mexico. As I result, I feel that by helping ALTO I am also helping my country. It’s a great feeling.

The company is growing at a rapid pace and, as a result, the management team has decided to expand their operations in Mexico. This is where I come in: because of my MBA experience and knowledge of Mexico, I have been entrusted with a mission-critical project. I will help the company to create a strategic plan to expand to the whole of Mexico. It is an honor to work on a project that I know will have a direct impact at all levels of the company. I am inspired to work even harder to make this project a success because the entrepreneurs are so open and attentive to my ideas.

These first few weeks, I have worked directly with the CEO of the company, who has great experience and ideas, and I have learned about the company’s business model and operations. I am finishing the research stage of my project, during which I gathered valuable data that will help me do a thorough analysis. The project is full of variables and there are a variety of possible methods to achieve the final goal. This is what makes this project challenging and exiting.

I have found the project to be a great learning experience because although I have been guided, I am not told what to do. This allows me to use my own entrepreneurial mindset to figure out the best methods to develop ALTO’s expansion strategy through research and analysis.

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