Key impact$221M in revenues generated by Endeavor Entrepreneurs in 2009
“Endeavor is now one of the biggest and best networks of contacts to entrepreneurs who can imagine, is in every one of us to get the maximum potential and continue making it grow.”
- Endeavor Uruguay
- Managing Director
- Laura Raffo
Uruguay is one of the strongest democracies in Latin America with 3.5 million citizens. In the last decade the country showed continued economic growth and in 2009 GDP increased 3%, despite the global slump. Exports have tripled in past years and foreign investment flow multiplied ten-fold.
Uruguay has the highest internet, broadband and PC penetration in Latin America, and it was the first country to introduce the “One Laptop per Child Program.” Every school student received a laptop, helping our future workforce eliminate the technology gap.
In this context, and although Uruguayans are not historical risk taking investors, entrepreneurship has grown in the country, driven by the detection of new opportunities. According to the last Global Entrepreneurship Monitor edition (GEM), the perception of risk is descending and the creation of new products and the internationalization of companies is increasing. Nevertheless, entrepreneurship still faces some barriers, as Uruguayan society tends to value stable career paths in large companies more than the risk of starting new business.
The endeavor effect
Since its founding in 2000, Endeavor Uruguay has played an important role in promoting Uruguay’s untapped entrepreneurial talent, and is now ranked as the country’s #1 organization in this area. Events organized by Endeavor Uruguay, including 13 international conferences and more than 148 workshops, have played a significant role in positioning entrepreneurship as the leading force for sustainable growth. The most recent international conference attracted 1,100 attendees. During 2009 Global Entrepreneurship Week, the office organized 84 activities across 10 cities, collaborating with 46 partner institutions.
To date, Endeavor Uruguay has screened more than 1,700 candidates. With the cooperation of 115 Venture Corps members and more than 70 MBA students, Endeavor Uruguay’s entrepreneurs have scaled their businesses and created more than 4,000 high-value jobs. All of the Entrepreneurs give back financially to Endeavor Uruguay.
Endeavor’s Uruguay portfolio is dominated by software products and services companies that have reach the ambitious goal of selling products in more than 60 countries throughout the world.
In 2010, the office's 10th anniversary, the goal has been to increase Endeavor’s impact in the Uruguayan economy. Nowadays, the revenues of Uruguayan Endeavor Entrepreneurs represent 0.6% of Uruguay GDP and the next step is to reach 1%. This goal has implied a redefinition of the Search & Selection process and the implementation of more complex services to Entrepreneurs, such as the Mentor Capital Program, Global Top 25 and Advisory Boards.