Endeavor commits to expanding its affiliate network from eight to 15 targeted countries by working with global businesses, entrepreneurs, investors and philanthropists. The key to Endeavor's model lies in turning promising emerging-market entrepreneurs into creators of high-value jobs and opportunity. Together, Endeavor and its partners will:
- Take entrepreneurship beyond subsistence to jumpstart private-sector development in emerging-market countries straight-jacketed by aid.
- Support local entrepreneurs to create thousands of jobs and accelerate the spread of innovations that will improve the quality of life in the developing world.
- Cultivate the Endeavor Entrepreneurs as role-models, which will inspire others in their community to start businesses. This is Endeavor's 'multiplier' effect which is expected to generate hundreds and thousands of additional high-value jobs.
- Narrow the gap between rich and poor in developing countries by scaling high-growth and sustainable businesses in countries where the majority of businesses close within 42 months.
Endeavor currently has offices in Argentina, Brazil, Chile, Colombia, Mexico, South Africa, Turkey and Uruguay. In 2006, Endeavor's expansion team is conducting scoping trips to Egypt, India, Morocco and Nigeria. To scale its 'venture catalyst' model globally, Endeavor will:
- Perform due diligence on countries short-listed by the Global Board of Directors.
- Meet with business leaders, entrepreneurs, investors, government officials and other key individuals in targeted countries in order to develop local boards of directors required to launch new Endeavor affiliates.
- Once a country board is formed, establish a legal entity and set up a local Endeavor affiliate by hiring management and developing local mentor networks.
- Train local Endeavor teams to start the entrepreneur Search & Selection process and adapt Endeavor processes to local context.
- Source and screen entrepreneurs with high-impact potential for an International Selection Panel.
- Select a first class of Endeavor Entrepreneurs and publicly launch new affiliate office.
- October 25, 2006 Global Board Meeting: Presentation by Endeavor's Expansion team on the results of first scoping trips to India, Egypt, Morocco and Nigeria.
- Endeavor Egypt has recruited 7 top business leaders to form a strong board of directors, approximately 20 business professionals, and a managing director.
- Endeavor has also selected its first three Egyptian entrepreneurs: an MIT-trained engineer who returned to Egypt to launch a wireless technology business, and a mother-daughter duo who are running an exceptional jewelry business that employs over 150 artisans.
- A scoping trip by Endeavor staff was conducted in Morocco in April, 2007.
- May 2007 Entrepreneurs' Summit in Miami, where Endeavor corporate partnerships will be launched.
Unlike founders of microfinance and small business enterprises, high-impact entrepreneurs are those leading innovative, high-growth businesses with the potential to create hundreds - even thousands - of jobs and generate millions in wages and revenues. Together, Endeavor and its partners help talented and innovative entrepreneurs reach their high-impact potential.
Emerging markets are ready for a solution that will disrupt the status quo and lead to long-term, sustainable economic growth characterized by increased opportunity, social mobility, equality and hope.
Real growth in emerging and developing countries ultimately will come from robust private sectors rather than aid or donations. Microfinance recipients and small business owners are at square one: starting a business to gain control of their own income. Entrepreneurs at the next level focus on building companies that expand employment, create revenue and attract investment capital. Few, however, get beyond the ideas stage to jumpstart a vital economic engine of growth.
Endeavor focuses exclusively on emerging-market entrepreneurs with high-impact potential - accelerating their transition from entrepreneur dreamers to recognized business leaders and key drivers of sustainable economic development.
Endeavor currently has offices in Argentina, Brazil, Chile, Colombia, Mexico, South Africa, Turkey and Uruguay where it identifies and supports visionary entrepreneurs with high-growth potential. Its proven 'venture catalyst' model strengthens entrepreneurial culture, stimulates local investment in risk financing, and showcases role models - fostering growth through entrepreneurial activity. Endeavor plans to replicate its success with high-impact entrepreneurs in other emerging markets in Asia, Africa and the Middle East. Through this corporate partnership commitment, Endeavor aims to unleash the creation of jobs and opportunity that will strengthen the social and economic fabric of emerging and developing countries.
To date, 198 Endeavor Entrepreneurs from 140 companies have been certified through Endeavor's rigorous Search & Selection process, screened from a pool of 14,044 applicants. Endeavor Entrepreneurs have created 38,418 high-value jobs paying on average ten times the national minimum wage, generated US.375 billion in revenues in 2005 alone, and with Endeavor's support secured approximately US.3 million in financing.
Based on Endeavor's exceptional nine-year track record and a perceived window of opportunity to influence global private sector development, its Global Board of Directors unanimously voted in mid-2006 to embark on an ambitious expansion plan into Asia, Africa and the Middle East. Measures of Endeavor's impact include:
- Endeavor Entrepreneurs have created 38,418 jobs paying on average ten times the national minimum wage.
- 96% of Endeavor Entrepreneurs' companies are still operating despite currency fluctuations and systemic barriers to new venture creation.
- In 2005, Endeavor Entrepreneurs generated US$ 1.375 billion in revenues.
- Endeavor has partnered with local banks to extend credit to entrepreneurs for the first time.
- 68% of Endeavor Entrepreneurs to secure outside financing or institutional support were the first in their families or communities to do so.
- In several countries where Endeavor operates, the national governments have tapped Endeavor to write venture capital legislation and spearhead nationwide entrepreneurship programs.
- Nearly 3,500 young people in emerging markets have become entrepreneurs directly because of Endeavor's success stories.
Seeking: Financial Resources, Implementing Partners, Best Practices Information, Media/Marketing
- Seasoned entrepreneurs, business leaders and philanthropists eager for hands-on engagement with a proven development model that will leverage their business acument to generate jobs and opportunity.
-Leading corporations with a footprint in countries where Endeavor seeks to expand as well as businesses in areas where Endeavor already operates.
- Investors looking for a global cause with measurable impact, which can harness their entrepreneurial expertise to mentor high-potential entrepreneurs to become effective leaders.
- Visionary individuals who recognize the need for a new approach to attack poverty by focusing on expanding jobs and opportunity.
Offering: Best Practices, Media/Marketing Opportunities