ENDEAVOR
IMPACT REPORT
2009—2010
Contents Endeavor Model PAGE 11
Impact, Results, & Action PAGE 23
Network & Financials PAGE 37
Contributors & Board PAGE 59
“Endeavor was formed for the purpose of promoting entrepreneurs in emerging markets. Its basic model is to link up small and midsize businesses with seasoned entrepreneurs so that the little guys and gals can get the advice and contacts they need to grow their companies into bigger businesses that can employ more people - the best anti-poverty program of all.�
Thomas L. Friedman Best-selling author and Pulitzer Prize winning columnist The World is Flat: A Brief History of the Twenty-first Century Version 3.0
Dear Endeavor Friends and Family I’d like to talk about games. The biggest games of all were held this year, the FIFA World Cup, and everyone in our network enjoyed the festivities, even if we were a tad jealous of our colleagues at Endeavor South Africa! But Endeavor’s involvement in gaming goes even deeper. Our Argentine firm Globant is running a brand new, 600-employee studio that’s created exclusive products for everyone from FIFA to Dreamworks. At our first selection panel in Cairo this March, we selected our 500th entrepreneur, Mostafa Hafez, whose company Timeline is the first studio in the Middle East to develop games for Xbox 360 and Sony Playstation 3. Co-Founder and CEO Linda Rottenberg
One of the most exciting Endeavor stories this year involved Three Melons, which develops dazzling “advergames” from its headquarters in Buenos Aires. With the targeted support of Endeavor’s new Mentor Capital Program, the young entrepreneurs behind Three Melons sold their firm to Playdom, a game developer in Silicon Valley. Four months later, Disney acquired Playdom – and with it Three Melons – for $763 million. Clearly, games are a serious business. And these young entrepreneurs – often dismissed or overlooked in their countries – embody the Endeavor spirit. They’re creative, risk-taking, bold, and charismatic. With Endeavor’s help, the CEO of Three Melons, Mariano Suarez Battan, is traveling around the world, telling his inspirational story. Back home, he’s already giving back to Endeavor to help us find the next generation of business leaders. Whatever their industry—high fashion or green tech—Endeavor Entrepreneurs are game-changers. And we like to think of ourselves as their coaches. In 2009, business leaders in our network devoted more than 15,000 hours to mentoring these innovators, who in turn have created 130,000 jobs and generated $3.5 billion in revenues. As you read this year’s report, you’ll find many more stories about our impact around the world. But as I like to say, we’re just getting started. We’ll soon be launching in Lebanon, and our scoping teams are making their way across Southeast Asia, Africa, and the Middle East. Over the next year, we’re excited to be hosting our first International Selection Panels in Silicon Valley and London. We also have new premium entrepreneur services (our Mentor Capital and Top 25 Programs), a new research arm (Endeavor’s Center for High-Impact Entrepreneurship) and a new website at endeavor.org. And we have many ways for you to join our team. We’d love to hear from you. Until then, let the games begin!
Linda Rottenberg
Endeavor Impact Report 2009—2010
“The knowledge that entrepreneurs continue to be sought and found, that jobs continue to be created, and that local economies are being transformed as a result, inspires us all to forge ahead with increasing determination and zeal. Endeavor has truly become unstoppable!”
INTRODUCTION. Edgar Bronfman, Jr. Warner Music Group, Chairman & CEO Endeavor Global Board Chairman 2
Introduction
Endeavor Impact Report 2009—2010
What Endeavor Does
ENDEAVOR TRANSFORMS EMERGING MARKETS BY ESTABLISHING HIGH-IMPACT ENTREPRENEURSHIP AS THE LEADING FORCE FOR SUSTAINABLE ECONOMIC DEVELOPMENT 4
Introduction
When small and medium-sized companies scale, they drive societies forward by generating significant revenue growth and the greatest number of high-quality jobs. It is entrepreneurs—in particular High-Impact Entrepreneurs—who shape and strengthen economies. They not only create wealth, but also clear a path upward for emerging markets. Endeavor provides High-Impact Entrepreneurs with the tools and connections to achieve their greatest impact.
IN THE LAST 13 YEARS ENDEAVOR HAS BUILT A PORTFOLIO ACROSS
11 Emerging Market Countries in which
506 High-Impact Entrepreneurs generate over
$3.5 BN Annually and have created over
130,000 High-Quality Jobs Endeavor Impact Report 2009—2010
High-Impact Entrepreneurs Lead the Way
Why Endeavor Companies Matter
In 2009, Endeavor companies on average grew jobs by 16% and revenues by 15% while average employment and GDP in Endeavor companies fell by 1.1% and 2.6% respectively.
Scaling medium-sized firms into large-sized firms has the most leveraged impact on GDP.
Raising the GDP by 1%
In Endeavor COUNTRIES during 2009
Current GDP CONTRIBUTION by size of firm
Endeavor Company Jobs Grew 16%
Mexico
%
0
5
10
15
TYPE of firm M I C RO F I RMS
449,900
small F I RMS
20,064
m e diu m F I RMS
Average Employment Fell 1.1%
Chile
Endeavor Company Revenues Grew 15%
%
0
5
10
15
Average GDP Fell 2.6% Introduction
984
LARG E F I RMS
85
M I C RO F I RMS
293,232
small F I RMS
21,630
m e diu m F I RMS
3,538
LARG E F I RMS
139
M I C RO F I RMS
56,897
small F I RMS
7,675
m e diu m F I RMS
7,017
LARG E F I RMS
Results based off data compiled May 2010
6
S. Africa
Number of new firms needed to raise gdp 1%
194
“If 85 small and medium-sized companies become big companies, Mexico's GDP will increase by 1%. Imagine the impact if we transform 850 companies. This is Endeavor’s challenge: to make a true impact.”
Emilio Azcárraga Televisa, Chairman & CEO Endeavor Mexico Board Chairman Endeavor Impact Report 2009—2010
What is The Multiplier Effect? The success of High-Impact Entrepreneurs can be measured by their companies' revenues and jobs, but their impact on a country is multiplied with each case study written, investment secured, and patent filed. While launching new products is influential, resonating with generations of people is high-impact.
communitieS
FAMILIES
16K+
Incomes from high-quality jobs in emerging markets enable families to increase their savings, invest in education, afford healthcare, and reach new standards of living. THE MULTIPLIER EFFECT IN SOUTH AFRICA
One Endeavor Entrepreneur can impact OVER 16,000 people Endeavor Entrepreneur Carlo Gonzaga employs 4,500 at Taste Holdings. His employees have 16,605 family members.**
companies
1ok
97% CHILD HEALTHCARE ACCESS 97% of employees' children are covered by Med Aid healthcare versus the national average of 13% for South African children.*
2
20K
DOUBLE THE AVERAGE PAY
2 OUT OF 3 EMPLOYEES DESIRE
Endeavor companies pay an average monthly compensation of 20,000 Rand, twice as much as the average monthly compensation for all South African employees and 33% higher than their previous employers.*
In a country with a 24% unemployment rate, nearly 2/3 of employees of South African Endeavor Entrepreneurs say that they want to start their own company in the future.*
TO BE AN ENTREPRENEUR TWICE AS LIKELY TO HAVE ACCESS TO INDOOR WATER Families of Endeavor employees are more than twice as likely to have access to water via an indoor tap than the national average.*
* Endeavor launched its think tank and research arm in 2009. The Endeavor Center for High-Impact Entrepreneurship (C-HIE) aims to establish Endeavor as the global source of thought leadership for entrepreneurship in emerging markets. To identify and evaluate the reach and recipients of Endeavor’s impact, C-HIE piloted a survey of over 200 employees from eight South African Endeavor companies.
83% RECOMMENDED EMPLOYER 83% of Endeavor employees would recommend their company to a friend looking for a job.*
** Based on average family size, University of South Africa study (2007).
8
Introduction
Endeavor Impact Report 2009—2010
“The crucial catalyst for change is entrepreneurship. Nothing else has so much effect on the development of a country.”
ENDEAVOR' .M . ODEL. Carlos Alberto Sicupira AB-InBev, Board Member Endeavor Brazil Board Chairman Introduction
Launch Endeavor actively scopes emerging markets. To launch a new office, a strong local private sector must ‘pull’ Endeavor in and commit to providing leadership and financial support to open the affiliate.
ISP = INTERNATIONAL SELECTION PANEL MCP = MENTOR CAPITAL PROGRAM
REGIONAL EXPANSION To date, 56 selected Endeavor companies are based outside of capital cities from the far tip of Patagonia to Aguascalientes, Mexico. 38% were selected between 2009 and 2010.
LEBANON Endeavor Lebanon is scheduled to launch in the first months of 2011
INTERNATIONAL EXPANSION HIGHLIGHTS
MEXICO
TURKEY
In 2010, Endeavor Mexico operated 10 regional offices.
Representatives from Lebanon, Jordan, Pakistan, Turkey, Mexico, Chile and the United Arab Emirates attended Turkey's ISP and MCP in June 2010.
NEW COUNTRIES Pending launches in United Arab Emirates, Vietnam, Kenya, Indonesia, Philippines and Saudi Arabia.
KEY INDICATORS OF A VIABLE MARKET
An increasingly vibrant private sector BRAZIL
JORDAN
In 2010, an ISP was held in Rio de Janiero, where Endeavor Brazil opened a regional office in 2005.
Endeavor Jordan held its first ISP and public launch in September 2009.
A nascent entrepreneurial ecosystem Rising foreign investment
12
CHILE
ARGENTINA
EGYPT
In 2009, Endeavor Chile opened a regional office in Patagonia and hosted its first ISP.
In 2010, affiliates opened regional offices in Rosario and Córdoba.
Endeavor Egypt held its public launch in March 2010 with its first ISP and MCP
Endeavor Model
Economic and political stability
Endeavor Impact Report 2009—2010
Select “The Endeavor selection process puts young talent through rigorous interviews with some of the world's most experienced business people. This exchange is priceless.”
Endeavor screens thousands of entrepreneurs with high-impact potential over the course of a year. Beyond running high-growth, innovative businesses, candidates must demonstrate that their reach extends beyond company walls.
HARDER THAN HARVARD Endeavor selected 4% of Endeavor Entrepreneur candidates in the last 18 months. Harvard Business School selected just over 10% of applicants for the class of 2011.
THE ENDEAVOR SELECTION PROCESS : January 2009 t0 June 2010
ENDEAVOR PORTFOLIO
2,653
31%
Consumer Goods & ServiceS
2%
> candidates AT Initial Reviews | with Search & Selection staff
ENERGY
553
5%
Finance
9%
> candidates AT Mentor Reviews | with VENTURECORPS Volunteers
HealthCare & Life sciences
242
12%
MANUFACTURING
26%
> candidates AT 32 Local Selection Panels | with high-level local network members
Technology
159
15%
Professional ServiceS
> candidates AT 8 International Selection Panels | with HIGH-PROFILE GLOBAL NETWORK MEMBERS
108
Fadi Ghandour Aramex, Founder & CEO Endeavor Jordan Board Member Endeavor Lebanon Board Member 14
> HIGH-IMPACT Entrepreneurs representing 70 companies Over the 6-12 month selection process, each candidate that reaches an International Selection Panel receives direct feedback from 18 mentors on average.
Endeavor Model
Endeavor Impact Report 2009—2010
Support Endeavor unites an elite network of 2,000+ global and local business leaders who serve on advisory boards for Endeavor companies and volunteer as VentureCorps. They act as mentors, investors, and role models to help High-Impact Entrepreneurs scale their companies.
Endeavor Services Elevate Entrepreneurs 15,780+ HOURS OF MENTORING provided by Endeavor VentureCorps mentors in 2009 92 INVESTORS WORLDWIDE participated in Endeavor’s Mentor Capital Program ENDEAVOR LINKS TOP TALENT
ENDEAVOR GLOBAL Entrepreneur SERVICES
Top 25 Program A program that provides high-touch, customized services to the highest impact entrepreneurs, helping them generate annual revenues of US$100m or greater.
Mentor Capital Program A program that helps top entrepreneurs raise capital through a hands-on boot camp cumulating in a pitch forum to top local and global investors.
Talent Support Programs MBA students from leading US & EU schools and executives from leading corporations guide Endeavor Entrepreneurs on strategy, operations, and financing projects.
In 2009, Endeavor's talent support programs coordinated first-hand experiences for: 31 eMBAs from Stanford GSB, Harvard Business School, Wharton, and others 10 Fellows from Ernst & Young 13 Student Teams from programs at MIT Sloane and Kellogg 13 Endeavor Entrepreneur Participants at Columbia University’s Entrepreneurship and Competitiveness in Latin America (ECLA) program
Global Connections
EndeavorNET
16
The Challenge: Emerging markets lack a community where entrepreneurs and investors understand each other’s needs, negotiate based on fair practices, and build the trust needed to form long-term partnerships. The Catalyst: Through mentorships with successful investors and an investment-readiness curriculum, the MCP helps Endeavor Entrepreneurs with fundraising and creates a platform for top venture capitalists to invest in them with confidence. The Change: Three of five Endeavor Entrepreneurs from the pilot class of the MCP have raised equity capital. One company, Three Melons, raised US$600k from Santander Bank and was acquired by social gaming company Playdom in 2010. The Chain Reaction: Through MCP, Jeff Brody of Silicon Valley-based Redpoint Ventures provided strategic advice to Three Melons during negotiations with Playdom. Endeavor Entrepreneur and Global board member Wences Casares has mentored Three Melons since selection. He called the deal the “first of a kind” for Argentina, bridging Argentine entrepreneurs and Silicon Valley. In July 2010, Disney acquired Playdom for $763 million. Mariano Suarez Battan of Three Melons is now giving back financially to Endeavor and sharing his success story. GLOBAL CONNECTIONS The Challenge: High-Impact Entrepreneurs often need sustained support through structured programs, but sometimes they require targeted help from global executives with specific expertise and resources. The Catalyst: Endeavor’s Global Connections program links entrepreneurs to Endeavor’s growing global network—from New York City to Cairo to Beijing. The Change: Launched in 2009, Global Connections now supports over 30 Endeavor companies.
Endeavor Entrepreneurs connect to the Endeavor network through a needs-based approach to receive mentoring, strategic advice, introductions, and media exposure.
Launched in 2010, Endeavor’s private social network links the Endeavor community of entrepreneurs, mentors, VentureCorps, board members, and staff.
MENTOR CAPITAL PROGRAM
Premium programs offered to qualified entrepreneurs
Endeavor Model
The Chain Reaction: Global Advisory Board member and Dell VP Erik Dithmer mentored Vinny Lingham on partnerships, expansion and SynthaSite’s go-to-market strategy. Committed to giving back, Vinny speaks at Endeavor events, and is donating 2% equity to Endeavor South Africa.
“I started my business small. We are now Brazil’s largest marketing firm. In five years we will be one of the world's top twenty, and soon one of the top ten. This is why I volunteer for Endeavor. I am a High-Impact Entrepreneur and will be every day until my last.”
Nizan Guanaes Grupo ABC, CEO & Founder Endeavor Impact Report 2009—2010
Multiply “Endeavor is amazing! Brazil will have a key role in the building up of a counterforce to the growing size of Government.”
Endeavor’s impact resonates beyond a company’s balance sheet and a CEO’s boardroom. Endeavor engages key change agents in order to foster entrepreneurial ecosystems and position Endeavor Entrepreneurs as national role models.
Jorge Paulo Lemann AB-InBev, Board Member Endeavor Brazil Board Member
Foster Competitive Markets
Elevate Entrepreneurship Education Endeavor Brazil has partnered with local universities to bring the Kauffman Foundation’s FastTrac entrepreneurship curriculum to millions of students.
Endeavor Argentina has linked MBA students from Universidad Torcuato Di Tella with Endeavor Entrepreneurs to address their market research and marketing needs.
Universities across five continents teach over 175+ cases studies about Endeavor or Endeavor Entrepreneurs.
In 2009, Endeavor offices partnered with 701 organizations, built coalitions that led over 1,736 activities, attracted 5.38 million participants, showcased 61 Endeavor Entrepreneurs, and reached 1.37 billion people through media campaigns and events as part of Global Entrepreneurship Week.
Engage The Media Endeavor led a panel in Egypt focused on media coverage of High-Impact Entrepreneurship in March 2010. Panelists included New York Times correspondent Michael Slackman, NPR’s Jessica Harris and Hisham Kassem, the former publisher of Egypt’s largest circulated daily private publication al-Masry al-Youm.
18
Partnering with the publication Milliyet, Endeavor Turkey published a 16-page feature on entrepreneurship with a circulation of 375,000. Journalists from six emerging markets attended a workshop on business coverage at the 2009 Endeavor Summit in Miami.
92 investors from 8 countries have participated in the MCP as mentors, attendees, or panelists in Egypt, Brazil, Chile, Turkey, Uruguay, Argentina and Silicon Valley.
Endeavor Turkey partnered with large Turkish bank Akbank in June 2010 to provide 17 Endeavor Entrepreneurs with a US$13m line of credit and access to more favorable rates, terms, and payment options.
Drive Thought Leadership
Inspire Future Generations Global Entrepreneurship Week is an international initiative across six continents that encourages entrepreneurship worldwide. Endeavor was selected by the Kauffman Foundation as the lead host in seven countries and a partner in two.
The Mentor Capital Program (MCP) launched in 2009 to prepare entrepreneurs for the fundraising process and link investors to share best practices and encourage transparency.
The Endeavor Center for High-Impact Entrepreneurship opened in 2009 and launched partnerships with the Michael and Susan Dell Foundation, the World Economic Forum and Stanford Graduate School of Business.
Endeavor South Africa, in partnership with the Gordon Institute of Business Science and First National Bank, released the first white paper on entrepreneurship in South Africa.
Influence Policy Makers TechCrunch columnist Sarah Lacy has featured thirteen Endeavor Entrepreneurs on Techcrunch.com, including entrepreneurs from Yola, Maqtec, Biruta, Globant, SEDI, Mercado Libre and Endeavor Entrepreneur as well as Global Board Member Wences Casares.
Endeavor Model
Endeavor Chile Board Member Jorge Errázuriz served as economic advisor for Sebastián Piñera's presidential campaign, co-chairing the working group on entrepreneurship. Elected in January 2010, the President placed entrepreneurship at the top of his agenda.
Endeavor Colombia was recognized by the Colombian Ministry of Commerce at the National Summit for Entrepreneurship and Innovation for being one of two organizations that most influenced the entrepreneurial environment.
Endeavor Argentina and the Development and Investment Agency organized Argentina's first entrepreneurship forum for policy makers, resulting in a white paper on developing entrepreneurship programs.
Endeavor Impact Report 2009—2010
Give Back “I’m proud to sit on Endeavor Argentina’s Board ten years after becoming an Endeavor Entrepreneur. Having taken Mercado Libre from an idea to an IPO, it’s now fulfilling to watch younger entrepreneurs like Mariano and Pato of Three Melons scale and begin to give back.”
Endeavor is an organization of, by and for entrepreneurs. Many Endeavor Entrepreneurs voluntarily give back as board members and donors to support and guide the next generation of High-Impact Entrepreneurs. Endeavor aims to be self-sustaining through give-back and other market-driven revenues.
REACHING SELFSUSTAINABILITY Endeavor Entrepreneurs have played an active role in determining local give-back models by joining Endeavor's boards and encouraging fellow entrepreneurs to donate cash and equity to make Endeavor self-sustaining.
how Endeavor Entrepreneurs are giving back All Endeavor countries older than three years have instituted monthly or annual fee give-back programs. Similar programs are beginning in Egypt and Jordan in 2011 and Turkey in the end of 2010.
83% OF ENDEAVOR ENTREPRENEURS ARE GIVING BACK
ARGENTINA
Marcos Galperín Mercado Libre, Co-Founder & CEO Endeavor Entrepreneur Endeavor Argentina Board Member
BRAZIL
CHILE
COLOMBIA
MEXICO
S. AFRICA
URUGUAY
2%
2%
2%
2%
1%
2%
2%
Voluntary commitMENT of equity
Mandatory commitMENT of equity
Voluntary commitMENT of equity on an exit basis
voluntary donation of equity or incremental revenues
Mandatory commitMENT of equity for cash-outs & $10,000 IN annual fees
commitMENT of equity or profits annually
Mandatory commitMENT of equity*
* Endeavor Entrepreneurs selected after June 2010 and participants of premium programs
20
Endeavor Model
Endeavor Impact Report 2009—2010
“For a long time, I didn’t believe any government or non-profit could really help develop clusters of high- impact entrepreneurs. But Endeavor has in very tangible ways.”
IMPACT,' RESULTS,' & ACTION. Sarah Lacey TechCrunch, Columnist 22
Introduction
Endeavor Impact Report 2009—2010
The Endeavor Value Proposition
Endeavor AND High-Impact Entrepreneurs Enable significant and lasting impact in emerging markets
24
Impact, Results, & Action
95% of Endeavor companies are still in operation
$92mm raised in equity capital by Endeavor Entrepreneurs in 2009
130,000+ 225 high-quality jobs created by Endeavor Entrepreneurs (3/4 created from growth post engagement)
2.7mm people building the HIE movement through Endeavor websites and social networking in 2009
814 patents or patents pending filed by Endeavor firms
495mm people reached by Endeavor through print and broadcast media in 2009
average number of people employed by Endeavor companies in 2009
92 investors worldwide participated in Endeavor’s Mentor Capital Program in 2009 to June 2010
248 business leaders receiving findings from Endeavor’s Center for High-Impact Entrepreneurship (C-HIE)
401 major entrepreneurship awards received by Endeavor and its entrepreneurs
1998—2009
Entrepreneur Spotlight
10%
Manuel Aravena & Juan Pablo Salas Ascon
Wilson Martins Poit Poit Energia
chl ‘08
Br ‘02
of Endeavor Companies that have sold or IPO'd
86 Endeavor Entrepreneurs have started another company post-selection
432 weeks spent by Fellows and eMBAs on location consulting Endeavor Entrepreneurs in 2009
82% of Endeavor Entrepreneurs who stated that they would not have met their mentor without Endeavor
Endeavor Impact Report 2009—2010
ENERGY
Manuel Aravena and Juan Pablo Salas began their careers as Chilean shipyard workers. When the maritime industry began to flourish in the 1990s, the engineers identified the demand for innovation and seized the opportunity to fill the mid-sized shipping niche.
Wilson Poit was inspired to become an entrepreneur by his father, a rice farmer and merchant, who built his own rice mill.
Ascon is the fastest growing shipyard in Chile. The company recently opened a 20,000-square-meter facility to expand its production capability. Endeavor has provided Manuel and Juan Pablo with a network of mentors who advise them on their growth strategy, international expansion and management structure.
' 0 8 | J UN E ' 1 0
When Wilson noticed that the generator industry in Brazil was unreliable and lacked competition, he made it his business to provide streamlined, comprehensive services. Founded in 1999, Poit Energia leases generators and offers complementary equipment rental and professional support. Endeavor Brazil created an Advisory Board for Poit Energia that helped it raise funds for its expansion to Chile, Peru, and Argentina. Since joining Endeavor, Poit Energia has tripled its employees and has grown its revenues eight times over. In 2009, Ernst & Young named Wilson its “Entrepreneur of the Year.” Wilson now sits on the board of Endeavor Brazil, inspiring and guiding other entrepreneurs.
' 02 | J UN E ' 1 0 J OBS f r o m year o f s e l ec ti o n
R E V E NU E f r o m year o f s e l ec ti o n
J OBS f r o m year o f s e l ec ti o n
+281%
+200%
+998%
+370.6%
$14.1 mM (e)
180 (e)
$56 MM
320
60 68
28
$5.1 MM
Impact, Results, & Action
$3.5 bn revenues generated by Endeavor Entrepreneurs in 2009 (2/3 growth resulted post engagement)
Human Capital
Human Capital
R E V E NU E f r o m year o f s e l ec ti o n
$3.7 mM
Financial Capital
Create jobs and wealth by unleashing new talent
High Impact is generating accessible and reliable energy throughout Brazil.
In 2000, the entrepreneurs founded Ascon. The company made a name for itself by reinventing traditional salmon vessels to make them faster, safer and capable of holding more cargo. Today, Ascon is known for producing ships that not only meet the needs of the Chilean maritime industry, but also showcase cutting-edge, unique designs.
Global Impact Metrics
Financial Capital
High Impact is producing superior boats to become the fastest growing shipyard in Chile.
5.4mm participants who attended Global Entrepreneurship Week events in Endeavor host countries 2009
MANUFACTURING
Building 5 Types of Capital
22,000+ candidates received professional feedback during Endeavor's Search & Selection process
Develop leaders through hands-on training and advising Social Capital
Social Capital
291 Endeavor Entrepreneurs advised or invested in other companies
Mobilize networks to attract investors and business mentors Intellectual Capital
Intellectual Capital
76% of Endeavor Entrepreneurs invested in R&D in 2009
Lead cutting-edge research to spark innovation Cultural Capital
Cultural Capital Showcase role models to inspire the next generation
1.23mm students and teachers whose education or training is supported directly by Endeavor companies
Endeavor Impact Report 2009—2010
26
64% average growth rate achieved in first two years after engaging with Endeavor
506 High-Impact Entrepreneurs selected from 328 companies
15,780+ hours of mentoring provided by Endeavor VentureCorps mentors in 2009
123 university cases or case studies on Endeavor or Endeavor Entrepreneurs taught in 2009
14% of first-year Stanford Business School students (6% of HBS) applied to be an eMBA in 2009
Impact, Results, & Action
95% of Endeavor companies are still in operation
$92mm raised in equity capital by Endeavor Entrepreneurs in 2009
130,000+ 225 high-quality jobs created by Endeavor Entrepreneurs (3/4 created from growth post engagement)
2.7mm people building the HIE movement through Endeavor websites and social networking in 2009
814 patents or patents pending filed by Endeavor firms
495mm people reached by Endeavor through print and broadcast media in 2009
average number of people employed by Endeavor companies in 2009
92 investors worldwide participated in Endeavor’s Mentor Capital Program in 2009 to June 2010
248 business leaders receiving findings from Endeavor’s Center for High-Impact Entrepreneurship (C-HIE)
401 major entrepreneurship awards received by Endeavor and its entrepreneurs
1998—2009
Entrepreneur Spotlight
10%
Manuel Aravena & Juan Pablo Salas Ascon
Wilson Martins Poit Poit Energia
chl ‘08
Br ‘02
of Endeavor Companies that have sold or IPO'd
86 Endeavor Entrepreneurs have started another company post-selection
432 weeks spent by Fellows and eMBAs on location consulting Endeavor Entrepreneurs in 2009
82% of Endeavor Entrepreneurs who stated that they would not have met their mentor without Endeavor
Endeavor Impact Report 2009—2010
ENERGY
Manuel Aravena and Juan Pablo Salas began their careers as Chilean shipyard workers. When the maritime industry began to flourish in the 1990s, the engineers identified the demand for innovation and seized the opportunity to fill the mid-sized shipping niche.
Wilson Poit was inspired to become an entrepreneur by his father, a rice farmer and merchant, who built his own rice mill.
Ascon is the fastest growing shipyard in Chile. The company recently opened a 20,000-square-meter facility to expand its production capability. Endeavor has provided Manuel and Juan Pablo with a network of mentors who advise them on their growth strategy, international expansion and management structure.
' 0 8 | J UN E ' 1 0
When Wilson noticed that the generator industry in Brazil was unreliable and lacked competition, he made it his business to provide streamlined, comprehensive services. Founded in 1999, Poit Energia leases generators and offers complementary equipment rental and professional support. Endeavor Brazil created an Advisory Board for Poit Energia that helped it raise funds for its expansion to Chile, Peru, and Argentina. Since joining Endeavor, Poit Energia has tripled its employees and has grown its revenues eight times over. In 2009, Ernst & Young named Wilson its “Entrepreneur of the Year.” Wilson now sits on the board of Endeavor Brazil, inspiring and guiding other entrepreneurs.
' 02 | J UN E ' 1 0 J OBS f r o m year o f s e l ec ti o n
R E V E NU E f r o m year o f s e l ec ti o n
J OBS f r o m year o f s e l ec ti o n
+281%
+200%
+998%
+370.6%
$14.1 mM (e)
180 (e)
$56 MM
320
60 68
28
$5.1 MM
Impact, Results, & Action
$3.5 bn revenues generated by Endeavor Entrepreneurs in 2009 (2/3 growth resulted post engagement)
Human Capital
Human Capital
R E V E NU E f r o m year o f s e l ec ti o n
$3.7 mM
Financial Capital
Create jobs and wealth by unleashing new talent
High Impact is generating accessible and reliable energy throughout Brazil.
In 2000, the entrepreneurs founded Ascon. The company made a name for itself by reinventing traditional salmon vessels to make them faster, safer and capable of holding more cargo. Today, Ascon is known for producing ships that not only meet the needs of the Chilean maritime industry, but also showcase cutting-edge, unique designs.
Global Impact Metrics
Financial Capital
High Impact is producing superior boats to become the fastest growing shipyard in Chile.
5.4mm participants who attended Global Entrepreneurship Week events in Endeavor host countries 2009
MANUFACTURING
Building 5 Types of Capital
22,000+ candidates received professional feedback during Endeavor's Search & Selection process
Develop leaders through hands-on training and advising Social Capital
Social Capital
291 Endeavor Entrepreneurs advised or invested in other companies
Mobilize networks to attract investors and business mentors Intellectual Capital
Intellectual Capital
76% of Endeavor Entrepreneurs invested in R&D in 2009
Lead cutting-edge research to spark innovation Cultural Capital
Cultural Capital Showcase role models to inspire the next generation
1.23mm students and teachers whose education or training is supported directly by Endeavor companies
Endeavor Impact Report 2009—2010
26
64% average growth rate achieved in first two years after engaging with Endeavor
506 High-Impact Entrepreneurs selected from 328 companies
15,780+ hours of mentoring provided by Endeavor VentureCorps mentors in 2009
123 university cases or case studies on Endeavor or Endeavor Entrepreneurs taught in 2009
14% of first-year Stanford Business School students (6% of HBS) applied to be an eMBA in 2009
Impact, Results, & Action
95% of Endeavor companies are still in operation
$92MM raised in equity capital by Endeavor Entrepreneurs in 2009
130,000+ 225 high-quality jobs created by Endeavor Entrepreneurs (3/4 created from growth post engagement)
2.7MM people building the HIE movement through Endeavor websites and social networking in 2009
814 patents or patents pending filed by Endeavor firms
495MM people reached by Endeavor through print and broadcast media in 2009
average number of people employed by Endeavor companies in 2009
92 investors worldwide participated in Endeavor’s Mentor Capital Program in 2009 to June 2010
10 partnerships that Endeavor’s Center for High-Impact Entrepreneurship (C-HIE) is developing in its first year
401 major entrepreneurship awards received by Endeavor and its entrepreneurs
1998—2009
Entrepreneur Spotlight
10%
Manuel Aravena & Juan Pablo Salas Ascon
Wilson Martins Poit Poit Energia
CHL ‘08
BR ‘02
of Endeavor Companies that have sold or IPO'd
86 Endeavor Entrepreneurs have started another company post-selection
432 weeks spent by Fellows and eMBAs on location consulting Endeavor Entrepreneurs in 2009
82% of Endeavor Entrepreneurs who stated that they would not have met their mentor without Endeavor
Endeavor Impact Report 2009—2010
ENERGY
Manuel Aravena and Juan Pablo Salas began their careers as Chilean shipyard workers. When the maritime industry began to flourish in the 1990s, the engineers identified the demand for innovation and seized the opportunity to fill the mid-sized shipping niche.
Wilson Poit was inspired to become an entrepreneur by his father, a rice farmer and merchant, who built his own rice mill.
Ascon is the fastest growing shipyard in Chile. The company recently opened a 20,000-square-meter facility to expand its production capability. Endeavor has provided Manuel and Juan Pablo with a network of mentors who advise them on their growth strategy, international expansion and management structure.
'08 | JUNE '10
When Wilson noticed that the generator industry in Brazil was unreliable and lacked competition, he made it his business to provide streamlined, comprehensive services. Founded in 1999, Poit Energia leases generators and offers complementary equipment rental and professional support. Endeavor Brazil created an Advisory Board for Poit Energia that helped it raise funds for its expansion to Chile, Peru, and Argentina. Since joining Endeavor, Poit Energia has tripled its employees and has grown its revenues eight times over. In 2009, Ernst & Young named Wilson its “Entrepreneur of the Year.” Wilson now sits on the board of Endeavor Brazil, inspiring and guiding other entrepreneurs.
' 02 | J U N E ' 1 0 J O B S F R O M Y E A R O F S E L EC TI O N
R E V E N U E F R O M Y E A R O F S E L EC TI O N
J O B S F R O M Y E A R O F S E L EC TI O N
+281%
+200%
+998%
+370.6%
$14.1 MM (e)
180 (e)
$56 MM
320
60 68
28
$5.1 MM
Impact, Results, & Action
$3.5 BN revenues generated by Endeavor Entrepreneurs in 2009 (2/3 growth resulted post engagement)
Human Capital
Human Capital
R E V E N U E F R O M Y E A R O F S E L EC TI O N
$3.7 MM
Financial Capital
Create jobs and wealth by unleashing new talent
High Impact is generating accessible and reliable energy throughout Brazil.
In 2000, the entrepreneurs founded Ascon. The company made a name for itself by reinventing traditional salmon vessels to make them faster, safer and capable of holding more cargo. Today, Ascon is known for producing ships that not only meet the needs of the Chilean maritime industry, but also showcase cutting-edge, unique designs.
Global Impact Metrics
Financial Capital
High Impact is producing superior boats to become the fastest growing shipyard in Chile.
5.4MM participants who attended Global Entrepreneurship Week events in Endeavor host countries 2009
MANUFACTURING
Building 5 Types of Capital
22,000+ candidates received professional feedback during Endeavor's Search & Selection process
Develop leaders through hands-on training and advising Social Capital
Social Capital
291 Endeavor Entrepreneurs advised or invested in other companies
Mobilize networks to attract investors and business mentors Intellectual Capital
Intellectual Capital
76% of Endeavor Entrepreneurs invested in R&D in 2009
Lead cutting-edge research to spark innovation Cultural Capital
Cultural Capital Showcase role models to inspire the next generation
1.23MM students and teachers whose education or training is supported directly by Endeavor companies
Endeavor Impact Report 2009—2010
26
64% average growth rate achieved in first two years after engaging with Endeavor
506 High-Impact Entrepreneurs selected from 328 companies
15,780+ hours of mentoring provided by Endeavor VentureCorps mentors in 2009
123 university cases or case studies on Endeavor or Endeavor Entrepreneurs taught in 2009
14% of first-year Stanford Business School students (6% of HBS) applied to be an eMBA in 2009
Impact, Results, & Action
The Evolution of High-Impact Entrepreneurship Over 10 Years With each High-Impact Entrepreneur, Endeavor fosters entrepreneurial ecosystems. Based on twelve years of historical data, Endeavor can chart its average impact on entrepreneurs and countries over the course of a decade. By selecting and supporting High-Impact Entrepreneurs, Endeavor can change the course of a company. When Endeavor is joined by a community that champions High-Impact Entrepreneurship, Endeavor can change the course of a country.
Endeavor’s Impact On A Single Country
Key
= $5MM ANNUAL REVENUE
= 4 Endeavor companies
Endeavor’s Impact On A Single Entrepreneur
01
Year one
Intellectual Capital
$20M REVenue ______ 800 JOBS ______
= 100 JOBS
before eNDEAVOR
year
4 COMPANIES
In Endeavor Jordan and Endeavor Egypt's first year, Harvard Business School professor Bill Sahlman wrote a case study on Endeavor's launch in the Middle East, marking the third HBS/Stanford GSB case study on Endeavor.
Year three
Year FIVE
Financial Capital
Social Capital
By the third year, an average of 26 local investors engage in the network, having recognized the value of Endeavor's seal of approval for its entrepreneurs.
By its 5th year, in Endeavor Colombia 6 of 18 Endeavor Entrepreneurs invested in or started second companies.
year
03
Year six
In its 6th year, Endeavor South Africa reached 572,000 people through a 30-second entrepreneurship ad that was screened 266 times at 34 cinemas country-wide.
Cultural Capital
year
05 $230M REVenue ______
$110M REVenue ______
10,000 JOBS ______
5,000 JOBS ______
20 COMPANIES
Social Capital
year
Cultural Capital
Cultural Capital In its third year, Endeavor Turkey partnered with entrepreneurship magazine Inc. to create a Turkish version of the publication with a circulation of 8000. In Turkey during the same year, periodicals featured Endeavor or Endeavor Entrepreneurs in 54 articles.
Year TEN
In its fifth year, Endeavor Brazil's network received 34 entrepreneurship awards. Three years later, Managing Director Paulo Veras was named ‘Brazilian to make largest impact on economy’ by Organizações Globo.
10 $650M REVenue ______
In its 10th year, Andy Freire, an Endeavor Entrepreneur, took over as Chairman of Endeavor Argentina's Board of Directors. Currently, over 50% of Argentina's Board are Endeavor Entrepreneurs. In 2008, Argentine Wences Casares, from Endeavor's first class of entrepreneurs, became the first Endeavor Entrepreneur to join Endeavor’s Global Board.
Capital in Context FINANCIAL CAPITAL
95 PERCENT
of Endeavor Entrepreneurs still in operation
28,000 JOBS ______ 40 COMPANIES
human CAPITAL
225 PEOPLE
intellectual capitAl
employed by Endeavor companies
By its fifth year, 94% of Mexico's Entrepreneurs were investing in R&D.
15,780 HOURS
12 COMPANIES
of mentoring provided by Endeavor VentureCorps
814 PATENTS
post ENgagement
• Direct feedback from 2nd opinion reviews & selection panel interviews with Endeavor VentureCorps
first year
YEAR 02 – 03 • Informal mentorship • Financial reviews & presentation coaching from Endeavor staff
YEAR 04 – 05
• Formation of an Endeavor Advisory Board
• Strategic assistance from eMBAs & Fellows
• Ongoing access to an Endeavor Advisory Board
• Needs assessment conducted by Endeavor VentureCorps
• Online support via the EndeavorNet community
• Strategic assistance from eMBAs & Fellows
• Give-back begins via local Affiliate support programs
The average Endeavor company’s employee workforce has grown by 429% since selection. The average growth in employment in Endeavor’s ten countries during the years Endeavor operated in those countries is 2%.
SOCIAL CAPITAL
intellectual CAPITAL
YEAR 01
According to new US Census data, 69 percent of first companies started by entrepreneurs in 2000 survived at least two years, and 51 percent survived five or more years.
• Online support via the EndeavorNet community
or patents pending by Endeavor firms
YEAR 06 – 10 • 1:1 mentoring with Global VentureCorps through Global Connections
• Fundraising preparation within the Mentor Capital Program
• Customized services provided via Top 25 program to enable company to scale to $100M
• Give-back continues through formal Affiliate support programs and through training and mentoring activities
• Promotion of entrepreneur as a local role model via press engagement and educational case studies facilitated by local staff
Active Endeavor VentureCorps spent nearly 1% of their work month mentoring and advising Endeavor Entrepreneurs.
Assuming that pending patents are received, 9.4% of all patents issued to businesses in countries where Endeavor operates have been or are being granted to Endeavor Entrepreneurs.
CULTURAL CAPITAL
5.4 MILLION participants attended
Global Entrepreneurship Week events in Endeavor host countries in 2009.
These 5.4 million participants could fill all ten South African stadiums used for the 2010 World Cup to capacity 10 times over.
Growth analysis based on averages from Endeavor’s annual surveys & research from established affiliates
Impact, Results, & Action
Endeavor Impact Report 2009—2010
95% of Endeavor companies are still in operation
$92mm raised in equity capital by Endeavor Entrepreneurs in 2009
130,000+ 225 high-quality jobs created by Endeavor Entrepreneurs (3/4 created from growth post engagement)
2.7mm people building the HIE movement through Endeavor websites and social networking in 2009
814 patents or patents pending filed by Endeavor firms
495mm people reached by Endeavor through print and broadcast media in 2009
average number of people employed by Endeavor companies in 2009
92 investors worldwide participated in Endeavor’s Mentor Capital Program in 2009 to June 2010
248 business leaders receiving findings from Endeavor’s Center for High-Impact Entrepreneurship (C-HIE)
401 major entrepreneurship awards received by Endeavor and its entrepreneurs
1998—2009
Entrepreneur Spotlight
10%
Manuel Aravena & Juan Pablo Salas Ascon
Wilson Martins Poit Poit Energia
chl ‘08
Br ‘02
of Endeavor Companies that have sold or IPO'd
86 Endeavor Entrepreneurs have started another company post-selection
432 weeks spent by Fellows and eMBAs on location consulting Endeavor Entrepreneurs in 2009
82% of Endeavor Entrepreneurs who stated that they would not have met their mentor without Endeavor
Endeavor Impact Report 2009—2010
ENERGY
Manuel Aravena and Juan Pablo Salas began their careers as Chilean shipyard workers. When the maritime industry began to flourish in the 1990s, the engineers identified the demand for innovation and seized the opportunity to fill the mid-sized shipping niche.
Wilson Poit was inspired to become an entrepreneur by his father, a rice farmer and merchant, who built his own rice mill.
Ascon is the fastest growing shipyard in Chile. The company recently opened a 20,000-square-meter facility to expand its production capability. Endeavor has provided Manuel and Juan Pablo with a network of mentors who advise them on their growth strategy, international expansion and management structure.
' 0 8 | J UN E ' 1 0
When Wilson noticed that the generator industry in Brazil was unreliable and lacked competition, he made it his business to provide streamlined, comprehensive services. Founded in 1999, Poit Energia leases generators and offers complementary equipment rental and professional support. Endeavor Brazil created an Advisory Board for Poit Energia that helped it raise funds for its expansion to Chile, Peru, and Argentina. Since joining Endeavor, Poit Energia has tripled its employees and has grown its revenues eight times over. In 2009, Ernst & Young named Wilson its “Entrepreneur of the Year.” Wilson now sits on the board of Endeavor Brazil, inspiring and guiding other entrepreneurs.
' 02 | J UN E ' 1 0 J OBS f r o m year o f s e l ec ti o n
R E V E NU E f r o m year o f s e l ec ti o n
J OBS f r o m year o f s e l ec ti o n
+281%
+200%
+998%
+370.6%
$14.1 mM (e)
180 (e)
$56 MM
320
60 68
28
$5.1 MM
Impact, Results, & Action
$3.5 bn revenues generated by Endeavor Entrepreneurs in 2009 (2/3 growth resulted post engagement)
Human Capital
Human Capital
R E V E NU E f r o m year o f s e l ec ti o n
$3.7 mM
Financial Capital
Create jobs and wealth by unleashing new talent
High Impact is generating accessible and reliable energy throughout Brazil.
In 2000, the entrepreneurs founded Ascon. The company made a name for itself by reinventing traditional salmon vessels to make them faster, safer and capable of holding more cargo. Today, Ascon is known for producing ships that not only meet the needs of the Chilean maritime industry, but also showcase cutting-edge, unique designs.
Global Impact Metrics
Financial Capital
High Impact is producing superior boats to become the fastest growing shipyard in Chile.
5.4mm participants who attended Global Entrepreneurship Week events in Endeavor host countries 2009
MANUFACTURING
Building 5 Types of Capital
22,000+ candidates received professional feedback during Endeavor's Search & Selection process
Develop leaders through hands-on training and advising Social Capital
Social Capital
291 Endeavor Entrepreneurs advised or invested in other companies
Mobilize networks to attract investors and business mentors Intellectual Capital
Intellectual Capital
76% of Endeavor Entrepreneurs invested in R&D in 2009
Lead cutting-edge research to spark innovation Cultural Capital
Cultural Capital Showcase role models to inspire the next generation
1.23mm students and teachers whose education or training is supported directly by Endeavor companies
Endeavor Impact Report 2009—2010
26
64% average growth rate achieved in first two years after engaging with Endeavor
506 High-Impact Entrepreneurs selected from 328 companies
15,780+ hours of mentoring provided by Endeavor VentureCorps mentors in 2009
123 university cases or case studies on Endeavor or Endeavor Entrepreneurs taught in 2009
14% of first-year Stanford Business School students (6% of HBS) applied to be an eMBA in 2009
Impact, Results, & Action
Shane Immelman LapDesk
za ‘06
PROFESSIONAL SERVICES
High Impact is 105 employees distributing over 1,000,000 LapDesks in 16 countries. Over 480 million students worldwide lack desks. Without this basic educational tool, children have a harder time learning in class. Shane Immelman is helping overcome this barrier with the ergonomic and portable LapDesk. Since 2006, Endeavor has worked closely with Shane on his expansion plans and LapDesk’s revenues have increased exponentially. The story of LapDesk has spread just as rapidly: Shane is revered as a role model and businessman, endorsed by Archbishop Emeritus Desmond Tutu and chosen by Harvard Business School for two case studies in its curriculum. Continually focused on R&D, Lapdesk has registered four patents and will release four new products in 2011. In 2010, FIFA appointed LapDesk as a fund partner, sponsoring 5,000 LapDesks and taking 7,000 LapDesk recipients to the World Cup.
'06 | JUNE '10 R E V E N U E from ye a r of selectio n
J O B S from ye a r of selectio n
+2,666%
+775%
$3.9 MM
86
12 $141,000
“Endeavor has created a culture of mentorship. Promising entrepreneurs benefit from the wisdom of seasoned business leaders, who in turn are invigorated by the passion and innovation of the entrepreneurs. The resulting impact is priceless.”
Özcan Tahincioğlu Tahincioğlu Holding, Chairman Endeavor Turkey Board Chairman Endeavor Impact Report 2009—2010
Entrepreneur Spotlight Ebru Çerezci & Güvenç Kılıç Hiref
Mariano Suarez Battan & Patricio Jutard Three Melons
Imad Malhas IrisGuard
Gabriel Schimmel Medea
tr ‘09
ar ‘08
J0 ‘09
UY ‘06
CONSUMER GOODS & SERVICES
TECHNOLOGY
TECHNOLOGY
CONSUMER GOODS & SERVICES
High Impact is bringing Turkish handicrafts to London with the click of a button.
High Impact is putting Argentina on the map as a leading web-games developer.
High Impact is identifying people in under three seconds with iris recognition technology.
High Impact is exporting Uruguayan products to 35 countries.
Turkey has long been recognized for textiles and handcrafts, but lacks globally renowned brands. Ebru Çerezci and her brother Güvenç Kılıç have positioned Hiref to change international perceptions.
When Mariano Suaraz Battan and Patricio Jutard founded Three Melons in 2005, the video game industry in Argentina was nascent. After raising financing, the duo created their first game connected to advertisers, an advergame. The launch of the company’s Indiana Jones LEGO game drew over 10 million users worldwide. Most of Three Melons' games are web-based and generate revenue through in-game advertising and virtual goods. Over 800,000 people every day play Bola, the studio's first social game, on Facebook and Orkut.
Imad Malhas is making Jordan a center of excellence for technology innovation. His company, IrisGuard, is a security solution and services company that produces iris recognition devices, software and middleware.
Gabriel became CEO of his family's traditional textile business in 2002. Since then, he has been transforming Medea into a company with a global reach. It now exports to 35 countries.
Iris recognition technology uses a mathematical system to determine identity in real-time. It is currently the most accurate biometric system in the world, with a 0% false accept rate and a 0% false reject rate. Impressed with the technology and its security applications, Imad founded IrisGuard in 2004.
In 2004, Gabriel entered a joint venture in El Salvador with r-pac International Corporation, a US global outsourcer of choice for mass merchandisers. Through this venture, he launched a manufacturing facility and is currently supplying branded packaging and trim accessories to the world's top mass merchandisers, retailers, and garment manufacturers, such as Wal-Mart and JC Penney. In parallel, he started a sales organization targeted at the European market that is in the process of evolving to another JV with r-pac.
Hiref sustains traditional Anatolian artists while simultaneously ushering their handicrafts into the realm of luxury. The company sells 18 home décor collections, and offers two additional services: an interior design team for luxury hotels and a custom-designed gifts unit for corporate clients. Hiref has two flagship retail locations, and it counts Istanbul’s leading luxury hotels among its clients. Endeavor mentors have guided Ebru and Güvenç as they developed an e-commerce strategy, expanded into the Gulf Region, and hired a CFO. Through Endeavor’s Global Connections program, Hiref connected with Amazon executive Diego Piacentini, who enabled Hiref’s handicrafts to become the first non-EU products to be available for purchase on Amazon.co.uk! '09 | JUNE '10
'08 | JUNE '10
R E V E N U E from ye a r of selectio n
J O B S from ye a r of selectio n
+27.7%
+58%
$3.0 MM
368
$2.35 MM 233
30
Endeavor mentored Mariano and Patricio as they sought funding. The capital Three Melons secured allowed it to develop and release new products, in turn growing its user base. In 2010, Endeavor’s Mentor Capital Program helped Three Melons prepare its pitch and negotiate its agreement for their acquisition by Playdom, a Silicon Valley social gaming firm. In July 2010, Disney acquired Playdom for $763 million.
R E V E N U E from ye a r of selectio n
! LDdom O S Play
The United Arab Emirates purchased IrisGuard’s Homeland Security Border Control & Illegal Immigration System, which has identified over 500,000 illegal entrants to date. IrisGuard has also deployed 70 ATMs and 380 other stations at retail bank locations in Jordan with the world’s first iris recognition technology. Endeavor has helped Imad expand beyond Jordan by supporting IrisGuard’s marketing strategy and brokering introductions to leading financial institutions. '09 | JUNE '10
Gabriel plans to increase his international activities. He is working with Endeavor to identify opportunities for growth and to strengthen his global partnership. In 2009, Gabriel participated in the Global 25 Program for Endeavor's highest impact entrepreneurs. '06 | JUNE '10
J O B S from ye a r of selectio n
R E V E N U E from ye a r of selectio n
J O B S from ye a r of selectio n
R E V E N U E from ye a r of selectio n
J O B S from ye a r of selectio n
+45.7%
-38.5%
+9.5%
+130%
+0.6%
51 35
y ed b uir to was acquLY 2010 h nJ whic sney i Di
$5.4 mM
21
23
$17 mM
318
320
$3.9 mM $7.4 mM
Impact, Results, & Action
Endeavor Impact Report 2009—2010
Entrepreneur Spotlight Cesar Montes de Oca Vazquez Quarksoft
Ahmed Metwally & Mostafa Hafez Timeline Interactive
Felipe Vergara Lumni
MX ‘09
EG ‘10
CO ‘09
TECHNOLOGY
TECHNOLOGY
“At any point of time I can talk to my Endeavor family members – locally and globally – reminding me I am not alone.”
FINANCE
High Impact is a Mexican software development firm that wins contracts over IBM and Accenture.
High Impact is changing the game for Egypt’s video gaming industry and thousands of engineers.
High Impact is ten times more students with educational financing in just over a year.
When Cesar Montes de Oca founded Quarksoft in 2001, the Mexican IT industry was characterized by low-quality software development. Quarksoft holds itself—and its industry—to a higher standard. It hires the best Mexican software engineers and implements cutting-edge research from top universities. Quarksoft is the only IT provider in Mexico to offer on-time delivery or a full refund, and its software’s defect rate is ten times lower than the industry average. Quarksoft’s standard for quality has helped it win contracts over major global competitors.
Before turning 18, Mostafa Hafez had sold his first video game to Crystal Interactive for worldwide distribution. At 21 years old, he founded Timeline Interactive, the first and only video game studio in the Middle East certified by Microsoft and Sony to develop games for Xbox360 and PS3.
Felipe Vergara is a former professor and serial entrepreneur with an unwavering dedication to education. In 2001, Felipe worked with scholar Miguel Palacios to implement an equity approach to financing education. A venture capital fund that invests directly in human capital, Lumni finances education for students in exchange for a small fixed percentage of their future income over a pre-set time period.
Since joining Endeavor, Quarksoft has doubled its workforce, in part to work on digitizing Mexican Social Security, a US$50m project. In 2009, Spanish software developer Oesía acquired Quarksoft in a deal that accelerated their regional expansion with Cesar at the helm. Endeavor Mexico helped Quarksoft with talent recruitment, marketing strategy and introductions to new clients such as the federal housing fund Infonavit.
'09 | JUNE '10
In 2009, Timeline released CellFactor, the first downloadable video game to use sophisticated 3D visuals and game play physics – in 5 languages and for US$10. Timeline is not only gaining globally recognized partners and clients, but it is also creating a gaming ecosystem in Egypt by training engineers and cultivating demand for high-end games. Endeavor selected Mostafa and Ahmed in March 2010 and is helping Timeline to become a leading studio in an industry projected to reach US$68 billion in 2012.
'10 | JUNE '10
Since joining Endeavor, Felipe has grown Lumni from supporting 150 students to over 1,600 students, with a dropout rate of 5% and a default rate below 2%. Lumni’s investors exceed 150 individuals and corporations, and current and forthcoming capital totals US$15m across 20 funds. Fernando Fabre, Endeavor Mexico’s Managing Director, joined Lumni’s Board of Directors. Lumni is a candidate for the Mentor Capital Program, which helps Endeavor Entrepreneurs prepare for and capitalize on the fundraising process. '09 | JUNE '10
R E V E N U E from ye a r of selectio n
J O B S from ye a r of selectio n
R E V E N U E from ye a r of selectio n
J O B S from ye a r of selectio n
R E V E N U E from ye a r of selectio n
J O B S from ye a r of selectio n
+0.62%
+63%
+1,500%
+8.6%
+580%
+31.6%
$16.1 mM
$16.2 mM
235
$1.84 mM
35
$476,000
38
25 19
144
$70,000
$115,000
32
Impact, Results, & Action
Mansour Mansour Javna, CEO Endeavor Entrepreneur Endeavor Impact Report 2009—2010
Making Headlines RESPONDING TO DISASTER
BUILDING A BRIDGE TO THE MIDDLE EAST
From Epicenter to Entrepreneurial Center
ENDEAVOR CHILE HAS TAKEN the following steps: • Raised US$1m in cash and in-kind with the goal of supporting 300 families • Started blueprints for a new Endeavor office in Concepción with co-financing from the Inter-American Development Bank • Helped rebuild over 200 businesses and 100 homes
High-Impact Entrepreneurship at the Presidential Summit
In February 2010, an 8.8-magnitude earthquake struck Chile, 500 times more forceful than the one in Haiti a month earlier. Endeavor Chile is responding and rebuilding the country with entrepreneurship. CNN was able to break news within twenty minutes of the catastrophe, after speaking with Endeavor Entrepreneur Leo Prieto, who was providing on-the-ground updates through Twitter. It took local channels more than three hours to get on the air.
Four Endeavor Entrepreneurs from Turkey and Jordan participated as delegates Endeavor is expanding in the Middle East and North Africa, with plans to launch in two new countries in 2011.
To revive the devastated fishing industry, Endeavor Chile launched the Give a Man a Rod program. Its objective is to provide support that sustains and impact that multiplies.
In April 2010, Endeavor CEO Linda Rottenberg and Endeavor Jordan founding board member Fadi Ghandour anchored The Culture of Entrepreneurship Panel at the White House Presidential Summit on Entrepreneurship. Over 250 participants from 50 countries attended to deepen ties among business leaders, foundations, and entrepreneurs in the United States and Muslim communities around the world. In the closing remarks to the Summit, U.S. Secretary of State Hillary Clinton cited Endeavor as one of the State Department's partners for an e-mentoring program.
ENDEAVOR IS
ENDEAVOR IS
ENDEAVOR IS
ENDEAVOR IS
ENDEAVOR IS
ENDEAVOR IS
ENDEAVOR IS
Merging!
On the Big Screen!
Lighting the Way!
Strutting the Runway!
Topping Charts!
Making Deals!
Contracorriente, produced by Colombian company Dynamo, wins the Sundance Film Festival World Cinema Audience Award for Dramatic Feature.
Mexico's Lightcom partners with Walmart to illuminate stores using alternative energy.
To celebrate its 40-year anniversary, Azza Fahmy Jewelry launches its luxury line, the Opus Magnum Collection, during NY Fashion Week.
Listed as the most influential executive in nearshore outsourcing, Gabby Rozman, Chairman of Endeavor Uruguay, is joined by Endeavor Entrepreneur Martin Migoya of Globant.
In June 2010, Groupon acquired its Latin American counterpart ClanDescuento, founded by Chilean Endeavor Entrepreneurs Oskar Hjertonsson and Daniel Undurraga.
Collaborating Operating in Across Borders! China!
Argentine Endeavor Entrepreneurs Globant & Openware join forces, marking the first Endeavor Entrepreneur merger in Endeavor's history.
34
Impact, Results, & Action
ENDEAVOR IS
SteamLab founder Şebnem Karasu of Turkey and Suminter Organics' Sameer Mehra of India are collaborating on a new steam-sterilized organic products venture.
Endeavor helps Mextra, a supplier of metallic alloy powders and tablets for aluminum products, open a facility in China.
Endeavor Impact Report 2009—2010
“Endeavor is the most effective organization in unleashing the power of the entrepreneurial spirit. I believe entrepreneurship is the key to fundamentally improving lives in every part of the world.�
NETWORK' & FINANCIALS. Mike Ahearn First Solar, Chairman Endeavor Global Board Member 36
Network & Financials
Argentina
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION Agencia Nacional para el Desarrollo de Inversiones (Prosperar)
ENTREPRENEURS
Diego Noriega Evolution Group
Jose Mourelle MaqTec
Miguel Ángel Lagrutta Ultracongelados Rosario
PARTNERS
Gabriel Hornstein AM Clean
Alejandro Belaga Finca Pilar
Martin Bonadeo MaqTec
Luciano Nicora V/N Business Process Outsourcing
IRSA
Martín Méndez AMTEC / NEORIS
Diego Radicella Finca Pilar
Diego Cheja Medix
Lidia María Riba V & R Editorial
SAP
Cristian Adamo Archpartners
Diqui James Fuerza Bruta
Jack Cheja Medix
Trini Vergara V & R Editorial
Inter-American Development Bank / The Multilateral Investment Fund (IDB/MIF)
Francisco Coronel Archpartners
Alejandro Larosa FyO
Hernán Kazah MercadoLibre.com
Patricio Miranda Zott Producciones
La Nación S.A.
Maximiliano Guerra Archpartners
Guibert Englebienne Globant
Marcos Galperín MercadoLibre.com
Rodolfo Montes de Oca Zott Producciones
Credit Suisse (Argentina) S.A.
Municipalidad de Comodoro Rivadavia
Javier Boustani Arcos Rodantes
Martín Migoya Globant
Lucio Torre MoviLogic
Garrido LawFirm
Fundación Banco Provincia
Pablo Gotelli Arcos Rodantes
Martín Umaran Globant
Fernando De Las Carreras Nervous Waters
Claudio López Silva Asignet
Néstor Nocetti Globant
Santiago Bilinkis Officenet
Andy Freire Axialent
Alejandro Frenkel Grupo Fen
Pichon Baldinu Ojalá
Diego Vorobechik Bibliografika
Patricio Fuks Grupo Fen
Federico Seineldin Openware
Gustavo Vorobechik Bibliografika
Anne Marie Richard Grupo S & N
Miguel Sampedro Patagonia Natural Products
Jaime Borta Biocientifica
Eduardo Bruchou HSM
Frank Vera Pop-Vision
Claudio Bedoya BioScience
Nelson Duboscq HSM
Esteban Wolf Progen
Wences Casares Blingnation
Guillermo Casarotti Intizen/Chamana
Norberto Loizeau Promored
Gabriel Nazar Cardon
Inés Berton Intizen/Chamana
Felipe Ayllon Quinta Fresca
Guillermo Marchionni Computación CEICOM
Abel Matias Rozenfarb Keepcon
Fatima Rizzo Sepia
Luis Navas Conexia
Margarita Carlés LAB
Germán Pugliese Technisys
Sebastian Letemendia Conexia
Beltrán Laxague Lavandas de las Sierras
Miguel Santos Technisys
Adolfo Rouillon Congelados del Sur
Leony Staudt Lavandas de las Sierras
Armando Mann Tecnonexo
Francisco Mackinlay CongelArg
Adrián Le Pera LeadToRealty
Santiago Subotovsky Tecnonexo
Jonatan Altszul CORE
Alex Limeres LeadToRealty
Jorge Finkielsztajn Tensocable
Susana Balbo Dominio del Plata
Julio Made Lenor
Mariano Suárez Battán Three Melons
Esteban Brenman Dos Monos
Laura Gall Lihue Expeditions
Patricio Jutard Three Melons
Gian Muraglia DPS Automation
Felipe Llach Lixis
Martín Churba Tramando
Claudio Marangoni Escuela Modelo de Futbol
Santiago Aranda Lixis
Jessica Trosman Trosman
38
Globant
PricewaterhouseCoopers
Gobierno de la Ciudad de Buenos Aires La Red Innova Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires Provincia de Chubut
The Boston Consulting Group Staff
Brenda Finkelstein Special Projects Shirly Kalush Search And Selection Renaud Pellet Entrepreneur Services Nancy Rebizo Administration Nicolás Ramos COO Endeavor Córdoba María José Soler Belén Alvarez Toledo Marketing And Events
Non-current assets Fixed assets Other Assets Total Non-Current Assets Total Assets
> The United Nations sought out Endeavor Argentina to contribute to the Millenium Development Goals' best practices guide on promoting emerging markets entrepreneurship.
Carolina Menéndez Trucco Communications
94,603 60,194 154,797 1,850 9,608 11,458 166,255
LIABILITIES & NET BOOK WORTH Liabilities & net book worth Current liabilities Other liabilities Total Liabilities
43,794 45,651 89,446 76,809
Total Liabilities & Net Book Worth
Celia Alfie Entrepreneur Services
Lucía Camardon IADB Program
Current Assets Cash Other Assets Total Current Assets
Net Worth
Alejandro Mashad Managing Director
María Julia Bearzi Institutional Development
US$
ASSETS
166,255
STATEMENT OF INCOME & EXPENSES REVENUES Revenue for general purposes Benefactor donations Entrepreneur donations Corporate sponsorships Fomin-BID
91,524 56,533 75,823 52,382
Revenue for specific purposes Other income
278,902
Total Revenues
555,163
EXPENSES
AR
Search & Selection Entrepreneur Services Institutional Development Education Seminars Special Projects Endeavor Córdoba Endeavor Rosario General Administration & Operations Fomin-BID Depreciation
Endeavor Main Office Buenos Aires
Total Expenses
Affiliate Offices Cordoba Rosario
NET INCOME
Financial Expenses
37,142 78,329 77,288 130,517 28,296 30,979 20,016 79,761 57,135 10,281 549,744 143 5,276
A complete set of the audited financial statements by PriceWaterhouseCoopers for the fiscal year ending December 31, 2009 can be obtained by sending a written request to Endeavor Argentina, Arenales 1999 7° B.
Network & Financials
Endeavor Impact Report 2009—2010
Brazil
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION US$
PARTNERS
ASSETS
Allis
Cash & cash equivalents Other accounts receivable Total Current Assets
ENTREPRENEURS
Ilana Braun Dermage
Tohoru Watari Nefrocare
Cristiano Buerger Tecnoblu
Natasha Hazan Regional Coordinator, Rio de Janeiro
Roberto Alcântara Angelus
Lisabeth Braun Dermage
Jose Luiz Bhering Vaz Pietra
Edmur Polli Tecnoblu
Leandro Herrera Marketing & Outreach
Sonia Alcântara Angelus
Walter Braun Dermage
Clair E. S. Bizzo Pietra
Bento Massahiko Koike Tecsis
Conrado Kaczynski Entrepreneur Services
Companhia de Idiomas
Alexandre Pi APPI Tecnologia
Roberto El Ibrahim Diagnóstika
Alexandre Luis Pigatto Pigatto
André Dayan Vitrogen
Karen Kanaan Entrepreneurial Culture Director
DELL
Non-Current Assets Judicial deposits Fixed assets Total Non-Current Assets
Guilherme Bruno Arizona
Filadelfio Venco Diagnóstika
Tomaz Adour
Paloma Lambranho Search & Selection
DentalCorp
Total Assets
Ernst & Young
Alexandre Hadade Arizona
Jose Rodriguez Drywash
Jose Augusto Pereira da Silva Pipeway
Marcus Hadade Arizona
Jose Pires Enox
Heloísa Helena Assis Beleza Natural
Ernesto Villela Enox
Rogério Assis Beleza Natural
Severino (Felix) da Silva Escol@24Horas
Jair Conde Beleza Natural
Francesca Romana Diana Francesca Romana Diana
Leila Velez Beleza Natural
Carla Adriana Lucho Gigalink
Luís Alexandre Chicani BenCorp
Osvaldo Lucho Jr Gigalink
Romulo Groisman Biruta Media & Entertainments Mirabolantes
Thai Quang Ngha Gooc
Alan James Biruta Media & Entertainments Mirabolantes Rafael Liporace de Souza Pereira Biruta Media & Entertainments Mirabolantes Matheus Meirelles Damasceno Ferreira Biruta Media & Entertainments Mirabolantes Eliane Borges dos Santos BS Construtora Sidnei Borges dos Santos BS Construtora Ailton Assis Queiroga Compsis Rodrigo Azevedo Comunique-se Marcos Rochlitz Crivo Paulo Silva Crivo Daniel Turini Crivo
40
Antônio Carlos de Gissi Junior Kimberlit Agrociências Arnaldo Goldemberg LAN Designers Maristela Mafei Maquina da Noticia Breno Nely Leite Praca Mastermaq Carlos Tamm Mastermaq Ivan Barchese Mextra Fernando Ortenblad Minha Vida Daniel Wjuniski Minha Vida Rafael Duton Movile Marcelo Sales Movile Nikolaus Geisthövel Nano Endoluminal Luciano Moreira Nano Endoluminal Ricardo Peres Nano Endoluminal
Daniel Li Pixel Labs
Eduardo Bernardes Alexandre de Botton Andre Fonseca
LIABILITIES & NET BOOK WORTH
FNQ
Bianca Martinelli Entrepreneur Services
Grupo ABC ICTS
Provision For Vacation Pay Taxes Payable Project Designated Advances Other Payables Total Liabilities
Insper (Ibmec São Paulo)
Retained Earnings
Integration
Total Liabilities & Net Book Worth
Wilson Poit Poit Energia
Marcelo Salim
Lucas Melman Entrepreneur Services & Expansion
Aurimar (Harry) Santana Cerqueira
Amisha Miller Research
Wanderley Schimidt Campos
Ricardo Ferreira Nantes Portal Educação
Penido Stahlberg Filho
André Rezende Prática
Thiago Magre Venco
Luiz Eduardo Rezende Prática
Jaime Teig Agostinho Villela
Mark Barcinski ProPay
Staff
João Carvalho Proteus
Rodrigo Teles Managing Director
Marcelo Romcy Proteus
Oliver Alexander Search and Selection
Andre Figueiredo Publit
Fernanda Antunes Entrepreneur Services
Edivan Costa SEDI
Andrea Bongioanni Controller
Églima Rodrigues SEDI
Isabella Botelho Search & Selection
Mario Chady Spoleto
Renata Chilvarquer Education
Eduardo Ourivio Spoleto
Daniela Chimento Administration
Arnold Eugenio Subway Link
Ludmilla Figueiredo Marketing & Outreach
Luiz Chacon SuperBAC
Leonardo Frade Coordinator Curitiba
Helio Katanosaka Tech4b
Maria Juliana Giraldo Marketing & Outreach
Luiz Roberto Werner Wolf Tech4b
Germano Guimarães Education
Valério Paz Dornelles Tecno Logys
Marcelo Guimarães Entrepreneur Services, Rio de Janeiro
Network & Financials
Heartman House
Letícia Queiroz Entrepreneur Services
ISAT
Liliana Queiroz Administration
Mandic Máquina da Noticia
REVENUES
Camila Rocha e Silva Marketing & Outreach, Rio de Janeiro
MBA Empresarial
Lídia Santos Daniel Marketing & Outreach
PriceWaterhouseCoopers
Corporate donations ABDI partnership revenue SEBRAE partnership revenue Other revenues
Juliano Seabra Education & Research Director
Sirin&Haguiara
Total Revenues
Marcos Simões Search & Selection
Subway Link
EXPENSES
TOTVS
Elaine Souza Administration
Um por cento
Rodrigo Zampollo IT
Zapt Midia
Taxes Project Costs Personnel Administrative Costs
Lan Designers
Organizações Globo
63,763 14,666 30,372 4,789 113,590 2,602,205 2,715,795
STATEMENT OF INCOME & EXPENSES
1,763,978 251,788 86,258 33,874 2,135,898
Só Marcas
Virid
Rodolfo Zhouri Coordinator Belo Horizonte
> Nearly 1.5 million people downloaded Endeavor Brazil's online seminars over the last 3 years.
81,308 1,641 82,949 2,715,795
FDC- Fundação Don Cabral
Renato Hauptmann
Jose Rizzo Hahn Filho Pollux
DBM Brasil
Luiz Guilherme Manzano Search & Selection
Edgard Ortiz Pixel Labs
Paula Hauptmann
Barbosa, Müssnich & Aragão
2,630,182 2,664 2,632,846
BR
84,883 776,580 854,456 51,220
Total Expenses
1,767,139
FX Revenue (Expense)
202,059
NET INCOME
570,818
A complete set of the audited financial statements by PriceWaterhouseCoopers for the fiscal year ending December 31, 2009 can be obtained by sending a written request to Instituto Empreender Endeavor Brasil, Rua Quatá,300 - 4o andar, 04546-042 Vila Olímpia, São Paulo, SP, Brazil.
Endeavor Main Office Sao Paulo Affiliate Offices Belo Horizonte Curitiba Rio de Janeiro
Endeavor Impact Report 2009—2010
Chile
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION ASSETS
IESE
Revista City
Innova Chile de CORFO
SalmonValei
Inter-American Development Bank The Multilateral Investment Fund
Sloan, Stanford University
Kauffman Foundation
La Tercera
Kellogg School of Management
Current Assets Cash Marketable Securities Accounts Receivable Recoverable Taxes Deferred Taxes Total Current Assets
369,110 325,728 20,838 4,754 2,363 722,794
TVN
Lily Lyman PiLA Fellow, Patagonia (2008-2009)
The Massachusetts Institute of Technology (MIT)
Universidad Adolfo Ibáñez
Carolina Montes Entrepreneur Services, Patagonia
Ministerio de Economía
Paul O`Toole Entrepreneur Services
El Mercurio
Universidad Del Desarrollo
Fixed assets Office Equipment Computer, Furniture and Other Other Fixed Assets Accumulated Depreciation Total Non-Current Assets
20,831 45,735 45,217 (102,960) 8,823
Universidad de Chile
Other Assets
8,855
Total Assets
740,472
Oscar Fuenzalida Doggis
Andrés Rivero Quick Deli
Romina Fuenzalida Administration
ICARE
Jorge Nazer ALTO
Rolando Carmona Drillco Tools
Patricia Gallardo Marketing & Outreach
Michelle Boisier Araucania Yarns
Iván Báez EMAN
Andrés Turski Quick Deli; Grupo Sport Café Dominga
Manuel Aravena ASCON
Nicolás Barry Gemelo Storage Solutions
Juan Pablo Salas ASCON
Sergio López Gemelo Storage Solutions; Intelliholding; ProactiveOffice Alvaro Ananías GENESYS
Tiburcio de la Cárcova Atakama Labs Esteban Sosnik Atakama Labs Juan Eduardo Neuenschwander Autobahn Santiago Muzzo Bazuca.com Leo Prieto Betazeta Francisco Sandoval Betazeta Fernanda Maturana Bolsas Reutilizables Pablo Maturana Bolsas Reutilizables Ignacio Idalsoaga BuinZoo Greg Barton Business News Americas Roberto Manieu Chileangourmet Paulina Peñaloza Chileangourmet Félix Brunatto Chocolates Brunatto Cristóbal Camino Chocolates Brunatto; INNOBANK Erik Torreiter Colaboración Virtual José Manuel Barros Colegium Ariel Gringaus Colegium Christian Cortés CORBAC FOODS Geraldine Mlynarz DIAGNOTEC Ana María Sandino DIAGNOTEC Ricardo Duch Doggis
42
Javier Donoso GEOMAR Daniel Daccarett Globe; PRODUCTO PROTEGIDO Mario Araya KIBERNUM Steven Cohn KITCORP Italo Contenla KITCORP Nicolás Lipthay KITCORP Alberto Gana Latitud 90 Felipe Howard Latitud 90 Pilar Marambio Maraseed Rodrigo Marambio Maraseed Víctor Bórquez Max Service Mariano Pola MICROLOGICA
José Manuel Horwitz Rahue Luis Vera SCOPIX Max Grekin SKM Seaprende Abishai Rovner SKM Seaprende; Bercia Patricia Cuevas SOCOMAL Julie McPherson Tiaxa Felipe Valdés Tiaxa Felipe Hurtado Trabajando.com
US$
Revista Capital
ENTREPRENEURS
Mai Ann Healy PiLA Fellow Patagonia (2010-2011) Anette Krohn COO
Ministerio de Hacienda Mujeres Empresarias
Gabriela Pacheco Marketing & Outreach Intern (2009)
Princeton University
Natacha Rovira Search & Selection, Patagonia
REELA, Stanford University
SOFOFA
Universidad Federico Santa María Universidad Católica de Chile
Proyecto Propio
LIABILITIES & NET BOOK WORTH Accounts Payable Credit Cards Payable Unearned Revenues Retentions Accrued Liabilities Total Liabilities
Sasha Sadrai PiLA Fellow, Patagonia (2009-2010)
Juan Pablo Swett Trabajando.com
PARTNERS
Alfonso Gómez Unlimited; Virtualia; Multiverso
3M
Rodrigo Jordan VERTICAL
AFP Habitat
Acción Emprendedora
Matías Errázuriz Wetland; Genera4
AmCham Chile
Edmundo Ganter Wetland
AVINA
Olivier Paccot WOODTECH
Cámara de Comercio de Santiago
Michael Yorston WOODTECH
CNN Chile
aqua.cl The Boston Consulting Group
> Endeavor Entrepreneurs from Chile have raised over USD $120 million in capital.
Deloitte
Loreto Seguel Mundo Marino; La Bocatta
Staff
Diario Austral
Francisco Seguel Mundo Marino; Life Gourmet
Alan Farcas Managing Director
Diario Financiero
Oskar Hjertonsson Needish; ClanDescuento
Nicole Amaral PiLA Fellow (2009-2010)
Enjoy
Daniel Undurraga Needish; ClanDescuento
Christian Boada Patagonia Office
Extend Comunicaciones
Isabella Jaras Nutra Bien
Verónica Burgos Projects & Administration
First Tuesday
Patricio Jaras Nutra Bien
Camila Cangas Search & Selection
Foro Innovación
Karina von Baer OLEOTOP
Macarena Carrió Education, Patagonia
Generación Empresarial
Jorge Pacheco OXXEAN
Ana Cordovil PiLA Fellow (2008-2009)
Harvard University
Endeavor Main Office Santiago Affiliate Offices Patagonia
Ernst & Young FerradaNehme
Global Entrepreneurship Monitor
Network & Financials
CHL
740,472
STATEMENT OF INCOME & EXPENSES
Board/Advisory contributions Individual Donations Projects Interest Income Other Revenues
438,977 29,484 343,589 9,999 2,211
Total Revenues
824,261
EXPENSES
Diario Llanquihue
Fundación Chile
Total Liabilities & Net Book Worth
760,259 (409,086) (59,922) 291,251
REVENUES
CISCO Columbia Business School
Paid In Capital Accumulated Gains (Losses) Net Income (Loss) in 2009 Equity
91,637 752 340,745 8,578 7,509 449,221
A complete set of the audited financial statements by Deloitte Chile for the fiscal year ending December 31, 2009 can be obtained by sending a written request to: Endeavor Chile, Av. Kennedy 5735, office 1607, Torre Poniente, Las Condes, Santiago, Chile.
Salaries And Wages Professional Fees Telephone Rent, Occupancy And Utilities Printing And Publications Events And Activities Travel Depreciation And Amortization Office Expense Commissions Other Expenses
233,782 182,305 12,030 31,018 16,174 294,847 31,639 6,336 4,005 8,699 58,741
Total Expenses
879,575
Financial Expenses NET INCOME
(7) (55,307)
Endeavor Impact Report 2009—2010
Colombia
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION
ENTREPRENEURS
Staff
PARTNERS
Gigliola Aycardi Bodytech
Gaia De Dominicis Managing Director
The Boston Consulting Group
Nicolas Loaiza Bodytech
Eduardo Avella Communications & Institutional Relations
Kroll
Janneth Castañeda Administration
Fundacion Bavaria
Juliana Galvez Search and Selection
Brigard & Urrutia
Camila Lecaros Entrepreneur Services
Horwath Colombia
Oriana Torres Entrepreneur Services
FD Gravitas
Fabio Velazquez CEBAR Andres Calderon Dynamo Cristian Conti Dynamo Diego Ramirez Dynamo Rodrigo Guerrero Dynamo Mauricio Angel Ideagro Lilian Simbaqueba Lisim Esperanza Morales LST Felipe Vergara Lumni
Korn Ferry International Ernst & Young Cardenas & Cardenas Abogados Brigard & Castro Concurso Ventures
Daniel Uribe Search and Selection Camilo Vidales Special Projects
Endeavor Main Office Bogota
> In 2009, Endeavor Colombia’s 76 VentureCorps members donated over 3,100 hours to support Endeavor Colombia's search and selection operations and mentor Endeavor Entrepreneurs.
Jorge Cardona TES America Daniel Rosas TES America Carlos Londoño TVG Kenneth Mendiwelson Refinancia Monica Patiño Servinformacion Ximena Patiño Servinformacion
“Endeavor is bringing a platform for entrepreneurs to succeed to countries like Colombia. Endeavor Entrepreneurs in Colombia will provide new employment opportunities, help redistribute income, and invigorate the Colombian economy.”
Carlos Parada Servinformacion
CO
US$
ASSETS Current Assets Cash & Cash Equivalents Accounts Receivable Total Current Assets Property, Plant & Equipment
16,238
Total Assets
82,789
LIABILITIES & NET BOOK WORTH Bank overdrafts Accounts Payable Taxes Payable Salaries/Vacation Payable Contingency liabilities Other Liabilities Total Liabilities Net Worth
Network & Financials
82,789
STATEMENT OF INCOME & EXPENSES REVENUES Individual Donations Training Revenues Consulting Revenues Interest Income Other Revenues Total Revenues
411,175 41,983 25,377 926 18 479,479
EXPENSES Personnel Expenses Consultants Miscellaneous Leases Services Travel Depreciation Expense Taxes Maintenance/Repairs Contributions/Affiliations Insurance Utilities Legal Costs Other non-operating expenses NET INCOME
44
5,748 33,214 4,149 13,928 537 21,982 79,557 3,232
Total Liabilities & Net Book Worth
Total Expenses
Alejandro Santo Domingo Quadrant Capital Advisors, Inc., Managing Director Endeavor Colombia Board Member
63,803 2,748 66,551
294,131 45,635 43,438 27,445 21,793 19,837 3,513 2,875 1,761 103 56 47 51 2,761 463,446 16,033
A complete set of the audited financial statements by Ernst & Young for the fiscal year ending December 31, 2009 can be obtained by sending a written request to: Endeavor Colombia, Calle 67 No. 7-94, Oficina 604, Bogota D.F. Colombia.
Endeavor Impact Report 2009—2010
Egypt
Financials
(December 31, 2009 )
Jordan
Financials
STATEMENT OF FINANCIAL POSITION
Staff
Fatma Ghaly Azza Fahmy Jewellery
Ahmed Ezzat Managing Director
Omar Fathy Divine Worx
Ahmed El Bedawy Entrepreneur Services
Nadia Wassef Diwan Bookstore
Mahmoud Gad Finance & Administration
Hind Wassef Diwan Bookstore
Dana Moussa Search & Selection
Hiba Jammal El Matbakh
Danielle van de Kemenade Communications & Outreach
Tarek Khaddaj El Matbakh Ahmed Metwally Timeline Interactive Mostafa Hafez Timeline Interactive Khaled Ismail SySDSoft, Inc.
PARTNERS American Chamber of Commerce
> Endeavor Egypt is launching the first national media campaign on High-Impact Entrepreneurship.
STATEMENT OF FINANCIAL POSITION US$
ASSETS
ENTREPRENEURS
Current Assets Cash & Cash Equivalents Accounts Receivable Prepaid Expenses Other Expenses Total Current Assets
198,123 4,746 761 1,087 204,717
Fixed Assets
28,957
Total Assets
233,674
LIABILITIES AND NET ASSETS Current Liabilities Accounts Payable Social Insurance Payable Payroll Taxes Payable Total Current Liabilities
543 2,070 30,866 33,480
Total Liabilities
33,480
NET WORTH Net Worth at the beginning of the year Net Income Total Net Worth
217,211 (17,017) 200,195
Total Liabilities & Net Worth
233,674
Staff
Mohamad Haj Hasan Akhtaboot
Carmen Saad Managing Director
Yousef Shamoun Akhtaboot
Ismail Al-Atrash Search & Services
Widad Akrouk Al Masar
Tamer Al-Salah Search & Selection
Amin Amin CADER
Rayan Ghosheh Marketing & Communications
LIABILITIES AND NET WORTH
Thabet Al-Nabulsi Challenger Team
Catherine Halaby Entrepreneur Services
Accounts Payable Total Liabilities
Imad Malhas Iris Guard
Net Worth
80,424
Total Liabilities & Net Worth
114,053
Mansour Mansour Javna Laith Zraikat Jeeran Omar Koudsi Jeeran Hassan Atmeh KeenWash Moutaz Atmeh KeenWash Nader Atmeh KeenWash
Daily News Egypt
REVENUES
German-Arab Chamber of Industry and Commerce
Contributions
300,000
Amjad Aryan Pharmacy 1
Total Revenues
300,000
Deloitte
Current Assets Cash & Cash Equivalents Accounts Receivable Other Current Assets Total Current Assets Net Fixed Assets
> With 13 Endeavor Entrepreneurs already in its portfolio, Endeavor Jordan is beginning to make its mark on the Jordanian entrepreneurial landscape.
172,202 144,315 500
Total Expenses
317,017
CHANGE IN NET ASSETS
(17,017)
16,983 85,659 118 102,760 11,292 114,053
Total Assets
33,629 33,629
STATEMENT OF INCOME REVENUES Board Contributions Other Donations
230,137 1,970
Total Revenues
232,107
EXPENSES
EXPENSES Personnel Programs Other Expenses
US$
ASSETS
ENTREPRENEURS
STATEMENT OF INCOME
The Institute of International Education (IIE)
(December 31, 2009 )
Personnel Office Expenses Public Launch Event Travel Other Depreciation
164,467 18,882 52,715 14,445 (1,378) 2,294
Total Expenses
251,426
NET INCOME (LOSS)
(19,319)
Endeavor Jordan is currently engaged in its first formal audit process and will have audited 2010 financials available by request next year.
Endeavor Main Office Cairo
EG
46
A complete set of the audited financial statements by Deloitte Egypt for the fiscal year ending December 31, 2009 can be obtained by sending a written request to: Endeavor Egypt 22 Kamal El Tawil St., Zamalek Cairo, 11211 Egypt.
Network & Financials
Endeavor Main Office Amman
JO
Endeavor Impact Report 2009—2010
Mexico
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION
ENTREPRENEURS
Marcus Dantus Innovamedica
Moises Guindi Tequilera Milagro
Angélica Saleh Administration Manager
PARTNERS
Juan Manuel Alvarado Acento Mexicano
Maan Hamadé InterDeli
Pablo Elizarrarás Todo De Cartón
BCG
Alfredo Suárez AliBio
Heberto Taracena Blé Inventmx
Diego Elizarrarás Todo De Cartón
Anabell Trejo Consultant, Entrepreneur Services
Carlos Marín Alltournative
Marisol Alfaro Hernández L´Atelier du Chocolat
Manuel del Castillo Urman
ENDEAVOR AGUASCALIENTES
Korn Ferry Mexis
Arturo Merino Arccanto
Jon Andoni Ertze Lightcom
Fernando Martinez Vialux
Antonio Martín del Campo Regional Director, Center
Víctor Calderón Arccanto
Antonio Ertze Lightcom
Francisco Moncayo Vialux
Martha Debayle BBMundo
Murry Tawil Abadi Maskota
Ximena de Alba Luis Cabrera Isabel Name Sarahí Orduño
Staff
ENDEAVOR BAJA CALIFORNIA
Pablo Gonzalez Cid Café Punta del Cielo
Isaac Tawil Maskota
Leonardo Shapiro Capital Gain Intelligence
Carlos Mastretta Mastretta
Dan Schwarzblat Chilim Balam
Héctor Álvarez METCO
Daniel Espinosa de los Monteros Daniel Espinosa Studio
Guillermo Casares González Mexis
Alejandro Villalón Desarrollos Integrales SAL
Oscar Carrillo MexQ
Patricia Rivera Dieta de los Asteriscos
Guillermo Jaime Calderón MIA
Gabriel Oropeza Docsolutions
Pablo Martínez Gama N Maz (Naturalia)
Guillermo Oropeza Docsolutions
Francisco Martínez de Velasco Neology
Javier Arredondo Editorial Mapas
Carlos Manuel Iturriaga Ollin Studio
Ezequiel Farca Ezequiel Farca
Alejandro Diego von Correr Ollin Studio
Gerogina Medina Junior Manager, Entrepreneur Services
Heriberto Acosta Farmatel
Enrique Gómez Junco Optima Energia
Edvard Pettersen Consultant, Entrepreneur Services
Vicente Fenoll Algorta Fincomun
Christian Guerra Previta
Joaquín Matienzo I Fullsand
Morgan Guerra Previta
Kate Reid Senior Analyst, Entrepreneur Services
Jorge Gonzalez Gasque G2 Consultores
Paulino Decanini Primedic
Enrico Robles Junior Manager, Entrepreneur Services
Carlos Mier y Teran Grupo MYT
Mauricio Pariente Procesa Chiapas
Sandra Román Junior Analyst
Blanca Pérez Manager, Yucatan
Jaime Cater HDS
Alejandro Chaljub Procesa Chiapas
Ma. Paula Roteta Director, Public Relations
Flor Lian Flores Pech
Patricio Villarreal Imagen Dental
César Montes de Oca Quarksoft
Aitor Ruiz Director, Entrepreneur Services
Ricardo Villarreal Zambrano Imagen Dental
Tatiana Bilbao Tatiana Bilbao
Emilio Sacristán Rock Innovamedica
Daniel Schneeweiss Bernstein Tequilera Milagro
Blanca Saldívar Senior Manager, Entrepreneur Services
48
Fernando Fabre Managing Director Francisco Álvarez Junior Manager, Public Relations Troy Bilbao Senior Analyst, Entrepreneur Services
Adriana Eguía Manager, Baja California
Elisa Carballo Manager, Chiapas
Televisa
Ana Victoria García Director, Entrepreneur Services
ENDEAVOR OCCIDENTE Javier Ballesteros Quiñones Regional Director, Occidente
Current Assets Cash Accounts Receivable Taxes Receivable Property And Equipment Other Assets
253,057 64,345 6,943 15,819 4,754
Total Assets
344,917
LIABILITIES Accounts Payable Taxes Payable Total Liabilities
3,338 30,950 34,287
Net Worth At Beginning Of The Year Change In Net Worth Net Worth
346,821 (36,191) 310,630
Total Assets & Liabilities
344,917
STATEMENT OF INCOME & EXPENSES Endeavor Main Office Mexico City
ENDEAVOR GUANAJUATO Estela Calderón Manager, Guanajuato
Alejandro Martínez Senior Analyst
Horwath Castillo Miranda
> Between 2004 and 2010, Endeavor Mexico has grown from 1 to 10 offices, from 15 to 180 supported Endeavor Entrepreneurs, and from 3 to 32 staff members.
ENDEAVOR CHIAPAS
Rocío Díaz Consultant, Entrepreneur Services
Carmen Gutierrez Junior Manager, Public Relations
Consejo de la comunicacón
US$
ASSETS
Affiliate Offices Aguascalientes Baja California Chiapas Guanajuato Jalisco Nuevo Leon Puebla Sinaloa Yucatan
REVENUES Donations Services Other income
1,038,941 12,031 5,159
Total Revenues
1,056,131
EXPENSES
Vincent Speranza Regional Director, South
Communication & Education Administration Institutional Development Other Costs Services For Entrepreneurs Fluctuating Exchange Rates & Bank Commissions Income Taxes
Giovanna Cortés
Total Expenses
Patricia Barroso Elizabeth Aguirre ENDEAVOR PUEBLA
Financial Expenses ENDEAVOR SINALOA Rubí Beltrán Palafox Manager, Sinaloa ENDEAVOR Yucatán
Network & Financials
NET INCOME
MX
311,236 15,629 55,438 10,754 686,867 4,495 9,164 1,093,584 1,263 (36,191)
A complete set of Mexico City and Monterrey's audited financial statements by Horwath Castillo Miranda for the fiscal year ending December 31, 2009 can be obtained by sending a written request to: Endeavor Mexico at Manuel M Ponce 125, B, Col. Guadalupe Inn, México D.F.
Endeavor Impact Report 2009—2010
South Africa
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION
ENTREPRENEURS
Elton Bondi Cyest Corporation
Theunis Botha Nirph Digital
Kumaran Padayachee Spartan Technology Rentals
Staff
PARTNERS
Handri Conradie @Source
Andreas Cambitsis Cyest Corporation
Marius Bezuidenhout Nirph Digital
Natalie Killassy Stitch Wise
Malik Fal Managing Director
Actis
US$
ASSETS
Nuno Pires Altis Biologics
+
Reuben Louw Dignity Boards
Gustav Praekelt Praekelt
+
Bruno Mungofa Studio 05
Maria Azevedo Marketing & Outreach
Deloitte
Current Assets Bank balances & cash Taxation Asset Trade & Other Receivables Total Current Assets
Nicolaas Duneas Altis Biologics
+
Estelle Venter Dignity Boards
Josh Adler Prefix Technologies
+
Cecilia Mungofa Studio 05
Rezaan Daniels Search & Selection
Discovery Health
Property, Plant & Equipment
13,998
Emzingo
Total Assets
55,450
Dumi Gumbi Anamazing
Gregory Starke Disa Vascular
Sam Hutchinson Prefix Technologies
+
Nashville Mungofa Studio 05
Nontokozo Hlangweni Marketing & Outreach
Ernst & Young First National Bank
LIABILITIES
Isabelle Rorke Anamazing
Kerryne Neufeldt iSlices
+
Sakhumzi Maqubela Sakhumzi Restaurant
Vinny Lingham Yola
Fiona Pieterse Administration
Georgetown University, McDonough School of Business
+
Langa Sangoni Apple Green Holdings
Glen Ansell i5
+
Ntuthuko Shezi Scratch Mobile
Robert Dennison Trainiac
Tumi Sefolo Search & Selection
The Gordon Institute of Business Science
Trade & Other Payables Loan Payable Total Liabilities
+
Tim Mohulatsi Apple Green Holdings
+
Amos Mtsolongo Kasty Gaming Zone
Shona McDonald Shonaquip
Wilter Du Toit Virtual Mobile Tech
Sean Walker Entrepreneur Services
INSEAD Business School
Net book worth at the beginning of the year 2009 Net Income
(55,140) 39,218
London Business School
Retained Earnings (Accumulated Loss)
(15,922)
Christopher Whitfield Batswadi Pharmaceuticals
+
Musa Maphongwane Kasty Gaming Zone
+
Luvuyo Rani Silulo Ulutho Technology
DJ Kumbula InnoVent
Affiong Williams Entrepreneur Services
Transvaal Electric
Total Assets & Liabilities
Candice Roberts CallForce Direct
Shane Immelman Lapdesk
+
Lonwabo Rani Silulo Ulutho Technology
Zahke Kuhzwayo InnoVent
Cheryl Nesbitt Capsicum Culinary Studio
Lemao Motaung Medupe Electrical Supplies
+
Colin Albertyn SmartCRUTCH
+
Adri Schutz Mielie Fashions Gustav Schoeman Nirph Digital
Endeavor Main Office Johannesburg
ZA
50
> During 2009 Global Entrepreneurship Week Endeavor South Africa led a coalition of 14 organizations to reach more than 14 million South Africans, 7079 directly through 19 hosted events.
Network & Financials
Citi
23,833 613 17,006 41,452
58,004 13,368 71,371
55,450
Tshikululu- DRA STATEMENT OF INCOME & EXPENSES
+ Excelerator Entrepreneurs
REVENUES
Endeavor South Africa's Excelerator Program targets entrepreneurs from historically disadvantaged backgrounds that have High-Impact potential, but as of yet do not meet Endeavor's HIgh-Impact criteria.
Donations & grants Interest income Other Income Total Revenues
757,997 400 15,241 773,638
EXPENSES Administration costs Selling & distribution costs Staff costs Interest
204,914 14,294 523,851 492
Total Expenses
743,552
Financial Expenses (Income) NET INCOME (DEFICIT)
9,131 39,218
At the time of the printing of this report, Deliotte SA were completing their regular, scheduled review of Endeavor South Africa’s FY2009 statements. For a copy of the finalized audit, please send a written request to: Endeavor Entrepreneurship Institute, Woodlands Office Park, Building 14, Ist Floor, Woodmead 2199, P.O Box 1768, Gallo Manor 2052, Woodmead, Sandton, South Africa
Endeavor Impact Report 2009—2010
Turkey
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION Boğaziçi University
ENTREPRENEURS
Cem Nufusi yemeksepeti.com
Staff
PARTNERS
Bülent Çelebi AirTies
Melih Ödemiş yemeksepeti.com
Didem Altop Managing Director
Vuslat Doğan Sabancı
Fiba Group
CitiGroup
Ahmet Duyar Artesis
Mehmet Aksel MSA
Melih Abuaf Search & Selection
Swiss Hotel
Kauffman Foundation
Cnbc-e
Özer Hıncal Arvento
Didem Altınbaşak Tulgan Rafinera
Büke Çuhadar Communications & Projects
Stanford University
Emory University
Limak Holding
Otokoç Budget Turkey
Bedriye Hülya b-fit
Aslı Caner Youtholding
Melisa Fakabasmaz Özerdim Finance & Operations
Ambassador Hotel Ankara
Türkmedya Group
Istanbul Technical University
TBWA İstanbul
Kerem Erdem Bizitek
Emrah Kaya Youtholding
Hasan Fidan Office Support
MIT Sloan Executive Fellows
JCI
Ministry of Education
Murat Şahinoğlu Bizitek
Ebru Çerezci Hiref
Eran Filiba Search & Selection
TUGİAD
British Council
Turkcell
Özyeğin University
TOBB GGK
Tahincioğlu Holding
Işık University
Carlo Bernardini
Dinamo Fm
Marmara University
Patika Yapım
Erol Esentürk Monopoli Sigorta
Koç University
Power Fm
PWC Turkey
Semih Yüzen Petfor
Innovation Team
Sabancı University
Genç Başarı
Bahçeşehir University
Boğaziçi Üniversitesi Mezunlar Derneği
NewBridge
Emre Mermer Dükkan İstanbul
Güvenç Kılıç Hiref
Ceylan Hünal Communications & Projects
İzzet Bonofiyel Monopoli Sigorta
Alemşah Öztürk 41?29!
Aslı Kurul Türkmen Search & Services
Başar Akpınar PIWorks Bahadır Kuru PIWorks
Elginkan Vakfı
Fatih Işbecer Pozitron
MG Danışmanlık
Ali Özgün Speedcity
LabX Yıldız Teknik University
Endeavor Main Office Istanbul
Düzce University Istanbul Bilgi University
US$
ASSETS
> In 2009, the average revenue growth rate of Endeavor Entrepreneurs in Turkey was 30%, while Turkey's GDP decreased by 4.7%.
Current Assets Cash & Cash Equivalents Marketable Securities Trade Receivables Other Receivables Accrued Income Other Current Assets Total Current Assets
47,479 216 3,963 1,217 46,936 11,396 111,206
Long-Term Assets Fixed Assets Intangible Assets Prepaid Expenses Total Fixed Assets
14,815 18,722 344 33,882
Total Assets
145,088
LIABILITIES & NET ASSETS Current Liabilities Trade Payables Other Liabilities Advances Received Taxes Payable & Fiscal Liabilities Total Current Liabilities Prior Year Net Assets 2009 Change in Net Assets Total Net Assets
(214,525) 259,829 45,304
Total Liabilities & Net Assets
145,088
STATEMENT OF INCOME & EXPENSES REVENUES
Canan Özgün Speedcity
Gelecekdahanet
Event Fees Membership Dues Board Contributions
Vodafone Turkey
Total Revenues
Şebnem Karasu SteamLab
Max Fm invest.gov.tr
OPERATING EXPENSES
Tania Eskinazi Gürüşçü Takawear
Kariyer.net
Search & Selection Related Expenses General Administrative Expenses Total Operating Expenses
Ahmet Özgün Speedcity
Damla Gönül Turkmix Elda Maraşlı Turkmix
IDE Planet
MPR
TR
ISI Emerging Markets
8,995 31,276 3,991 55,522 99,784
Non-Operating Income (Loss) Extraordinary Income (Loss) NET INCOME
166,474 104,025 754,025 1,024,524
461,194 303,678 764,873 (1,232) 28 258,447
Aydın Şeker Turkmix A complete set of the audited financial statements by Birleşik Uzmanlar YMM A.S. for the fiscal year ending December 31, 2009 can be obtained by sending a written request to: Büyükdere Cad. Noramin İş Merkezi No 55 Kat:3 Daire 301 Maslak Istanbul, Turkiye
Nevzat Aydın yemeksepeti.com
52
Network & Financials
Endeavor Impact Report 2009—2010
Uruguay
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION
ENTREPRENEURS
Roni Lieberman Memory
Staff
PARTNERS
María Noel Ache AIVA TPA
Andrés Rosenblatt METROPOLIS films
Laura Raffo Managing Director
Gabriel Rozman Tata Consultancy Services
Federico Cella AIVA TPA
Adolfo Villalba Montreal
Margarita Mangino Entrepreneur Services
Horacio Correge Banco Comercial
Julio Cantera Assist
Cecilia Casulo Montreal
Luciana Lapachián Marketing & Communications
IDB
Fernando Cammarota CEPA
Pablo Elenter RobTec
Lee Martínez Institutional Development
José Rubinstein Districomp
Ariel Lijtenstein RobTec
Ana Paula Carrero Search & Selection
Jean Shaw Sabre
Daniel Steiner Districomp
Sergio Oberlander RobTec
Alejandro Caravia Entrepreneur Services
Roberto Villamil Uruguay XXI
Gabriel Colla Infocorp
Raúl Polakof Scanntech
Anna Chiara Ortolani Entrepreneur Services
Gabriel Fernández Laboratorios CLAUSEN
Ernesto Elenter SEG Ingenieria
Verónica Méndez Office Coordinator
Leonardo Olivera Laboratorios CLAUSEN
Diego Garfinkel SEG Ingenieria
Anne Rodríguez Entrepreneur Services
Michel Cohen Lolita
Fernando Schaich SEG Ingenieria
Federico Cella Lynkos
Francisco Gross Seinco
Javier Beathyate Magma
Manuel Cabanelas STATUM
Gabriel Schimmel Medea
Álvaro Lozano STATUM Sebastián Schickendantz STATUM Pablo Milburn Urunet
Raúl Mandía McDonald's - Arcos Dorados Programa Emprender
> In 2009, the annual revenue of Endeavor Entrepreneurs represented 0.6% of Uruguay’s gross domestic product.
Álvaro Domínguez Top Systems
Endeavor Main Office Montevideo
“While Uruguay is a small country, Endeavor's impact has been huge. Over 10 years, our entrepreneurs have created revenues of 600 million dollars, possibly the largest impact any non-commercial organization has achieved. Wait for the results in the next 10 years!”
UY
US$
ASSETS Current Assets Cash & Cash Equivalents Accounts Receivable Other Assets Total Current Assets Fixed Assets
70,867 14,060 1,130 86,057 6,681
Total Assets
92,737
LIABILITIES & NET BOOK WORTH Other Payables Total Liabilities
34,965 34,965
Net worth adjustments (conversions) Net Worth at the Beginning of the Year Net Income
(2,438) 51,354 8,857
Net Worth
57,773
Total Liabilities & Net Book Worth
92,737
STATEMENT OF INCOME & EXPENSES REVENUES Contributions Event Income
316,807 161,505
Total Revenues
478,312
EXPENSES Events Search & Selection Promesas International Programs Entrepreneur Services Administrative Expenses Depreciation Expense Marketing Expenses
109,358 25,171 43,640 41,741 63,538 149,725 3,699 33,868
Total Expenses
470,741
Financial Expenses (income)
(1,285)
NET INCOME
18,857
A complete set of the audited financial statements by Deloitte & Touche for the fiscal year ending December 31, 2009 can be obtained by sending a written request to: Endeavor Uruguay, Rincón 518 entrepiso, Montevideo 11.000, Uruguay
Gabriel Rozman TATA Consultancy Services Executive Vice-President Endeavor Uruguay Board Chairman 54
Network & Financials
Endeavor Impact Report 2009—2010
Global
Financials
(December 31, 2009 )
STATEMENT OF FINANCIAL POSITION
“Endeavor is one network globally and comprised of the brightest minds and richest human capital.”
Staff
Allison Berliner Search & Selection
Cindy Ko International Expansion
PARTNERS
Linda Rottenberg Co-Founder & CEO
Katherine Bleich Executive Assistant to the CEO
Maggie Krummel Search & Selection
Citigroup
Lawrence Brooks VP, Finance & Administration
Gerardo Cervantes Affiliate Services
Yuting Bev Lien Search & Selection
Ernst & Young
David Geary SVP, Entrepreneur Services, Partners & Networks
Frankie Dillard Personal Assistant to the CEO
Joel Montgomery International Expansion
Inter-American Development Bank / The Multilateral Investment Fund (IDB/MIF)
Quinn Fitzgerald Entrepreneur & Partner Services
Ethan Montoya Search & Selection
Michael & Susan Dell Foundation
Jean-Claude Homawoo Entrepreneur & Partner Services
Rhett Morris Center for High-Impact Entrepreneurship (C-HIE)
Omidyar Network
Peter Olivier Search & Selection
Salesforce.com
Carlos Pessoa VP, Affiliate Services David Wachtel SVP, Marketing, Communications & Research Canem Arkan Entrepreneur & Partner Services Ali Ayala Administration Elmira Bayrasli Policy & Outreach
Peter Kellner Richmond Management Founder & Managing Partner Endeavor Co-founder Endeavor Global Board Member
Justin Belmont Marketing & Outreach
Diana Gomez International Expansion Katie Gordon Entrepreneur & Partner Services
Dell
SAP
Yamile Nesrala Entrepreneur & Partner Services
Joanna Harries International Expansion
Rebecca Plofker Marketing & Development
Soribel Holguin de Valverde Former Executive Assistant to the CEO
Allen Taylor Global Networks
US$
ASSETS Cash and cash equivalents Investments Contributions receivable Grants receivable Prepaid expenses & other assets Fixed assets, net
9,495,007 3,625 96,051 1,462,246 117,205 257,965
Total Assets
11,432,099
LIABILITIES AND NET ASSETS Liabilities Accounts payable and other accrued liabilities Due to affiliated entities Deferred rent & capital lease obligations Total Liabilities Net Assets Unrestricted Temporarily restricted Permanently restricted
184,197 216,694 49,940 450,831 9,539,272 1,416,996 25,000
Total Net Assets
10,981,268
Total Liabilities & Net Assets
11,432,099
Alexandre Thome Affiliate Services Daniela Terminel Entrepreneur & Partner Services Shaun Young Center for High-Impact Entrepreneurship (C-HIE)
COMBINED STATEMENT OF ACTIVITIES Contributions Grants (net discounts) Net realized gain (loss) on investments Interest & other income In-kind revenue Net assets released from restriction
Endeavor Global Offices San Francisco New York
Unrestricted
REVENUES
Total Revenues
Temporarily Restricted
2,776,165 2,761,742 101 61,135 153,148 1,012,945
(1,012,945)
6,765,236
(452,945)
Permenantly Restricted
Total
2,776,165 3,321,742 101 61,135 153,148 0
560,000
0
6,312,291
0
841,238 481,460 831,809 321,239 854,205 198,281 661,141 604,796 4,794,169
EXPENSES Search & Selection eMBA Entrepreneur Services EndeavorNet Affiliate Operations Center for High Impact Entrepreneurship New Country Expansion Philanthropic Networks Total program expenses A complete set of the audited financial statements by McGladrey and Pullen for the fiscal year ending December 31, 2009 can be obtained by sending a written request to Endeavor Global, Inc. at 900 Broadway suite 301, New York, New York 10003, USA
56
Network & Financials
Management and general Fundraising and development Total Expenses Change in net assets Net assets, beginning of year NET ASSETS, END OF YEAR
841,238 481,460 831,809 321,239 854,205 198,281 661,141 604,796 4,794,169
0
345,351 639,262
345,351 639,262
5,778,782
0
0
5,778,782
986,454 8,552,818
(452,945) 1,869,941
0 25,000
533,509 10,447,759
9,539,272
1,416,996
25,000
10,981,268
Endeavor Impact Report 2009—2010
“One of the greatest challenges entrepreneurs face is the fear of failure. The key to overcoming it is recognizing that every experience brings with it an opportunity to learn.�
CONTRIBUTORS' &'BOARD. Pierre Omidyar eBay, Founder & Chairman Omidyar Network, Founding Partner 58
Contributors & Board
High-Impact Donors
1997—2010
1,000,000 +
500,000 +
250,000 +
AVINA Clarissa & Edgar Bronfman, Jr. Fundação Brava Inc Inter-American Development Bank International Finance Corporation (IFC) Peter Kellner Michael & Susan Dell Foundation Omidyar Network
Banco Santander Beim, Nicholas F. Citi Foundation Cline, Michael J. Elsztain, Eduardo Ernst & Young Fribourg, Paul Kellner, George & Bicky Klein, Beth and Michael Mai, Anne & Vincent Sawiris, Naguib SEBRAE Sebrae São Paulo Secretaría de Economía (Mexico) Seelig, Chip Slim, Tony & Carlos Staton, Woods Zambrano, Lorenzo
Ackman, William A. AFP HABITAT Ann L. Bronfman Foundation Aspe, Pedro Azcárraga Jean, Emilio Babaoğlu, Mehmet Ali Banco ABN AMRO Real S.A. Banco Itau BBA S.A. Blavatnik, Len Cababie, Elias Casares, Wences Cetus Investimentos Citi Corporación Andina de Fomento (CAF) Cueto, Enrique del Río, José Luis Dell Computer Diller, Barry Doğan Sabanci, Vuslat Douer, Albert Draper, Melissa & Timothy Echavarría, Andres Goldman, Sachs & Co. Gore, Adrian Hitay, Emin
Donors 2009 100,000 +
Koç, Ali Lee Thomas H. & Ann Tenebaum Lehman Brothers Lemann, Jorge Paulo Microsoft Corporation Morgan Stanley Nahas, Fadi Narvaez, Francisco De News Corporation Odebrecht S.A. Oppenheimer, Jennifer & Jonathan Özyeğin, Murat Pacheco, Eduardo Proteus Soluções em Segurança da Informação S/A Sabancı Dinçer, Suzan Said, Salvador Saieh, Alvaro Santo Domingo, Alejandro SAP Simpson Thacher & Bartlett Swette, Brian Tahincioğlu, Özcan von Appen, Sven
ABDI AFP Habitat Emilio Azcárraga Jean Televisa
Banco ABN AMRO Real S.A. Banco Santander Beim, Nicholas F. Bronfman, Clarissa & Edgar Jr. Cetus Investimentos Citibank Construtora Norberto Dell Computer Draper, Melissa & Timothy
EVERY $1 DONATED TO ENDEAVOR IN 2009 HELPED SUPPORT ENDEAVOR ENTREPRENEURS TO GENERATE $286 IN REVENUES
60
Hürriyet
El-Nazer, Hythem Eduardo Elsztain Fundación IRSA
Errázuriz Grez, Jorge Fleury S.A. Fribourg, Paul Ghandour, Fadi Goldman, Sachs & Co. Harbin Participações Hitay, Emin
The Multilateral Investment Fund (IDB / MIF)
Jonathan M. Nelson Family Foundation Kellner, Peter Mai, Vincent AEA Investors
Michael & Susan Dell Foundation Omidyar Network Passos, Pedro Proteus Soluções em Segurança da Informação S/A Rees, Joanna & John Hamm Saban Family Foundation Sawiris, Naguib SEBRAE Swette, Brian
50,000 + Ackman, William A. Adrian Gore Discovery Holdings
Al-Husry, Ali Ann L. Bronfman Foundation Arab African International Bank Banco Itau BBA S.A. Banco Pactual Bassily, Elijah BID Programa Emprender
Chilean Economic Development Agency
Contributors & Board
Doğan Sabancı, Vuslat
Enterprise Development Activities Ernst & Young Instituto Semeia Inter-American Development Bank
Construtora Norberto CORFO
$1 Analysis based on Total Endeavor WW budget in 2009 ($12.2), incremental revenue growth of Endeavor Entrepreneurs in 2009 ($480M), and total EE revenues of $3.5Bn.
IAC InterActive Corp Diller-Von Furstenberg Family Foundation
The Draper Foundation
Swette Family Foundation
$1=$286
Credit Suisse Argentina S.R.L CSC Holdings, Inc. Cueto, Enrique DBM do Brasil Ltda Darwazah, Said del Río, José Luis Diller, Barry
Hitay Yatırım Holding A.Ş.
Jennifer Oppenheimer Oppenheimer & Sons
Klein, Beth & Michael Koç, Ali KOÇ Holding
Luksic, Jean Paul Mansour, Tarek Nahas, Fadi Naplus
Odebrecht S.A. Özyeğin, Murat Fiba Holding
Sabancı Dinçer, Suzan
“Endeavor has done a really great job in identifying entrepreneurs around the world, who have great ideas but maybe don’t have all the access to the opportunities to make them happen.”
Akbank
Said, Salvador Saieh, Soledad Santa Lucia Adm. De bens e Participações Ltda Schiess, Christoph Seelig, Chip Robin Brown and Charles Seelig Foundation
Simpson Thacher & Bartlett Tahincioğlu, Özcan Tahincioğlu Holding
von Appen, Sven
Michael Dell Dell Chairman & CEO Endeavor Impact Report 2009—2010
Donors 2009 10,000 +
1,000 +
Ache, María Noel & Cella, Federico
Finvarb, Salomon
AIVA
First National Bank (FNB) Founder Collective LP Freire, Andrés
Ariel Aisiks GEO Capital Holdings
Alice & Thomas Tisch Foundation Banco de Investimentos Banco Modal SA Barbosa, Fabio Banco Santander
Barry, Nicolás Gemelo Storage Solutions
Beleza Natural Berchesi, Juan Isbel
Best Buy Co, Inc. Bichara, Khaled Black, Leon Bolsa de Valores de Colombia Bresnan Communications Brown, Matthew BS Construtora Cappello, Juan Pablo Carlos Fernandez Carmona, Rolando Drillco Tools
Casares, Wences Çelebi, Bülent Airties
Celia, Antonio Fundacion Promigas
Cerisola, Andrés Ferrerre
Cisco Citi Cline, Michael J. Comerciliazadora Eloro SA Conservas La Costeña SA de CV Correge, Horacio Banco Comercial
Creamer, Glenn & Mary Jane Crivo Sistemas em Informática S/C Ltda Dell, Adam Diagnostika Doc Solutions de Mexico SA de CV Douer, Albert
Empacor SA
Axialent
Friis, Janus Fundacion Bavaria Fundacion Bepensa AC Fundacion Universidad de las Americas de Puebla Galperín, Marcos & Hernán Kazah Mercado Libre
Gorodisch, Alejandro GP Investimentos S.A. Graber, Peter Green, Jason Grubman Indursky, P.C. Gutiérrez, José Ramón Hall, Taddy Herrmann Telles, Marcel Imagen Dental Integration Consultoria Empresarial Ltda Intendencia de Comodoro Rivadavia (Provincia de Chubut) Iris Dempsey First National Bank
Intercity Ekim Turizm
Morgan Stanley MV Informatica Nordeste Natura News Corporation Nextel Nokia do Brasil Tecnologia Ltda Open Society Institute Operadora de Servicio Mega SA de CV SOFOM ENR Özdemir, Ebru
Vialux Vieira, Rezende, Barbosa e Guerreiro Advogados Visa (Credibanco Colombia) W.Torre Warner Bros. Weil, Gotshal & Manages LLP Zennstrom, Niklas
Akarlılar, Ersin Mavi Jeans, Inc.
Füsun Tasarım ve Pazarlama
Akçakayalıoğlu, Zeynep
Baez, Victor Eduardo Balbo, Susana
AGM Partners LLC
Aytekin, Haluk G Tech
Markafoni
Ak, Vural
Royal Yönetim Danışmanlığı
Akçaoğlu, Serra Citigroup
Akgerman, Bülent AKG Yatılım
Aksoy, Banu Turcas Petrol
Alemdar, Ziya
Limak Holding
ProAd Media Solutions
Pacheco, Eduardo
Alibio All Allis S/A Amram, Leon
Mercantil Colpatria Salud Colpatria Mineros SA
Pfeffer, Ariel Trillonario
Artemis Gıda
Pi Works Poit Energia Ltda Polo Ralph Lauren Prática Produtos Ltda PriceWaterhouseCoopers Programa Emprender/BID ProsperAr Robbins, Amy
Ananías, Alvaro & Dibán, Gustavo Genesys
Andrioli, Darío Carle & Andrioli
Aragon Capital
Rozman, Gabriel
Kellner, George & Bicky Klibra Agenciamento de Marcas e Negócios S/C Ltda Larissa Empreendimentos Imobiliários Ltda. Lee Thomas H. & Ann Tenebaum Lemann, Jorge Paulo Levin, John
Tata Consultancy Services
Levin Capital Strategies, LP
SAP Say, Mustafa
Arıoğlu, Başar
Access Turkey
Armagan, Mehmet
Shaw, Jean
Arca Tekstil
Sabre
Sollos Assessoria Staton, Woods
Arroz con Leche Aspen Grove Foundation Atakaş, Gökçe
Mc Donalds
Atakaş Dış Ticaret
Stringer, Sir Howard
Atay, Mehmet
Sony Corporation of America
Atay Holding
Szekasy, Nicolás Tecno Logys Sistemas para Construção Ltda
Augusto, Fernando Awad, Jorge
Loews Foundation Lojas Renner Lorentzen, Haakon Mandía, Raúl - Méndez, Ricardo Marc Haas Foundation Mastermaq Informática Ltda. Mckinsey & Company, Inc. Mermer, Emre Dukkan Istanbul
Aravena, Manuel & Salas, Juan Pablo
Ryan, Kevin Saguier, Luis La Nación
Dominio del Plata
Banco Santander Rio Banco Sofisa Bancoldex SA Bancolombia SA Barclay, Kathleen Barra, Mario Vates
Barton, Greg & Applewhite, Jay Business News Americas
Bartunek, Florian Barut, Nezih Abdi İbrahim İlaç San. Ve Tic. A.Ş.
Başaran-Symes, Cansen PriceWaterhouseCoopers Turkey
Bassi, German Pugliese Bato Amigo Bayar, Selin Pekin & Bayar Law Firm
Bayar, Uğur Credit Suisse Securities
Baydar, Cem IMS
Araya Rivas, Mario
Magma
Turbomach Endüstriyel Gaz Türbinleri Yapı Merkezi
Contributors & Board
Aytemizler Şirketler Grubu
Beathyate, Javier
Arccanto Consultoria Arıkoğlu, Damar
Caracol TV, Invernac, Valorem
Aytemiz, Hilal
Ascon Kibernum
Salem Foundation Sales Sarrapy, Carlos Santo Domingo, Alejandro
Ayaydın-Miroglio Group
Advent Do Brasil Afra, Sina
Asuncion
Echavarría, Andres
62
StandardUnlu
Mnuchin, Alan
Ayaydın, Yalçın
Yapı Kredi Bankası
Nduna Foundation
McDonald's - Arcos Dorados
Elseviere editora ltda Embratel European Journalism Centre Ewing Marion Kauffman Foundation
Young & Rubicam
Azevedo, Rodrigo B2U Editora Babaoğlu, Mehmet Ali
Globant
Acento Mexicano Açıkalın, Faik
Angelus Indústria de Produtos Odontológicos S/A ANII APPI Aramburuzabala Larregui, Maria
Ixe Banco SA Institucion de Banca Multiple Ixe Grupo Financiero John A. Griffin Foundation JP Morgan Keçeci Aşur, Işık
Ajover Sodimac Colombia Org. Corona SA
Moré, Álvaro
Tecnoblu Ind. Com. Imp. Exp. Ltda Totvs SA Triple A Artes Gráficas Universal City Studios Univision Mgmt Company Ünlü, Mahmut
Migoya Martín, Englebienne Guibert, Umaran Martín & Nocetti Nestor
Becerra, Jorge Bedoya, Claudio BioScience
Bencorp S.A. Bener, Erim Bener Law Firm
Bernardini, Carlo Bernardini Organizasyon
Bethlem, Mario Bianchi, André Bierly, Christopher Bilgi Zapparoli, Elif EFG Istanbul Securities
Binark, Murat A. Garanti Koza
BodyTech
Bom Appetite de Cuernavaca SA de CV Borges, Alexandre Boronig, Erwin Bórquez, Víctor
Comunique-se Correa, Carmen
Max Service
Coşkunoğlu Nazlıaka, Aylin
Boyacıgiller, Ziya
Human Resources Management
Sabancı Üniversitesi
Costa, Edivan Crespi, Gonzalo
AVINA
Cortés, Christian Corbac
Bratz, Valmor Adek Brause, Virginia
Bauen Arquitectura
Cybertécnica Daccarett, Daniel
Jiménez de Aréchaga, Viana & Brause
Brenner, Pablo
Producto Protegido
Prosperitas Capital Partner
Dávila, Gabriela de la Barra, Jaime de las Carreras, Fernando
Büchi, Marcos Cabi Inver SA de CV Çakmak, Mesut
Nervous Water
Çakmak Law Firm
De Lima, José Antonio Decagon Devices Deldağ, Can
Cammarota, Fernando CEPA
Cantera, Julio
Carlyle Mena Investment Advisors LLC İrtibat Bürosu
Assist Learning Team
Carey, Guillermo Cariola, María Gracia Carriquiry, Daniel
Delta Construções Deniz, Türkmen Teknort
Costa Oriental
Casulo, Cecilia & Villalba, Adolfo Montreal
Nueva Central Argentino
KVK
Dinçbaş, Osman
CBL Companhia Çelebi, Bülent
Ernst & Young Türkiye
Airties
Cenedella, Marc TheLadders.Com, Inc.
Centro de Inter Servicios SA de CV CGS Engenharia Chepiga, Michael Chilim Balam SA de CV Cid, Pablo Gonzalez Cılız, Kemal Infonet Bilgi Teknolojileri
Citi Cizreli, Gamze Big Chefs Cafe-Brasserie
Cmos Drake Do Nordeste Cohen, Michel Lolita
Çolakoğlu, Haydar TEB Mali Yatirimlar
Coleman, Mark Colla, Gabriel Infocorp
COMPSIS Ind. e Com. Ltda
Drum
Diaz Hermelo, Horacio
Çavusoğlu, Bülent
Café Punto Del Cielo
Dereli, Zeynep
Diniz, Ana María Diwan DMHR Domínguez, Álvaro Top Systems
Donoso, Javier Geomar
Dördüncü, Ahmet Hacı Ömer Sabancı Holding
Duran, Vanesa Ecoflora Educacion Superior Celaya AC Edwards del Río, Agustín Egeli, Tan Egeli & Co
Ejder, Bülent KPMG
Elden, Serkan Pinebridge Investments (Turkey) Istanbul Liaison Office
Elenter, Ernesto & Garfinkel, Diego & Schaich, Fernando SEG Ingeniería
Elenter, Pablo & Lijtenstein,
Endeavor Impact Report 2009—2010
Donors 2009 1,000 + continued Karabeyoğlu, Kayrıl
Loizeau, Tito
O'Neill, Patricia
Advent International
Promored
Metropolitan Life
Elgiz, Ayda
Gobierno de la Ciudad de Buenos Aires Göğüş, Çağlar
Karaçam, Burhan
López, Sergio
Giz İnşaat Yatırım
Peppers & Rogers
Burhan Karaçam Partnership
Proactiveoffice
Eren, Ahmet
Göktan, Kerem
Karamancı, Eda
Manzini, Livio
Óptima Energía Orakçıoğlu, Süleyman Nazif
Eren Holding
Su Private Equity Management
Karamancı Holding
Bell Holding
Eren, T. Ufuk
Goldemberg, Arnaldo Gomez, Diana
Karamancı, Fatih
Máquina da Notícia S/C Ltda Mascarenhas, Rodrigo MBA Empresarial McIntire, John C. McPherson, Julie & Valdés, Felipe
Ariel & Oberlander, Sergio Robtec
Siemens
Erkut, Erhan Özyeğin University
Escola 24 Horas Espinosa, Daniel Grupo Empresarial Espinosa SA de CV
Esquiera, Alicia Secom
Eugenio, Arnold Evans, Alexander D. Evliyagil, Sarp Ajanstürk
Eyzaguirre, Cristián Farca, Ezequiel Farmacia Telefonica SA de CV Fernández, Gabriel & Olivera, Leonardo
MEMO
Goóc Grekin, Max Gross, Francisco
Oracle Turkey
Seinco
Köksal Alçıcı, Ebru
Grupo Cherto Grupo Ibmec Grupo Marti SAB Güçlü, Ayşe
Galatasaray Sportif
Egon Zehnder International
Gümüştekin, Tulu Corporate & Public Strategy Advisory Group (CPS)
Gürel, Noyan Sunel
Güven, Görkem
Fienkelstajn, Jorge
Habib, Cavit
Tensocable
ISS Tesis Yönetim Hizmetleri
Figueiredo, Andre Fincomun Servicios Financieros Comunitarios SA de CV Flybridge Capital Partners Fomento Economico de Chiapas AC Francesca Romana Diana Frasca, Gonzalo & Battegazzore, Sofía
Halm, Alfredo Quanam
Hamermesh, Richard Hantel Haşemoğlu, Barış Haşemoğlu İnşaat
Hobson, Mellody Ariel Investments, LLC
Homriş, Onurhan
Powerful Robot Games
MV Holding
Fuks, Patricio & Frenkel Alejandro
Hurtado, Felipe & Swett, Juan Pablo
Grupo Fën
Trabajando.com
G2 Consultores Gandur, Cemil
İl, İlhan
Cines Hoyts
Gencer, Hasip UNO (Unmas Unlu Mamüller)
Gençler, Gürkan Beyaz Filo Oto Kiralama
George Wasserman Family Foundation Gerez, Jorge MP Medicina Personalizada
Ginsberg, David Giovanini, Renato
Tepe Emlak Yatırım
Impuestum Contadores SA de CV Intelego Corporativa SA de CV Intervir Tecnologia Jansen, Flávio Benício Jaras, Isabella & Patricio Nutra Bien
Kolbaşı, Murat Arzum Elektrikli Ev Aletleri
Korn Ferry Internacional SA de CV Kotan, Kerim Pragma Corporate Finance
KPX Serviços e Participações Limitadas Küçükel, Nüket Güven Hastanesi
Kumova, Altunç Destek Finans Faktoring
Kurdoğlu, Korhan ATA Holding
L' Atelier Du Chocolat SA de CV Lacerda Guimaraes, Dorian Lan Designers Landi, Rafael Luis LapDesk Larosa, Alejandro FYO
Latin Idea Advisors LLC Latitude Gestao e Finanças Lazam Lecaros, Juan Francisco Leonali S de RL de CV Leonard & Evelyn Lauder Foundation Levi Coşkun, İzel Mazars Denge SMMM Hizmetleri A.Ş.
Lieberman, Roni Memory
Lightcom SA de CV Lingham, Vinny
Tiaxa
Meetic Mendes Carvalho, João Mendez, Martín Neoris
Mextra Engenharia Ltda Meyer, Ronald Meynial, Patrick Milburn, Pablo Urunet (The Datamyne)
Milliman Do Brasil Mimaroğlu, Emre Credit Suisse
MJM PEP Management Services, Inc Miynarz, Geraldine & Sandino, Ana María Diagnotec
Montes de Oca, Rodolfo & Miranda Patricio Zott Producciones
Morin Assessoria Empresarial Morin, Patrick Movile Mueller, Gary Multieco Tecnologia Musalem, José Miguel MV Informatica Nordeste Ltda Natalie Killassy Stitch Wise
Naturalia Nazar, Gabriel Cardón Cosas Nuestras
Nazer, Jorge ALTO
Jorge, Vidal
Lisim Mexico S de RL de CV Litmanovich, Mario
Nefrocare Administradora de Hospitais e Clínicas Nicora, Luciano
Semm
Drogueria 20 de Junio
Viramonte & Nicora
Karaağaç, Alp
Llobet, Eduardo
Bilfar Holding
Berkley Internacional Seguros
Karabey, Erem
Loehnert, Roberto
Novoa, Eduardo Olcay, Turgay
Jodal, Nicolás Artech
Polikim Polimer Ve Kimya Sanayi
64
Koç Holding
Koçer, İlker
Hittite Microwave Corp. Türkiye
Garfinkel, Pablo
Kimberlit Koç, Mustafa V.
SKM Seaprende
Laboratorios Clausen
Lotus Shipping Agencies
Karamancı Holding
Yola
Dek-Art İnşaat
Ollin Studio
Contributors & Board
Orka Tekstil
O-Think Soluções Empresariais Özkan, Mehtap Mae Golden Horn Ventures
Özkök, Münir Midas Hediyelik Eşya
Öztiryaki, Atakan Öztiryakiler Madeni Eşya
Pabisan SA de CV Pacheco, Jorge Oxxean
Pacific Investimientos Paccot, Olivier & Yorston, Michael Woodtech
Riba, Lidia Maria & Vergara, Trinidad
Simbaqueba, Lilian
V&R Editoras
Solans, Roberto
RHS Franchising Richardson, Julie RLG Corretora de Seguros Rocca, Marilia Rohde, Christine & Douglas Rosen, Jeffrey Rosenblatt, Andrés Metrópolis Films
Rosental, Miguel Rosental Management Group
Rouillon, Adolfo Congelados del Sur
Rovner, Abishai Bercia
Paker, Can
Rubinstein, José & Steiner, Daniel
Bilgi Odaklı Yönetim Hizmetleri
Districomp
Pekuysal, Ayşe Rengin
Sabormex SA de CV Sabre Safadi, Samir & Cibils, Julie
Varan Turizm Seyahat
People Domus Perez, José Fernando Perkins Cole Perlman, Marco José Piacentini, Diego Pigatto Transporte Super Expresso Pinto Duarte, Marcelo Pipeway Engenharia Ltda Pixel Software Ltda. Poit, Wilson Polakof, Raúl
Langland Language Institute
Sağışman, Tahsin Rabobank International Turkey Istanbul Representative Office
Saieh, Alvaro Sampedro Miguel ex Patagonia Natural Products
Sanchez Sarmiento, Sebastián Sarıoğlu, Berna Teknomak Makina
Saul, Alp
Scanntech
Pronet Güvenlik Hizmetleri
Pozitron PPR Profissionais de Publicidade Reunidos Ltda Procesa Chiapas Promotora de Proyectos SA Propay Brasil Ltda Pugliese Advogados Pugliese, Germán & Santos, Miguel
Scannavino, Fabio Schickendantz, Sebastián; Cabanelas, Manuel & Lozano, Álvaro
Technisys
Quang Nghia, Thai Quarksoft SA de CV Rabat, Juan Carlos Fues 21
Ramos, Donato Rava Esportes e Entretenimento Ltda Refinancia Reginato, André República AFAP
Statum
Schimmel, Gabriel Medea
Schwartz Family Foundation SEAF Colombia Segal, Susan Şengör, M. Cem Step Halılıcık
Sentient Flight Group Serna, Jorge Conrad
Servicios Administrativos Mexis SA de CV
Servicios Axo SA de CV Shiang, Willian Silva, Yuhber Ta-Ta
Unicar Plastico SA de CV Universidad Católica Ünsal, Osman
LISIM Hoteles Solans
Esas Holding
Sönmezer, Tanyer
Varela, Enrique
Management Centre Türkiye
Nestlé del Uruguay S.A.
Sotomayor, Raúl Soyak, Erkut
Varese, Daniel Citi
Soyak Holding
Varsavsky, Martín Vaz Rodrigues, Mauricio Veirano Advogados Vella Buosi Advogados Veuve Clicquot Vidrios Marte SA de CV Vitrogen Voltes, Damián von Baer, Karina
Sportium Stemerman, David Stillings, Jim Stoneman Family Foundation Suarez Battan, Mariano & Jutard Patricio Three Melons
Subway Link Suminter Super Bac Proteção Ambiental Ltda Taha, Shwan
Oleotop
Wener Wolf, Luiz Roberto Werlang, Sérgio Wolf, Esteban
Melak Yatırım
Progen
Talent Propaganda Talento Ejecutivo de Oriente SA de CV Taracena, Heberto
Yalçın, Neşet Yaltem Temsilcilik Savunma Araçları Temin A.Ş.
Yamamura, Dan Yenigün, Aygen
Metros Cubicos SA de CV
Taviloğlu, Mustafa
Agm Stratejik Çözümler A.Ş.
Mudo
Yilmaz, Ilhan
TCS Solution Center Tech4B Tecnica Tecsis Tecnologia e Sistemas Avançados Ltda Templeton Tequila Milagro TFGC Mexico SA de CV The Boston Consulting Group of Mexico SA de CV Thai, Natalina Maria The Good Night Foundation Thomas J. Gahan Family Foundation Topçuoğlu, M.Cem
Galatasaray Üniversitesi
Young And Rubicams S de RL de CV Yurdum, Aydın AVM MFI Partners
Yürekli Şengör, Ayşegül Yürekli Eğitim Ve Danışmanlık
Zorzato, Fatima Zubillaga, Alejandro
TBWA Istanbul
Toptel S de RL de CV Tred Foods Trueh Consultoria Ugarte, José Manuel Uğur, Agah Borusan Holding
Ulusoy, Alican Ulusoy Uluslararası Yatırım Holding
Umbria Participações S.A
Endeavor Impact Report 2009—2010
Donors In-Kind
2009
100,000 +
Ernst & Young Groupo ABC Organizações Globo Warner Music Group Argentina VentureCorps Brazil VentureCorps Chile VentureCorps Colombia VentureCorps Egypt VentureCorps Jordan VentureCorps Mexico VentureCorps South Africa VentureCorps Turkey VentureCorps Uruguay VentureCorps
Tahincioğlu, Özcan Tahincioğlu Holding
The Boston Consulting Group Topçuoğlu, Cem
Gana, Alberto & Howard, Felipe
Cines Hoyts
1,000 +
González Cid, Pablo
Young & Rubicam Uruguay
Café Punta del Cielo
Oropeza, Guillermo & Gabriel
602 Marketing Alfaro, Marisol
The Gordon Institute Of Business Science Gringaus, Ariel & Barros, José Manuel
Doc Solutions
TBWA Istanbul
VSP Capital
L´Atelier du chocolar
Asociación Civil de Estudio Superiores Parque Austral
Bahçeşehir University Bilinkis, Santiago
Goulston & Storrs Salesforce.com
Araucanía Yarns
Bórquez, Víctor Max Service
Brause, Virginia Jiménez de Aréchaga, Viana & Brause
Braver Caviglia, Marian De la cocina
Citricox Daccarett, Daniel
Garfinkel, Pablo
Colegium
Herrera, Nicolás Guyer & Regules
Helicopter, LLC HIREF Infoxel Işik University Jaras, Isabella & Patricio Nutra Bien
Jordan, Rodrigo
Koç Holding
Kolay İletişim La Grutta, Miguel Angel Untracongelados
Lamé, Álvaro
Intelliholding
DRAFTFCB El Cronista Comercial
Fiba Holding
Peñaloza, Paulina & Manieu, Roberto Chileangourmet
PRIMEDIA Radio Mitre Provincia de Córdoba
Radio Montecarlo Rodríguez Larreta, Julia Rovner, Abishai & Grekin, Max
López, Sergio
Geomar
Özyeğin University Özyeğin, Murat
Koç University Koç, Ali
Deloitte
First National Bank Frost Limo Inc Lopez Silva, Claudio
Budget Türkiye
Vertical
Netgate
Hürriyet
Otokoç Otomotiv
El País
De Luca, Roberto
Doğan Sabancı, Vuslat
SKMseaprende
Sabanci University Sa'd Abujaber & Sons Co. Ltd. Salas Martinez, Marcelo & Salas Martinez, Muaro Café Martinez
Secretaría de Cultura
Montes de Oca, Rodolfo & Miranda Patricio
Espinosa, Daniel
Morin Assesoria Empresarial Director
Sunny Bates
Gary Mueller
Sunny Bates Associates President & CEO
Institutional Investor Chairman & CEO
Jorge Becerra
Seval Oz Ozveren
Boston Consulting Group Senior VP & Managing Director
Cuil, Inc. VP, Finance & Business Development
Gina Bianchini
Alan Patricof
Andreesen Horowitz Entrepreneur in Residence Ning Co-founder
Greycroft Founder & Managing Director
Amazon.com Senior Vice President – International
Greenberg Traurig Chair Latin American Practice
Jeffrey Rosen
Marcelo Cherto
Lazard Deputy Chairman
Grupo Cherto Founder & CEO
Alexis Rovzar
Erik Dithmer
White & Case Partner
Dell Vice President & General Manager, Small & Medium Business, Americas
Greg Erickson Ernst & Young Global Vice-chair, Strategic Growth Markets
Meteor Solutions Chief Operations Officer
trabajando.com
The Boston Consulting Group Torreiter, Erik Colaboración Virtual
Richard Hamermesh Harvard Business School Professor of Management Practice
Aly Jeddy McKinsey & Company Partner
Daniel Espinosa
John McIntire
Estudio Mol eTV
Nexstar Capital Partners Principal
Platin Dergisi Schneeweiss, Daniel & Guindi, Moises
Edward Misrahi Eton Park Capital Partner
Tequilara Milagro
Contributors & Board
Diego Piacentini
Juan Pablo Cappello
Taddy Hall
Limak Holding
66
Patrick Morin
GEO Capital Holdings CEO & Founder
Swett, Juan Pablo & Hurtado, Felipe
Enrique Riso
Asignet
Ariel Aisiks
Gobierno de la provincia de Córdoba
Revista Apertura AUDICO
Özdemir, Ebru
Latitud90
Producto Protegido
Deloitte Deloitte (Egypt) Donoso, Javier
Zott Producciones
Maturana, Fernanda & Pablo Middle East Technical University (ODTU) Modelos Digitales More, Álvaro
Bodega Chandon Boisier, Michelle & Rodrigo
KITCORP
Gaidos, Leonardo
Bolsas Reutizables
50,000 +
Aetheros Aximaz Branding Bolsa de Comercio de Buenos Aires Canal 10 Cisco Cohn, Steven; Contenla, Italo & Lipthay, Nicolás
Grupo Fen
Talal Abu-Ghazaleh Information Technology
CINUR
Officenet
10,000 +
Fuks, Patricio & Frenkel Alejandro
Luay Abu-Ghazaleh
Global Advisory Board
Gabriel Rozman Tata Consultancy Services (TCS) Executive Vice President, Emerging Markets
Carlos Sales Sarrapy Cuasar Capital Managing Director
Susan Segal Americas Society & Council of the Americas President & CEO
Alejandro Zubillaga Rhone Group Senior Advisor
“An effective mentorship can save the entrepreneurs a few mistakes and help them take bold decisions that they might not consider on their own. As a mentor, I am also inspired by the entrepreneurs' continuous innovation and fresh thinking.” Diego Piacentini Amazon.com, Senior Vice President – International Endeavor Global Advisory Board Member Endeavor Impact Report 2009—2010
Country Boards of Directors
ARGENTINA
COLOMBIA
Endeavor Entrepreneur
BRAZIL
CHILE
Andy Freire
Carlos Alberto Sicupira
Salvador Said
Andrés Echavarría
Naguib Sawiris
Ali Al-Husry
Fares I. Fares
Endeavor Argentina Chairman
Endeavor Brazil Chairman
Endeavor Chile Chairman
Endeavor Colombia Chairman
Endeavor Egypt Chairman
Endeavor Jordan Chairman
Endeavor Lebanon Chairman
Axialent Founder & President
AB-Inbev Board Member
Grupo Said Executive Director
Organización Corona Board Member
Hikma Pharmaceuticals Director
Wedge Alternatives Chairman & CEO
Officenet Co-founder
Paulo Cezar Aragão
Enrique Cueto
Antonio Celia
Orascom Telecom Holding Executive Chairman
Waddah Barkawi
Charles El-Hage
Santiago Bilinkis
Barbosa, Müssnich & Aragão Partner
Lan Airlines Executive Vice President
Promigas CEO
Ernst & Young Partner
Booz & Company Senior Partner (Retired)
Staples Argentina Vice President
Fábio Barbosa
Jorge Errázuriz Grez
Albert Douer
OfficeNet Co-founder
Banco Santander President
Celfin Capital Vice President
Ajover Vice President
Juan Collado
Peter Graber
José Luis del Río
Diana Gómez
CelulosaArgentina S.A Director
Graber Segurança Founder & Partner
Empresas Dersa - Falabella President
Memo S.A. Co-chair of the Board
Grupo Tapebicua Founder
Silvia de Torres Carbonell Centro de Entrepreneurship del IAE Director
Antonio Dias Leite
Jean Paul Luksic
Guillermo Heins
Cetus Investimentos Partner
Antofagasta Minerals President
Heins & Moller Ltda CEO
Jorge Paulo Lemann
Soledad Saieh
Eduardo Pacheco
AB-Inbev Board Member
Fundación CorpArtes Chile Board Member
Colpatria President & CEO
Eduardo Elsztain
Emilio Odebrecht
Christoph Schiess
IRSA Inversiones y Representaciones S.A. Chairman & CEO
Odebrecht Chairman
Transoceánica Executive President
Pedro Passos
Sven von Appen
Natura Co-Chairman
Ultragas President
Guibert Englebienne Globant Co-founder & CTO
Marcos Galperín Mercado Libre Co-founder & CEO
Alejandro Gorodisch Ombú Investment Management CEO
Martín Migoya Globant Co-founder & CEO
Wilson Poit Poit Energia, Founder & CEO
Marília Rocca
Alejandro Santo Domingo Quadrant Capital Advisors, Inc., Managing Director
EGYPT
Hassan Abdalla Arab African International Bank Vice Chairman & Managing Director
Elijah Bassily Virgitech Chairman & CEO
Khaled Bichara Orascom Telecom Holding CEO
Hythem El-Nazer TA Associates Principal
Tarek Mansour PricewaterhouseCoopers (Egypt) Country Senior Partner & Advisory Services Leader
JORDAN
LEBANON
Said Darwazah
Fadi Ghandour
Hikma Pharmaceuticals CEO
Aramex International Founder & CEO
Fadi Ghandour
Marwan Kheireddine
Aramex International Founder & CEO
Maher Kaddoura Angel Investor & Management Consultant
Peter B. Kellner Richmond Management Founder & Managing Partner
Safwan Masri Columbia University Middle East Research Center (CUMERC) Director King’s Academy Chairman
Fawaz Zu’bi Accelerator Technology Holdings Founder & CEO
MEXICO
Emilio Azcárraga Jean Endeavor Mexico Chairman Televisa Chairman & CEO
Pedro Aspe Protego Asesores Chairman & CEO
Marcos Achar Levy Comex CEO
Elías Cababie Daniel
Al-Mawarid Bank Managing Director
GICSA Chairman & CEO
Sami Khouri
Juan Ignacio Casanueva
Teeba Holding CEO
Azmi Mikati M1 Group CEO
Grupo CP CEO
Miguel Ángel Dávila Cinemex Founder
Carlos Fernández González Grupo Modelo Chairman & CEO
Eugenio Garza Xignux Chairman & CEO
Andrés Gómez Grupo AXO Co-Chairman
Mãe Terra Managing Partner
Carlos Gómez Andonaegui
Paulo Veras Imperdivel.com.br Co-Founder
Grupo Marti CEO
Guillermo González Guajardo
Luciano Nicora VN Business Process Outsourcing Founder & CEO
Taller de Empresa CEO
Adolfo Rouillion
S. AFRICA
TURKEY
URUGUAY
Bernardo Minkow
Adrian Gore
Özcan Tahincioğlu
Gabriel Rozman
McKinsey Former CEO
Endeavor South Africa Chairman
Endeavor Turkey Chairman
Endeavor Uruguay Chairman
Rafael Posada
Discovery Holdings Founder & CEO
Tahincioğlu Holding Chairman
Grupo Posada Chairman
Hlumelo Biko
Işık Keçeci Aşur
TATA Consultancy Services Executive Vice-President
Guillermo Romo
Circle Capital Ventures CEO
Aragon Capital Managing Director & Board Member
Grupo Megalab Chairman & CEO
Alexis Rovzar White & Case Executive Partner
Carlos Sales Sarrapy Cuasar Capital CEO
Alberto Torrado Alsea Chairman & CEO
Lorenzo Zambrano Endeavor Mexico Founding Board Member CEMEX Executive Director
Polly Carr & Jennifer Oppenheimer Oppenheimer & Sons
Juan Berchesi
Airties CEO
Isbel Director
Suzan Sabacı Dinçer Akbank T.A.S. Chairwoman
First National Bank CEO
Emin Hitay
David Frankel
Hitay Yatırım Holding A.Ş. Chairman
Collective LP Founder
Ali Koç
Vincent Mai
Koç Holding AS President, Information Technologies
Ndaba Ntsele Pamodzi Investment Holdings CEO
Beven Nyatoro Circle Capital Ventures Partner
Isaac Shongwe Barloworld Logistics (Pty) Ltd CEO
Christopher Whitfield Batswadi CEO
AIVA Director
Bülent Çelebi
Iris Dempsey
AEA Investors Inc. CEO
María Noel Ache
Emre Mermer Dükkan İstanbul CEO
Ebru Özdemir Limak Holding Board Member
Murat Özyeğin Fiba Holding Board Member
Vuslat Doğan Sabancı Hürriyet CEO
Mustafa Say AccessTurkey Capital Group Board Member
Mahmut Ünlü StandardUnlu CEO & Board Member
Virginia Brause Estudio Jiménez de Arechaga Viana & Brause Partner
Pablo Brenner Prosperitas Capital Partners Senior Partner
Andrés Cerisola Estudio Ferrere Partner
Gabriel Colla Infocorp Director
Carmen Correa Avina Uruguayan Office Representative
Javier Figueroa Locomotion Director
Pablo Garfinkel Cines Hoyts Director
Francisco Gross Seinco Director
Álvaro Moré Young & Rubicam Director
Ariel Pfeffer
Congelados del Sur Co-founder & President
Trillonario CEO
Luis Saguier La Nación S.A Director
Julia Rodriguez Larreta
Nicolás Szekasy
El Pais Director
Mercado Libre Ex-CFO
Esteban Wolf Progen Founder & CEO
68
Contributors & Board
Endeavor Impact Report 2009—2010
Global Board of Directors Edgar Bronfman, Jr.
Jason Green
Warner Music Group Chairman & CEO Endeavor Global Chairman
Emergence Capital Partners Founding General Partner
Michael J. Ahearn First Solar Chairman
Emilio Azcárraga Jean Televisa Chairman & CEO
Matt Bannick Omidyar Network Managing Partner
Nick Beim Matrix Partners General Partner
Matt Brown CAIS Funds Managing Principal
Wences Casares Bling Nation Founder & CEO Endeavor Entrepreneur
Paul Fribourg Contigroup Companies, Inc. Chairman & CEO
70
Reid Hoffman LinkedIn Co-founder & Executive Chairman Greylock Partners Partner
Peter Kellner Richmond Management Founder & Managing Partner Endeavor Co-founder
“Endeavor is leading the High-Impact Entrepreneurship movement.”
Joanna Rees VSP Capital Founder & Managing Partner
Linda Rottenberg Endeavor Co-founder & CEO
Charles B. Seelig
Klaus Schwab World Economic Forum Founder & Executive Chairman
Dune Capital Management Managing Director
Brian Swette Burger King Non-Executive Chairman eBay Former COO
James Wolfensohn Wolfensohn & Company Chairman Endeavor Board Member Emeritus
Contributors & Board
Contents Endeavor Model PAGE 11
Impact, Results, & Action PAGE 23
Network & Financials PAGE 37
Contributors & Board PAGE 59
“Endeavor was formed for the purpose of promoting entrepreneurs in emerging markets. Its basic model is to link up small and midsize businesses with seasoned entrepreneurs so that the little guys and gals can get the advice and contacts they need to grow their companies into bigger businesses that can employ more people - the best anti-poverty program of all.�
Thomas L. Friedman Best-selling author and Pulitzer Prize winning columnist The World is Flat: A Brief History of the Twenty-first Century Version 3.0
ENDEAVOR
IMPACT REPORT
2009—2010