Endeavor Determining A Growth Strategy

Description
Description explain about endeavor determining a growth strategy.

N9- 803- 126
J ANUARY 1 4 , 2 0 0 3
WI LLI AM A. SAHLMAN
MI CHAE L J . ROBERTS
Endeavor—Determining A Growth Strategy
Everybody thinks we’re crazy.
—Linda Rottenberg, Co-Founder & CE, Endea!or "1##$%
Endeavor’s model is an ideal exit strategy for troubled economies. Our work in Argentina is an example of
how Endeavor can help create stable, local private sector infrastructure.
—&eter 'e((ner, Co-Founder, Endea!or "2002%
Endeavor has played an instrumental role in promoting entrepreneurship as a tool for development. t is a
model that should be replicated around the world.
—Ja)e* +, -o(.en*o/n, &re*ident, 0/e -or(d 1an2 "2001%
n 3a4 21, 2002, Linda Rottenberg *ur!e4ed t/e )a5 o. t/e 6or(d /anging on t/e 6a(( be/ind
/er de*2, Rottenberg 6a* t/e CE o. Endea!or, a non-5ro.it organi7ation dedi8ated to *ti)u(ating
and *u55orting entre5reneur*/i5 in e)erging )ar2et*, 9n .i!e 4ear*, Endea!or /ad *u88eeded in
bui(ding (arge(4 *e(.-*u*taining (o8a( o5eration* in .i!e Latin A)eri8an 8ountrie*: C/i(e, Argentina,
1ra7i(, Urugua4, and )o*t re8ent(4, 3e;i8o, +uring t/i* ti)e, Endea!or /ad *8reened o!er 4,000
entre5reneur 8andidate* .ro) t/e*e 8ountrie* and e(e8ted 11# out*tanding entre5reneur* .ro) <4
8o)5anie* into t/e Endea!or Entre5reneur Net6or2, 0/e*e entre5reneur* in turn, 6ere re*5on*ib(e
.or generating o!er <,000 ne6 =ob* and o!er >400 )i((ion do((ar* in re!enue during a 5eriod o.
genera( e8ono)i8 de8(ine and in8rea*ing une)5(o4)ent t/roug/out t/e region, Endea!or 6a*
6ide(4 5rai*ed .or identi.4ing out*tanding entre5reneuria( !enture*, /e(5ing t/e) *u88eed, and
bui(ding a (o8a( in.ra*tru8ture to *u55ort entre5reneur*/i5,
9n one 6ee2, Rottenberg 6ou(d (ead a di*8u**ion 6it/ )e)ber* o. Endea!or?* @(oba( Ad!i*or4
1oard, 'e4 to5i8* .or t/at di*8u**ion in8(uded a di*8u**ion o. 6/ere in t/e 6or(d Endea!or */ou(d
ne;t *ee2 to e*tab(i*/ o5eration*, a* 6e(( a* /o6 to .und t/e non-5ro.it?* gro6t/,
A.ter it* .ir*t .e6 4ear* o. a re(ati!e(4 /and-to-)out/ e;i*ten8e, Endea!or /ad *u88eeded in
e*tab(i*/ing 6/at it re.erred to a* it* A8ountr4 bene.a8torB )ode(, 9n Rottenberg?* 6ord*: A0/i*
a55roa8/ reCuire* (o8a( bu*ine** 5eo5(e in t/e /o*t 8ountr4 to *ign-u5 and *u55ort t/e (o8a( e..ort
not on(4 .inan8ia((4, but 6it/ t/eir 6ea(t/ o. 2no6(edge, e;5erien8e, and 8onta8t*,B
DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD
&ro.e**or -i((ia) A, Ea/()an and +ean?* Fe((o6 0a7 &ir)o/a)ed 6rote t/e origina( !er*ion o. t/i* 8a*e, AEndea!or,B F1E No, G03-0$H, 6/i8/
i* being re5(a8ed b4 t/i* !er*ion 5re5ared b4 &ro.e**or -i((ia) A, Ea/()an and Eenior Le8turer 3i8/ae( J, Robert*, F1E 8a*e* are de!e(o5ed
*o(e(4 a* t/e ba*i* .or 8(a** di*8u**ion, Ca*e* are not intended to *er!e a* endor*e)ent*, *our8e* o. 5ri)ar4 data, or i((u*tration* o. e..e8ti!e or
ine..e8ti!e )anage)ent,
Co54rig/t I 2003 &re*ident and Fe((o6* o. Far!ard Co((ege, 0o order 8o5ie* or reCue*t 5er)i**ion to re5rodu8e )ateria(*, 8a(( 1-G00-H4H-$<GH,
6rite Far!ard 1u*ine** E8/oo( &ub(i*/ing, 1o*ton, 3A 021<3, or go to J/tt5:KK666,/b*5,/ar!ard,eduL, No 5art o. t/i* 5ub(i8ation )a4 be
re5rodu8ed, *tored in a retrie!a( *4*te), u*ed in a *5read*/eet, or tran*)itted in an4 .or) or b4 an4 )ean*—e(e8troni8, )e8/ani8a(,
5/oto8o54ing, re8ording, or ot/er6i*e—6it/out t/e 5er)i**ion o. Far!ard 1u*ine** E8/oo(,
803-126 Endeavor—Determining A Growth Strategy
A* t/e (o8a( .unding )ode( /ad be8o)e *u88e**.u(, it be8a)e )ore di..i8u(t to rai*e .unding .or
Endea!or @(oba(—t/e Ne6 Yor2-ba*ed /eadCuarter* o. t/e organi7ation: A0/e (o8a( bene.a8tor*
rea((4 ta2e a (ot o. o6ner*/i5 o. t/e e..ort *o, o. 8our*e, t/e4 6ant t/e .und* t/e4 /a!e rai*ed to *ta4
in-8ountr4,B
At t/e *a)e ti)e a* Rottenberg and /er tea) 6ere 8/a((enged b4 t/e .unding 8(i)ate, t/e4 6ere
eager to e;5and t/e geogra5/i8 .oot5rint o. Endea!or, 9n Rottenberg?* 6ord*:
-e 6ant to e;5and be4ond Latin A)eri8a, in 5art be8au*e 6e 6ant to 5ro!e t/at t/e
)ode( 6or2* in ot/er 5art* o. t/e 6or(d and in 5art, be8au*e 6e be(ie!e in t/e 5o6er o. our
)ode( to tru(4 /e(5 5eo5(e, 1ut it i* /ard to de8ide 6/ere to go ne;t: E5ain, 9ndia, A.ri8a, and
0ur2e4 are a(( on t/e radar *8reen, 9 2no6 t/e*e 5(a8e* di..er dra)ati8a((4 on a(( *ort* o.
di)en*ion*, and 6e need to t/in2 t/roug/ t/i* 8/oi8e !er4 8are.u((4,
Rottenberg *tared at t/e )a5, E/e 6a* =u*ti.iab(4 5roud o. Endea!or?* a88o)5(i*/)ent* to date
and read4 to ta2e it to t/e ne;t *tage, At t/e *a)e ti)e, */e /ad t/e a((-too-.a)i(iar 2not in /er
*to)a8/ t/at a(6a4* tig/tened 6/en re*our8e* 6ere (o6, Ju*t t/en, Robin &in82ert, Endea!or?* CF,
8a)e to /er o..i8e to re!ie6 5re(i)inar4 .inan8ia( 5ro=e8tion* t/at 6ou(d /e(5 in.or) di*8u**ion*
6it/ t/e @(oba( Ad!i*or4 1oard,
Endeavor—The Early Year
Endea!or gre6 out o. a A8oa(e*8ing o. t/e )ind*B o. it* t6o .ounder*, Linda Rottenberg and &eter
'e((ner, in )id-1##< "*ee E!hi"it 1 .or ba82ground in.or)ation on Rottenberg and 'e((ner%, At 2$,
'e((ner /ad a tra82 re8ord o. *u88e**.u( entre5reneur*/i5, /a!ing 8o-.ounded Ru**ia?* (arge*t
6e*tern-)anaged inde5endent oi( 8o)5an4, '/ant4-3an*i*42 i( Cor5oration, and Fungar4?* .ir*t
interdi*8i5(inar4, non-go!ern)enta(, en!iron)enta( organi7ationMt/e En!iron)enta( 3anage)ent
and La6 A**o8iation, Rottenberg, t/en 2G, /ad graduated .ro) Ya(e La6 E8/oo( and 6a* 6or2ing
.or A*/o2a
1
in Latin A)eri8a, 6/ere */e (earned .ir*t-/and /o6 entre5reneuria( non-5ro.it*
5ro!ided inno!ati!e *o(ution* to g(oba( *o8ia( 5rob(e)*,
At t/e *a)e ti)e, t/ere 6a* a gro6ing a6arene** o. t/e ro(e t/at entre5reneur*/i5 8ou(d 5(a4 in
an e8ono)4, 9n t/e United Etate*, to i((u*trate, a *tead4 *trea) o. re*ear8/ re!ea(ed t/e i)5ortan8e o.
entre5reneur*/i5 to t/at e8ono)4, Re*ear8/ indi8ated t/at:
• Entre5reneur* 6ere re*5on*ib(e .or <$N o. in!ention* and #HN o. a(( radi8a( inno!ation* *in8e
-or(d -ar 99
2
• Entre5reneuria( .ir)* 6ere re*5on*ib(e .or a di*5ro5ortionate */are o. =ob 8reation, 0/e
!ortune "## 8o)5anie* (o*t )ore t/an H )i((ion =ob* during t/e 1#G0-1##$ ti)e 5eriod, 6/i(e
3H0,000 A.a*t gro6t/ .ir)*B "out o. <,000,000 UE bu*ine**e*% 8reated t6o-t/ird* o. a(( ne6
=ob*,
3
• +ue in 5art to t/e*e .a8tor*, re*ear8/er* de*8ribed a *trong 8orre(ation bet6een
entre5reneuria( a8ti!it4 and e8ono)i8 gro6t/, 9n t/e 6ord* o. one re*ear8/er, AO/o(ding a((
1
1i(( +ra4ton .ounded A*/o2a in 1#G0 to 5ro)ote entre5reneur*/i5 in t/e *o8ia( *er!i8e* *e8tor "Eee
J/tt5:KK666,a*/o2a,orgL .or )ore in.or)ation%,
2
AE)bra8ing 9nno!ation,B Nationa( Co))i**ion on Entre5reneur*/i5 -/ite &a5er, 5, 3,
3
9bid,, 55,3-4
2
Endeavor—Determining A Growth Strategy 803-126
ot/er .a8tor* 8on*tant, entre5reneuria( a8ti!it4 a55ear* to e;5(ain /a(. t/e di..eren8e in gro6t/
in @+&OB
4
"*ee E!hi"it 2a,%
-/i(e 6or2ing in Latin A)eri8a, Rottenberg noti8ed t/e (a82 o. an in.ra*tru8ture .or
entre5reneur*/i5 and 8on8(uded t/at it* ab*en8e /ad *igni.i8ant(4 i)5eded ne6 enter5ri*e
de!e(o5)ent, 9n /er 6ord*: AJob 8reation i* t/e 2e4 to getting tra8tion in )o*t ot/er 2ind* o.
i)5ro!e)ent in *o8iet4, and entre5reneur*/i5 i* t/e 2e4 to =ob 8reation,B 'e((ner, t/en a .ir*t-4ear
*tudent at t/e Far!ard 1u*ine** E8/oo(, )et Rottenberg 6/en */e 6a* re8ruiting 31A *tudent* .or
A*/o2a, 0/e4 di*8u**ed t/e ro(e o. entre5reneur*/i5 in *ti)u(ating 6ea(t/ 8reation and e)5(o4)ent
o55ortunitie* in Latin A)eri8a, 'e((ner re8a((ed:
3o*t e)erging-)ar2et 8ountrie*,
H
un.ortunate(4, /a!e not bene.ited .ro)
entre5reneur*/i5, An 9nter-A)eri8an +e!e(o5)ent 1an2 "9+1% *tud4
<
5ointed out t/at
entre5reneur* in e)erging )ar2et* .a8ed a nu)ber o. additiona( /urd(e*, "Eee E!hi"it 2" .or
*o)e e;8er5t* .ro) t/e *tud4,% 0/eir 8ountrie* o.ten (a82ed a *trong tradition o.
entre5reneuria( initiati!e and ri*2 ta2ing, 0/e4 /ad .e6 ro(e )ode(*, 8o((eague*, or *u55ort
net6or2* .or )entor*/i5 or en8ourage)ent, 0/e4 /ad (i)ited a88e** to in.or)ation and 8a*e
*tudie* on t/e entre5reneuria( 5ro8e**, Fina((4, t/e4 /ad di..i8u(t4 rai*ing 8a5ita( to gro6 t/eir
8o)5anie* *in8e (o8a( 8a5ita( )ar2et* 6ere *igni.i8ant(4 underde!e(o5ed and !enture 8a5ita(
6a* *8ar8e, i. a!ai(ab(e at a((,
Fo((o6ing t/eir initia( re*ear8/, 'e((ner and Rottenberg 8on8(uded t/at t/ere 6a* a *igni.i8ant ga5
bet6een t/e )i8ro-8redit 5rogra)* and (arger-*8a(e go!ern)ent .inan8e 5ro=e8t*, 9n Rottenberg?*
6ord*: A0/ere 6a* not/ing t/at atte)5ted to addre** t/e barrier* to entre5reneur*/i5 in a /o(i*ti8
6a4, -e de8ided to 8reate Endea!or to bridge t/i* ga5,B
'e((ner and Rottenberg attra8ted t6o 2e4 5artner* a* .ounding board )e)ber*: Ja*on @reen, a
*u88e**.u( !enture 8a5ita(i*t at UE Penture &artner*, a Ei(i8on Pa((e4 PC .ir), and @ar4 3ue((er, a
*u88e**.u( entre5reneur 6/o*e .ir), 9nternet Ee8uritie*, .o8u*ed on 8o)5anie* in e)erging )ar2et*,
"Eee E!hi"it 1 .or t/eir bio*,% Rottenberg de*8ribed 5eo5(e?* initia( rea8tion* to t/e Endea!or 8on8e5t:
-/en 6e (aun8/ed Endea!or, t/e .inan8e 5ro.e**iona(* 6e ta(2ed to t/oug/t t/at &eter and
9 6ere out o. our )ind*Q -e 6ere in t/e )id*t o. t/e A*ian .inan8ia( 8ri*i* and )an4 e)erging
)ar2et* /ad =u*t 8o((a5*ed, 9n t/e United Etate*, 5eo5(e 6ere *2e5ti8a( about Endea!or?*
abi(it4 to .ind 8o)5etent entre5reneur* in Latin A)eri8a and ot/er e)erging )ar2et*, Fro)
t/eir 5er*5e8ti!e, t/e4 *i)5(4 didn?t e;i*t—and e!en 5re*u)ing 6e 8ou(d .ind (o8a(
entre5reneur*, UE .inan8e e;5ert* 6ere *2e5ti8a( t/at 6e 8ou(d rea((4 8u(ti!ate a 8(i)ate o.
entre5reneur*/i5, 0o )a2e )atter* 6or*e, t/e )a=orit4 o. Latin A)eri8an bu*ine** (eader*
/ad ne!er /eard o. !enture 8a5ita( or entre5reneur*/i5, And t/e4 6eren?t 6i((ing to tru*t
4oung entre5reneur* 6it/ t/eir )one4 or bu*ine** *a!!4,
Rottenberg and 'e((ner (i*tened 8are.u((4 to 5eo5(e?* ob=e8tion* and 8on8ern*—and t/en *et out to
de!e(o5 t/e Endea!or o5erating )ode( and to rai*e *eed .inan8ing,
4
Andre6 Ra8/ara2i*, -i((ia) 14gra!e, and +ean E/e5erd, A@(oba( Entre5reneur*/i5 3onitor—Nationa( Entre5reneur*/i5
A**e**)ent—United Etate* o. A)eri8a, 2002,B 'au..)an Center .or Entre5reneuria( Leader*/i5, 5, G,
H
AE)erging 3ar2etB 6a* a ter) t/at re.erred to 8ountrie* t/at 6ere )a2ing *igni.i8ant 5rogre** 6it/ t/eir e8ono)i8
de!e(o5)ent, and 6ere on t/e 8u*5 o. be8o)ing de!e(o5ed e8ono)ie*,
<
0/e 9+1 6a* t/e o(de*t and (arge*t regiona( )u(ti(atera( de!e(o5)ent in*titution, e*tab(i*/ed in 1#H# to /e(5 a88e(erate
e8ono)i8 and *o8ia( de!e(o5)ent in Latin A)eri8a and t/e Caribbean, Eee J/tt5:KK666,iadb,orgL .or )ore in.or)ation,
3
803-126 Endeavor—Determining A Growth Strategy
14 )id-1##$, Rottenberg and 'e((ner /ad .or)a((4 e*tab(i*/ed Endea!or a* a non-5ro.it
organi7ation and *et out to te*t t/eir 5ioneering g(oba( de!e(o5)ent )ode( in Latin A)eri8a, 0/e4
*et u5 t/e 5ro!erbia( AgarageB in Rottenberg?* /o)e in Ne6 Yor2 and tra!e(ed to C/i(e and
Argentina .or additiona( in.or)ation gat/ering, 'e((ner 5ro!ided >300,000 in *eed .inan8ing and
o..ered to *u55(4 an additiona( >200,000 i. Rottenberg 8ou(d .ind a )at8/ing in!e*t)ent, Rottenberg
—in *ear8/ o. A*)art )one4B—a55roa8/ed Ete5/an E8/)id/ein4, a /ig/(4 regarded E6i** bu*ine**
(eader and internationa( 5/i(ant/ro5i*t, o. t/e AP9NA @rou5
$
to )at8/ 'e((ner?* 8ontribution, A!ina
agreed to gi!e Endea!or >200,000 5(u* an additiona( >20,000 .or ea8/ entre5reneur *e(e8ted, u5 to a
tota( o. >300,000, And, E8/)id/ein4 too2 a *eat on Endea!or?* board "Eee E!hi"it 1 .or bio,%
The #irt Endeavor—$hile
9n 1##$, Rottenberg and 'e((ner de!e(o5ed a .ra)e6or2 .or e!a(uating 6/i8/ 8ountrie* */ou(d
=oin t/e Endea!or net6or2, 0/e4 deter)ined t/at an idea( Countr4 A..i(iate 6a* 8/ara8teri7ed b4: 1%
a re(ati!e(4 robu*t bu*ine** en!iron)entS 2% a *trong uni!er*it4 *4*te)S 3% a !iab(e (o8a( )ar2etS 4%
5o(iti8a( *tabi(it4S and H% t/e 5re*en8e o. /ig/(4 net6or2ed 5ri!ate bu*ine** (eader* t/at */ared
Endea!or?* !i*ion and !a(ue*, Rottenberg and 'e((ner *e(e8ted C/i(e a* t/e .ir*t Countr4 A..i(iate,
E/e re8a((ed:
-e de8ided on C/i(e .or t6o rea*on*: 9 /ad e;5erien8e and (o8a( 8onta8t* in C/i(e .ro) )4
ti)e 6it/ A*/o2a and C/i(e did not /a!e an o!er6/e()ing *i7e or e8ono)4, Etri8t(4 ad/ering
to our 8ountr4 *e(e8tion 8riteria 6a* (e** i)5ortant t/an .inding t/e rig/t 5(a8e to 5i(ot our
)ode(, !er t/e ne;t 4ear, 6e 6or2ed /ard at bui(ding Endea!or C/i(e and )anaged to .ind
*o)e rea((4 great entre5reneur*—but 6e didn?t /a!e a (o8a( board in 5(a8e, ur origina(
8on8e5t 6a* to bui(d a *trong (o8a( board to /e(5 u* 6it/ .undrai*ing and t/e 8onta8t* 6e
needed to /e(5 our entre5reneur*, 1ut, be8au*e o. t/e *o)e6/at 5o(iti8i7ed nature o. t/e
bu*ine** (and*8a5e, 6e de8ided t/at getting *o)e *trong 5eo5(e on our board 6ou(d a(ienate
ot/er* 6e 6anted to 6or2 6it/, Eo, 6e *i)5(4 5ro8eeded 6it/out a (o8a( board,
-/i(e t/e ear(4 e;5erien8e 6a* a *trugg(e, Endea!or nonet/e(e** )anaged to )a2e 5rogre**,
*e(e8ting nine entre5reneur* .ro) .i!e 8o)5anie* in t/e Januar4 1##G *e(e8tion 5ane( in Eantiago,
"Eee E!hi"it 3 .or Ee(e8tion Criteria u*ed b4 Endea!or,%
+uring t/e*e ear(4 4ear*, Endea!or e*tab(i*/ed and re.ined *e!era( 8o)5onent* o. it* o5erationa(
)ode(, Fir*t, Endea!or de!e(o5ed a )u(ti-*te5 )ode( .or tran*.or)ing it* 6or2 6it/ a /and.u( o.
*e(e8t entre5reneur* into a broader !enture .riend(4 en!iron)ent and 8u(ture o. entre5reneur*/i5,
Eee E!hi"it % .or detai(* o. t/i* a55roa8/,
Early Endeavor $uccess $tories%Office&et and 'atagon.com
0/oug/ Endea!or *trugg(ed in C/i(e, t/e organi7ation 6a* *u88e**.u( in identi.4ing *o)e
attra8ti!e entre5reneuria( tea)* to *u55ort, Ear(4 on, Endea!or /ad *tarted to 6or2 6it/ t6o 4oung
Argentine entre5reneur*, And4 Freire and Eantiago 1i(in2i* 6/o a*5ired to 8reate t/e AEta5(e*B o.
Latin A)eri8a, 0/e4 6ere introdu8ed to Endea!or b4 3artin 1o/)er—an Argentine (a64er—6/o)
Rottenberg /ad )et at Ya(e La6 E8/oo(, 9n Januar4 1##G, at Endea!or?* .ir*t Ee(e8tion &ane(, Freire
and 1i(in2i* 6ere *e(e8ted to be Endea!or Entre5reneur*, 0/eir bu*ine** 5(an .or ..i8eNet
$
AP9NA 6a* t/e non-5ro.it eCui!a(ent to a !enture 8a5ita(i*t: a A!enture 5/i(ant/ro5i*tB t/at donate* )one4 to non-5ro.it*
4et in*i*t* on )ea*uring i)5a8t, Eee J/tt5:KK666,a!ina,netL .or )ore in.or)ation,
4
Endeavor—Determining A Growth Strategy 803-126
re*e)b(ed t/e o..i8e *u55(4 8o)5anie* in t/e UE but targeted geogra5/ie* in t/e Eout/ern Cone,
-it/in a .e6 4ear*, t/e4 /ad bui(t u5 a *u88e**.u( bu*ine** 6it/ o!er >H0 )i((ion in re!enue*,
Endea!or /ad /e(5ed t/e) negotiate a *en*ib(e ear(4 *tage dea( and (ater arranged gro6t/ 8a5ita(
.ro) a 1ra7i(ian 5ri!ate eCuit4 .ir), 9n return, Freire and 1i(in2i* u*ed t/eir *u88e** to edu8ate ot/er
a*5iring entre5reneur*—one o. 6/o) be8a)e CE o. &atagon,8o)—anot/er Endea!or *u88e**
*tor4,
-en8e* Ca*are*, 24, /ad de!e(o5ed a bu*ine** 5(an .or a Latin A)eri8an 5er*ona( .inan8ia(
)anage)ent 5orta( na)ed &atagon,8o), A.ter /i* 5(an 6a* re=e8ted b4 33 !enture 8a5ita(i*t*, /e
6a* .ina((4 gi!en /i* .ir*t brea2—/e 6a* *e(e8ted a* an Endea!or Entre5reneur in Endea!or?* *e8ond
*e(e8tion 5ane( in Augu*t 1##G, Rottenberg a88o)5anied /i) on /i* ne;t .undrai*ing tri5, 6/i8/
re*u(ted in t/e re8ei5t o. .our ter) */eet*, -it/ t/e 8oa8/ing o. *e!era( Endea!or entre5reneur* and
board )e)ber*, -en8e* *igned an agree)ent 6it/ C/a*e-F(atiron to .und /i* o5eration, Le** t/an 2
4ear* (ater, Ca*are* *o(d a55ro;i)ate(4 $HN o. /i* 8o)5an4 to 1an8o Eantander .or o!er >$00 )i((ion,
&olling '(t the )odel
Expanding to Argentina
A* t/e C/i(ean A..i(iate began to gain *o)e tra8tion, Endea!or turned to Argentina to be it* ne;t
Countr4 A..i(iate, Rottenberg e;5(ained: A9 2ne6 i. 6e /ad *u88e** in one 8ountr4, 5eo5(e 6ou(d
*a4 it 6a* (u82, -e needed to 5ro!e t/at t/e )ode( 6a* re5(i8ab(e, ..i8eNet 6a* a 8o)5an4 6it/
*trong tie*—indeed /eadCuartered — in Argentina, *o 6/en 6e *e(e8ted t/e), 6e 6ere a(read4
(oo2ing to6ard* Argentina,B
Rottenberg 6ent ba82 to E8/)id/ein4 to *ee2 ne6 .unding .ro) AP9NA, Fe agreed to 5ro!ide
>200,000 on t/e 8ondition t/at t/e *u) 6a* )at8/ed 6it/ (o8a( .unding, 9n Augu*t o. 1##G,
Rottenberg 8on!in8ed Eduardo E(*7tain, a *u88e**.u( entre5reneur, to 8o))it *eed .unding to
Endea!or Argentina, and to 8/air t/at 8ountr4?* board, Fe 6a* *u88e**.u( in bringing ot/er* aboard
a* 8ountr4 bene.a8tor*, and in Augu*t 1##G, Endea!or ran it* .ir*t *e(e8tion 5ane( in Argentina,
*e(e8ting eig/t entre5reneur* .ro) an additiona( .i!e 8o)5anie*, in8(uding Ca*are*, TNote: 6/i(e t/e
(ater Endea!or )ode( e!o(!ed to inde5endent(4 in8or5orate and .und ea8/ o. t/e 8ountr4 a..i(iate*,
t/e .ir*t *e!era( 4ear* o. t/e C/i(ean and Argentine !enture* 6ere *i)5(4 run a* e;ten*ion* o.
Endea!or @(oba(,U
(ethinking the !unding )odel
14 1###, Endea!or /ad re8ei!ed >$H,000 .ro) t/e -or(d 1an2 and t/e 9+1 /ad 5(edged bet6een
>1,G->2,1 )i((ion o!er t/ree 4ear*, -/i(e t/e de!e(o5)ent ban2* /ad *igni.i8ant 8a5ita( re*our8e* and
o..ered 6ide*5read di*tribution 8/anne(* to 5ro)ote Endea!or?* a8ti!itie*, bot/ 6ere 5er8ei!ed a*
*(o6 and bureau8rati8 organi7ation*, Eti((, Endea!or?* .unding )ode( 6a* not 4et *u*tainab(e,
Rottenberg e;5(ained:
-e /ad a toug/ ti)e rai*ing )one4 in t/e UE—(e** t/an 1,3N o. UE 5/i(ant/ro54 goe* to
internationa( 8au*e*—5eo5(e /a!e a /ard ti)e gi!ing )one4 6/en t/e4 5er8ei!e t/e i)5a8t
to be di*tant, And, )o*t o. t/e de!e(o5)ent organi7ation* t/at e;i*t—(i2e t/e -or(d 1an2—
/a!e a A5oore*t o. t/e 5oorB )ind*et, Latin A)eri8a and t/e Caribbean re8ei!e, in tota(, about
/a(. t/e o..i8ia( de!e(o5)ent a**i*tan8e o. *ub-Ea/aran A.ri8a, -e ta(2ed to t/e -or(d 1an2,
5
803-126 Endeavor—Determining A Growth Strategy
and ot/er .oundation*, and t/e4 initia((4 5er8ei!ed our .o8u* on Ae)erging )ar2et*B a* e(iti*t,
0/e4 *aid, Vgo to A.ri8a and 6or2 in 3a(a6i? or t/e4 *aid, V6or2 6it/ 6o)en-o6ned
bu*ine**e* or en!iron)enta( bu*ine**e*,? E!er4 .oundation /a* it* o6n, !er4 *5e8i.i8 .o8u*,
and 6e didn?t .it in t/eir .unding .ra)e6or2*, 9n addition, on8e 4ou do 5ro!e t/at *o)et/ing
i* e..e8ti!e in t/e non-5ro.it *e8tor, no one 6ant* to .und it to ta2e it to *8a(e,
9 de8ided it 6ou(d be ea*4 to *u88u)b to V)i**ion 8ree5? and go to 6/ere t/e )one4 6a*,
but .unda)enta((4, 9 rea((4 be(ie!ed in our )i**ion and our )ode(, and /ad *een enoug/
e!iden8e t/at it 8ou(d 6or2, 9 6a* re*o(!ed to *ta4 t/e 8our*e on our o6n ter)*,
9n addition to .unding i**ue* in t/e (o8a( 8ountr4 a..i(iate*, t/e g(oba( o..i8e 6a* o5erating on a
!er4 tig/t budget and */a!ed 8o*t* b4 )a2ing e;ten*i!e u*e o. !o(unteer*, 3oreo!er, t/e .a8t t/at
(o8a( o..i8e* 8ou(dn?t rai*e enoug/ o5erating 8a5ita( 6a* draining t/e g(oba( o..i8e budget, 9.
Endea!or @(oba( re)ained on it* t/en-8urrent 5at/, it anti8i5ated a88u)u(ating an o5erating de.i8it
o. >GH0,000 in t/e */ort ter), and a tota( budgetar4 */ort.a(( o. >2,G )i((ion b4 2001—a 5rob(e) t/at
6ou(d 5er*i*t unti( *tab(e *our8e* o. (ong-ter) .inan8ing 8ou(d be rai*ed,
9n A5ri( 1###, Rottenberg /ired Robin &in82ert "F1E V#<% a* Endea!or?* C/ie. 5erating and C/ie.
Finan8ia( ..i8er to /e(5 addre** t/e i**ue o. .inan8ia( *u*tainabi(it4 "*ee E!hi"it *a .or )anage)ent
biogra5/ie*%, Eoon a.ter /er arri!a(, &in82ert /e(5ed .ra)e *e!era( .unding o5tion* .or Endea!or in
5re5aration .or t/e @(oba( Ad!i*or4 1oard "@A1% )eeting in 3a4 1###, 0/e*e in8(uded:
• #ee +or ervi,e Under t/i* )ode(, Endea!or *tart-u5* 6ou(d be reCuired to 5a4 .or !a(ue-
added *er!i8e*, A 5otentia( .ee *tru8ture in8(uded annua( )e)ber*/i5 .ee* ranging .ro)
>2H,000-H0,000, and bro2er .ee* 5aid to Endea!or .or introdu8ing entre5reneur* to in!e*tor*,
Ee!era( ad!i*or4 board )e)ber* (i2ed it* )ar2et-dri!en a55roa8/, but Rottenberg 6orried
t/at entre5reneur* 6ou(d not /a!e t/e (iCuidit4 to 5a4 t/e*e .ee* t/e)*e(!e*, and t/at *er!ing
a* a bro2er 6it/ .inan8ing *our8e* 6ou(d 5re*ent a 8on.(i8t o. intere*t,
• Endeavor Seed $a-ital #(nd Under t/i* )ode(, Endea!or 6ou(d (aun8/ a *eed .und
)anaged b4 5ro.e**iona( !enture 8a5ita(i*t* *u8/ t/at /a(. o. t/e 8arried intere*t or A8arr4B
6ou(d be gi!en to Endea!or, Rottenberg and )an4 board )e)ber* 6ere 8on8erned t/at a
.und 6ou(d di!ert Endea!or re*our8e* a6a4 .ro) .a8i(itating entre5reneur*/i5 and 6ou(d
a(ienate *ta2e/o(der* and t/e (o8a( bu*ine** 8o))unit4, *in8e Endea!or 6ou(d (o*e it*
tran*5aren84 a* a Aneutra( 5art4B 6it/ entre5reneur* and in!e*tor*,
• .a(n,h an /nternet $om-any0 A++iliate0 or S-in-o++ Under t/i* o5tion, Endea!or 6ou(d
*5in-o.. a .or-5ro.it 9nternet 8o)5an4 *i)i(ar to @arage,8o), Again, Rottenberg and t/e
board .e(t t/at *u8/ a )ode( 8o)5ro)i*ed Endea!or?* abi(it4 to a8t a* a neutra( bro2er on
be/a(. o. entre5reneur* and 6ou(d di!ert re*our8e* a6a4 .ro) Endea!or?* )ain ro(e o.
.a8i(itating entre5reneur*/i5,
U(ti)ate(4, Rottenberg and t/e board *ett(ed on 6/at t/e4 ter)ed t/e $o(ntry 1ene+a,tor )odel,
Under t/i* )ode(, Endea!or @(oba( 6ou(d identi.4 Countr4 1ene.a8tor* 6/o 6ou(d *u55ort t/e .ir*t
.our 4ear* o. (o8a( o5erating 8o*t*, a)ounting to a55ro;i)ate(4 UE >1,G->2,H )i((ion, de5ending on
8ountr4 *i7e and 8urren84 e;8/ange rate, 0/e .und* 6ou(d be *e8ured u5-.ront t/roug/ 6ritten
5(edge* 5rior to Endea!or a88e5ting a ne6 Countr4 A..i(iate, !er t/e (onger ter), /o6e!er,
Endea!or /o5ed to rai*e )ore 5er)anent .unding t/roug/ a (o8a( endo6)ent .und - u5on *e(e8tion
into Endea!or?* net6or2, entre5reneur* 6ou(d be a*2ed to donate 2N o. non-di(utab(e .ounder*?
6
Endeavor—Determining A Growth Strategy 803-126
eCuit4 into t/e 8ountr4 endo6)ent .und,
G
0/u*, a.ter t/e .ir*t .our 4ear* o. o5eration*, ea8/ Countr4
A..i(iate 6a* e;5e8ted to be on t/e 5at/ to *e(.-*u*tainabi(it4,
9n ter)* o. /e(5ing to .und Endea!or @(oba(?* /eadCuarter* o5eration*, ea8/ Countr4 A..i(iate
6ou(d be reCuired to 5a4 Endea!or @(oba( a )anage)ent .ee o. u5 to 2HN o. t/e tota( initia( a)ount
rai*ed t/roug/ t/e Countr4 1ene.a8tor*, 0/i* )anage)ent .ee a((o8ation, 5aid o!er t/e .ir*t .our
4ear* o. o5eration*, 8o!ered *tart-u5, (aun8/, training, and ongoing *er!i8e* 5ro!ided to t/e Countr4
A..i(iate "t/i* a)ount 6a* in8(uded in t/e >1,G->2,H )i((ion budget rai*ed t/roug/ t/e Countr4
1ene.a8tor*%, A.ter t/e initia( .our-4ear Countr4 1ene.a8tor ter) ended, A..i(iate* 6ou(d be reCuired
on(4 to 5a4 an annua( >1H,000 net6or2 )e)ber*/i5 .ee,
A* 5art o. t/e )ode(, Endea!or *e(e8ted a 3anaging +ire8tor .or ea8/ ne6 8ountr4 a..i(iate, At
t/e *a)e ti)e, Endea!or de!e(o5ed a .ran8/i*e-(i2e agree)ent (a4ing out t/e ro(e* and
re*5on*ibi(itie* o. t/e (o8a( 8ountr4 a..i(iate* a* 6e(( a* .or Endea!or @(oba(, "Eee E!hi"it 6 .or
arti8u(ation o. t/e*e ro(e* and re*5on*ibi(itie*,%
Rottenberg e;5(ained Endea!or?* de8i*ion to *e(e8t t/e Countr4 1ene.a8tor .unding )ode
ur )a=or goa( 6a* to re)ain a(igned 6it/ t/e entre5reneur*? intere*t*, &eo5(e *aid 6e
6ere 8ra74 not to *tart a .und or a .or-5ro.it bu*ine**, 1ut eit/er o5tion 6ou(d /a!e
under)ined our neutra( and tru*t6ort/4 ro(e in t/e (o8a( e8ono)4, Furt/er)ore, i. 6e /ad
*tarted a .und, 6e .eared 6e )ig/t deter /ig/(4 *2i((ed bu*ine** (eader* .ro) !o(unteering
t/eir ti)e and energ4 to our organi7ation M *in8e t/e4 )ig/t t/en !ie6 Endea!or a*
A8o)5etitionB to t/eir o6n in!e*t)ent .und* or a* /a!ing a 8on.(i8t o. intere*t, 3oreo!er, a((
t/e e!iden8e 6e /ad *een *o .ar *ugge*ted t/at rai*ing (o8a( .unding rea((4 got t/e (o8a(
bu*ine** 5eo5(e 8o))itted, Fina((4, t/ere 6ere ot/er rea*on* not to *tart a .und—t/ere are
!er4 .e6 e;it o5tion* in Latin A)eri8a *in8e on(4 a (i)ited nu)ber o. trade *a(e* and 9&*
o88ur e!er4 4ear, 9n *u), t/e Countr4 1ene.a8tor )ode( 6a* a *trong .undrai*ing 5(at.or)
t/at didn?t 8o)5ro)i*e our neutra(it4 or o5erating )ode(,
mplementing the &ew !unding )odel
Fo((o6ing t/e 3a4, 1### )eeting, t/e @(oba( Ad!i*or4 1oard 8/a((enged Rottenberg to i)5(e)ent
t/e ne6 .unding )ode( in 1ra7i(—a )u8/ (arger 8ountr4 t/an eit/er C/i(e or Argentina, 14
+e8e)ber 1###, Endea!or @(oba( /ad *u88eeded in *e8uring >1,G )i((ion in 8o))it)ent* to .und
Endea!or 1ra7i(, in8(uding >3H0,000 o. .unding t/at 8ou(d be u*ed to *u55ort Endea!or @(oba(,
9n t/e 8a*e o. 1ra7i(, Endea!or 6a* ab(e to 8on!in8e Car(o* Ei8u5ira, a *u88e**.u( entre5reneur, to
5ro!ide a(( t/e reCuired .unding .or t/e o5eration, and t/en *u88eeded in attra8ting 3ari(ia Ro88a a*
3anaging +ire8tor, "Eee E!hi"it *" .or bio%, Endea!or 1ra7i( 6a* .or)a((4 (aun8/ed in June, 2000,
And, Endea!or 1ra7i( 6a* 8o))itted to a*2ing Endea!or Entre5reneur* .or 2N o. .ounder*? eCuit4
or M in t/e 8a*e o. )ore e*tab(i*/ed !enture* M HN o. t/e a)ount rai*ed in an4 round Endea!or
/e(5ed .a8i(itate "i,e,, i. a 8o)5an4 rai*ed >2 )i((ion, Endea!or 6ou(d get HN or >100,000 6ort/ o.
eCuit4 M at t/e 5ri8e e*tab(i*/ed in t/at round%,
A* t/e 8ountr4 bene.a8tor )ode( gat/ered *tea), Endea!or atte)5ted to a55(4 t/i* )ode( to
C/i(e and Argentina, Yet, in C/i(e, Endea!or 6a* *ti(( /a!ing troub(e rai*ing (o8a( .und*, Rottenberg
e;5(ained:
G
i,e,, t/e eCuit4 6ou(d not be di(uted b4 *ub*eCuent round* o. .inan8ing, reCuiring t/e i**uan8e o. additiona( */are* to
Endea!or in *ub*eCuent round*,
7
803-126 Endeavor—Determining A Growth Strategy
Fina((4, in 3a4 2001, 9 de8ided 6e */ou(d 5u(( out o. C/i(e be8au*e 6e 6eren?t )a2ing
enoug/ 5rogre**, At t/at 5oint, t/e 9+1 and t/e C/i(ean go!ern)ent *aid, A-ait a )inuteQ
You 8an?t (ea!eQB 0/e4 o..ered u* >GH0,000 to .inan8e t/e )ode(, -e turned do6n t/e )one4,
-e /ad not/ing again*t go!ern)ent .unding, but .e(t 6e 8ou(dn?t (ead 6it/ it, -e *ti((
be(ie!ed t/at go!ern)ent in!o(!e)ent )u*t .o((o6 5ri!ate *e8tor in!o(!e)ent, E!er4
ne6*5a5er re5orted /o6 a A8ra74 6o)anB turned do6n .unding .ro) a go!ern)ent (arge(4
de!oid o. 8orru5tion, At t/at 5oint, it 6a*n?t 8(ear /o6 to 5ro8eed in C/i(e,
1ut, a.ter 6e turned do6n t/i* go!ern)ent )one4, t/e 5/one *tarted ringing o.. t/e /oo2
—)e)ber* o. t/e C/i(ean 5ri!ate *e8tor 6ere 8a((ing, U*ing t/e Countr4 1ene.a8tor )ode( to
guide t/e negotiation*, t/e (o8a( o..i8e rai*ed >1,H )i((ion b4 ear(4 2002, -e a(*o 8reated a
board 8o)5ri*ed o. 12 (eader* .ro) t/e C/i(ean 5ri!ate *e8tor, Re8ent(4, t/e C/i(ean &re*ident
8a((ed u* to e;5re** /i* intere*t in *5ea2ing at an Endea!or 6or2*/o5, 9n *u), t/e Countr4
1ene.a8tor )ode( /e(5ed u* turn Endea!or C/i(e into a *u88e** *tor4,
9n 8ontra*t, Endea!or Argentina didn?t /a!e an4 troub(e rai*ing (o8a( o5erating .und*, but 6anted
entre5reneur* to 8ontribute 8a*/, not eCuit4 "a* t/ere 6a* a()o*t no (iCuidit4 in t/e )ar2et%, 0/e
Argentina o..i8e a55roa8/ed e;i*ting Endea!or Entre5reneur* and a*2ed .or 8a*/ 8ontribution* .or a
(o8a( endo6)ent .und, Rottenberg e;5(ained:
-e (aun8/ed our .ir*t Countr4 Endo6)ent in Argentina ba*ed on a )at8/ing *4*te)—
(o8a( board )e)ber* and bu*ine**5eo5(e )at8/ed e!er4 donation .ro) an entre5reneur, A
(o8a( entre5reneur 5(edged >1 )i((ion to t/e (o8a( endo6)ent—5ending t/e *a(e o. *o)e o. /i*
a**et*—and a board )e)ber o..ered to )at8/ t/i* 5(edge, on a 8a*/ ba*i*, u5on (iCuidation,
-/i(e t/i* 6a* a(( great, it did /ig/(ig/t a 8ontinuing i**ue, @oing ba82 to *u88e**.u(
entre5reneur* and a*2ing t/e) .or 8a*/ 8ontribution* M a* Endea!or Aa(u)niB M 5ut u* in a
5re8ariou* *ituation, -e re)ained /o5e.u( t/at getting t/e 2N eCuit4 5(edge u5 .ront "i,e,, t/e
1ra7i(ian )ode(% 6ou(d a((o6 u* to re)ain )ore in 8ontro( o. our de*tin4, 1ut i. 6e 8ou(d not
a55(4 t/i* *4*te) in Argentina M 6/ere At/e */i5 /ad a(read4 *ai(edB M t/en 6e 6ou(d be
8ertain to 8ondition an4 .uture e;5an*ion to ne6 8ountrie* u5on ado5tion o. t/e 1ra7i(ian
)ode(,
!urther Expansion
9n Ju(4 o. 2000, Fran8i*8o Ra!e88a "*ee E!hi"it *a .or 1io%, 6/o /ad been /e(5ing 6it/ Endea!or?*
Argentina A..i(iate, e;5re**ed an intere*t in bringing Endea!or to Urugua4, Fe de!e(o5ed ba82ing
.or t/e idea 6it/in t/e Urugua4an go!ern)ent, in8(uding t/e 5re*ident o. t/e 8ountr4, Fe *u88eeded
in rai*ing >3H0,000 in .inan8ing under t/e Countr4 1ene.a8tor )ode(, 1a*ed u5on t/i* 8o))it)ent,
Rottenberg 6a* no6 8o).ortab(e going ba82 to t/e 9+1, and a88e5ted >1,G )i((ion in ba82ing .ro)
t/e), to be u*ed in C/i(e, Urugua4 and Argentina, And, in 3ar8/ 2001, t/e .ir*t entre5reneur
*e(e8tion 5ane( 6a* run in Urugua4,
Fina((4, in 2001, *e!era( o. t/e (eading indu*tria(i*t* .ro) 3e;i8o a55roa8/ed Endea!or 6it/ t/e
reCue*t t/at t/e4 o5en a Countr4 A..i(iate t/ere, A.ter being 8on!in8ed t/at t/e *u55ort 6a* rea(,
Endea!or agreed to e*tab(i*/ o5eration* t/ere and b4 June 2002 *u88eeded in rai*ing >2,H )i((ion
.ro) *o)e o. t/e 2e4 3e;i8an bu*ine** (eader* to .inan8e t/e .ir*t .our 4ear* o. (o8a( o5eration*, 0/e
1oard /ired Ce*ar &ere7 1arne* a* t/at 8ountr4?* )anaging dire8tor "Eee E!hi"it *a .or bio%,
8
Endeavor—Determining A Growth Strategy 803-126
0/u*, b4 )id 2002, e!er4 Endea!or 8ountr4 a..i(iate /ad ado5ted t/e Countr4 1ene.a8tor .unding
)ode(, -/i(e not e!er4 o..i8e /ad a)a**ed a (arge (o8a( endo6)ent, *e!era( Countr4 A..i(iate* 6ere
8(o*er to t/e goa( o. *e(.-*u*tainabi(it4,
Sna-hot2 1ra3il
A* an e;a)5(e o. t/e .u(( range o. a8ti!itie* underta2en b4 bot/ Endea!or @(oba( and a (o8a(
Countr4 A..i(iate, 8on*ider Endea!or?* o5eration in 1ra7i( during 2001 and ear(4 2002, 0/i* (o8a(
a..i(iate began it* a8ti!itie* in )id-2000, and b4 )id-2002, /ad:
• Re8ruited a *ta.. o. *i; e)5(o4ee*S
• E8reened 1,G11 8o)5anie* and *e(e8ted 30 Endea!or entre5reneur* .ro) 1$ 8o)5anie* in G
indu*trie*S
• Fie(ded a APenture Cor5*B o. a55ro;i)ate(4 111 CE* and *enior ad!i*or* 6/o /e(5ed
)entor Endea!or?* 30 entre5reneur*S
• Fo*ted 12H edu8ationa( e!ent* attra8ting 10,330 attendee*S
• @enerated 4<2 5re** arti8(e* and 21 0P 5rogra)* t/at .eatured Endea!or entre5reneur*S and,
• 3at8/ed 44 U,E, 31A* 6it/ Endea!or 8o)5anie* .or intern*/i5*,
+uring 2001, Endea!or?* 1$ 1ra7i(ian 8o)5anie* generated >H< )i((ion in re!enue*, e)5(o4ed
near(4 3,330 5eo5(e, and /ad rai*ed a tota( o. >33 )i((ion in !enture 8a5ita( .inan8ing,
0/e 1ra7i(ian a..i(iate /ad a(*o )ade great *tride* in de!e(o5ing edu8ationa( 8ontent a88e**ib(e to
a(( o. 1ra7i(?* entre5reneur*, Endea!or /ad (i8en*ed )ateria(* .ro) *e!era( *our8e*, in8(uding
Far!ard 1u*ine** E8/oo(, 6/i8/ it )ade a!ai(ab(e to a((, 9t tran*8ribed t/e 6ee2(4 6or2*/o5* it
/o*ted, and )ade t/e*e a!ai(ab(e !ia t/e 6eb,
3ean6/i(e, Endea!or @(oba( *u55orted t/e 1ra7i(ian o..i8e !ia initia( training on Endea!or?*
5ro5rietar4 5rogra)*S ongoing e31A re8ruit)entS .ina( round inter!ie6* o. Endea!or Entre5reneur
8andidate*S 8on*u(ting, editing, and 8oordination o. entre5reneur 5ro.i(e do8u)entation .or
Endea!or?* *e)i-annua( internationa( *e(e8tion 5ane(*S 8oordination and )anage)ent o. Endea!or?*
*e)i-annua( internationa( *e(e8tion 5ane(*S g(oba( entre5reneur *er!i8e* 5rogra)*S internationa(
net6or2ingS 5ro.e**iona( i)5a8t a**e**)entS and */aring o. be*t 5ra8ti8e* a)ong t/e Endea!or
A..i(iate net6or2,
)oving #orward
14 3a4 o. 2002, Endea!or /ad e!o(!ed into a 6e((-.un8tioning tea) 6it/ a )ode( .or 5ro)oting
entre5reneur*/i5 t/at 8ou(d be ro((ed out in ne6 8ountrie*, 0/e4 8ou(d 5oint to <,000 =ob*, >400
)i((ion in re!enue*, and a 6ide !ariet4 o. ot/er data t/at *u55orted t/e i)5a8t Endea!or 6a* /a!ing
in Latin A)eri8a, "Eee E!hi"it 4 .or Endea!or?* .inan8ia( *tate)ent* and E!hi"it 8a .or an o!er!ie6
o. Endea!or?* a88o)5(i*/)ent*,% 0/e4 be(ie!ed t/e4 /ad (earned 6/at 6or2ed and 6/at didn?t,
9
803-126 Endeavor—Determining A Growth Strategy
E8ore* o. indi!idua( !enture* /ad re8ei!ed /e(5 .ro) Endea!or "*ee E!hi"it 8" .or a
re5re*entati!e (i*t o. entre5reneur*%, and it 6a* 8(ear t/at t/e entre5reneur* 6ere 5re5ared to re-
in!e*t in t/e net6or2, A(read4 entre5reneur* (i2e -en8e* Ca*are* o. &atagon and And4 Freire and
Eantiago 1i(in2i* o. ..i8eNet 6ere 5(a4ing (eader*/i5 ro(e* at Endea!or, "Eee E!hi"it 5 .or an
a**e**)ent o. t/e ro(e 5(a4ed b4 Endea!or at Ee5ia, an Argentine 8o*)eti8* 8o)5an4,%
*lobal Expansion
Endea!or?* *u88e**e* in Latin A)eri8a 5re*ented a ne6 8/a((enge .or Rottenberg—/o6 to e;5and
t/e Endea!or )ode( into ne6 region*, 0/e Endea!or )ode(—(arge(4 dri!en b4 a *u*tained
in!e*t)ent o. /u)an 8a5ita(—6a* di..i8u(t to *8a(e, 9n genera(, Endea!or @(oba( )aintained a 8(o*e
re(ation*/i5 6it/ ea8/ ne6 Countr4 A..i(iate during t/e .ir*t .our 4ear* in order to *u55ort t/eir
gro6t/ and .undrai*ing a8ti!itie*, A* *u8/, Endea!or in*i*ted u5on 8are.u((4 *e(e8ting t/e (o8a(e .or
ea8/ ne6 Countr4 A..i(iate, Rottenberg e;5(ained:
-e /a!e a(6a4* be(ie!ed t/at Endea!or */ou(d be a A5u((B rat/er t/an a A5u*/B
organi7ation, Eo )an4 non-5ro.it* tr4 to 5u*/ t/eir an*6er* on t/e (o8a( 5o5u(ation* be8au*e
t/e4 /a!e t/e 2no6-/o6, -e /a!e tried to a!oid t/at 2ind o. o5erating )ode(, -e be(ie!e
t/at 8ountrie* */ou(d 5u(( u* in, Eo, in *e(e8ting ne6 Countr4 A..i(iate*, 6e 6ant a grou5 o.
5ri!ate *e8tor (eader* 6/o /a!e rai*ed >2 )i((ion .or (o8a( o..i8e o5eration* and are 6i((ing to
=oin t/e board, -e a(*o 6ant (o8a( (eader* to de)on*trate 8o))it)ent and 5a**ion .or t/e
Endea!or )ode(,
Eo .ar, grou5* in 9ndia, 0ur2e4, Co(o)bia, Pene7ue(a, E5ain, Eout/ A.ri8a, Eg45t, Jordan,
and 1u(garia /a!e atte)5ted to 5u(( u* in, 0/e4 /a!e to(d u* t/e4 6ant to bui(d a t/ri!ing
!enture 8o))unit4 A0/e Endea!or -a4,B Eudden(4, it?* (i2e 6e?re entertaining ReCue*t* .or
&ro5o*a(*, 0/eir ent/u*ia*) /a* 8reated a ne6 5rob(e)—/o6 */ou(d 6e de8ide bet6een
intere*ted 8ountrie*W And /o6 */ou(d 6e *e(e8t our ne;t regionW
+i..erent 5(a8e* are a55ea(ing .or di..erent rea*on*, "Eee E!hi"it 10a .or -or(d 1an2 data
on !ariou* 8ountrie*, and E!hi"it 10" .or re*u(t* o. internationa( entre5reneur*/i5 *ur!e4,%
-it/ E5ain, t/e 5ro*5e8t o. /a!ing a (anguage in 8o))on 6it/ our Latin A)eri8an
organi7ation i* a55ea(ing, -it/ A.ri8a, t/e -or(d 1an2 *ee)* to be getting !er4 intere*ted in
*u55orting our 6or2 t/ere, and 6e do be(ie!e 6e 8ou(d /a!e a tre)endou* i)5a8t, 9n 9ndia,
t/ere i* a tre)endou* ba*e o. entre5reneuria( a8ti!it4—and ta(ent—to bui(d u5on, 0ur2e4
a(*o /a* a t/ri!ing entre5reneuria( *e8tor and 6e /a!e i))en*e *u55ort .ro) )e)ber* o.
0ur2e4?* 5ri!ate *e8tor,
0ur2e4 a(*o re5re*ented a 8/an8e to /a!e a 5o*iti!e i)5a8t on a 8ountr4 6it/ a (arge 3u*(i)
5o5u(ation, 'e((ner e;5(ained:
A.ter t/e Ee5te)ber 11t/ 2001 terrori*t atta82* o88urred, a (ot o. attention /a* been .o8u*ed
on t/e 3u*(i) 6or(d, Eo .ar, t/e 5ub(i8 /a* /eard t/e go!ern)ent and t/e )edia 8a((
attention to a Agood !*, e!i(B and Au* !*, t/e)B *trateg4, Endea!or /a* a uniCue o55ortunit4
to 8o((aborate 6it/ a 3u*(i) nation *u8/ a* 0ur2e4—to 8reate a 5o*iti!e dia(ogue bet6een
3u*(i)* and A)eri8an*, -/i(e 0ur2e4 )eet* a(( o. Endea!or?* *e(e8tion 8riteria, it a(*o
re5re*ent* a 8/an8e to /a!e a *trong *o8ia( and 5o(iti8a( i)5a8t on t/e 8ountr4, -/i(e
Endea!or i* not dri!en b4 5o(iti8*, it i* an i)5ortant *e8ondar4 8on*ideration, You 8an?t /a!e
6or2 in internationa( de!e(o5)ent 6it/out re8ogni7ing t/e 5o(iti8a( ra)i.i8ation* o. 4our
e..ort*, "Eee E!hi"it 10" .or data on entre5reneuria( a8ti!it4 b4 8ountr4,%
10
Endeavor—Determining A Growth Strategy 803-126
(aising a *lobal Endowment !und
. 8our*e, gro6t/ 8a)e at a 8o*t, -/i(e t/e Countr4 1ene.a8tor )ode( 6a* a )ean* o. en*uring
.unding .or ea8/ (o8a( a..i(iate, it 6a* on(4 5artia((4 *u88e**.u( in 5ro!iding t/e .unding .or Endea!or
@(oba(?* /eadCuarter* o5eration*, 9n 3a4 2002, Endea!or @(oba( /ad a 8a*/ ba(an8e o. >1G2,000 and
an additiona( >$00,000 in 5(edge*, 8onne8ted 6it/ t/e organi7ation?* .undrai*ing Aga(aB /e(d in
No!e)ber ea8/ 4ear, Eti((, t/e e;5en*e (e!e( .or t/e /eadCuarter* o5eration 6a* >1,< to >1,$ )i((ion
annua((4, "Eee E!hi"it 4 .or Endea!or?* /i*tori8a( .inan8ia( *tate)ent*,% 3oreo!er, Rottenberg
e*ti)ated t/at at (ea*t >2H0,000 5er 4ear 6a* reCuired to .inan8e Endea!or @(oba(?* initia( in!e*t)ent
and )anage)ent o. ea8/ ne6 Countr4 A..i(iate on an ongoing ba*i*, "Eee Ta"le A0 be(o6%
Ta"le AUnit Le!e( 9n8re)enta( Countr4 E;5an*ion E;5en*e Eu))ar4
Average /n,remental $ot -er Year to S(--ort a 6ew $o(ntry2
7 8er Year
Search & Selection Support $40,307
Educational Programs Support 53,720
Entrepreneur Services Support 60,639
Marketing/Education/Training Support 24,237
Information Technology Systems / Training Support 43,270
Management Support / Financial Controls 5,500
$247,673
Eour8e: Co)5an4,
9n 5re!iou* 4ear*, Endea!or @(oba( /ad rai*ed )o*t o. it* re!enue* .ro) t/e annua( Endea!or
ga(a e!ent—an a)ount t/at 6a* e;5e8ted to a55roa8/ ><00,000 "net to Endea!or% in 2002, Eti((,
Rottenberg .e(t t/at Endea!or @(oba( needed to *e8ure *tab(e *our8e* o. re!enue, A.ter ado5ting t/e
ne6 (o8a( .unding )ode(, t/e @(oba( budget 6a* no (onger u*ed to .und (o8a( 8ountr4 o5eration*,
Fo6e!er, t/e ne6 .unding )ode( a(*o /urt @(oba(?* .undrai*ing 8a5abi(itie* be8au*e !er4 .e6
5/i(ant/ro5i*t* or .oundation* .ro) Endea!or?* /o*t 8ountrie* 6anted to .und o!er/ead e;5en*e* .or
t/e Ne6 Yor2 /eadCuarter*, Rottenberg e;5(ained:
0/e iron4 i* t/at 6e /a!e 8reated a !irtuou* 8ir8(e o. 5/i(ant/ro54 in Latin A)eri8a—a
8ontinent t/at (a82ed a 8u(ture o. 5/i(ant/ro54, 14 in*i*ting t/at entre5reneur* gi!e ba82 to
t/eir (o8a( organi7ation*, 6e /a!e en(arged t/e 5/i(ant/ro5i8 5ie, Yet, it i* /ard to rai*e )one4
in Ne6 Yor2 .or an internationa( e..ort, -/i(e our @(oba( board /a* been .abu(ou*, t/e4 don?t
/a!e t/e 5er*ona( 6ea(t/ to *u55ort u* at t/i* (e!e(, And, in genera(, )o*t 5/i(ant/ro5i*t*
6on?t .und our @(oba( /eadCuarter* .or a 8ou5(e o. rea*on*, Fir*t, on(4 1N o. t/e UE
5/i(ant/ro54 goe* to internationa( organi7ation*—e!en i. t/e non-5ro.it i* ba*ed in t/e U,E,
0/ere.ore, a* a g(oba(, e8ono)i8 de!e(o5)ent-.o8u*ed non-5ro.it 6e on(4 /a!e a88e** to 1N o.
tota( U,E, 5/i(ant/ro5i8 do((ar* "o!er >200 bi((ion in 2000%, Ee8ond, 6e?!e been turned do6n
b4 )a=or U,E,-ba*ed .oundation* be8au*e 6e?re not /e(5ing t/e A5oore*t o. t/e 5oor,B
Foundation* don?t .und organi7ation* t/at /e(5 t/e )idd(e tier* o. *o8iet4—e!en i. 6e are
8reating do6n*trea) =ob* .or 6o)en or 5oor 5eo5(e, 0/ird, it i* re(ati!e(4 ea*4 to get *eed
8a5ita( to *tart a ne6 non-5ro.it, but )e77anine and 5ub(i8 .inan8ing are *8ar8e, Nobod4 i*
11
803-126 Endeavor—Determining A Growth Strategy
intere*ted in ta2ing a *u88e**.u( organi7ation to *8a(e: 6e (earned t/at t/e 5/i(ant/ro5i8 *e8tor
(a82* a tradition o. .unding gro6t/—rat/er t/an 5roo. o. 8on8e5t—to /e(5 non-5ro.it* *8a(e,
9n ear(4 2002, Endea!or @(oba( de!e(o5ed a ba*e 8a*e .inan8ia( *8enario 6/i8/ (i)ited it* gro6t/
to t/at 6/i8/ 8ou(d be .unded .ro) it* e;i*ting .unding )ode(, 1a*ed on t/e a**u)5tion t/at
Endea!or 6ou(d add one ne6 Countr4 A..i(iate in 2002 M but no ne6 8ountrie* t/erea.ter - t/e
*8enario */o6ed t/at Endea!or @(oba( 8ou(d brea2e!en 6it/ it* e;i*ting .unding )ode( and
.undrai*ing e..ort, "Eee E!hi"it 11a .or t/i* .inan8ia( *8enario,% &in82ert and Rottenberg a(*o
de!e(o5ed a gro6t/ *8enario, 6/i8/ a**u)ed Endea!or @(oba( 6ou(d add one ne6 8ountr4 e!er4
4ear bet6een 2003 and 200$, 0/i* ana(4*i* */o6ed t/at Endea!or @(oba( 6ou(d in8ur in8re)enta(
e;5en*e* o. near(4 >2H0,000 in 2003, a *u) 6/i8/ gre6 to >1,3 )i((ion in 200$ a* )ore 8ountrie* 6ere
added, -it/out additiona( .unding *our8e*, t/e*e e;5en*e* 6ou(d dri!e a ><00,000 annua( de.i8it b4
200$,
0o .und t/i* gro6t/, Rottenberg and &in82ert de8ided to atte)5t to rai*e a @(oba( endo6)ent
.und o. >2H )i((ion b4 200$—an4 in8re)enta( ne6 8ountr4 e;5an*ion 6ou(d be 8onditioned on
rai*ing *u..i8ient .unding .or Endea!or @(oba( to gro6 .ro) a 5o*ition o. *trengt/, 9n addition, t/e4
8onte)5(ated 6/et/er Endea!or 6ou(d need to re8on.igure Endea!or @(oba(?* 1oard to enab(e t/i*
ne;t *tage o. gro6t/,
X X X X X
+e*5ite /a!ing a88o)5(i*/ed *o )u8/ in .i!e 4ear*, Rottenberg 8ou(dn?t *to5 6orr4ing about t/e
.uture o. Endea!or, E/e and 'e((ner /ad 8reated a !er4 5o6er.u( )ode( but didn?t 6ant to *to5 t/ere
—t/e4 6anted to bui(d a *e(.-*u*tainab(e, g(oba( organi7ation,
12
Endeavor—Determining A Growth Strategy 803-126
E!hi"it 1Founding 1oard 1iogra5/ie*
Linda Rottenberg i* CE and Co-.ounder o. Endea!or, Ee(e8ted a* one o. t/e 100 A9nno!ator* .or t/e 21
*t
Centur4B b4 +ime )agazine, a* one o. 100 A@(oba( Leader* .or 0o)orro6B b4 t/e -or(d E8ono)i8 Foru) in
2001, and a* one o. 40 (eading *o8ia( entre5reneur* b4 t/e E8/6ab Foundation, Linda /a* *5ent t/e 5a*t de8ade
5ro)oting entre5reneur*/i5, 5/i(ant/ro54, and e8ono)i8 de!e(o5)ent in e)erging )ar2et*, Fro) 1##4-#<, */e
dire8ted t/e Eout/ern Cone e;5an*ion o. Ashoka, nnovators for the 'ublic, a g(oba( organi7ation t/at 5ioneered t/e
.ie(d o. A!enture 5/i(ant/ro54B b4 .inan8ing /ig/-5otentia( *o8ia( entre5reneur* in o!er 30 de!e(o5ing 8ountrie*,
&re!iou*(4, */e de*igned and (aun8/ed t/e .ir*t interdi*8i5(inar4 3a*ter* o. La6 5rogra) in Argentina 6it/ t/e
Uni!er*idad de &a(er)o in 1ueno* Aire* and )anaged t/e Ya(e La6 E8/oo(-U,E, A,9,+, Lin2age &rogra)* in
Latin A)eri8a, Linda i* an a8ti!e 0er) 3e)ber o. t/e Coun8i( on Foreign Re(ation*, a )e)ber o. t/e -or(d
E8ono)i8 Foru)?* *teering 8o))ittee on t/e +igita( +i!ide, and a 8on*ortiu) )e)ber o. a ne6 @(oba(
E;8/ange .or Eo8ia( 9n!e*t)ent "@EYE9%, Linda re8ei!ed /er J,+, .ro) Ya(e La6 E8/oo( and 1,A, )agna 8u)
(aude in Eo8ia( Etudie* .ro) Far!ard Uni!er*it4,
&eter 'e((ner i* Co-.ounder o. Endea!or, 'e((ner 8o-.ounded Ru**ia?* Ura( &etro(eu) Cor5oration, 6/o*e
*u88e**or i* '/ant4 3an*i*42 i( Cor5oration "'3C%S 0/eE8ien8e, a *8ien8e and te8/no(og4 )edia 8o)5an4S
t/e En!iron)enta( 3anage)ent and La6 A**o8iation "E3LA%, Fungar4?* (eading en!iron)enta( )anage)ent
and (a6 a**o8iationS and Pe8ti* @rou5, an in!e*t)ent 8on*ortiu) t/at re*tru8tured Criti8a( &at/, 9n8, &eter i* a
0er) 3e)ber, Coun8i( on Foreign Re(ation*S 3e)ber o. CFR?* Nationa( Co))itteeS and Nort/ A)eri8a
Coun8i( 3e)ber, A*/o2a, an organi7ation de!e(o5ing *o8ia( entre5reneur*/i5, &eter graduated .ro) &rin8eton
Uni!er*it4, 6it/ a degree .ro) t/e -oodro6 -i(*on E8/oo( and attended t/e Far!ard 1u*ine** E8/oo( and Ya(e
La6 E8/oo(,
Gary )(eller i* C/air)an & C/ie. E;e8uti!e ..i8er, 9E9, 9n8, and +ire8tor, Euro)one4 9n*titutiona(
9n!e*tor, @ar4 3ue((er i* C/air)an and C/ie. E;e8uti!e ..i8er o. 9nternet Ee8uritie* 9n8or5orated "9E9%, an on-
(ine 5ro!ider o. .inan8ia( and bu*ine** in.or)ation on t/e e)erging )ar2et*, @ar4 .ounded 9E9 in 1##4 and /a*
(ed t/e 8o)5an4 e!er *in8e, 9E9 8urrent(4 /a* 220 e)5(o4ee* in 1# 8ountrie* and it* *ub*8ri5tion-ba*ed *er!i8e
8o!er* 40 e)erging )ar2et*, in8(uding 0ur2e4, 1ra7i(, 3e;i8o, Ru**ia, C/ina, and 9ndia, 0/e 8o)5an4 /a* >1<
)i((ion in annua( re!enue* and i* 5ro.itab(e, 9n 1### Euro)one4 9n*titutiona( 9n!e*tor, a F0EE 2H0 8o)5an4,
5ur8/a*ed 9E9, @ar4 *er!e* on t/e 1oard o. +ire8tor* o. Endea!or, 0/e Fund .or Ci!i( Eo8iet4 in Ru**ia, and
E/a82(eton E8/oo(*, @ar4 i* a graduate o. Far!ard Co((ege "1#GG% and Far!ard 1u*ine** E8/oo( "1##4%, @ar4
6a* a Fu(brig/t E8/o(ar in Fran2.urt, @er)an4 "1#GG-1##0%,
9aon Green /a* been a &artner 6it/ U,E, Penture &artner* *in8e 1##$, a (eading Ei(i8on Pa((e4 !enture
8a5ita( .ir) 6it/ o!er >2,H 1i((ion under )anage)ent, Fe 8urrent(4 *er!e* on t/e 1oard o. +ire8tor* o.
A!enueA "APEA%, Abi(i7er Eo(ution*, 3ega5at/ Net6or2*, and Nig/t.ire Eo.t6are, and 6a* re*5on*ib(e .or
UEP&?* in!e*t)ent in A*2 Jee!e* "AE'J%, &rior to UEP& Ja*on 8o)5(eted a t6o-4ear 5rogra) a* a E6ing
3arion 'au..)an Fe((o6 6it/ Penro82 A**o8iate*, t/e !enture 8a5ita( ar) o. t/e Ro82e.e((er .a)i(4, 1e.ore
=oining Penro82, Ja*on 6a* a6arded t/e C/ar(e* -i((ia)* Fe((o6*/i5 at Far!ard?* @raduate E8/oo( o. 1u*ine**
.or 5o*t-graduate re*ear8/ in Entre5reneur*/i5 and Finan8e, Ja*on graduated 8u) (aude 6it/ a 1,A, in
E8ono)i8* .ro) +art)out/ Co((ege and an 3,1,A, .ro) Far!ard 6/ere /e graduated 6it/ +i*tin8tion, Ja*on i*
t/e C/air)an o. t/e 'au..)an Fe((o6* &rogra), t/e (eading edu8ationa( .e((o6*/i5 .o8u*ed on t/e !enture
8a5ita( 5ro8e** g(oba((4,
Ste-han S,hmidheiny 1orn 1#4$, 1#$2, +o8tor o. La6 degree .ro) Ruri8/ Uni!er*it4, 1#$<, +uring t/e
1#G0* a.ter *u88e**.u( re*tru8turing o. 4t/ generation .a)i(4 grou5 bui(t u5 )u(tinationa( 8ong(o)erate o.
broad(4 di!er*i.ied bu*ine** /o(ding*, 1##H de8ided to .o8u* bu*ine** intere*t* on Latin A)eri8an .ore*tr4,
bui(ding )ateria( and 5i5e bu*ine** and to bui(d u5 t/e AP9NA .oundation .or t/e 5ro)otion o. *u*tainab(e
de!e(o5)ent in Latin A)eri8a, 1##0, 5rin8i5a( bu*ine** ad!i*or to t/e *e8retar4 genera( o. t/e UN-8on.eren8e on
En!iron)ent and +e!e(o5)ent, Rio, 1##2, E*tab(i*/ed t/e 1u*ine** Coun8i( .or Eu*tainab(e +e!e(o5)ent
"1CE+%, 5ub(i*/ed t/e be*t-*e((ing boo2 C/anging Cour*e: A @(oba( 1u*ine** &er*5e8ti!e on +e!e(o5)ent, 9n
2000 /a* been na)ed Fonorar4 C/air)an o. t/e -or(d 1u*ine** Coun8i( .or Eu*tainab(e +e!e(o5)ent, Fonor*
in8(ude do8torate degree* .ro) Ro((in* Co((ege, Uni!er*idad CatZ(i8a Andre* 1e((o, 9NCAE and YALE
Uni!er*it4,
13
803-126 Endeavor—Determining A Growth Strategy
Eour8e: Co)5an4,
14
Endeavor—Determining A Growth Strategy 803-126
E!hi"it 2a


Eour8e: Andre6 L, Ra8/ara2i*, -i((ia) +, 14gra!e, and +ean A, E/e5/erd, A@(oba( Entre5reneur*/i5 3onitor M 2000
E;e8tui!e Re5ort,B 'au..)an Center .or Entre5reneuria( Leader*/i5, 5, G,
15
803-126 Endeavor—Determining A Growth Strategy
E!hi"it 2"E;8er5t* .ro) 9+1 Etud4
)ain )otivation to "e an Entre-rene(r : o+ #irm
For self-realization 90
To improve income (flow) 75
To contribute to society 58
To be your own boss 55
To become wealthy (stock) 30
To become like an entrepreneur you admired in the media 10
So(r,e +or /denti+ying 1(ine '--ort(nitie : o+ #irm
Previous job/ task 78
Discussing with others 74
Trade fair 44
Magazine article 40
Academic Papers 25
Newspaper article 24
Internet 13
TV Radio 8
;here Entre-rene(r Get #inan,ing at the Start-(- Stage : o+ #irm
Savings of partners 64
Trade credits 44
Buying secondhand equipment 27
Bank loans 24
Relatives/ friends 21
Advances from clients 20
Bank overdraft 18
Public national institutions 14
Postponement of tax payments 13
Business angels 6
Local governments 2
Venture capital 2
)ain 8ro"lem in the #irt Three Year : o+ #irm
To get clients 74.5
To hire skilled workers 74
To finance and manage cash flow 74
To hire managers 35
To adapt products to the client 52
To get suitable suppliers 58
To have suitable equipment 58.5
Eour8e: Ada5ted .ro) AEntre5reneur*/i5 in E)erging E8ono)ie*: 0/e Creation and
@ro6t/ o. Ne6 Fir)* in Latin A)eri8a and Ea*t A*ia,B 9nter-A)eri8an
+e!e(o5)ent 1an2, J/tt5:KK666,iadb,orgK*d*K*)eL "a88e**ed +e8e)ber
13, 2002%,
16
Endeavor—Determining A Growth Strategy 803-126
E!hi"it 3Endea!or Ee(e8tion Criteria
E6DEA<'& E<A.=AT/'6 $&/TE&/A
1> Entre-rene(rial /nitiative
Candidate* )u*t 5o**e** t/e energ4, 5a**ion, dri!e, and 5er*i*ten8e to gro6 t/eir bu*ine**e* into
*u88e**.u( 8o)5anie*, Candidate* */ou(d /a!e a tra82 re8ord o. entre5reneur*/i5 and
de)on*trated e;e8ution abi(itie* needed to )obi(i7e t/e re*our8e* ne8e**ar4 to gro6 t/e bu*ine**
2> /nnovation and $reativity
Candidate* */ou(d be 8/ange-)a2er* 6it/ t/e abi(it4 to ada5t to */i.ting and un8ertain
8ir8u)*tan8e*, Candidate* */ou(d be bui(ding bu*ine**e* 6it/ inno!ati!e 5rodu8t* and *er!i8e*
t/at e*tab(i*/ ne6 5aradig)* or tran*.or) indu*trie* 6it/in t/eir 8ountrie* or region*,
3> &ole )odel 8otential
Candidate* */ou(d /a!e t/e 5otentia( to be8o)e do)inant 5(a4er* in t/eir )ar2et* or ni8/e*, 9n
addition, 8andidate* )u*t de)on*trate 8o))it)ent to )entoring and 2no6(edge */aring,
Candidate* a(*o */ou(d 5o**e** t/e *trong 5er*ona( 5re*en8e and (eader*/i5 Cua(itie* to in*5ire
ot/er*,
%> Develo-ment /m-a,t
Candidate*? bu*ine**e* )u*t /a!e /ig/ gro6t/ 5otentia( 6it/in t/e 8ountrie* or region* and
*/ou(d be (i2e(4 to 8reate *ub*tantia( e8ono)i8 !a(ue t/roug/ =ob 8reation, in8rea*ed re!enue*,
(arge-*8a(e 8/ange, or, in re(e!ant 8a*e*, 9& or ot/er .inan8ia( e;it, 045i8a((4, Endea!or (oo2* at
entre5reneur* 6it/ 8o)5anie* in t/e range o. U,E, >133->1H33 in *a(e* at 5oint o. *e(e8tion,
-it/ an4 A8on8e5t 8o)5an4,B t/e bu*ine** )u*t */o6 a 8(ear re!enue )ode( .or t/e .uture, but
t/i* 6i(( be t/e e;8e5tion rat/er t/an t/e ru(e,
*> Ethi,al #i"er
Candidate* )u*t in*5ire in*tin8ti!e tru*t, Re.eren8e 8/e82* )u*t 8on.ir) t/e 8andidate*?
unCue*tionab(e integrit4 and re*5e8t .or ru(e o. (a6,
6> )(t(al <al(e-Added
Endea!or )u*t *ee a 8(ear o55ortunit4 to in8rea*e 8andidate*? 8/an8e* .or *u88e** t/roug/
targeted ad!i8e on *trateg4, organi7ation, or re*our8e de!e(o5)ent, Candidate* )u*t be 6i((ing
to (i*ten, (earn, and a88e5t *u55ort .ro) Endea!or, Candidate* a(*o )u*t de)on*trate a
6i((ingne** to 8ontribute to t/e *u*tainabi(it4 o. t/e (o8a( Endea!or entit4 t/roug/ 5er*ona(
donation* o. ti)e and eCuit4K8a*/,
Eour8e: Co)5an4,
17
803-126 Endeavor—Determining A Growth Strategy
E!hi"it %Endea!or 5erating 3ode(


E n d e a v o r ’ s M o d e l :
B u i l d i n g a S o ! i a l I n " r a s # r u ! # u r e o " I n n o v a # i o n $
F i n d l e a d i n g
e n t r e p r e n e u r s
E n t e r a c o u n t r y
s u c c e s s s t o r i e s
S# a ge % :
I d e n # i" & l e a d in g
e ' e r g i n g ( ' a r ) e #
e n # r e * r e n e u r s
S # a ge +:
E n # e r a
! o u n # r &
R e " in e ' o d e l
S# a g e , : B u i l d a
v e n # u r e ( " r i e n d l &
e n v i r o n ' e n #
S # a g e -: . r o ' o # e
e n # r e * r e n e u r i a l
s u ! ! e s s s # o r i e s
S# a ge /: 0 e ve l o *
1 e s # * r a ! # i ! e s
in * 2 i la n # 2 r o * & 3
s o ! i a l e n # e r * r i s e
S# a ge 4 : 5o s # e r
e n # r e * r e n e u r s 2 i *
e d u ! a # i o n
o n a 1 r o a d
s ! a le
F i n a n ci a l
c a p i t a l
H um a n
c a p i t a l
S o c i a l
c ap i t a l
I n t e l l e c t u a l
c a p i t a l
C u l t u r a l
c a p i t a l
C u l t u r a l
c a p i t a l
0/e Endea!or )ode( 6a* bui(t u5on t6o 8ore !a(ue*: (o8a( o6ner*/i5 and g(oba( a88ountabi(it4, A* *u8/,
t/e Endea!or o5erating )ode( 6a* de*igned to bui(d *u*tainab(e (o8a( organi7ation* 6it/in .our 4ear* o.
entering a 8ountr4,
Stage 1&rior to (aun8/ing a ne6 8ountr4 o..i8e, Endea!or re8ruited 5ro)inent )e)ber* o. t/e (o8a( bu*ine**
8o))unit4 to .or) a board and to /e(5 rai*e .und*, 0/e (o8a( board, in turn, *e(e8ted a Cua(i.ied 3anaging
+ire8tor to (ead t/e da4-to-da4 o5eration* under it* *u5er!i*ion, Endea!or @(oba( t/en trained t/e (o8a(
)anage)ent and (i8en*ed it* 5ro5rietar4 )et/odo(og4 to t/e ne6 Countr4 A..i(iate,
Stage 2Endea!or engaged in a rigorou*, )u(ti-*te5 VEear8/ & Ee(e8tion? 5ro8e** to .ind t/e )o*t 5ro)i*ing
entre5reneur* in ea8/ 8ountr4, Ea8/ 4ear, a grou5 o. Endea!or *ta.. and !o(unteer* re!ie6ed /undred* o.
bu*ine** 5(an* *ub)itted b4 entre5reneur*, 0/e be*t 8andidate*—entre5reneur* 6it/ t/e abi(it4 to ta2e ri*2*,
8reate =ob*, *5read 6ea(t/, and in*5ire ot/er* 6it/ t/eir 5a**ion—6ere *e(e8ted a* .ina(i*t*, 0/en, an
internationa( =ur4 *e(e8ted *e!era( .ina(i*t* 5er 8ountr4, An internationa( =ur4 en*ured t/at Endea!or
entre5reneur* )et t/e *a)e /ig/ *tandard* a8ro** t/e g(obe,
Stage 3Endea!or t/en de5(o4ed it* 5ro.e**iona( net6or2 o. *ea*oned bu*ine** e;5ert* and 31A* to de(i!er
targeted, de)and-dri!en *er!i8e* to t/e *e(e8ted entre5reneur*, Endea!or /e(5ed entre5reneur* */ar5en t/eir
5ro.e**iona( *2i((*, de!e(o5 t/eir bu*ine** *trategie*, (o8ate *trategi8 5artner* and rai*e 8a5ita(, 9n t/i* *tage,
Endea!or a(*o u*ed it* entre5reneur*? *u88e** *torie* to in*5ire .uture entre5reneur*,
Stage %14 (e!eraging it* net6or2 o. bu*ine** 5ro.e**iona(*, ange( in!e*tor*, !enture 8a5ita(i*t*, and
edu8ator*, Endea!or bui(t a !enture-.riend(4 8o))unit4, A* a Vneutra( inter)ediar4,? Endea!or .a8i(itated
8o))uni8ation bet6een entre5reneur* and in!e*tor*, For e;a)5(e, Endea!or organi7ed a 8on.eren8e in
Argentina—attended b4 o!er 1,400 )e)ber* o. t/e (o8a( bu*ine** 8o))unit4—in order to 8reate a dia(ogue
about entre5reneur*/i5,
Stage *Endea!or 8o((aborated 8(o*e(4 6it/ (o8a( uni!er*itie* to /o*t 5ub(i8 8on.eren8e* and de!e(o5
entre5reneur*/i5 8urri8u(a,
Stage 6Fina((4, Endea!or en8ouraged it* entre5reneur* to .o8u* on t/eir ro(e* and 8o))unit4 (eader*,
e;5o*ing t/e) to be*t 5ra8ti8e* and /and*-on training in 5/i(ant/ro54,
Eour8e: Co)5an4,
18
Endeavor—Determining A Growth Strategy 803-126
E!hi"it *a3anage)ent 1iogra5/ie*
?ead@(arter )anagement Team Ain addition to &otten"ergB
&o"in 8in,Cert i* Endea!or @(oba(?* C/ie. 5erating ..i8er and C/ie. Finan8ia( ..i8er, &rior to =oining
Endea!or */e *er!ed a* +ire8tor o. Etrategi8 and Finan8ia( &(anning .or t/e 3edi8a( A..air* +e5art)ent o.
;.ord Fea(t/ &(an*, 6/ere */e 6or2ed 6it/ t/e C/ie. 3edi8a( ..i8er to /e(5 de*ign and i)5(e)ent ;.ord?*
.inan8ia( and o5erationa( turnaround 5(an, &rior to t/i*, */e 6a* re*5on*ib(e .or 3edi8a( 3anage)ent
o5eration* in ;.ord?* (arge*t )e)ber*/i5 region, &re!iou*(4, */e 6or2ed in ear(4 *tage !enture 8a5ita( at
Fide(it4 Ca5ita(, in a turnaround at RAY Re*taurant*, and in in!e*t)ent ban2ing at A(e;, 1ro6n & Eon*, E/e
/o(d* an 3,1,A, .ro) Far!ard 1u*ine** E8/oo(, a 1,A, 6it/ di*tin8tion in Fi*tor4 and E8ono)i8* .ro)
Uni!er*it4 o. Nort/ Caro(ina, and i* a )e)ber o. &/i 1eta 'a55a,
1lair 8ill"(ry i* Endea!or @(oba(?* Pi8e &re*ident o. Edu8ationa( &rogra)*, 3o*t re8ent(4, 1(air *er!ed a* a
*enior a**o8iate at t/e Coun8i( o. t/e A)eri8a*, &rior to t/i*, 1(air 6or2ed .or t6o 4ear* in Latin A)eri8an Loan
E4ndi8ation and Credit Re*ear8/ at J& 3organ & Co, Fro) 1##3-1##H, */e 6or2ed .or ECui5o &ueb(o, a non-
5ro.it de!e(o5)ent organi7ation ba*ed in 3e;i8o Cit4, 1(air /a* a 3a*ter* in &ub(i8 A..air* .ro) t/e -oodro6
-i(*on E8/oo( at &rin8eton Uni!er*it4 and a 1,A, .ro) Ya(e Uni!er*it4,
$o(ntry A++iliate )anaging Dire,tor
&atri8io Ca)5iani i* 3anaging +ire8tor o. Endea!or Argentina, &rior to =oining Endea!or, &atri8io ,o-
.ounded and *er!ed a* CE o. Ad!ertiu),8o), a bro6*er-ba*ed e-8o))er8e *o(ution .or t/e bu4ing and *e((ing
o. )edia in Latin A)eri8a, &rior to .ounding Ad!ertiu), &atri8io 8o-.ounded and *er!ed a* P& o. 5eration*
and 3ar2eting .or U,E,-ba*ed Argentine Natura( 1ee. LLC, Fe a(*o *er!ed a* CE o. 1ri82e(( 'e4 Food*, Cor5,,
a t/er)o-5ro8e**ed bee. trading o5eration ba*ed in 3ia)i, F(orida, &rior to t/at, /e 6or2ed a* *enior )anager
.or Citiban2 Argentina, &atri8io /o(d* a 1a8/e(or o. E8ien8e in 9ndu*tria( Engineering .ro) Argentina?* Cat/o(i8
Uni!er*it4 and 6a* *e(e8ted Endea!or Entre5reneur in *5ring o. 2000,
@on7a(o 3iranda i* 3anaging +ire8tor o. Endea!or C/i(e, ba*ed in Eantiago, &rior to =oining Endea!or,
@on7a(o .ounded A.(ora, a 6e(( re8ogni7ed gi.t retai(ing brand in C/i(e, &rior to t/i* entre5reneuria( !enture,
@on7a(o *er!ed a* P& o. 1u*ine** +e!e(o5)ent at Cana( 13 0e(e!i*ion, t/e (eading broad8a*ting 8or5oration in
C/i(e, Fro) t/at 5o*ition /e de!e(o5ed Ee[a( 9nternet, t/e .ir*t )u(ti8a*ting *er!i8e t/at broug/t ne6* and
entertain)ent to t/e C/i(ean audien8e t/roug/ a )i; o. 0P, Cab(e and 9nternet *er!i8e*, @on7a(o a(*o 8o-
.ounded in 1##G 0/e &et Net6or2 and 6or2ed .or t/ree 4ear* a* rea( e*tate and .inan8ia( 8on*u(tant .or t/e
Aba(o* @rou5, a )a=or Rea( E*tate Fo(ding 8o)5an4 ba*ed in C/i(e, @on7a(o /o(d* an 31A .ro) t/e Faa*
E8/oo( o. 1u*ine** at Uni!er*it4 o. Ca(i.ornia, 1er2e(e4, and a 3a*ter* and 1a8/e(or o. E8ien8e in 3e8/ani8a(
Engineering, bot/ .ro) &onti.i8ia Uni!er*idad Cato(i8a de C/i(e,
$ear 8ere3 1arne i* 3anaging +ire8tor o. Endea!or 3e;i8o, ba*ed in +,F, &rior to =oining Endea!or, 3r,
&ere7 1arne* 6a* +ire8tor o. 9n!e*t)ent* at Net=ui8e Ca5ita(, Fro) 1##$ to 1###, 3r, &ere7 1arne* 6or2ed .or
38'in*e4 & Co)5an4, Ce*ar &ere7 1arne* /o(d* a 3a*ter o. 1u*ine** Ad)ini*tration .ro) t/e 390 E(oan
E8/oo( o. 3anage)ent 31A, and an 3,E, in t/e 0e8/no(og4 and &o(i84 &rogra) "0&&% .ro) t/e 390 E8/oo( o.
Engineering,
#ran,i,o &ave,,a i* 3anaging +ire8tor o. Endea!or Urugua4, &rior to =oining Endea!or, Fran8i*8o .ounded
Ra!e88a, Eo(ari & A**o8iate* in 1###, a 5ro.e**iona( *er!i8e* .ir) t/at *u55ort* entre5reneur*, 9n 1### /e
(aun8/ed +eRe)ate,8o) in Urugua4, /o(ding t/e 5o*ition o. 3anaging +ire8tor, 1et6een 1##$ and 1### /e
6or2ed .or 1an21o*ton Argentina a* an A**i*tant 3anager in t/e E5e8ia(i7ed 9ndu*trie* +i!i*ion, &re!iou*(4, /e
6or2ed .or Ad!ent 9nternationa( at t/e 8o)5an4?* /eadCuarter* in 1o*ton, 3a**a8/u*ett*, 5er.or)ing due-
di(igen8e and dea( *our8ing .or &ri!ate ECuit4 dea(* bot/ in t/e U,E, and Latin A)eri8a, Fran8i*8o /o(d* a Juri*
+o8tor +egree .ro) t/e Uni!er*it4 o. Urugua4 and an 3,1,A, .ro) Far!ard 1u*ine** E8/oo(,
)arilia Artimonte &o,,a i* 3anaging +ire8tor .or Endea!or 1ra7i(, &re!iou*(4 E;5an*ion Coordinator at
-a(-3art 1ra7i(, */e de!i*ed and i)5(e)ented 5(an* .or t/e 1u4ing, 5eration* and Finan8e di!i*ion* during
.our ne6 *tore o5ening*, Ear(ier, a* +ire8tor o. Food-Co, */e o5enedKo5erated t/e Food +i!i*ion o. a *u5er
8enter, E/e /o(d* a 1A in 1u*ine** .ro) Funda8ao @etu(io Parga* Co((ege and 31A .ro) Co(u)bia 1u*ine**
E8/oo(,
Eour8e: Co)5an4,
19
803-126 Endeavor—Determining A Growth Strategy
E!hi"it *"Endea!or +ire8tor* and @(oba( Ad!i*or4 1oard 3e)ber*, 3a4 2002
E6DEA<'& G.'1A. 1'A&D '# D/&E$T'&S
Linda Rottenberg, Endea!or, Co-.ounder, C/air)an & CE
&eter 'e((ner, Pe8ti* @rou5 LLC, &re*identS Endea!or, Co-.ounder
-en8e* Ca*are*, &atagon,8o), C/air)an & CES Endea!or Entre5reneur
Ri8 Fu(o5, 9nto Net6or2*, FounderS CFR E4*te)*, Founder
Ja*on @reen, UE Penture &artner*, @enera( &artner
@ar4 3ue((er, 9nternet Ee8uritie*, 9n8,, &re*ident & CE
Ete5/an E8/)id/ein4, AP9NA & 1u*ine** Coun8i( .or Eu*tainab(e +e!e(o5)ent, Founder
E6DEA<'& A&GE6T/6A 1'A&D '# D/&E$T'&S
Eduardo E(*7tain, 9REA, C/air)anS Endea!or Argentina, &re*ident
Eantiago 1i(in2i*, ..i8enet, Co-Founder and CF
Li*andro 1ri(, 'RNFERRY, Eenior Pi8e-&re*ident
-en8e* Ca*are*, &atagon, C/air)an & CE
Fran8i*8o de Nar!ae7, Funda8iZn Creer 4 Cre8er, +ire8tor
3aria Eugenia E*ten**oro, Funda8iZn Eo8ia( ECuidad, 3anaging +ire8tor
Linda Rottenberg, Endea!or @(oba(, 9n8,, Co-.ounder, C/air)an & CE
-ood* Etaton, 38+ona(d?* Argentina, &re*ident
*8ar 0o55e(berg, +o(5/in 9nter!enture*, &re*ident & CE
3artin Par*a!*24, Ja77te( Co)uni8a8ione*, Founder & &re*ident
E6DEA<'& 1&AD/. 1'A&D '# D/&E$T'&S
Car(o* A(berto Ei8u5ira, @& 9n!e*ti)ento*, &artnerS Endea!or 1ra7i(, &re*ident
&au(o Ce7ar Arag\o, 1arbo*a, 3]**ni8/ & Arag\o, &artnerS Funda^\o E*tudar, C/air)an
&eter @raber, @raber Ei*te)a* de Eeguran8a, Founder & CE
Andr_ Ja2ur*2i, J@& E,A, E;e8uti!e +ire8tor & Founding &artner
Jorge &au(o Le)ann, @& 9n!e*ti)ento*, &artner
Linda Rottenberg, Endea!or @(oba(, 9n8,, Co-.ounder, C/air)an & CE
&edro 3oreira Ea((e*, Uniban8o, C/air)an
E6DEA<'& $?/.E 1'A&D '# D/&E$T'&S
A(!aro Eaie/ 1,, Cor5 @rou5, C/air)anS Endea!or C/i(e, &re*ident
'at/(een C, 1ar8(a4, 9n!er*ione* 'C1 Ltda, CE
Car(o* F, C`8ere*, C/i(etaba8o*, E,A,, C/air)an
Juan C(aro @, C/air)an, E)e(
Jo*_ Lui* de( Rao @,, E)5re*a* +er*a, C/air)an
A(.on*o @Z)e7 3,, Pirtua(ia, C/air)anS Endea!or Entre5reneur
Cri*tian Larrou(et P,, +ire8tor, 9n*tituto Libertad 4 +e*arro((o
Juan ba8/ @,, 9n!er*ione* &at/.inder, C/air)an
Linda Rottenberg, Endea!or @(oba(, 9n8,, Co-.ounder, C/air)an & CE
Ea(!ador Eaid, @ru5o Eaid, CE
Eour8e: Co)5an4,
20
Endeavor—Determining A Growth Strategy 803-126
E!hi"it *" A,ontin(edBEndea!or Countr4 A..i(iate +ire8tor*
E6DEA<'& )EE/$' 1'A&D '# D/&E$T'&S
&edro A*5e, &rotego Ad)ini*tradore* E,A,, C/air)an & CES Endea!or 3e;i8o, &re*ident
E)i(io A78`rraga, 0e(e!i*a E,A, de C,P,, C/air)an & CE
E(aa* Cababie, @9CEA, C/air)an
Car(o* Fern`nde7, @ru5o 3ode(o, CE & Pi8e C/air)an
@ui((er)o @on7`(e7, &roto)a E,A, de C,P,
Linda Rottenberg, Endea!or @(oba(, 9n8,, Co-.ounder, C/air)an & CE
A(e;i* Ro!7ar, -/ite & Ca*e, E,C,, E;e8uti!e &artner
Car(o* Ea(e*, &rotego Ad)ini*tradore* E,A,, +ire8tor
Juan &ab(o Ean Agu*tin, CY Penture*, CE
3auri8io Eanti((`n, 3i8ro*o.t, Pi8e &re*ident, 9nter8ontinenta( Region 3i8ro*o.t Cor5oration
3ar8o Antonio E(i), @ru5o Finan8iero 9nbur*a , C/air)an
Loren7o Ra)brano, Ce)e; E,A, de C,P,, C/air)an & CE
E6DEA<'& =&=G=AY 1'A&D '# D/&E$T'&S
A(berto 1rau*e 1erreta, &artner, Ji)_ne7 de Ar_8/aga, Piana & 1rau*eS Eenator o. t/e Re5ub(i8
Leonardo Co*ta Fran8o, Under-Ee8retar4 o. t/e &re*iden84 o. Urugua4
3i8/ae( C/u, &ega*u* Penture Ca5ita(, 3anaging +ire8tor & Founding &artner
Fran8i*8o 3, Ra!e88a Arana, Ra!e88a, Eo(ari & A*o8iado*, Eenior &artner
Linda Rottenberg, Endea!or @(oba(, 9n8,, Co-.ounder, C/air)an & CE
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21
803-126 Endeavor—Determining A Growth Strategy
E!hi"it 6Ro(e o. Endea!or @(oba( and Countr4 A..i(iate*
O*era#ing Model
Endeavor
C2ile
Endeavor
Bra6il
Endeavor Country
Endeavor
Brand
7lo1al
Ne#8or)
.ro*rie#ar&
.rogra's
Manage'en#
Su**or# 3 Training
Endeavor Global
Ne8 Coun#r&
E9*ansion
7lo1al Servi!es #o
Su**or# Lo!al
O""i!e A!#ivi#&
We1 Si#e 3
In#rane#
7lo1al
A""ilia#e
Agree'en#
In#elle!#ual .ro*er#&
: ;no8ledge
0isse'ina#ion
.er"or'an!e Me#ri!s3
Manage'en#
In"ras#ru!#ure
7lo1al .rogra's 3
Even#s
7lo1al 5undraising<
Board 0evelo*'en#<
Brand Manage'en#
Endeavor
=rugua&
Endeavor
Me9i!o
Endeavor
Argen#ina
Coun#r& .rogra's
? Sear!2 : Sele!#ion
? Lo!al En#re*reneur
Servi!es
? Lo!al Edu!a#ional
.rogra's
? Lo!al Inves#or .rogra's
? .2ilan#2ro*& 3 So!ial
En#er*rise Training
?Lo!al Mar)e#ing
?5undraising and Board
Manage'en#
New Country
Expansion
Global Services to
Support Local Office
Activity
Global Programs /
Events
ntellectual Property / !
"nowle#ge
$issemination
Performance %etrics /
%anagement
nfrastructure
Global &un#raising'
(oar# $evelopment'
(ran# %anagement
%anagement
Support / )raining
Proprietary
Programs
*eb Site / ntranet
En#eavor
(ran#
Global
Networ+
Endea!or o5erated a de8entra(i7ed, /ub-and-*5o2e *4*te) 8o)5ri*ed o. a @(oba( FeadCuarter* in
Ne6 Yor2 Cit4 t/at 8oordinated t/e o!era(( *4*te) and (o8a( o..i8e* re*5on*ib(e .or )anaging t/e
da4-to-da4 o5eration* o. ea8/ Countr4 A..i(iate "e,g,, Endea!or Argentina%, 0/e goa( o. t/e Endea!or
organi7ation 6a* to en8ourage (o8a( inno!ation 6it/out *a8ri.i8ing g(oba( *tandard*,
9n 2001, Endea!or @(oba( dra.ted a A@(oba( A..i(iate Agree)entB to go!ern t/e .or)a(
re(ation*/i5 bet6een Endea!or @(oba( and ea8/ Countr4 A..i(iate, 0/i* agree)ent (aid out t/e rig/t*
and re*5on*ibi(itie* o. bot/ 5artie*, )u8/ (i2e a .ran8/i*e agree)ent, 9t a(*o 5ro!ided genera(
guide(ine* .or *a.eguarding t/e g(oba( Endea!or brand and inte((e8tua( 5ro5ert4 6/i(e en*uring t/at
da4-to-da4 o5eration* 6ere under t/e 5ur!ie6 o. (o8a( )anage)ent and board*,
Endeavor *lobal
6ew $o(ntry E!-anionEndea!or @(oba( 5(a4ed a (eading ro(e in re*ear8/ing ne6 region
e;5an*ion o55ortunitie*, identi.4ing (o8a( 8ountr4 1oard )e)ber* and .under*, re8ruiting t/e (o8a(
3anaging +ire8tor, de!e(o5ing initia( PentureCor5*
a
tea)*, and *u55(4ing 8o))uni8ation too(* and
training to (o8a( *ta.. and 1oard,
Servi,ing Endeavor $o(ntrieEndea!or @(oba( 5er.or)ed .ina( re!ie6*, identi.ied g(oba(
5ane(i*t* .or regiona( *e(e8tion 5ane(*, organi7ed entre5reneur 6or2*/o5* and road */o6*, re8ruited
31A* .ro) to5 bu*ine** *8/oo(* to 6or2 6it/ Endea!or Entre5reneur*, and )anaged t/e g(oba( 39E
*4*te),
Glo"al 8rogram and EventEndea!or @(oba( 8oordinated g(oba( 5rogra)* in8(uding t/e
*e)i-annua( internationa( Ee(e8tion &ane(*, E5ea2er Eerie*, (eader*/i5 8on.eren8e*, and roundtab(e
22
Endeavor—Determining A Growth Strategy 803-126
.oru)*, 9n addition, Endea!or @(oba( a(*o /o*ted an annua( @a(a A6ard* +inner /ig/(ig/ting t/e
a88o)5(i*/)ent* o. Endea!or !enture 5/i(ant/ro5i*t* and entre5reneur*,
/ntelle,t(al 8ro-erty and Fnowledge DieminationEndea!or @(oba( tran*.erred be*t
5ra8ti8e* and 5rogra) inno!ation* to t/e g(oba( net6or2 t/roug/ re*ear8/, 5ub(i8ation*, and t/e
Endea!or 6eb*ite,
6on-8ro+it )anagement and 8er+orman,e )ea(rementEndea!or @(oba( 8reated
5er.or)an8e )etri8* and an 90 in.ra*tru8ture to )ea*ure Endea!or?* AEo8ia( Return on
9n!e*t)entB "ER9% and 5rodu8ed AR9B "AReturn on 9n!o(!e)entB% re5ort* .or Cor5orate &artner*,
Endea!or @(oba( a(*o 5rodu8ed edu8ationa( !ideo* and C+-R3 training too(*,
Glo"al #(ndraiing0 1oard Develo-ment0 and 1rand )anagementEndea!or @(oba(
5(a4ed a *trong ro(e )anaging a(( g(oba( .undrai*ing initiati!e* "in8(uding (o8a( 8ountr4 .undrai*ing%,
0/e 5arent organi7ation 6a* a(*o re*5on*ib(e .or )anaging t/e @(oba( 1oard o. +ire8tor*, t/e @(oba(
Ad!i*or4 1oard, and t/e @(oba( &o(i84 Co))ittee, Fina((4 Endea!or @(oba( 6a* re*5on*ib(e .or
en.or8ing t/e @(oba( A..i(iate Agree)ent*,
Endeavor -ountry Affiliates
Endea!or Countr4 A..i(iate* 6ere e*tab(i*/ed a* (ega((4 inde5endent, non-5ro.it entitie* 6it/ t/eir
o6n board and (o8a( re*5on*ibi(itie* in8(uding:
Sear,h G Sele,tionRe*5on*ibi(itie* in8(uded identi.4ing and *8reening entre5reneur no)inee*,
inter.a8ing 6it/ (o8a( No)inator net6or2* and /o*ting *e)i-annua( regiona( Ee(e8tion &ane(*,
.o,al Entre-rene(r Servi,eEa8/ Countr4 A..i(iate )anaged a (o8a( PentureCor5* net6or2,
/o*ted 5eer net6or2ing 6or2*/o5*, and organi7ed (o8a( road */o6*,
.o,al Ed(,ational 8rogramCountr4 A..i(iate* a(*o e*tab(i*/ed 5artner*/i5* 6it/ (o8a(
uni!er*itie* to introdu8e entre5reneur*/i5 8a*e *tudie* to t/e 8urri8u(a, 9n addition, (o8a( o..i8e*
/o*ted 5ub(i8 8on.eren8e*, *5ea2er *erie*, de!e(o5ed and )aintained (o8a( 6eb*ite*,
8hilanthro-y and So,ial Enter-rie TrainingCountr4 A..i(iate* a(*o /o*ted roundtab(e
di*8u**ion* to introdu8e *o8ia( re*5on*ibi(it4 and 5/i(ant/ro54 to t/e (o8a( 8o))unit4, Lo8a( o..i8e*
a(*o (in2ed Endea!or entre5reneur* 6it/ A*/o2a Fe((o6* and AP9NA (eader* .ro) t/e non-5ro.it
*e8tor,
.o,al )arCetingLo8a( o..i8e* a(*o /e(5ed bui(d brand a6arene** b4 /ig/(ig/ting Endea!or
Entre5reneur 8ontribution* to 8o))unit4 i)5ro!e)ent and b4 di**e)inating Endea!or in.or)ation
t/roug/ (o8a( net6or2*,
Eour8e: Co)5an4,
a
PentureCor5* re.er* to a 8o((e8tion o. indi!idua(* 6/o !o(unteer ti)e and re*our8e* to /e(5 Endea!or Entre5reneur*,
23
803-126 Endeavor—Determining A Growth Strategy
E!hi"it 4Endea!or @(oba( Fi*tori8a( Finan8ia( Etate)ent* "1##$M2001%
a
/6$')E STATE)E6T 1554 1558 1555 2000 2001
Revenue
Entrepreneur fees 30,024 61,945 165,964 38,967
Country Benefactor Grants 117,000 107,486 271,368
Contributions & Donations 360,561 313,800 547,900 1,532,886 971,909
Grants - 299,965 275,425 542,588 394,808
Interest and other income 1,404 1,799 6,574 (40,487) (143,506)
In-kind donations - 33,509 30,484 940,722 290,468
Total income 361,965 679,097 1,039,328 3,249,159 1,824,014
Expenses
Search & Selection 46,200 105,337 74,259 106,225 96,411
eMBA 31,046 122,576 148,894 319,675 241,327
Entrepreneur Services - 58,539 66,425 555,702 405,121
Venture Forum - 89,145 72,242 163,066 103,096
Endeavor Net 43,651 95,413 108,245 383,732 160,845
Philanthropy & Social Enterprise 235,009 241,387
New Country Expansion 46,200 103,975 182,441 367,842 608,454
Total program expenses 167,098 574,985 652,506 2,131,251 1,856,641
Management and general 27,124 65,402 95,591 71,042 76,481
Fundraising and development 39,227 80,495 159,636 246,961 241,462
Total expenses 233,448 720,882 907,733 2,449,254 2,174,584
Net Income 128,517 (41,785) 131,595 799,905 (350,570)
1A.A6$E S?EET 1554 1558 1555 2000 2001
Assets
Cash and cash equivalents 105,553 58,368 185,108 390,569 154,196
Contributions receivable 155,175 254,503
Investments, at fair value 0 0 0 155,803 1,100
Prepaid expenses 6,770 5,109 7,014 8,617 21,155
Fixed assets, net 46,035 46,335 36,011 359,366 310,575
TOTAL ASSETS 158,358 109,812 228,133 1,069,530 741,529
Liabilities and Net Assets
Accounts payable, other accrued 0 7,738 8,283 34,831 61,432
Capital lease obligations 29,841 15,342 1,523 16,467 12,435
Unrestricted (or temp rest.) net assets 128,517 86,732 218,327 1,018,232 657,662
Permanently restricted net assets 10,000
TOTAL LIABILITIES 158,358 109,812 228,133 1,069,530 741,529
Eour8e: Co)5an4,
a
0/e*e data are .or Endea!or @(oba( "/eadCuarter*%, 6/i8/ in8(uded C/i(ean o5eration* t/roug/ 2001, Ea8/ 8ountr4, 6it/ t/e
e;8e5tion o. C/i(e 5rior to 2001, 6a* o5erated a* a (ega((4 inde5endent organi7ation, 0/e /eadCuarter* 8a*/ o5erating
e;5en*e* a!eraged >1,< to >1,$ )i((ion in 2000 and 2001 "e;8(uding Endea!or C/i(e e;5en*e*, in-2ind e;5en*e* and
de5re8iation%,
24
Endeavor—Determining A Growth Strategy 803-126
E!hi"it 4 A,ontin(edBEndea!or Fi*tori8a( Finan8ia( Etate)ent* "1##$M2001%
1554H2001 Donor
a
1554H2001 $=)=.AT/<E G.'1A. D'6AT/'6S 1Y D'6'& TY8E
Country Benefactor Grants $ 6,957,991
In-Kind Donations and Services 2,043,951
Multilateral Organization Grants 1,874,500
US Individual Donations 1,762,314
Corporate Sponsorships & Donations 1,370,465
Foundation Grants 1,363,050
Latin American Individual Donations (excluding Country Benefactors) 806 ,949
Total Cumulative Donations $16,179,221
% US Sources 41%
5ounda#ion 7ran#s
>?
La#in A'eri!an
Individual 0ona#ions
@e9!luding Coun#r&
Bene"a!#orsA
4?
Cor*ora#e S*onsors2i*s
: 0ona#ions
>?
=S Individual 0ona#ions
++?
Mul#ila#eral Organi6a#ion
7ran#s
+%?
In(;ind 0ona#ions and
Servi!es
+-?
Coun#r& Bene"a!#or
7ran#s
,-?
Eour8e: Co)5an4 do8u)ent*,
a
9n8(ude* 8a*/ and in-2ind donation* re8ei!ed to date, a* 6e(( a* )u(ti-4ear grant* and 5(edge* re8ei!ed b4 Endea!or @(oba(
and Endea!or Countrie* "Argentina, 1ra7i(, C/i(e, 3e;i8o, and Urugua4%,
25
803-126 Endeavor—Determining A Growth Strategy
E!hi"it 8aEndea!or A88o)5(i*/)ent*: 1##G to 2001
!"EC#I$E $A%&E I'(AC#
)ealth Creation
Identi*y +
support leading
emerging, mar-et
entrepreneurs
?
B<CCC Do1s !rea#ed< an EF? in!rease over GCCC
HICC 'illion !a*i#al raised 1& GE Endeavor !o'*anies
HJCC 'illion revenues genera#ed< a JB? in!rease over GCCC
?
Financial
Capital
.ole 'odels
(romote
entrepreneurial
role models
?
ECC en#re*reneurs "ro' BJ !o'*anies sele!#ed
J<KLC en#re*reneurs "ro' G<KCC !o'*anies s!reened "or F Endeavor
In#erna#ional Sele!#ion .anels
?
Human
Capital
#rust + /etwor-s
!uild a venture,
*riendly
environment
?
EE<ECC .ro"essionals< a!ade'i!s and 1usiness leaders in #2e
Endeavor 7lo1al ne#8or)
?
Social
Capital
Education
Foster
entrepreneurship
education on a
broad scale
?
EB<LCC A##ended Endeavor(s*onsored edu!a#ional even#s in
Argen#ina< Bra6il< C2ile< =rugua& and #2e =.S.
MBK MBAs "ro' Harvard< W2ar#on< S#an"ord< MIT< Colu'1ia<
s!reened "or eMBA *rogra'
?
Intellectual
Capital
(hilanthropy
Develop best
practices in
philanthropy +
social enterprise
?
HM.L'' raised "or Endeavor !oun#ries
HB.K'' raised "or Endeavor 7lo1al
?
Cultural
Capital
Eour8e: Co)5an4S Endea!or Entre5reneur 8o)5anie*,
26
Endeavor—Determining A Growth Strategy 803-126
E!hi"it 8"Ee(e8ted Endea!or Entre5reneur* b4 Countr4
Endeavor Entre-rene(r in A&GE6T/6A
Agro5oo b-to-b )ar2et5(a8e .or agri8u(tura( *u55(ie* "A;e( @ri55o & Fernando @on7a(e* 1otana%
AEA0EJ: tra!e( *er!i8e* "Eduardo 1iraben%
1A C(ean: in*titutiona( /4giene 5rodu8t* and *er!i8e* "@abrie( Forn*tein%
Cei8o): air(ine a88ounting & )anage)ent *o.t6are "@ui((er)o 3ar8/ionni%
Core: in.or)ation te8/no(og4 *e8urit4 *4*te)* "Jonat/an A(t7u(%
+e (a @uarda: a(ternati!e t/eatre grou5 "+iCui Ja)e* & &i8/on 1a(dinu%
+&E Auto)ation: auto)ation *o.t6are "@ian 3urag(ia%
Fin8a &i(ar: gour)et agribu*ine** "A(e=andro 1e(aga and +iego Radi8e((a%
La!anda* de (a* Eierra*: organi8 /erb* and )edi8ine* "Leon4 Etaudt & 1ertrand La;ague%
3etro!i*ion: 5o*t-5rodu8tion .or .i() "@ui((er)o tero%
&atagon,8o): on(ine .inan8ia( *er!i8e* "-en8e* Ca*are* and Con*tan8io Larguia%
Ee5ia: 8o*)eti8* & beaut4 8on*u)er 5rodu8t* "Fati)a Ri77o%
Eer!i8e 1ureau 9ntete( "E19%: e)5(o4ee 5rodu8ti!it4 )onitoring *o.t6are and *er!i8e* 5ro!ider
"C(audio Lo5e7 Ei(!a%
Eout/ern -ind*: regiona( air(ine "Juan 3aggio%
0ro*)an C/urba: .a*/ion good* "Je**i8a 0ro*)an & 3artin C/urba%
U(tra8onge(ado* Ro*ario: .ro7en ba2er4 5rodu8t* "3igue( Ange( Lagrutta%
Endeavor Entre-rene(r in 1&AD/.
Auto)ato*KEo(!o: in.or)ation te8/no(og4 and *er!i8e* 5ro!ider "Ago*tin/o Pi((e(a, Andre Fon*e8a, 3ar8e(o
Ea(i)%
@rud4: Fa*/ionab(e *u))er and bea8/ 6ear "Ana Lui7a de A()eida%
9n.net: in.or)ation te8/no(og4 edu8ation "Andre Antune*, Andre 'i*8/ine!*24, Eduardo Ra)o*%
3P Ei*te)a*: /ea(t/8are te8/no(og4 *o(ution* "&au(o 3agnu* & Lu8iano 3agnu*%
Nano Endo(u)ina biote8/ re*ear8/ & de!e(o5)ent "@uido +e((agne(o, &ierre @a(!agni Ei(!eira, Ri8ardo &ere*%
&oit Energia: 5o6er generator (ea*ing "-i(*on 3artin* &oit%
&o((u;: )a8/ine !i*ion te8/no(og4 "Jo*e Ri77o Fa/n Fi(/o%
E&P Con*u(toria: *)art-8ard te8/no(og4 5ro!ider "&enido Eta/(berg & Fred4 Pa(ente%
0e8*i*: 6ind b(ade and indu*tria( .an )anu.a8turing "1ento 3a**a/i2o 'oi2e%
Endeavor Entre-rene(r in $?/.E
A8tigen: biote8/ re*ear8/ & de!e(o5)ent "Jai)e Pi((anue!a% C/o8o(ate* 1runatto: .ine .re*/ 8/o8o(ate
"Fe(i; 1runatto, Cri*toba( Ca)ino%
@eo)ar: *ea.ood "Ja!ier +ono*o%
3i8ro(ogi8a: (ogi*ti8* in.or)ation *er!i8e* "3ariano &o(a%
39CEA Enter5ri*e*: a !erti8a((4 integrated rea( e*tate .ir) "Rene and Rodrigo Ei(!a & Jo*e 97Cuierdo%
&ro*5e8t: /ig/-te8/ i)aging and *e8urit4 *er!i8e* "Fran2 & Lui* Pera%
&ub-Li8it4: re*taurant .ran8/i*e "@abrie( & Ri8ardo +e(ano%
Etorbo;: do8u)ent *torage "Jo*_ & @on7a(o &rieto%
Perti8a outdoor edu8ation & (eader*/i5 .or *8/oo(* and 8or5oration* "Rodrigo Jordan%
Endeavor Entre-rene(r in )EE/$'
1b)undo: 8on*u)er retai( "3art/a +eba4(e%
Endea!or Entre5reneur* in URU@UAY
A**i*t: )obi(e *o.t6are *o(ution* "Ju(io Cantera%
9EA9: bui(ding auto)ation te8/no(og4 "Ruben Rodrigue7%
3e)or4 Co)5uta8ion: a88ounting and )anage)ent *o.t6are 5ro!ider "Roni Lieber)an%
E8annte8/: 5oint-o.-*a(e te8/no(og4 5ro!ider "Rau( &o(a2o.%
Eour8e: Co)5an4,
27
803-126 Endeavor—Determining A Growth Strategy
E!hi"it 5E;a)5(e o. Endea!or Ro(e and A**e**)ent b4 CE
SE(I A
Company Summary0
Se*ia is Argen#ina’s #rendies# !os'e#i!s 1rand(( 'ar)e#ed 8i#2 a La#in #8is#$ (( #2a# 2as su!!ess"ull& rea!2ed #2e =S s2elves
o" LNMH’s #o* 1eau#& !2ain Se*2ora
Initial /eeds Assessment0
• Raise Ca*i#al
• .ro"essionali6e 'anage'en#
'ilestones Achieved0
• Closed =SHEMM "inan!ing round "ro' grou* o"
lo!al Angel Inves#ors
• Hired C2ie" O*era#ing O""i!er
(articipation in Endeavor (rograms1Activities0
• .ar#i!i*a#ed in L Mon#2l& Wor)s2o*s @A*ril (
Nove'1erA
• Ma#!2ed 8i#2 5ederi!o Weil< Nen#ure Cor*s< as
'en#or @Ma& ( 5e1ruar& OCGA
• Hos#ed G MBAS "ro' Ber)ele& and NP=3 S#ern
@June ( Augus#A
Give !ac-0
• Sen# i#e's "or gi"# 1ags "or Endeavor 7ala GCCC
• .ar#i!i*a#ed in lun!2 8i#2 *o#en#ial !or*ora#e
0onors
• Men#ioned Endeavor in several Se*ia ar#i!les
• Coa!2ed en#re*reneurs on *anel *re*ara#ion3
Endeavor e9*erien!e
(articipation in Endeavor (rograms1Activities0
Financing
• To* o" #2e line "inan!ial 'odel and *roDe!#ions
• Close a!!o'*ani'en# in ever& s#age o" "inan!ing
*ro!ess @s#ud& o" al#erna#ive "or's o" "inan!ing<
'ee#ings 8i#2 inves#ors< #er' s2ee# dra"#ing and
nego#ia#ion< and !losing o" #ransa!#ionA
• Con#a!#s 8i#2 Inves#ors @Angels and Ins#i#u#ionalQ
Argen#ina3 =SA
/e2t Steps0
• Assis# en#re*reneur in se!ond round o" "inan!ing
3ey %esson %earned0
• W2en #2ere is a good rela#ions2i* 1e#8een #2e
'en#or and #2e en#re*reneur< #2e value(added !an 1e
enor'ous. I# is i'*or#an# #o ins#i#u#ionali6e$ #2is
rela#ions2i* as an Endeavor servi!e
“Through Endeavor I met many people that believe in Entrepreneurship, and that are ready to help without asking
for anything in return. This help is both very necessary and very rewarding. Generally, the entrepreneur is very
lonely and needs assistance, words of wisdom and experience to move forward. It is wonderful that a group of
people with such ideals actually exists.
R5a#i'a Ri66o< CEO< Se*ia
“The challenge is to create a structure that allows !atima and her team to exploit their creativity, while pro"ecting
the company internationally. I worked with !atima to successfully close her first round of financing. The second
round finds me on the other side of the table# as investor and no longer as mentor. $otwithstanding, the mutual
trust between the founders and me persists thanks to the long tra"ectory that we have undergone together
R5ederi!o Weil< Endeavor Nen#ure Cor*s
Eour8e: Co)5an4 do8u)ent*,
28
Endeavor—Determining A Growth Strategy 803-126
E!hi"it 10a-or(d 1an2 E8ono)i8 +ata

29
803-126 Endeavor—Determining A Growth Strategy
E!hi"it 10a A,ontin(edB
30

Endeavor—Determining A Growth Strategy 803-126
E!hi"it 10a A,ontin(edB

Eour8e: Ada5ted .ro) +a!id 3o** and Eara/ 1rennan, A1a*i8 Etati*ti8* .ro) t/e -or(d 1an2?* -or(d +e!e(o5)ent 9ndi8ator*,
2002,B Far!ard 1u*ine** E8/oo( Ca*e No, $03-030 "1o*ton, 3A: Far!ard 1u*ine** E8/oo( &ub(i*/ing 2002,%,
a
@N9 5er 8a5ita i* 8a(8u(ated b4 8on!erting @N9 in nationa( 8urren84 to UE do((ar*, u*ing t/e a!erage e;8/ange rate o!er a t/ree-
4ear 5eriod, 0/e &ur8/a*ing &o6er &arit4 "&&&% )et/od trie* to u*e U,E, 5ri8e* to !a(ue t/e good* in ot/er 8ountrie*,
b
0/e @9N9 9nde; atte)5t* to */o6 a 8ountr4?* (e!e( o. in8o)e "or in *o)e 8a*e*, 8on*u)5tion% ineCua(it4, &er.e8t eCua(it4 i* 0S
5er.e8t ineCua(it4 i* 100, 0/i* in.or)ation 6a* gat/ered in t/e 4ear in t/e 8o(u)n to t/e (e.t,
8
&er8ent */are o. tota( in8o)e going to 5eo5(e in t/e (o6e*t and /ig/e*t de8i(e in8o)e bra82et*, -/en in8o)e *tati*ti8* 6ere not
a!ai(ab(e, t/e 8o(u)n* 8ontain t/e N */are o. 8on*u)5tion going to 5eo5(e in t/e (o6e*t and /ig/e*t 8on*u)5tion bra82et*,
31
803-126 Endeavor—Determining A Growth Strategy
E!hi"it 10"@(oba( Entre5reneur*/i5 3onitor Etud4 "@E3% "e;8er5t*%
Entre5reneur*/i5 in t/e United Etate* /a* be8o)e )ain*trea), At an4 gi!en ti)e, 11,$ 5er8ent o.
t/e adu(t 6or2ing 5o5u(ation "1G-<4 4ear* o(d% i* eit/er in!o(!ed in t/e *tartu5 5ro8e** or i* t/e
o6nerK)anager o. an a8ti!e 4oung bu*ine** "(e** t/an 42 )ont/* o(d%, 0/i* 5er8entage i* 6/at @E3
2001 re.er* to a* A)eri8a?* tota( entre5reneur*/i5 a8ti!it4 "0EA% rate, 9n 8o)5ari*on to t/e 0EA rate*
.or ea8/ o. t/e 2# 8ountrie* in!o(!ed in t/e 2001 @(oba( Entre5reneur*/i5 3onitor, t/e Unite* Etate*
ran2* a* t/e *e!ent/ /ig/e*t "#ig(re 1>1%,
a
0/e 2001 *tud4 .urt/er *eg)ent* 0EA into t6o 8ategorie*: Ao55ortunit4 entre5reneur*/i5B and
Ane8e**it4 entre5reneur*/i5,B 0/i* 6a* a88o)5(i*/ed b4 a*2ing *ur!e4 re*5ondent* 6/et/er t/e4
6ere *tarting a bu*ine** o55ortunit4 "i,e,, o55ortunit4 entre5reneur*/i5% or be8au*e t/e4 /ad no
better 8/oi8e* .or 6or2 "i,e,, ne8e**it4 entre5reneur*/i5%, 9t i* 8(ear .ro) #ig(re 1>2 and 1>3 t/at t/e
Unite* Etate* i* 5redo)inant(4 o55ortunit4-dri!en 6it/ 10,3 5er8ent o. adu(t* in!o(!ed in
o55ortunit4-oriented entre5reneuria( a8ti!it4 and on(4 1,2 5er8ent o. adu(t* in!o(!ed in ne8e**it4-
oriented entre5reneuria( a8ti!it4,
32
Endeavor—Determining A Growth Strategy 803-126
E!hi"it 10" A,ontin(edB
Eour8e: Andre6 L, Ra8/ara2i*, -i((ia) +, 14gra!e, and +ean A, E/e5/erd, A@(oba( Entre5reneur*/i5 3onitor M 2000
E;e8tui!e Re5ort,B 'au..)an Center .or Entre5reneuria( Leader*/i5, 5, G,
33
803-126 -3%-
E!hi"it 11aEndea!or 1udget—1a*e Ca*e: ne Ne6 Countr4 in 2002 n(4 "UE> in t/ou*and*%

Eour8e: Co)5an4,
Note: Endea!or @(oba(?* .inan8ia(* are un8on*o(idated "e;8(uding Endea!or C/i(e?* e;5en*e*% and are re.(e8ted on a 8a*/ ba*i*,
"1%
9ntere*t in8o)e re.(e8t* intere*t earned on o5erating 8a*/ ba(an8e, 1a*e budget doe* not re.(e8t in8re)enta( intere*t in8o)e .ro) an endo6)ent,
"2%
+onation* in8(ude t/e @a(a, but do not in8(ude !a(ue o. *to82 donation* andKor 1-2N entre5reneur eCuit4 donation*, t/at a88rue to 8ountr4 andKor UE endo6)ent*,
"3%
@rant* in8(ude .unding .ro) .oundation*, go!ern)ent*, N@*, and organi7ation* (i2e t/e -or(d 1an2 and 9+1,
"4%
0ota( Co*t 5er entre5reneur i* 8a(8u(ated a* Endea!or @(oba(?* tota( e;5en*e .igure di!ided b4 t/e tota( nu)ber o. Endea!or Entre5reneur* *u55orted b4 t/e (o8a( a..i(iate*,
803-126 -3*-
E!hi"it 11"Endea!or 1udget—@ro6t/ E8enario: 1a*e Ca*e b 9n8re)enta( Re!enue* A**o8iated 6it/ Endo6)ent and
Co*t* A**o8iated 6it/ Additiona( ne Countr4 5er Year "UE> in t/ou*and*%
Eour8e: Co)5an4,
"1%
9ntere*t in8o)e re.(e8t* intere*t earned on o5erating 8a*/ ba(an8e and intere*t in8o)e .ro) endo6)ent, A**u)e* HN intere*t in8o)e on endo6)ent,
"2%
+onation* in8(ude t/e @a(a, but do not in8(ude !a(ue o. *to82 donation* andKor 1-2N entre5reneur eCuit4 donation*, t/at a88rue to 8ountr4 andKor UE endo6)ent*,
"3%
@rant* in8(ude .unding .ro) .oundation*, go!ern)ent*, N@*, and organi7ation* (i2e t/e -or(d 1an2 and 9+1,
"4%
0ota( Co*t 5er entre5reneur i* 8a(8u(ated a* Endea!or @(oba(?* tota( e;5en*e .igure di!ided b4 t/e tota( nu)ber o. Endea!or Entre5reneur* *u55orted b4 t/e (o8a( a..i(iate*,

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