1 Welcome 3 The Network at Work 22 The Endeavor Model 34 Impact and Results 38 Network 58 Financials, Donors, and Board Members At some point, all entrepreneurs face their Chairman of Endeavor Argentina and a check for “crazy moment”—the juncture at which they $200,000. La Chica Loca indeed! That’s why must choose between the safe and expected, I say that if you’re not called crazy when you’re and the unsafe and unknown. starting something new, you’re probably not In my new book Crazy is a Compliment: thinking big enough! The Power of Zigging When Everyone Else Zags, Today Endeavor supports nearly 1,000 entre- I looked back at my own “crazy moment.” preneurs leading more than 600 companies in It occurred in the spring of 1998. Months 22 countries. Our mission is to ensure that our earlier, I had broken the news to my (loving but entrepreneurs’ crazy moments result in tremen- risk-averse) parents that I wasn’t going to use dous success both for them and for their broader my law degree. Instead, my friend Peter Kellner communities. We take their dreams, push them and I had decided to pursue our dream of launch- to think a little bigger and a little crazier, and help ing an organization that would find high-impact them lay out a roadmap to reach their goals. entrepreneurs and connect them with world- In 2013, Endeavor Entrepreneurs collectively class mentors and support services. High-impact had created 400,000 jobs and were generating means those with the biggest ideas, the likeliest close to $7 billion annually. potential to build businesses that matter, and We believe that every dreamer with a great the ability to inspire others. We were convinced idea and the dedication to bring it to life should that our new organization, Endeavor, would have access to mentors who can help them enable the dreamers, the job creators, and the succeed—regardless of where the entrepreneur role models to reach their goals even faster. was born. If you share this belief, I encourage But first we needed funding. you to join us in our growing Endeavor. After a few months and many “no’s,” Together we can transform economies, we secured a 10-minute meeting for me with one crazy moment at a time. Eduardo Elsztain, one of Argentina’s most celebrated entrepreneurs. I flew to Buenos Aires, Linda Rottenberg walked into Eduardo’s office, and gave him my Co-Founder & CEO most succinct Endeavor pitch, which ended Endeavor with a request for Eduardo’s time, passion, and $200,000. He turned to his deputy and laughed, “Esta chica está loca!” (This girl is crazy!) I teasingly let him know that he was lucky I’d only asked for $200,000. A few minutes later, I emerged from Eduardo’s Photo by Tim Francis Tim by Photo office with his promise to serve as the Founding 1 To build a world-class business, entrepreneurs need more than an idea. They need people to look up to—role models who achieved incredible success despite the odds. They need access to capital and mentors to help them think big and pivot through challenges. Endeavor has set out to create support systems for entrepreneurs around the world. 2 ENDEAVOR IMPACT REPORT 2013–14 KEY Track the connections between members of Endeavor’s network throughout this story. Mentorship Inspiration Investment Founder On the morning of July 18, 2014, a month of launching, MercadoLibre had Martín Migoya , the co-founder & ceo of expanded to Mexico and Brazil. a Latin American software development The pair soon met Linda Rottenberg , firm, rang the opening bell of the New a spirited American who was spending York Stock Exchange. In the 11 years since a lot of time in Buenos Aires, evangelizing Martín and his three co-founders — all her theory of high-impact entrepreneur- Endeavor Entrepreneurs — had pooled ship. Linda and her friend Peter Kellner had $5,000 in savings to launch Globant, the recently co-founded a non-profit named company had grown into an employer of Endeavor. The organization’s mission was 3,300 people, with offices in seven countries to find challenged markets’ most promis- and clients like Electronic Arts and Google. ing entrepreneurs and help them scale their The Initial Public Offering of any com- companies to create new jobs and spur eco- pany is remarkable. But Martín will tell you nomic growth. When these entrepreneurs that Globant is just the latest in a series of became successful, Endeavor would show spectacular success stories to emerge from them how to mentor and reinvest in the next the tech network of Buenos Aires. When generation of founders — kick-starting a asked who inspired them to think big, cycle of new business creation. Globant’s founders name fellow Argentine Marcos and Hernán became Endeavor and Endeavor Entrepreneur Marcos Galperin . Entrepreneurs and joined the organization’s new but flourishing network of entrepre- In the late 1990s — a few years before Globant neurs and volunteer mentors in Buenos Aires. came on the scene — Marcos Galperin In 2001, when eBay purchased a 19.5% wrote the business plan for his startup, stake in MercadoLibre, Endeavor mentors MercadoLibre, while attending Stanford’s helped Marcos and Hernán negotiate fair Graduate School of Business. Having seen and favorable terms. Throughout the early the meteoric rise of eBay, he believed that a 2000s, the company continued to scale, similar but localized e-commerce site would and, in 2005, MercadoLibre cemented its do well in Argentina. After graduating, status as the market leader when it acquired Marcos and his schoolmate Hernán Kazah its long-time rival DeRemate. Two years returned to Buenos Aires with the business later, MercadoLibre went public on the plan and a round of angel funding. Within nasdaq in a $400m ipo. 3 THE NETWORK AT WORK “Being chosen as Endeavor Endeavor Argentina. Hernán launched Entrepreneurs was a key Kaszek Ventures, a venture capital fund, milestone in our history, because with MercadoLibre’s former cfo, Nicolas it enabled us to learn from Szekasy, that has invested in over 20 some of the most talented and regional companies. Nicolas Szekasy also experienced professionals in joined Endeavor Global’s board. the world. These mentors helped In the years following the ipo, Endeavor us think big, challenge the status often used MercadoLibre’s story to demon- quo, and build a company that strate the impact that the organization and will continue to grow and create its entrepreneurs could have. They knew, jobs for a very long time.” anecdotally, that Marcos and Hernán were MARTÍN MIGOYA giving back, but they hadn’t measured Co-Founder & CEO, Globant the entrepreneurs’ impact against the broader ecosystem. Endeavor’s Board of Directors challenged the organization’s research arm, Endeavor Insight, to analyze the tech Even before the ipo, Marcos and ecosystem of Buenos Aires. The ultimate Hernán started reinvesting in the network goal of the project was to find a way to by mentoring and investing in up-and- better understand and measure the effects coming Buenos Aires entrepreneurs. Marcos of high-impact entrepreneurs like Marcos eventually joined Endeavor Argentina’s and Hernán on the overall development Board of Directors and donated $1m to of entrepreneurial ecosystems. Globant’s co-founders and senior management celebrating the com- pany’s listing on the New York Stock Exchange. 4 ENDEAVOR IMPACT REPORT 2013–14 REVENUE 2004 (USD) In 2003, Globant was just an idea. Today REVENUE 2013 (USD) Globant employs 3,300 people and is listed on the New York Stock Exchange. EMPLOYEES AT SELECTION Since selection by Endeavor in 2005, campuses of Google and Zynga (where the entrepreneurs have heard from global Guibert met founder Mark Pincus). They leaders like Michael Dell (Dell) and Marc have also devoted a tremendous amount EMPLOYEES 2014 Benioff (Salesforce.com) at Entrepreneur of time to giving back, helping Endeavor Summits. An EY Vantage Advisor helped launch in new cities and mentoring Globant streamline processes. Endeavor new entrepreneurs. Immersion Tours brought them to the Early 2000s 2003 2004 2005 The success of The founders launch The entrepreneurs Martín, Guibert, MercadoLibre inspires Globant, a software attend an Endeavor Nestor, and Martín Martín Migoya, product development International Selection return to an Inter- Guibert Englebienne, company. Panel and are advised national Selection Nestor Nocetti and to return if and when Panel and are Martín Umaran to they improve their selected as Endeavor think about starting openness to feedback. Entrepreneurs. a business. 2006 2007 2009 2010 Google becomes Globant begins Martín Migoya joins Martín Migoya a client of Globant. working with Endeavor Argentina’s serves as a panelist Electronic Arts. Board of Directors. at an International Selection Panel for the first time. Guibert joins Endeavor Argentina’s Board of Directors. 2011 2012 2013 2014 Harvard Business Endeavor Catalyst, a WPP purchases 20% Globant goes public School publishes passive co-investment of Globant. on the New York Stock a case study on fund that invests Exchange. in Endeavor Entrepre- Globant. Guibert Englebienne neurs raising profes- Martín Migoya receives becomes Chairman of sional rounds of capi- EY’s Entrepreneur Endeavor Argentina. tal of $5m or more, of the Year award in makes its first invest- Argentina. ment—in Globant. Reid Hoffman, an Endeavor Global Board Member and the Co- Founder and Executive Chairman of LinkedIn, joins Globant’s Board of Advisors. 5 THE NETWORK AT WORK PARSIMOTION COMENTA.TV BUKEALA FACTOR WORMHOLEIT IT TAGGIFY JOINCUBE SINIMANES MAPPLO PIXOWL FLIPZU SPLITCAST UBURO FON DIOUI ADS CINEMAKI MOVIL TRENDSETTER BRANDIGITAL PIGMALION INTEXTUAL GETSENSE Understanding this Map CONFRONTE ON ECUALIA CUBIKA TRADE Mentorship LEMON TFX DEPAGINAS Inspiration IDEAME MEDIA Investment DINEROMAIL Founder BIXTI UWALL.TV OLX FULLSALES Circle size reflects the number ESTILO3D RELEVANCE of outgoing connections at each company.