IMPACT REPORT 2007â2008 - Endeavor Chile

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900 Broadway, Suite 301 

New York, NY 10003 

212 352 3200 

www.endeavor.org 

IMPACT REPORT 

2007–2008

CO-FOUNDER & CEO LINDA ROTTENBERG 

Dear Friends and Family of Endeavor: 

In 2007, Endeavor hit an incredible milestone. MercadoLibre, an e-commerce 

auction site run by two Argentine High-Impact Entrepreneurs, became the first 

Endeavor company to go public on the NASDAQ. When we founded Endeavor 

eleven years ago, the thought that an Endeavor Entrepreneur would ring the 

closing bell in Times Square was simply a crazy dream. 

“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 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 antipoverty program of all.” 

Thomas L. Friedman, 

Best–selling author & Pulitzer–Prize winning columnist 

The World Is Flat: A Brief History of the Twenty–first 

Century Version 3.0 

But, this is EXACTLY why Endeavor works with High-Impact Entrepreneurs: 

they defy the odds and disrupt the status quo. In the process, they transform 

their communities, their economies and— as MercadoLibre has shown— the 

culture of a continent. 

This penchant for disruptive change has rubbed off onto Endeavor itself. 

Eleven years ago, I didn’t expect us to enter the Middle East. Yet, we recently 

launched in Egypt and Jordan, where the call for High-Impact Entrepreneurship 

is loud and clear. Every business leader I have met correlates entrepreneurship 

with peace and prosperity. 

Eleven years ago, I didn’t expect Endeavor to take a leading role in Global 

Entrepreneurship Week— the largest outreach campaign for entrepreneurship 

ever. As Endeavor’s reputation builds in emerging economies, institutions like 

the Kauffman Foundation are approaching us to help unleash the power of 

entrepreneurship more broadly. 

Eleven years ago, I didn’t expect Endeavor Entrepreneurs to give back to Endeavor 

in the ways they have. From the 2% equity give-back program in Brazil to Endeavor 

Entrepreneurs serving on the boards of five affiliates and even the Global board, it 

is their enduring support of Endeavor that makes the virtuous cycle of growth a 

wonderful reality. 

Finally, eleven years ago, I didn’t realize how a High-Impact start-up called eBay 

would one day dramatically affect the growth of Endeavor. This year, Omidyar 

Network— the philanthropic vehicle of eBay’s founder—pledged up to $10 

million to support and expand Endeavor’s operations. This is the single largest 

gift to Endeavor in our history. 

As our entrepreneurs can attest, there’s always so much more to do. There are more 

economies to launch in, more High-Impact Entrepreneurs to identify and support, 

and millions more young people to inspire through great stories. Omidyar Network 

has even challenged us to do so: every dollar that we raise past our operating 

budget will be matched up to $4 million by them. 

Join us and help us have more impact than ever before. 

Fondly, 

Linda 

1

CONTENTS 

“Endeavor helps spread High-Impact Entrepreneurship 

to places venture capitalists 

have yet to tread. With Endeavor’s help, 

entrepreneurs can go global from wherever 

they start, spreading jobs, wealth, and hope 

to everyone they touch.” 

Tim Draper, 

Founder & Managing Director, 

Draper Fisher Jurvetson 

INTRODUCTION 

WHY ENDEAVOR MATTERS 

ENDEAVOR MODEL 

IMPACT/ RESULTS 

ENDEAVOR IN ACTION 

CONTRIBUTORS & FINANCIALS 

NETWORK 

5 

15 

23 

29 

35 

59 

73 

3

INTRODUCTION 

“You can no longer avoid having 

entrepreneurial activity in your country 

if you hope to be competitive because 

the revolution is taking place everywhere.” 

“These ten years have proved that Endeavor 

can affect the rate and degree of potential 

success of the people it touches.” 

William A. Sahlman, 

Harvard Business School, Dimitri V. d’Arbeloff–Class of 1955 

Professor of Business Administration; 

Endeavor Global Advisory Board, Founding Co-Chairman

Defining High-Impact 

Entrepreneurship 

High-Impact Entrepreneurs have ground-breaking ideas, 

dogged determination, and infinite ambition. 

Their innovations make people’s 

lives easier, safer, and richer. 

IT BEGINS WITH 

A BLANK SHEET OF PAPER. 

6 

7

Their businesses create hundreds, 

if not thousands, of jobs that 

stimulate economic growth and 

spur development. 

These incomes enable families to afford health services, 

purchase food and clean water, develop domestic savings, 

receive primary and secondary educations, 

and reach new standards of living. 

Their stories inspire 

others to become 

empowered entrepreneurs. 

Imagine a world without them. 

THE ENTREPRENEUR SEES SETBACKS 

AS AN OPPORTUNITY TO LEARN AND GROW. 

8 

9

Endeavor has spent the last 11 years carefully 

searching for those unique individuals in 11 emerging 

economies. We have developed a portfolio of 333 

High-Impact Entrepreneurs representing 220 companies. 

If launched in Silicon Valley, 

these High-Impact Entrepreneurs 

would have been the buzz 

of the blogosphere. 

Instead, Endeavor’s High-Impact Entrepreneurs launched 

in emerging markets where they are often overlooked 

and face significant barriers to success. 

They encounter few role models, a lack of trust, 

a limited pool of management talent, an inability 

to access smart capital, and insufficient contacts. 

In order to achieve their potential, 

they need a tremendous amount of support. 

THE ENTREPRENEUR BELIEVES IN AN IDEA 

AND MAKES THE NECESSARY SACRIFICES TO FOLLOW IT THROUGH. 

10 

11

This is where Endeavor steps in. 

Endeavor tackles these challenges by providing 

access to the tools High-Impact Entrepreneurs need to scale: 

mentors, networks, connections, 

capital, a community of like-minded 

entrepreneurs and a healthy 

dose of inspiration. 

In time, these entrepreneurs who launched in 

Latin America, Egypt, India, Jordan, South Africa 

or Turkey are becoming role models, encouraging others 

to innovate and take risks. Today they are contributing 

to the sustainable growth of their economies. 

Tomorrow they will create the next 

Silicon Valleys at their doorstep. 

This is High-Impact 

Entrepreneurship. 

THE ART OF ENTREPRENEURSHIP IS 

THE ABILITY TO TURN VISION INTO REALITY. 

12 

13

WHY ENDEAVOR MATTERS 

“We need to recognize that only a 

select few entrepreneurs will create 

the businesses that will take people 

out of poverty, encourage innovation, 

create jobs, reduce unemployment, 

make markets more competitive, 

and enhance economic growth.” 

Scott Shane, 

The Illusions of Entrepreneurship, 

Yale University Press, 2008

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THE ENTREPRENEURSHIP SPACE IN 

THE DEVELOPING WORLD 

Many organizations play a hand in supporting entrepreneurs, but 

Endeavor has a unique niche focusing on High-Impact Entrepreneurs. 

The Mexican government researched just how important the creation of 50 

new firms is to its economy. The results are clear: the very type of businesses 

that Endeavor supports—those looking to grow to over 500 employees — 

have a huge impact on GDP: 

ENTREPRENEUR SUPPORTER 

Microfinance 

TYPE OF BUSINESS 

SUPPORTED IN EMERGING ECONOMY 

Small businesses that lift the owner 

above poverty-level 

ECONOMIC IMPACT: JOB & WEALTH CREATION 

HOW MUCH WOULD GDP GROW IF 50 NEW FIRMS WERE CREATED? 

Social Entrepreneurship NGOs & 

Bottom of the Pyramid Investors 

Private Equity / Venture 

Capital 

Businesses that provide solutions 

to aid disadvantaged populations 

Innovative, high-growth businesses 

that will create jobs and wealth 

Businesses that are well on their 

way to success 

ENDEAVOR BRIDGES AN IMPORTANT GAP: SUPPORT FOR 

INNOVATIVE BUSINESSES WITH HIGH-GROWTH POTENTIAL. 

These businesses are often overlooked by traditional aid, social entrepreneurship 

NGOs, local banks, and private equity investors. But supporting them is critical for 

they will create the jobs and the wealth needed to spur growth in emerging economies. 

GDP GROWTH MEXICO 

GDP GROWTH USA 

0.91% 

HIGH-IMPACT ENTREPRENEURS 

0.00% 0.00% 

0.02% 0.00% 

MICRO-ENTERPRISES 

(1–19 employees) 

US Census Bureau 2002 and Mexico Census Bureau 2004 

SMALL-MEDIUM 

ENTERPRISES 

(20–499 employees) 

0.18% 

LARGE CORPORATIONS 

(more than 500 employees) 

16 

17

ENDEAVOR’S GLOBAL IMPACT 

Endeavor Affiliates 

Scoped Countries 

Endeavor Global Headquarters 

Endeavor Affiliate Headquarters 

Endeavor Affiliate Satellite Offices

“ENTREPRENEURSHIP | SPREADING THE GOSPEL” 

AN EFFORT TO PROMOTE ENTREPRENEURSHIP IN THE 

DEVELOPING WORLD IS BEARING FRUIT 

“It is routine for entrepreneurs to consult their networks of mentors in Silicon 

Valley. But in much of the world, such networks are notable by their absence 

—and so, too, are examples of Silicon Valley-style successful entrepreneurship. 

Changing this was why Endeavor was created in 1997.” 

“ENDEAVOR’S MAGIC WORKS MOST POWERFULLY IN ITS 

SELECTION PROCESS... The aim is to identify those who can succeed 

on a scale that will make them into national role models, and then provide 

them with every possible support. But the process is designed to benefit all 

entrants, by helping them define their visions more clearly.” 

“ENDEAVOR HAS “CREATED ISLANDS OF HOPE,” says [Endeavor 

Entrepreneur and Board Member Wences] Casares. Now it must find ways 

to “change continents, not just little islands.” This has been recognized by 

Endeavor’s global board, which recently adopted an ambitious plan to 

expand to 25 countries by 2015.” 

OMIDYAR NETWORK COMMITS $10 MILLION 

DOLLARS TO SUPPORT ENDEAVOR OPERATIONS 

In 2008, Endeavor received the single largest contribution in its history when 

Omidyar Network committed up to $10 million to support Endeavor’s operations 

worldwide. Omidyar Network’s support will enable Endeavor to expand rapidly 

into more emerging economies, select more High-Impact Entrepreneurs, provide 

stronger services for High-Impact Entrepreneurs, and share the inspiring stories 

of Endeavor Entrepreneurs with a larger audience. 

ENDEAVOR THANKS OMIDYAR NETWORK FOR ITS GENEROSITY 

AS WE EMBARK ON THIS DYNAMIC PARTNERSHIP. 

Four million dollars of Omidyar Network’s support are conditional matching 

funds. Therefore, every dollar that you invest in Endeavor will be doubled 

through Omidyar Network. Your support will have greater impact than 

ever before! 

“Endeavor’s innovative approach, potential for 

enormous scale, and ability to show tangible results 

make it a natural fit for the Omidyar Network portfolio, 

and we’re excited to work with them to expand their 

reach to 25 countries over the next several years.” 

Matt Bannick, 

Managing Partner, Omidyar Network 

Incoming Global Board Member, Endeavor 

20 21

“I think it’s a duty and it’s a passion 

for me to take the knowledge that 

I have learned, the network that I 

have built and the capabilities that 

I have developed and make them 

available for entrepreneurs.” 

ENDEAVOR MODEL 

Fadi Ghandour, 

Founder & CEO, Aramex; 

Endeavor Jordan, Founding Board Member 

“[Aramex] should be the role model 

of a self-empowered Arab company, 

run by Arab brainpower and 

entrepreneurship, succeeding on 

the world stage and enriching 

its own workers at the same time.” 

Thomas L. Friedman, 

The World is Flat: A Brief History of 

the Twenty-First Century Version 3.0

1 

enter 

Endeavor targets emerging markets transitioning from international 

aid to international investment. Prior to launch, Country Benefactors 

form a local board and underwrite the start-up costs. 

select 

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Endeavor annually screens thousands of entrepreneurs to identify 

those with the highest impact potential. Candidates with the most 

innovative, high-growth ventures and promise as future leaders are 

selected as Endeavor Entrepreneurs. 

6 

1 

3 

4 

support 

Endeavor provides customized local and global services that help our 

entrepreneurs succeed. Services include MBA interns, mentorship 

from business leaders, pro-bono consultant services, access to capital 

via road-shows, and an entrepreneurial peer group. 

promote 

Endeavor partners with local media and universities to highlight 

Endeavor Entrepreneurs as visible role models and case studies, 

generating a “multiplier effect.” 

5 

4 

HIGH-IMPACT 

ENTREPRENEURS. 


CHANGE. 

2 

5 

6 

influence 

Endeavor works with governments and multilateral institutions to 

promote policy changes favorable to entrepreneurship and venture 

capital. Endeavor’s influence extends beyond business to the broader 

society and culture. 

reinvest 

Endeavor Entrepreneurs volunteer to donate either a percentage of 

equity or a percentage of revenues back to their local Endeavor office. 

This Give-Back Program sustains the organization and maintains the 

cycle of mentoring for the next generation. 

3 

24 25

ENDEAVOR’S VALUE PROPOSITION 

Create jobs and wealth 

by unleashing new talent 

financial 

CAPITAL 

Develop leaders 

through hands-on 

training and advising 

human 

CAPITAL 

Endeavor 

+ 

High-Impact 

Entrepreneurs 

Mobilize networks to 

attract investors and 

business mentors 

social 

CAPITAL 

Produce cuttingedge 

research and 

spark innovation 

intellectual 

CAPITAL 

Showcase role models 

to generate opportunity 

and influence policy 

cultural 

CAPITAL 

26 27

“Endeavor has done a really great job in 

identifying entrepreneurs around the 

world, who have great ideas but don’t 

have all the access to the opportunities 

to make them happen.” 

IMPACT/RESULTS 

Michael Dell, 

CEO, Dell Computer Corporation 

Keynote Speaker at Endeavor’s 

2007 Entrepreneur Summit

GLOBAL IMPACT METRICS 1998–2007 

financial 

CAPITAL 

86,291 

High-value jobs created by 

Endeavor Entrepreneurs 

89% 

of Endeavor Entrepreneurs 

have over 50% of employees 

covered by the benefits that 

the company offers 

$2.51 BILLION 

revenues generated by 


$50 MILLION 

raised in 1 IPO of an 

Endeavor company 

94% 

Endeavor Companies 

still in operation 

human 

CAPITAL 

17,301 

candidates received 

professional feedback 

through Endeavor’s Search 

& Selection program 

333 

High-Impact Entrepreneurs 

representing 220 companies 

supported by Endeavor 

188 

average number employed 

by Endeavor Companies 

113% 

increase in an Endeavor 

Entrepreneur’s Salary after 

becoming an entrepreneur 

95% 

Endeavor Companies 

providing more benefits 

than those required by law 

social 

CAPITAL 

4,247 

weeks spent by US MBAs 

and corporate fellows 

consulting Endeavor 

Entrepreneurs 

306 

New Companies started 

with direct involvement of 

an Endeavor Entrepreneur as 

an investor, board member, 

or mentor 

96 


have had employees who have 

left to start their own business 

82% 


state that they would not 

have been able to meet 

their mentor without the 

Endeavor network 

54% 


were the first in their 

community to receive 

outside financing or 

institutional support 

intellectual 

CAPITAL 

69% 


have started a company which 

is the first in its industry in his 

or her country 

708 

Patents or Patents Pending 

held by Endeavor Companies 

320 

Major entrepreneurship 

awards received by Endeavor 

and its Entrepreneurs 

173 

Endeavor Entrepreneur 

case studies taught 

in universities 

66% 

of Endeavor Companies 

investing in R&D 

cultural 

CAPITAL 

70% 


have donated cash or equity 

to Endeavor 

27 


have invested as an Angel 

Investor or Venture Capitalist 

186MM 

People reached through 

media content on Endeavor 

and its entrepreneurs 

(2007–08) 

2.2 MM 

People receiving 

entrepreneurial content 

directly through Endeavor 

(2007–08) 

75 


indicate that a family 

member decided to start his 

own business after watching 

the entrepreneur’s success 

30 31

BEHIND THE NUMBERS THE POWER OF HIGH-IMPACT BUSINESS 

HIGH-IMPACT ENTREPRENEURS excel in a marketplace where 

their desire to start a business and the potential for more returns from 

self-employment exists. Endeavor Entrepreneurs have seen their 

incomes rise 113% since becoming entrepreneurs. 

ENDEAVOR ENTREPRENEURS take measures to differentiate 

themselves above the perception of corruption in their culture. An 

Endeavor Entrepreneur is 92% more likely to have external financial 

assessments compared to the average company in his/her market. 

HIGH-IMPACT ENTREPRENEURS create the most jobs. 28 

Endeavor Companies employ more than 500 people in their 

local country. 

HIGH-IMPACT ENTREPRENEURS often have strong international 

appeal, indicating a business’ long term sustainability and 

growth potential. An Endeavor Entrepreneur is twice as likely to have 

international presence than the average company in his/her country. 

ENDEAVOR ENTREPRENEURS innovate in markets and 

create new ones. They attract others into the industries, sparking 

growth. 62% of Endeavor Entrepreneurs had a competitor 

replicate his/her business practices. 

HIGH-IMPACT ENTREPRENEURS are more dedicated to 

innovation; Endeavor Entrepreneurs spend 20 times more on 

R&D than the average entrepreneur in the emerging markets. 

They are also 88% more likely to innovate in their market, 

based on use of new technology and patent registration. 

HIGH-IMPACT ENTREPRENEURS show commitment to the 

creation of an entrepreneurial ecosystem. Endeavor Entrepreneurs have 

invested over $10 million in new businesses as an Angel Investor or 

Venture Capitalist. In addition, 55% of Endeavor Entrepreneurs have 

been involved in the creation of another venture. 

ENDEAVOR changes the investment climate. 27 new Venture Capital 

funds have been launched by members of Endeavor’s network since 

those members joined Endeavor’s network. 

ENDEAVOR helps entrepreneurs achieve their high-impact potential. 

82% of Endeavor Entrepreneurs state that they would not have 

otherwise been able to meet their mentor without the Endeavor 

network. Endeavor Entrepreneurs also have accessed nearly 

$1 billion in funding subsequent to their selection by Endeavor. 

32 

33

ENDEAVOR IN ACTION 

“From Beirut to Buenos Aires, High-Impact 

Entrepreneurs are thriving in every 

economy around the world. Through their 

willful pursuit of innovation and excellence, 

they are changing communities, societies, 

and economies.” 

Peter Kellner, 

Managing Partner, 

Uhuru Capital Management; 

Endeavor Co-Founder

1 

endeavor in action 

ENTER 

ENTREPRENEUR SPOTLIGHT 

FATMA GHALY 

ENDEAVOR TARGETS EMERGING MARKETS THAT HAVE A 

RECENT HISTORY OF STRONG ECONOMIC GROWTH, A PROMISING 

ENTREPRENEURIAL LANDSCAPE, AND MOST IMPORTANTLY, 

THE SUPPORT OF THE LOCAL BUSINESS COMMUNITY IN FUNDING 

AND LAUNCHING LOCAL OPERATIONS. 

After a successful launch in Egypt in 2007–2008, Endeavor is expanding in the 

Middle East. The demand is great: 100 million youth will need jobs in the next 

decade. Youth unemployment hovers around 25% for the region. High-Impact 

Entrepreneurs will create businesses that will reduce those statistics. 

Internationally recognized as the leading 

jewelry designer of the Arab world, Azza 

Fahmy Jewelry (AFJ) is a family business 

that has evolved into the first Egyptian 

designer brand. Led today by Fatma Ghaly 

—the business-savvy daughter of original 

designer and founder Azza Fahmy—AFJ is 

a fantastic story of two generations of female 

entrepreneurship. With five retail stores 

in Egypt as well as newly opened locations 

throughout the Middle East, AFJ is moving 

quickly on its ambitious plans to become a 

global player. 

In the coming year, Endeavor will 

help AFJ expand internationally, sell 

products online and develop a stronger 

marketing strategy. Endeavor has 

connected Fatma to Marcelo Cherto, 

a member of Endeavor Brazil’s 

VentureCorps, who specializes in 

franchising. Endeavor has also begun 

promoting the AFJ story in association 

with Goldman Sachs’ 10,000 

Women initiative. 

COMPANY 

Azza Fahmy Jewelry 

COUNTRY 

Egypt 

YEAR SELECTED 

2008 

AFJ IS A FANTASTIC STORY OF TWO GENERATIONS OF 

FEMALE ENTREPRENEURSHIP. 

“Endeavor makes you feel that you have the support 

so that you can succeed.” 

Fatma Ghaly, 

Azza Fahmy Jewelry 

Egyptian Endeavor Entrepreneur 

TODAY ENDEAVOR OPERATES IN 11 COUNTRIES, WITH AN 

AMBITIOUS GOAL OF EXPANDING INTO 25 COUNTRIES BY 2015. 

36 

37


SAMEER MEHRA 

ENDEAVOR ARGENTINA & CHILE: A DECADE 

OF HIGH-IMPACT 

COMPANY 

Suminter 

COUNTRY 

India 

YEAR SELECTED 

2008 

Sameer Mehra is bringing the benefits 

of the organic movement to struggling 

farmers in India. Founded in 2003, 

Suminter converts small-scale farms to 

international organic standards and then 

buys the products at a premium for 

export to the global market. Suminter is 

modernizing a very traditional industry 

and generating incomes for over 4,000 

farmers and their families in the process. 

With global demand for organics 

sky-rocketing, Suminter is growing 

exponentially—Sameer has targeted 

80,000 acres for organic conversion in 

the near term. 

Since selection, Endeavor has introduced 

Sameer to senior business leaders at 

banks and private equity firms to provide 

mentorship and advice on raising capital 

and other best practices. 

Endeavor has facilitated a connection 

with Emin Molu, a R&D Director at 

Orta Anadolu, one of the biggest cotton 

mills in Turkey. 

THIS IS THE POWER OF ENDEAVOR: MAKING EMERGING 

MARKET-TO-EMERGING MARKET CONNECTIONS ALL OVER 

THE WORLD! 

BEFORE AND AFTER ENDEAVOR’S ENTRY: 10 YEARS ON 

“Endeavor is a fundamental pillar for the creation 

of entrepreneurship in Chile and the development 

of our country, generating jobs and new horizons 

thanks to those leaders who decide to follow the 

entrepreneurial path.” 

Alvaro Saieh, 

President, Corpgroup 

Endeavor Chile, Board Member 

Both Endeavor Chile and Endeavor Argentina turned 10 years old! Throughout the year, 

each affiliate has celebrated with a series of High-Impact events: conferences, workshops, 

and, last but not least, a 10km race. 

Most importantly, each affiliate has taken impressive steps to create entrepreneurial 

ecosystems beyond the capital cities. Endeavor Chile launched operations in Patagonia 

and Endeavor Argentina opened a new office in Córdoba in the central region of the 

country. 

These regional offices not only will uncover tougher-to-find High-Impact Entrepreneurs, 

but also will collaborate with local businesses, academia, other NGOs, and the media to 

invest in and spread the word on entrepreneurship. 

Endeavor Chile has also pioneered the first communal office space for Endeavor staff, 

entrepreneurs, and VentureCorps, where entrepreneurs at all stages can come and 

work together. None of this could have happened in Argentina without Endeavor’s 

first two supporters in emerging markets, Eduardo Elsztain and Woods Staton. After 

ten years, Eduardo plans to turn the chairmanship of Endeavor Argentina over to an 

Endeavor Entrepreneur—a remarkable first for Endeavor and a dream come true 

for Eduardo. 

In Chile none of this could have happened without the support of Alvaro Saieh, Jose 

Luis del Rio, and Salvador Said, who resurrected Endeavor Chile after a perceived lack 

of business interest in supporting up-and-coming entrepreneurs. Now, Endeavor Chile 

has among the most prominent boards of directors of any institution in the country. 

Congratulations to both affiliates on ten incredible years! 

38 39

2 


SELECT 


NEVZAT AYDIN, MEL∑H ÖDEM∑∏, CEM NUFUS∑ 

Endeavor assesses entrepreneurs through a year long selection process. 

Endeavor’s selection criteria focus on three key points: the entrepreneur, 

the business, and Endeavor’s ability to provide critical support. The 

interviews are specifically designed to ensure that the entrepreneur 

receives mentorship from the interviewer. 

ENDEAVOR’S SEARCH & SELECTION MODEL 

SEARCHING FOR HIGH-IMPACT ENTREPRENEURS 

Founded in 2001, Yemeksepeti is the 

premier online food delivery business in 

Turkey. Led by CEO Nevzat Aydın and 

his partners Melih Ödemiş and Cem 

Nufusi, Yemeksepeti offers free online 

food ordering for over 2,800 restaurants 

for over 400,000 people in nine cities 

across Turkey and Cyprus. 

Endeavor Turkey introduced Yemeksepeti 

to Turkey board member Suzan Sabancı 

Dincer, who has mentored the trio on 

financing issues as well as connected them 

to advisers from Akbank, one of Turkey’s 

largest banks. Akbank and Yemeksepeti 

then joined up to expand Yemeksepeti’s 

special discount service to include Akbank 

credit card customers. 

In 2008, Yemeksepeti is expanding outside 

of Turkey and has received financing from 

a European venture capital fund. 

COMPANY 

Yemeksepeti 

COUNTRY 

Turkey 

YEAR SELECTED 

2007 

PRO-ACTIVE RESEARCH 

BY ENDEAVOR STAFF 

RECOMMENDATION 

FROM ENDEAVOR NETWORK 

SELF-NOMINATION 

THROUGH WEBSITE 

SELECTION PROCESS 

INITIAL REVIEW 

Local Endeavor staff assess the viability of candidates. 

1600 

CANDIDATES 

MENTOR REVIEWS 

Endeavor’s VentureCorps conduct interviews that assess business 

strategy, innovation, growth potential, and personal qualities. 

600 

CANDIDATES 

LOCAL SELECTION PANEL 

Candidates formally present to a panel of VentureCorps and 

local Board Members. 

150 

CANDIDATES 

INTERNATIONAL SELECTION PANEL (ISP) 

International business leaders interview, deliberate 

and select a new class of Endeavor Entrepreneurs by 

unanimous vote 4–5 times a year. 

80 

CANDIDATES 

An Endeavor ISP in Istanbul, Turkey 

40 

ENDEAVOR ENTREPRENEURS ARE CHOSEN 

53 


ENTREPRENEURS 

(IN 2007) 

41

THE CONNECTING POWER OF PANELS 


CANDICE ROBERTS 

Here’s a snapshot from an International Selection Panel in Mexico City, April 2008: 

Candice Roberts found an innovative 

way to create employment at a new level 

in South Africa, a country scarred by a 

30–40% unemployment rate. CallForce 

Direct recruits and trains young South 

Africans for the call center industry in 

South Africa. Candice specifically looks 

to assist previously disadvantaged South 

Africans develop the skills they need for 

the 21st century economy. In doing so, 

she has created a sustainable business that 

is developing thousands of skilled laborers. 

Endeavor’s work with CallForce focuses 

on increasing its innovation in the market 

place. In the summer of 2007, an MBA 

student from Cornell helped develop a 

new agent retention strategy. The findings 

were so stellar that Candice is in the process 

of publishing a white paper for the 

community. In 2008, a second MBA 

student recruited by Endeavor conducted 

further research which Candice recently 

presented at the World Africa Contact 

Centre Conference! 

COMPANY 

CallForce Direct 

COUNTRY 

South Africa 

YEAR SELECTED 

2005 

WITH ENDEAVOR’S SUPPORT, CALLFORCE HAS GROWN 

SIGNIFICANTLY, INCREASING THE NUMBER OF EMPLOYEES 

TO OVER 1300 AND INCREASING REVENUES ALMOST 400%. 

TIM DRAPER, Co-founder & Managing Director of the US-based VC 

firm Draper Fisher Jurvetson and Endeavor Global Board member, 

agreed to mentor two online start-ups, Chile’s Needish.com and 

Argentina’s LeadtoRealty.com. 


FERNANDO CAMMAROTA 

ALI AL-HUSRY, the former CEO of Capital Bank in Jordan and 

Endeavor Jordan’s chairman, saw great potential in the design 

work of Ezequiel Farca, a Mexican entrepreneur and offered to 

make connections for the company to launch in Dubai. 

JOSÉ FOURQUET, an Endeavor Global Advisory Board member, 

plans to fly down to rural Uruguay to strengthen the 

organizational structure of Black River Sturgeons, a family 

caviar company going head-to-head with the industry 

leaders in Russia and Iran. 

Fernando Cammarota has moved from the 

fast lane to the safe lane! He started his 

career as a race car driver, but now runs 

CEPA, a company that specializes in driver 

training and accident prevention consulting. 

CEPA has quickly become the leader in its 

field, servicing roughly 30,000 vehicles and 

projecting an almost twenty-fold increase 

in this number by 2011. 

As his company grows, Fernando is 

genuinely committed to giving back to 

his community, delivering on his potential 

to become an inspiring entrepreneurial role 

model for his fellow Uruguayans. He has 

already provided pro-bono driving safety 

classes for the entire Endeavor community! 

Endeavor has paired Fernando with a 

VP of communications at Coca Cola, 

who is mentoring Fernando on internal 

communication and management. 

COMPANY 

CEPA 

COUNTRY 

Uruguay 

YEAR SELECTED 

2008 

42 43

3 


SUPPORT 


MAURICIO ANGEL & ARTURO ARCINIEGAS 

Endeavor provides High-Impact Entrepreneurs with customized local and global 

services tailored to the needs of each entrepreneur. The services provide High- 

Impact Entrepreneurs with acccess to: 

STRATEGY 

Every Endeavor Entrepreneur receives a pro-bono “needs 

assessment” diagnosis with a leading international consultancy, 

such as BCG or McKinsey. 

MENTORSHIP 82% of Endeavor Entrepreneurs believe they would never have 

met their mentors without Endeavor’s introduction. 

Endeavor’s first Colombian entrepreneurs 

have come a long way since being selected 

in October 2006. Ideagro is revolutionizing 

the way a very traditional industry—cattle 

ranching— does business by manufacturing 

high-quality farm equipment in Colombia. 

In doing so, Ideagro is pioneering rural 

development and quality job creation in 

a country in need of new sectors. 

Since being selected Endeavor 

Entrepreneurs, Ideagro has tripled its 

revenues and doubled the size of its labor 

force. Critical to this growth has been the 

pairing of Mauricio and Arturo with Nicolas 

Duenas, a senior consultant at Azurian. 

With Nicolas’ support and mentorship, the 

entrepreneurs relocated their manufacturing 

facilities to a more cost-effective location 

and subsequently developed a more efficient 

production area. Now, they are focusing on 

restructuring their financial system. 

COMPANY 

Ideagro 

COUNTRY 

Colombia 

YEAR SELECTED 

2006 

TALENT 

Endeavor has sent 35 high-level directors from Ernst & Young to 

undertake crucial three-month fellowships with entrepreneurs 

in Argentina, Chile, and Uruguay. Endeavor is in the top 2% of 

recruiters at Stanford and Harvard business schools. 

SINCE BEING SELECTED ENDEAVOR ENTREPRENEURS, 

IDEAGRO HAS TRIPLED ITS REVENUES AND DOUBLED 

THE SIZE OF ITS LABOR FORCE. 

NEW SKILLS 

Endeavor hosts local and international events focusing on 

entrepreneurial challenges, success, leadership, and growth. 


IVAN BARCHESE 

INSPIRATION 

Endeavor has introduced its entrepreneurs to business icons 

such as Ratan Tata, Jack Welch, and Michael Dell. 

“For mentors, supporting Endeavor Entrepreneurs 

changes how they look at the role of young enterprises 

in the larger economy. It is a win-win collaboration 

for all parties.” 

Mextra puts the “pop” in the soda can. 

Specifically, Mextra produces metallic 

alloys for aluminum products. Ivan 

Barchese, a metallurgical engineer, is the 

man behind Mextra. Endeavor selected 

Ivan in 2004, recognizing that he had the 

potential to become a key global company. 

To help him out, Endeavor introduced Ivan 

to Fausto Moreira, the former CEO of Alcoa 

Latin America, to serve as a “padrino” 

—a Godfather. As Ivan says, “I can tell 

him my ideas, we talk strategy, and he 

points out the risks. And the networking! 

Fausto has a lot of friends. In just three 

years, we’ve grown to $36 million and 

170 employees.” In 2007, Fast Company 

magazine featured Fausto’s mentorship of 

Ivan in their Social Capitalist Awards issue. 

“… FAUSTO HAS A LOT OF FRIENDS. IN JUST THREE YEARS, 

WE’VE GROWN TO $36 MILLION AND 170 EMPLOYEES.” 

COMPANY 

Mextra 

COUNTRY 

Brazil 

YEAR SELECTED 

2004 

44 

Cansen Baþaran Symes, 

Territory Senior Partner, PricewaterhouseCoopers; 

Endeavor Turkey VentureCorps 

45

MEXICO’S “CONSULTIVO CONSEJO” PROGRAM 

CHILE’S ANNUAL RETREAT 

Endeavor Mexico builds a board of advisors for each of its High-Impact Entrepreneurs. 

This board, usually comprised of 3–5 VentureCorps members, a separate Endeavor 

Entrepreneur, and one Endeavor staff member, meets quarterly to provide strategic 

advice for entrepreneurs. Most Endeavor Entrepreneurs are not in a position to have 

a formal Board of Directors, but as their businesses expand, discussing key growth 

issues with an outside body of individuals is invaluable. 


DAN SCHWARZBLAT 

COMPANY 

Chilim Balam 

COUNTRY 

Mexico 

YEAR SELECTED 

2005 

Dan Schwarzblat founded Chilim Balam 

in 1995 when he was just 22 years old. 

Since then, he has changed the way 

Mexicans purchase their candy by putting 

candy stores in malls and offering over 500 

varieties of sweet Mexican delicacies. With 

Endeavor’s support, Chilim Balam has 

already doubled its number of employees 

and revenues and has opened stores in 

35 malls. 

As a young entrepreneur in a complicated 

industry, Dan needed some strong mentoring. 

Endeavor formed a non-acting board 

of directors that meets four times a year 

in person. The board includes a VP of 

Expansion from Starbucks International, 

an HR VP from Wrigley Mexico, and a 

partner at Advent Capital. Together, they 

have helped Dan set the ambitious goal 

of doubling the number of Chilim Balam 

stores in the next two years. They have 

not only provided expertise on expansion, 

human resources, and financing, but also 

given Dan the confidence to THINK BIG 

about his business. 

WITH ENDEAVOR’S SUPPORT, CHILIM BALAM HAS ALREADY 

DOUBLED ITS NUMBER OF EMPLOYEES AND REVENUES AND 

HAS OPENED STORES IN 35 MALLS. 

Every January, Endeavor Chile’s entrepreneurs, board members, and VentureCorps 

attend a three-day retreat, hosted by an Endeavor Chile Board Member. In addition to 

training seminars and team building exercises, each Endeavor Entrepreneur is treated 

like a candidate all over again. A team of Endeavor Chile board members grill and then 

offer constructive feedback to the entrepreneurs as they face new and different 

challenges than when they were initially selected. In this way, Endeavor’s services 

are matching the new demands of later-stage businesses. 


JUAN PABLO SWETT & FELIPE HURTADO 

Founded in 1999, Trabajando.com is more 

than just an online job site. Trabajando.com 

offers a wide range of services within the 

labor market, developing personalized 

recruitment process software, hosting job 

fairs and HR exhibitions, and offering 

a human resources consulting service. 

Trabajando.com has a client base of more 

than 82,000 companies and 3 million users 

in the region. 

As soon as Felipe & Juan Pablo became 

Endeavor Entrepreneurs, Endeavor Chile 

was ready to help out. So far, so good as 

Trabajando.com has already doubled its 

revenue, tripled its workforce, and secured 

a $15m investment from Santander, a 

world-class Spanish bank. 

COMPANY 

Trabajando.com 

COUNTRY 

Chile 

YEAR SELECTED 

2007 

46 47

FOSTERING A COMMUNITY OF ENTREPRENEURS 

In Brazil, Chile, and Turkey, groups of 6–7 Endeavor Entrepreneurs come together monthly 

to mentor each other. These peer-to-peer meetings enable all attendees to see their own 

businesses in fresh lights and prepare them for challenges they might not have foreseen. 

Endeavor Turkey held a Business Development Meeting for Endeavor’s Telcom 

Entrepreneurs. Three companies—PI Works, AirTies and Pozitron—came together for 

an afternoon and focused on identifying industry trends, improving international sales 

and sharing their international contacts. Endeavor’s support enables these entrepreneurs 

to trust one another, learn from each other, and feel part of a community. 

“Endeavor has been an integral player in helping 

me dream big and start executing on 

building my business to realize the potential. 

It has also been a key catalyst in much of my 

inspiration through having been exposed 

to really influential individuals.” 

ENDEAVOR IMMERSION TOURS 

Endeavor Immersion Tours enable Endeavor Entrepreneurs to meet a diverse group of 

top-flight entrepreneurs, academics and business executives. Endeavor Entrepreneurs 

have the chance to meet inspiring role models, learn about challenges successful 

entrepreneurs have faced and discuss their own challenges. Endeavor has held tours 

in India, Austin TX, Silicon Valley, Israel, New York & Boston. 

NEW YORK 2007 TOUR HIGHLIGHTED SPEAKERS 

BARRY DILLER 

Chairman & CEO, InterActiveCorp 

BRIAN SWETTE 

Chairman, Burger King; 

Former COO, eBay; 

Former CMO, Pepsi 

JOSEPH SIGELMAN 

Co-founder & Co-president, 

Office Tiger 

KEVIN RYAN 

CEO, Shopwiki; 

Former CEO, Double-Click 

Glen Ansell, 

Founder and CEO, i5 

Endeavor South Africa Entrepreneur 

“Endeavor is hope. Endeavor is confidence. 

Endeavor is a global community that can help 

us grow.” 

Leila Velez, 

Partner, Beleza Natural 

Endeavor Brazil Entrepreneur 

JANET ROBINSON 

CEO, The New York Times, Inc. 

NIKLAS ZENNSTRÖM 

Co-founder, Skype & Joost 

48

4 


PROMOTE 


THAI QUANG NGHIA 

Sharing the stories of High-Impact Entrepreneurs is a critical component 

to providing full support for High-Impact Entrepreneurs. In doing so, 

Endeavor promotes the importance of entrepreneurship in emerging 

economies and inspires the next generation of entrepreneurs. 

Endeavor’s case study is being taught around the world, including 

In 1979, Thai Quang Nghia left Vietnam 

as a refugee on a fishing boat. Miraculously, 

he was picked up by a Petrobrás oil tanker, 

which gave him asylum in Brazil. Over the 

next fifteen years, Thai came to embody the 

spirit of entrepreneurship as he started a 

variety of retail businesses. 

played an instrumental role in teaching 

Thai about the importance of hiring 

good management by providing him 

with pro-bono mentors from a top 

international HR firm. In 2008, Endeavor 

promoted Thai’s story through a feature 

on CNN International. 

COMPANY 

Goóc 

COUNTRY 

Brazil 

YEAR SELECTED 

2006 

in the classrooms of these business schools: Harvard, Stanford, 

Duke, MIT/Sloan, Columbia, and even undergrads at Princeton. 

In 2003, he launched Goóc, a lifestyle 

business that specializes in fashion and 

footwear. Since being selected in 2006, 

Thai has seen his business soar—revenues 

have increased over 500%. Endeavor has 

Thai has pledged 2% equity of Goóc to 

Endeavor Brazil because, “Brazil helped 

me when I needed it most; now it is time 

for me to give back, generating jobs and 

wealth.” 

SINCE BEING SELECTED IN 2006, THAI HAS SEEN HIS BUSINESS 

SOAR—REVENUES HAVE INCREASED OVER 500%. 


PATRICIO FUKS & ALEJANDRO FRENKEL 

Where others saw despair and risk in 

the Argentine economic crisis of 2001, 

visionary entrepreneur Patricio Fuks saw 

true opportunity. Capitalizing on his 

family’s background in the traditional 

hotel industry, Patricio moved quickly in 

the struggling Buenos Aires tourism market 

to consolidate three hotels within one year. 

Just five short years later, he and his partner 

Alejandro Frenkel are leading Grupo Fën 

—a hotel management company—through 

a red-hot expansion phase. Today Grupo 

Fën manages nine hotels which employ 

close to 300 people. 

Endeavor Argentina hosted a specialized 

2-day HR workshop for Grupo Fën, from 

which Patricio and Alejandro have received 

ongoing consulting from the VentureCorps. 

Passionate entrepreneurs with an endless 

stream of market-changing ideas, Patricio 

and Alejandro are truly big-thinkers aiming 

to create the first Latin American boutique 

hotel brand with global potential. 

COMPANY 

Grupo Fën 

COUNTRY 

Argentina 

YEAR SELECTED 

2007 

50 

51

5 


INFLUENCE 

BY SUPPORTING HIGH-IMPACT ENTREPRENEURS, ENDEAVOR 

CONTRIBUTES TO THE LARGER GOAL OF TRANSFORMING 

ENTREPRENEURIAL ECOSYSTEMS IN EMERGING ECONOMIES. 

Emerging markets can create sophisticated, competitive capital markets. 

This is dependent not just on supporting High-Impact entrepreneurs, 

but also on several other key change agents: the government, 

universities, the investment community, and the media. Endeavor 

works closely with many of these institutions and is changing the 

way business is done in these economies. 

INVESTORS 

Endeavor has helped its entrepreneurs secure nearly $1 billion in capital and 

can count over 1000 potential investors in its network. 

ENDEAVOR’S LOCAL NETWORK HAS LAUNCHED 27 

INSTITUTIONAL VENTURE CAPITAL FIRMS IN ECONOMIES 

THAT TRADITIONALLY NEVER HAD VC MONEY. 

GOVERNMENTS AND CAPITAL MARKETS 

Governments determine the policies and regulations that create the enabling environment 

for entrepreneurship. Endeavor Entrepreneurs are role models whose strong examples 

of success have led governments to approach Endeavor for policy-related advice. 

In 2007, Endeavor Uruguay was invited to join the Executive Committee of National 

Agency for Investigation and Innovation—a government taskforce that aims to develop 

programs that will promote and invest in scientific innovation. The program will invest 

in both greater R&D and in entrepreneurs directly. 

In 2007, Endeavor Chile was invited to join a task force on competitiveness, growth, 

employment, and equality. Endeavor Chile specifically proposed a $60 million program 

that focuses on engaging youth in entrepreneurship that is currently being processed. 

In 2004, President Vicente Fox’s government approached Endeavor about creating 

conditions to foster entrepreneurship. Endeavor Mexico worked with Nacional Financiera, 

S.N.C. Development Banking Institution—a branch of the Mexican government—to 

develop the first government-funded business angel fund. 

From left to right: Colombia President Alvaro Uribe Velez; Gaia de Dominicis, 

MD, Endeavor Colombia; Sergio Lopez Costa, Endeavor Entrepreneur, Endeavor 

Chile; and Andrés Echavarría, Chairman, Endeavor Colombia at the launch of 

Endeavor Colombia 

UNIVERSITIES 

Universities play a critical role in promoting entrepreneurship. All Endeavor affiliates have 

close connections to universities—two Endeavor offices are situated on a university campus. 

Endeavor has worked with professors to develop curriculum about entrepreneurship. 

173 CASE STUDIES HAVE BEEN WRITTEN ABOUT 

ENDEAVOR ENTREPRENEURS. 

52 

53

ENDEAVOR MEXICO’S REGIONAL EXPANSION 

In 2008, Endeavor Mexico launched an aggressive strategy to increase its presence 

across the nation. Endeavor has partnered with universities and the top business leaders 

in the states of Puebla, Guanajuato, Baja California, Chiapas, Aguascalientes, Jalisco 

and Nuevo León to launch a franchise office in each place. Endeavor is creating 

“mini-Endeavors” by selecting young entrepreneurs—some of whom may become 

full fledged Endeavor Entrepreneurs—and then providing them with a network of 

local business leaders and consulting services. 

MEDIA 

The media plays a hugely important role in legitimizing the work of High- 

Impact Entrepreneurs. This is especially critical in cultures that do not celebrate 

the success of entrepreneurs. 

IN 2007–8, ENDEAVOR ENTREPRENEURS HAD OVER 8000 

HITS IN THE MEDIA! 

INSPIRING NEW ENTREPRENEURS 

Endeavor is a proud partner of Global Entrepreneurship Week from November 17–23, 

2008. Global Entrepreneurship Week is designed to unleash the power of entrepreneurship 

all over the world. In 2007, Entrepreneurship Week USA and Enterprise Week UK involved 

nearly a million individuals. This year, as the initiative goes global, that number will 

be vastly exceeded. 

THROUGH GLOBAL ENTREPRENEURSHIP WEEK, ENDEAVOR 

BRAZIL ALONE PLANS TO REACH 1 MILLION PEOPLE DIRECTLY 

AND 100 MILLION PEOPLE THROUGH ITS MEDIA PARTNERSHIPS 

WITH BRAZIL’S FOUR TOP TV STATIONS! 

Every Endeavor affiliate plans to host conferences, roundtables, business plan competitions, 

innovation challenges, and networking events geared towards young, aspiring entrepreneurs. 

As of July 2008, Endeavor had partnered with over 300 local organizations to unleash the 

spirit of entrepreneurship. Please reach out to outreach@endeavor.org to get involved! 

In Turkey, Endeavor has formed partnerships with Doğan Media Group, a leading 

media company that owns several magazines, to promote Endeavor’s work. Hürriyet, 

which is owned by Endeavor Board Member Vuslat Dogan Sabancı, runs regular features 

on Endeavor Entrepreneurs. Referans Newspaper hosts an annual “Fast Fish” award for 

companies that have demonstrated successful rapid growth and provides Endeavor with 

the most promising companies to enter Endeavor’s Search & Selection process. 

SHARING BEST BUSINESS PRACTICES 

Endeavor Argentina’s entrepreneurs are changing the way that business is conducted. 

Endeavor and the American Express Foundation are implementing the first ever CSRentrepreneur 

program in Argentina. The program aims to identify and support entrepreneurs 

that want to integrate an economic and social impact into the visions of their companies 

and into their leadership. Endeavor Entrepreneurs representing the tech, energy, logistics, 

and consumer goods sectors are learning about and incorporating CSR into their operations. 

Endeavor Brazil’s Marketing Campaign for GE Week 

54 55

6 


REINVEST 

It is Endeavor’s mission ultimately to become “of, by, and for” entrepreneurs. 

When Endeavor was young, give-back from the entrepreneurs included 

speaking on Endeavor’s behalf, attending selection panels, and mentoring 

other Endeavor Entrepreneurs. Since then, local Endeavor Entrepreneurs 

have created financially sustainable models to support the next generation 

of High-Impact Entrepreneurs and propagate the social importance of 

Endeavor’s work. 

ENDEAVOR BRAZIL: 

2% EQUITY REINVESTMENT + $300 MONTHLY FEES 

Within 12 months of being selected, Endeavor Entrepreneurs agree to donate 2% equity 

to Endeavor Brazil and $300 in monthly service fees. The 2% equity will be paid out in the 

event of liquidity. 100% of Endeavor Brazil Entrepreneurs are participating in this give-back 

program. Combined with a fundraising gala, Endeavor Brazil will be fully sustainable by 

2010 —10 years after its launch. 

The collective value of Endeavor companies in Brazil at the end of 2007 was approximately 

$1.37BB, a 35% growth rate from 2006. Endeavor Brazil is building a formal endowment 

to collect the future liquidity of donated equity currently valued around $20MM. 

Endeavor Brazil’s Luiz Chicani was the first High-Impact Entrepreneur to donate 

liquidated equity to Endeavor. 

The reinvestment is spreading to other affiliates. In 2008, Nutra Bien was 

sold to a major Chilean food producer and distributor. As part of that sale, 

founders Patricio and Isabella made the first equity donation to Endeavor 

Chile by Endeavor Entrepreneurs. 

“Before Endeavor I felt like I was traveling on a gravel 

road. Since we met Endeavor, I suddenly see a ten-lane 

highway in front of me.” 

Patricio Jaras, 

Nutra Bien 

CASE STUDY: 

WENCES CASARES & THE VIRTUOUS CYCLE OF ENDEAVOR 

In 1998, Wences, the 23-year-old son of a sheep farmer in rural Argentina, launched 

Patagon.com, Latin America’s first online brokerage firm. Wences had been turned down 

by more than 30 local investors when Endeavor selected him. 

Endeavor helped Wences raise $4 million in equity financing. Two years later, he sold the 

business to Spain’s Banco Santander for $750 million. Since then, Wences has donated over 

a quarter of a million dollars (plus options in a new company) to Endeavor and joined 

Endeavor Global’s Board of Directors. 

This unstoppable entrepreneur has launched several new companies: Lemon Bank, a 

Brazilian-based bank for the poor; Wanako Games; Classified Media Group; MECK, 

an investment fund; and BlingNation, an open alternative payment network. 

Now, Wences has become a sought-after angel investor. He has financed Endeavor 

Entrepreneurs, including Needish.com, a Chilean start-up that Endeavor selected 

in April 2008. 

Perhaps most significantly, Wences has become an iconic role model: 

“IF WENCES CAN DO IT, I CAN DO IT TOO!” HAS 

BECOME AN OFTEN-HEARD RALLYING CRY IN 

THE SOUTHERN CONE.” 

56 

57

CONTRIBUTORS & 

FINANCIALS 

“When I see the Endeavor Entrepreneurs 

helping each other and also giving 

back to society, I can see that Endeavor’s 

impact is exponential and that it is 

spurring a revolution.” 

Eduardo Elsztain, 

Chairman & CEO, IRSA; 

Endeavor Argentina Chairman

CUMULATIVE DONORS 1997–2008 DONORS 2007 

OVER $500,000 

AVINA 

Bronfman, Jr., Clarissa & Edgar 

Citigroup 

Elsztain, Eduardo / Fundación IRSA 

Fundação Brava 

Inter-American Development Bank / 

The Multilateral Investment Fund 

International Finance Corporation 

Kellner, George & Bicky 

Kellner, Peter B. 

Michael & Susan Dell Foundation 

Omidyar Network 

Sebrae 

Staton, Woods 

Zambrano, Lorenzo / Cemex 

OVER $250,000 

Aspe, Pedro / Protego Asesores S.A .de C.V. 

Cababie, Elias / Gicsa 

Casares, Wences 

Cline, Michael J. 

Corporación Andina De Fomento (CAF) 

Del Rio, Jose Luis 

Fribourg, Paul / 

Conti Companies Foundation 

Goldman Sachs & Co. 

Gore, Adrian 

Klein, Beth and Michael 

Lehman Brothers 

Mai, Anne & Vincent 

Microsoft Corporation 

Morgan Stanley 

Oppenheimer, Jonathan and Jennifer 

Said, Salvador 

Saieh, Alvaro 

Sawiris, Naguib 

Seelig, Chip / Robin Brown & 

Charles Seelig Foundation 

Slim, Tony & Carlos / Fundación Telmex 

THE ENTIRE ENDEAVOR COMMUNITY EXTENDS ITS GRATITUDE 

TO THESE DONORS WHOSE ON-GOING SUPPORT HAS BEEN CRITICAL 

TO OUR SUCCESS TO DATE. 

$100,000 AND ABOVE 

Banco Real 

Beim, Nicholas F. 

Bronfman Jr., Clarissa & Edgar 

Cetus Investimentos 

Chicani, Luiz Alexandre 

Citigroup 

Citigroup Foundation 

Cline, J. Michael 

Elzstain, Eduardo / Fundación IRSA 

Fleury 

Kellner, Peter B. 

Lehman Brothers 

Morgan Stanley 

Och, Daniel / OZ Management LP 

Salesforce Foundation 

Santo Domingo, Alejandro / 

Caracol TV / Invernac / Valorem S.A. 

Sawiris, Naguib / Orascom Group 

Schwarzman, Stephen / 

The Blackstone Group 

Sebrae 

Secretaría de Economía 

(Working Grant) 

Seelig, Charles / Robin Brown & 

Charles Seelig Foundation 


Ann L. Bronfman Foundation 

Aspe, Pedro / 

Protego Asesores S.A. de C.V. 

Babaoğlu, Mehmet Ali / Füsun Designs 

Banco Itaú BBA 

Banco Nacional de Mexico 

Banicred 

Blavatnik, Len / Access Industries LLC 

Cemex Concretos S.A. de C.V. 

CONICYT 

Construtora Norberto Odebrecht 

CORFO 

Corporación Andina de Fomento (CAF) 

CSC Holdings, Inc. 

Cueto, Enrique 

DBM Brasil 

Del Rio, José Luis 

Diller, Barry / IAC InterActive Corp / 

Diller-Von Furstenberg Family 

Foundation 

Doğan Sabancı, Vuslat / Hürriyet 

Draper, Melissa & Timothy / 

The Draper Foundation 

Echavaria, Andres / Organización 

Corona / Sodimac Colombia 

Ernst & Young 

Fribourg, Paul / 

ContiGroup Companies Foundation 

Goldman, Sachs & Co. 

González, Guillermo / 

Taller de Empresa 

Gore, Adrian 

Hitay, Emin / Teknoloji Holding 

Klein, Michael & Beth / Citigroup 

Koç, Ali / Koç Holding 

Luksic, Jean Paul 

Mai, Anne & Vincent 

Mayer, Rafael / Khronos LLC 

Nahas, Fadı / NA Plus 

News Corporation 

Oppenheimer, Jennifer & Jonathan 

Özyeğin, Murat / FIBA Holding 

Pacheco, Eduardo / Mercantil Colpatria / 

Mineros de Colombia / Salud Colpatria 

Passos, Pedro Luiz Barreiros 

Proteus Security 

Sabancı Dinçer, Suzan / Akbank T.A.Ş 

Said, Salvador / Grupo Said 

Saieh, Álvaro 

Schiess, Christoph 

Simpson Thacher & Bartlett 

Swette, Brian / 

Swette Family Foundation 

Tahincioğlu, Özcan / 

Tahincioğlu Holding 

Telles, Marcel Herrmann 

von Appen, Sven 

Wolfensohn Family Foundation 

Zeko, Fehmi / Deutsche Bank 


ABN AMRO Bank Mexico S.A. 

Ackman, William A. 

African Management 

Services Company 

Aisiks, Ariel 

America Latina Logistica Do Brasil 

American International Group 

AVINA 

Azcárraga, Emilio / Televisa 

Banco de la Ciudad de Buenos Aires 

Banco Itau 

Banco Santander Rio 

Banco Sofisa 

Beleza Natural 

Best Buy Co, Inc. 

Biko, Hlumelo 

Black, Leon / Apollo Management, LP 

Board Cordoba 

Booz Allen Hamilton 

Brown, Matthew / 

Fairfield Greenwich Group 

Cababié, Elías / Cabi Inver S.A. de C.V. 

Cappello, Juan Pablo / 

Greenberg Traurig 

Celia, Antonio / Fundación Promigas 

Classimart 

Cmark Comunicacion S.C. 

Conatel 

Consultoria & Ingenieria Inmobiliaria 

S.A. de C.V. 

Credit Suisse Brasil 

Cybertécnica 

Daly, Carol Bayer Sager & Robert 

Dava Pharmaceuticals 

Dávila, Miguel Ángel / Cadena Mexicana 

de Exibicion S.A. de C.V. 

Deloitte & Touche 

DentalCorp 

Douer, Albert/ Ajover S.A. / Sanford 

Elsevier 

Eskala 

Ewing Marion Kauffman Foundation 

Ferrere 

Finvarb, Salomón / Empacor S.A. 

Fly Logística 

FNB Fund 

Frankel, David 

Friedberg, Barry 

Friis, Janus/ Joost 

Fundação Getulio Vargas 

Fundacion Universidad de las Americas 

Galperín, Marcos & Kazah, Hernán / 

MercadoLibre 

Genexus 

Gimba 

González, Carlos Fernandez 

Gorodisch, Alejandro 

GP Investments 

Green, Jason / Emergence Capital 

Heins, G / Dupont 

Horizon Equity Partners 

Infocorp 

Integration 

Integration Consultoria Empresarial 

Argentina 

Jeddy, Aly / McKinsey & Company, Inc. 

Julius Baer 

Karp Family Foundation 

Kellner, Bicky & George 

KPMG 

LabOne 

Lan Designers 

Larissa Empreendimentos Imobiliários 

Lee, Ann Tenebaum & Thomas H. 

Lemann, Jorge Paulo 

Leonard & Evelyn Lauder Foundation 

Lorentzen, Haakon 

Máquina da Notícia 

60 

61

Marc Haas Foundation 

Mastermaq 

Mecânica de Produção de Espetáculos 

Merck & Co. Inc. 

Mextra 

Migoya, Martín & Englebienne, Guibert 

& Umaran, Martín & Nocetti, Néstor/ 

Globant 

Mittal, Mannish / The Blackstone Group 

Mnuchin, Alan / AGM Partners LLC 

Natura 

Nelson, Jonathan M. 

Niklas Zennstrom / Atomico 

nTime 

Nunnelly, Mark / Bain Capital 

Pancostura 

Paul, Weiss, Rifkind, Wharton, Garrison 

Poit Energia 

Polo Ralph Lauren 

PricewaterhouseCoopers 

Programa Emprender (BID/FOMIN) 

Promon 

Propay 

Prospéritas Capital Partner 

Rodrigues, Lito 

Rosen, Jeffrey 

Rotschild do Brasil 

Salomon, Richard E. 

Sanint, Juan Bernardo / 

Foto de Oriente 

Secretaria de Turismo de Chiapas 

Semel, Terry & Jane 

Sicupira, Carlos Alberto 

Skadden Arps Slate Meagher & Flom 

Soma Staffing 

Spoleto 

Staton, Woods / 

Arcos Dorados S.A. 

Stemerman, David 

TCS 

Tech4B 

Tecno Logys 

Tecnomec Agricola S.A .de C.V. 

The Blackstone Group 

Totvs 

UBS AG 

Ulhôa Canto, Rezende e Guerra 

Advogados 

Universal Studios 

Veras, Paulo Antunes 

Viacom International 

Vieira, Rezende, Barbosa e Guerreiro 

Advogados 

Warner Music Group 

Weinstein, Harvey 

Yang, Jerry 

Zezati, Humberto & Rosi, Alex / Latin 

Internet Consultores S.C. 


AA2000 

Agardy, Federico / Fiducorp 

AIVA 

Akarlılar, Ersin / Mavi Jeans Inc. 

Akçakayalıoğlu, Zeynep / 

Royal Executive Search 

Akpinar, Basar / PI Works 

Alianza con la Biosfera S.A. de C.V. 

Alltournative S.A. de C.V. 

Allub, Julio / Allub Hermanos 

Altszul, Jony / 

Core-Aconcagua Ventures 

Ansell, Glen Ryan 

Aquistapace, Pablo 

Araya Rivas, Mario / Kibernum 

Argüden, Yılmaz / ARGE Consultancy 

Arizona 

Arkan, Çağlayan / Microsoft Türkiye 

Aspen Grove Foundation 

Assist 

Automatos 

Aydin, Nevzat / Yemeksepeti 

Ayllon, Felipe / Quinta Fresca 

Aytekin, Haluk / General Technics 

Balbo, Susana / Dominio del Plata 

Banco Espírito Santo Brasil 

Bank Leumi 

Barclay, Kathleen C. 

Başaran-Symes, Cansen / 

PricewaterhouseCoopers Turkey 

Bates, Sunny 

Bayar, Selin / Pekin & Bayar Law Firm 

Bayar, Uğur / Credit Suisse First Boston 

BBMundo Direct 

Becerra, Jorge 

Bedoya, Claudio / BioScience 

Beim, David O. 

Bernardes, Eduardo 

Bethlem, Mario / 

General Atlantic Partners 

BGH 

BID 

Bideshi, Steve / 

CITIBANK N.A. Türkiye 

Bilgi Zapparoli, Elif / 

EFG İstanbul Menkul Değerler A.Ș. 

Bilinkis, Santiago / Officenet 

Bill Bernbach Foundation 

Bonagura, Márcio 

Boronig, Erwin 

Bottger, Arturo / Grupo Bottger 

Bougamin, Ron 

Bristol, Brian 

Büchi, Marcos 

Business Institute Campinas 

Café Punta del Cielo 

Candiotti, Alejandro / 

Candiotti & Gatto Bicain 

Carey, Guillermo 

Cariola, María Gracia 

Carmona, Rolando/ Drillco 

Casaneva, Juan 

Çavuşoğlu, Bülent / 

K.V.K. Teknoloji Ürünleri ve Tic. A.Ș. 

Celebi, Bulent / Airties 

Centro de Inter Servicios SA de CV 

Cid, Pablo Gonzalez / 

Café Punto del Cielo 

Club de Business Angels 

Collado, Juan / Celulosa Argentina 

Compsis 

Comunique-se 

Consejo Empresario de Mendoza 

Cortés, Christian / 

Productos Alimenticios Corbac Ltda. 

CTI 

Daccarett, Daniel / Producto Protegido 

Datasul 

de Arechaga, Jimenez / Viana & Brause 

de la Barra, Jaime 

de las Carreras, Fernando / 

Nervous Waters 

Decagon Devices 

del Rio, Agustin Edwards 

Dell, Adam 

Deloitte / Galaz Yamazaki Ruiz 

Dereli, Zeynep / Drum For World 

Diagnóstika 

Dinçbaş, Osman / 

Ernst & Young Turkey 

DNA Recursos Humanos 

Doc Solutions de Mexico S.A. de C.V. 

Donoso, Javier / Geomar S.A. 

Dördüncü, Ahmet / Sabancı Holding 

DryWash 

du Toit, Pieter Wilter / 

Yeigo Communications 

Egeli, Tan / Egeli & Co 

Ejder, Bülent / KPMG Türkiye 

Errázuriz Grez, Jorge 

Errázuriz, Pedro Pablo 

Eyzaguirre, Cristián 

Fanapel 

Fausto Garcia Asociados S.C. 

Favarolo, Diego / Nautorpharma 

Finkelstajn, Jorge / Tensocable 

Fischman, Steven 

Fish, Lawrence / 

Fish Family Foundation 

Flanders, Scott / 

Freedom Communications 

Fonalix 

Fourquet, Jose A. 

Fuks, Patricio & Frenkel, Alejandro / 

Grupo Fën 

Gall, Laura / Expediciones Lihue S.A. 

Galli, Luis / Ertach 

Gandur, Cemil / 

Lotus Shipping Agencies 

Giuliani, Duberli / Giuliani 

Goldemberg, Arnaldo 

Gomez, Andres Ignacio 

Goóc 

Google 

Grekin, Max & Rovner, Abishai / 

Seaprende.com Chile S.A. 

Grupo Cherto 

Grupo Empresarial Espinosa 

S.A. de C.V. 

Guerra, Maximiliano & Coronel, 

Francisco & Adamo, Cristian / 

Archpartners 

Hadade, Marcos Abdo / Arizona 

Hall, Ridgeway 

Hamermesh Family 

Himes, James 

Hobson, Mellody 

Hormats, Robert D. 

Horwitz, José Manuel / Rahue S.A. 

IBM 

IBM Argentina 

Impactools 

Insignia Capital S.C. 

Integracion Consultoria de Mexico 

S.A. de C.V. 

Invest Tech 

InVoice 

Isbecer, Fatih / Pozitron 

Jaffe, Lawrence & Barbara 

Jaras, Isabella & Patricio / Alimentos 

Nutrabien S.A. 

Jean Pierre 

JL Stillings Associates 

Karabey, Erem / 

Polikim Polimer Kimya ve San. A.Ş. 

Karaçam, Burhan / 

Burhan Karaçam Partnership 

Keçeci Aşur, Işık / Aragon Capital 

Kent, Joss 

Killassy, Natalie 

Kitec 

Koç, Mustafa / Koç Holding 

Kotan, Kerim / Standard Ünlü 

KPMG Cardenas Dosal S.C. 

Kumar, Abhinav 

Kurdoğlu, Korhan / ATA Securities 

Kuru, Bahadir / PI Works 

Lazard Freres & Co. LLC 

Lecaros, Juan Francisco 

Leslie, Jack / CMGRP, Inc. 

Lightcom S.A. de C.V. 

Lingham, Vinny / Incubeta 

Llach, Felipe & Aranda, Santiago / Lixis 

Loizeau, Tito / Promored 

Lolita 

López Silva, Claudio / Asignet 

López, Sergio / Intellicom 

Mackinlay, Francisco / Congelarg 

Mandic, Aleksandar 

Marchionni, Guillermo / Ceicom 

Mark Ventures 

Martinez, Francisco 

Matsmoba, Lungisa / 

Yiego Communications 

Mazon, Alvi / Arena Computer 

McDermott, Thomas 

McIntire, John 

Memory 

Mendes, Joao & Romcy, Marcelo / 

Proteus 

Mendez, Martin / Neoris 

Mermer, Necat Emre / Dukkan 

Merrill Lynch 

Miranda, Gonzalo 

Misrahi Family Fund 

Mobisat 

Montreal 

Mora, Brizio Biondi 

Morin, Patrick 

Mueller, Gary / Internet Securities 

Müller, Tomas 

Musalem, José Miguel 

Musham, Bettye Martin 

MV Informática 

Nazar, Gabriel / Cardón 

Nghia, Thai Quang 

Nicora, Luciano / Viramonte & Nicora 

Novoa, Eduardo 

Odemis, Melih / Yemeksepeti 

Oliver Mizne 

Oppenheimer, Rodolfo 

Óptima Energía / Celsol 

Pacific Advisors 

Paker, Can / B.O.Y. Consulting 

Patricof, Alan 

Petreanu, Nicolás & Braun, Marcos / 

Gas Meridional 

Philip Morris Brasil 

Pigatto, Alexandro 

Pipeway 

Pixel Software 

Povlitz, Jennifer 

Prátika 

Procesamiento Especializados de 

Alimentos S.A. de C.V. 

Productos para un Mundo Mejor 

S.A. de C.V. 

Pugliese, Germán & Santos, Miguel / 

Technisys 

Quanam 

Querio, Pedro & Teubal, Pablo / 

FS Partners 

Quintana, Mario 

Raiman, Ángel / Forbex 

Reaves, Francis 

Rees, Joanna 

Representaciones Atlantida S.A .de C.V. 

RHS Franchising 

Riba, Lidia María & Vergara, Trinidad / 

VyR Editoras 

Richard, Anne Marie / Grupo S&N 

Riggs, Rory 

Ripani, Alejandro / Tía Maruca 

Rivera, Andres 

Robtec 

Rosenwald, John / Monterey Fund, Inc. 

Rouillon, Adolfo / Congelados del Sur 

Rovner, Abishai / SKMSeaprende 

Rozman, Gabriel 

Rvox Research Technology 

Sales Sarrapy, Carlos / Cuasar Capital 

San Martín, Pablo / 

San Martín, Suárez y Asoc. 

Sancak, Ethem / 

Hedef Alliance Holding 

Sandino, Ana Maria & 

Mlynarz, Geraldine / Diagnotec 

Say, Mustafa / Ilab Holding 

Scanntech 

Seg 

Segal, Susan 

Seguros Inbursa SA 

Seinco 

Şenkut, Sema / Kare Consulting 

Serra, Veronica 

Servicios Administrativos Mexis 

S.A. de C.V. 

Servicios Romac S.A. de C.V. 

Shell Compañía Argenitna de Petroleo 

Silva, Arnold Correia 

Smith, Carolina 

Sönmezer, Tanyer / 

Management Center Turkey 

Staudt, Leony / Lavandas de las Sierras 

Stephen Miller Siegel Architects, P.C. 

Stoneman Family Foundation 

Subway Link 

Taha, Shwan / Melak Yatırım ve 

Danışmanlık 

Tahah, Ipek Cem 

Talent 

Tancredi, Guido 

Ta-Ta 

Tecsis 

Telmex Argentina 

The Boston Consulting 

Group of Mexico S.A. de C.V. 

The Friedman Group Mexico 

Tierney Family Foundation Inc 

Top Systems 

Turski, Andrés & Rivero, Andrés / 

Quick Deli 

UBS 

Ugarte, José Manuel 

Uğur, Agah / Borusan Holding 

Universia Brasil 

Ünlü, Mahmut / Standard Ünlü 

Urunet 

Vazquez, Fernando 

Veirano Advogados 

Vera, Frank / Popvision 

Verifone Access SAPI de C.V. 

Villareal, Ricardo / Bioplants 

Visionaria Business Development 

S.A. de C.V. 

Vitrogen 

von Baer, Karina / Oleotop 

von Hurter, Arrelle 

Weill, Frederico / Compañía Argentina 

de Participaciones 

Werlang, Sérgio 

Whitfield, Christopher / 

Batswadi Pharmaceuticals 

Wolf, Esteban / 

Plus Time y Progen 

Yalcin, Ahmet 

Yuzen, Semih / Petfor 

Zubillaga, Alejandro 

62 63

DONORS IN-KIND 


AT Kearney 

Barbosa, Müssnich & Aragão Advogados 

BCG 

Bonagura 

Burhan Karaçam 

Deloitte Mexico 

Diario La Nación 

Doc Solutions 

Ferrada & Nheme 

Goulston & Storrs 

Grupo Editorial Expansión 

Ibmec São Paulo 

Integration Consulting (Mexico) 

Kindred Partners, LLC 

Korn Ferry International (Mexico) 


QG Propaganda 

Salesforce Foundation 

The Boston Consulting Group 

The Boston Consulting Group of Mexico 

The Friedman Group Mexico 

TODA, 

The Office of Design and Architecture 

Totvs BMI 

Warner Music Group 


Advice 

Ahmet Kavak 

(PWC Turkey Tax Services Director) 

Ali, Mehmet & Babaoğlu, Şerife 

Allis 

American Turkish Society 

Audico 

Baker & McKenzie 

Bilinkis Santiago & Freire, Andy / 

Officenet 

Birlesik Uzmanlar Certified Public 

Accountants 

Blackstone 

Boston Consulting Group 

Brigard y Urrutia 

Carle & Andrioli / Contadores Públicos 

Cines Hoyts 

Cinur 

Clarin Pymes 

Coca-Cola 

Companhia de Idiomas 

Daniel Espinosa 

DBM and Novations Group- 

Colombia Rep 

Deloitte 

Delta Arlines 

DentalCorp 

Diageo 

Editorial Mapas 

El Cronista Comercial / 

Revista Apertura 

El Pais 

Eventos Corporativos S.A. / 

Congress Rental 

Excellentia Consultores 

FD Gravitas 

Fond de Cave 

Four Points 

Freddo 

Fundação Nacional da Qualidade 

Gimba 

Grant Thornton 

Grupo de Revistas La Nación 

Hitay, Emin & Ciğdem 

ICTS Global 

Jean Pierre 

Korn Ferry International 

KPMG 

Lan Designers 

LAN.com 

Liguori Dendi 

Lopez Silva, Claudio / Asignet 

Mandic 

Marian Caviglia 

Metroscubicos.com 

Mexis 

Microsoft 

Multicanal 

Netgate 

Pekin & Bayar Law Firm 

PHB Surya 

Quantum Assessment 

Radio Montecarlo 

Radisson Victoria Plaza Hotel 

Revista Capital 

Revista City 

Salzberger, Claude 

Sirin & Haguiara Marketing de Eventos 

SOFOFA 

Soho 

Tensocable 

Turkish Philanthropic Fund 

Universidad Federico Santa María 

Universidad ORT 

UV Pack 

Virid 

White & Case 

“I am so proud of the impact that Ernst & 

Young’s Corporate Responsibility Fellows 

continue to have on Endeavor Entrepreneurs 

in Latin America. Working with Endeavor 

has given top-performing EY employees 

the unique opportunity to use their workplace 

skills to confront new business and cultural 

challenges. They return from their fellowships 

with fresh perspectives and renewed 

invigoration.” 

Beth Brooke, 

Global Vice Chair of Public Policy, 

Sustainability and Stakeholder Engagement 

Ernst & Young 

64

GLOBAL 

STATEMENT OF FINANCIAL POSITION (December 31, 2007 in US $) 

ASSETS 2007 

Cash and cash equivalents 2,381,639 

Contributions receivable 130,133 

Grants receivable 157,483 

Prepaid expenses 304,528 

Fixed assets, net 239,401 

TOTAL ASSETS 3,213,184 

LIABILITIES AND NET ASSETS 

Accounts payable and other accrued liabilities 187,923 

Capital lease obligations 48,623 

TOTAL LIABILITIES 236,186 

NET ASSETS 

Unrestricted net assests 2,826,517 

Temporarily restricted 125,481 

Permanently restricted net assets 25,000 

TOTAL NET ASSETS 2,976,998 

TOTAL LIABILITIES & NET ASSETS 3,213,184 

COMBINED STATEMENT OF ACTIVITIES (December 31, 2006 in US $) 

UNRESTRICTED TEMPORARILY PERMANENTLY TOTAL 

RESTRICTED RESTRICTED 

REVENUES 

Contributions 3,275,866 - - 3,275,866 

Grants 376,114 - - 376,114 

Net realized gain (loss) on investments (7,309) - - (7,309) 

Interest income 59,090 - - 59,090 

In-kind revenue 313,185 - - 313,185 

Net assets released from restriction 264,419 (264,419) - - 

TOTAL REVENUES 4,281,365 (264,419) - 4,016,946 

EXPENSES 

Search & Selection 427,558 - - 427,558 

eMBA 306,578 - - 306,578 

Entrepreneur Services 392,795 - - 392,795 

Endeavor Net 289,461 - - 289,461 

Affliate Services 164,616 - - 164,616 

New Country Expansion 610,684 - - 610,684 

Philanthropic Networks 482,294 - - 482,294 

Total program expenses 2,673,986 - - 2,673,986 

Management and general 148,264 - - 148,264 

Fundraising and development 473,489 - - 473,489 

TOTAL EXPENSES 3,295,739 - - 3,295,739 

Change in net assets 985,626 (264,419) - 721,207 

Net assets, beginning of year 1,840,891 389,900 25,000 2,255,791 

NET ASSETS, END OF YEAR 2,826,517 125,481 25,000 2,976,998 

Notes: A complete set of the audited financial statements by McGladrey and Pullen for the fiscal year ending December 31, 2007 can be obtained by 

sending a written request to Endeavor Global, Inc. at 900 Broadway suite 600, New York, New York 10003, USA 

ARGENTINA 

STATEMENT OF FINANCIAL POSITION 

(December 31, 2007 in US $) 

ASSETS 2007 

CURRENT ASSETS 

Cash 121,809 

Other assets 59,340 

Total current assets 181,149 

NON-CURRENT ASSETS 

Fixed assets 5,222 

Other non-current assets 1,816 

Total non-current assets 7,037 

TOTAL ASSETS 188,186 

LIABILITIES AND NET BOOK WORTH 

LIABILITIES & NET BOOK WORTH 

Current liabilities 10,969 

Other liabilities 16,691 

TOTAL NON-CURRENT LIABILITIES 27,660 

NET WORTH 160,526 

TOTAL LIABILITIES & NET WORTH 188,186 

STATEMENT OF ACTIVITIES 


REVENUES 

REVENUE FOR GENERAL PURPOSES 

Benefactor donations 137,673 

Entrepreneur donations 42,758 

Corporate sponsorships 60,712 

REVENUE FOR SPECIFIC PURPOSES 

Other income 126,821 

TOTAL REVENUES 367,963 

EXPENSES 

Entrepreneur Services & eMBA 39,173 

Search & Selection 34,074 

Communications 52,380 

Education Seminars 124,888 

Special Projects 18,750 

Endeavor Córdoba 24,765 

Other operating expenses 58,500 

Depreciation 2,550 

TOTAL EXPENSES 355,082 

Financial expenses 5,736 

NET INCOME 7,144 

Notes: A complete set of the audited financial statements by 

PricewaterhouseCoopers for the fiscal year ending December 31, 2007 

can be obtained by sending a written request to Endeavor Argentina, 

Arenales 1999 7˚ B 

BRAZIL 



ASSETS 2007 


Cash & Cash Equivalents 1,697,527 

Other accounts receivable 2,880 

Total current assets 1,700,407 

NON-CURRENT ASSETS 

Prepaid expense 35,770 



TOTAL ASSETS 1,742,965 



Suppliers 671 

Provision for vacation pay 74,741 

Taxes payable 832 

Other payables 4,214 


NET WORTH 1,662,507 

TOTAL LIABILITIES & NET BOOK 1,742,965 

STATEMENT OF ACTIVITIES 


REVENUES 

Individual Donations 44,734 

Entrepreneur Donations 277,658 

Country Benefactor Grants 106,435 

Corporate Donations 453,508 

Other income (less taxes) 614,446 

Gross Revenues in-kind 17,996 

TOTAL REVENUES 1,514,778 

EXPENSES 


Entrepreneur Services 256,326 

Marketing 548,033 

Rio de Janeiro 84,863 

Administrative Expenses 128,744 


TOTAL EXPENSES 1,182,617 


Notes: A complete set of the audited financial statements by KPMG for 

the fiscal year ending December 31, 2007 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 

66 67

CHILE 

COLOMBIA 

MEXICO 

SOUTH AFRICA 









ASSETS 2007 


Cash 76,387 

Marketable Securities 434,828 

Accounts Receivable 71,945 

Recoverable Taxes 6,968 

Amount due from related company 3,169 


FIXED ASSETS 

Office equipment 71,103 

Other fixed assets 26,657 

Accumulated depreciation (82,051) 






Accounts payable 5,750 

Premature revenues 477,099 

Creditors payable 5,268 

Due to related company 3,169 


Total Liabilities 497,621 

EQUITY 131,694 

TOTAL LIABILITIES & NET BOOK 629,315 

REVENUES 

Board/Advisory contributions 162,877 

Individual donations 99,727 

Projects 127,308 

Interest income 12,689 

Other revenues 1,132 


EXPENSES 



Outreach / Education / Studies 94,837 

Networking 56,902 

General administration & operations 170,707 


Financial expenses - 

NET INCOME (108,387) 

ASSETS 2007 


Cash & cash equivalents 20,262 







Loan payable 52 


Taxes payable 3 

Salaries/vacation payable 9,816 


NET WORTH 15,057 

TOTAL LIABILITIES & NET BOOK 46,416 

REVENUES 


Interest income 2,772 

Other revenues 3,086 


EXPENSES 

Gastos de Personal 218,987 

Consultants 8,311 

Taxes 1,681 

Lease 7,620 

General services 9,803 

Legal expenses 30 

Maintenance & Repairs 598 

Travel 14,298 


Office Expenses 4,491 

Other operating expenses 5,562 

Financial expenses 767 

Other expenses 838 




Gestión Financiera Contadores Públicos Ltda. for the fiscal year 

ending December 31, 2007 can be obtained by sending a written 

request to Endeavor Colombia, CAlle 67 No. 7–94, Oficina 604, 

Bogota D.F. Colombia 

ASSETS 2007 


Cash 394,290 

Contributions receivable 27,565 

Property and equipment 9,635 

Other receivables 4,284 


LIABILITIES 

Current liabilities - 



NET BOOK WORTH 393,655 

TOTAL ASSETS & LIABILITIES 435,774 

STATEMENT OF INCOME & EXPENSES 


REVENUES 

Donations 1,330,636 

Services 88,521 

Financial income 3,854 

Other income 413 

TOTAL REVENUES 1,423,424 

EXPENSES 

Communication & Education 186,193 

Management 76,108 


Institutional Development 174,516 


Financial expenses 1,505 

Taxes 3,101 

TOTAL EXPENSES 1,235,129 


Notes: A complete set of the audited financial statements by Horwath 

Castillo Miranda for the fiscal year ending December 31, 2007 can be 

obtained by sending a written request to Endeavor Mexico at Ejército 

Nacional #1112–1001, Col. Los Morales. Deleg. Miguel Hidalgo, Mexico 

D.F., Mexico 11510 

ASSETS 2007 


Taxation asset 651 

Trade & other receivables 1,138 

TOTAL CURRENT ASSETS 

Property and equipment 1,084 


LIABILITIES 

Trade and other payables 41,552 

Loan payable 14,207 



Net book worth at the beginning of the year 7,771 

2007 Net Income (64,060) 

Retained earnings (accumulated loss) (56,289) 

TOTAL ASSETS & LIABILITIES 2,873 



REVENUES 

Donations 338,088 

Grants 9,245 

Other income 81,479 


EXPENSES 


eMBA 21,860 


Education Events 24,715 

Marketing & Admin 96,974 

Management & General 52,232 

Fundraising & Development 30,133 


Financial Expenses (income) 337 

NET INCOME (DEFICIT) (64,060) 


Deloitte SA for the fiscal year ending December 31, 2007 can be 

obtained by sending a written request to Endeavor Entrepreneurship 

Institute, Woodlands Office Park, Building 14, 1st Floor, Woodmead 

2199, PO Box 1768, Gallo Manor 2052, Woodmead, Sandton, South 

Africa 

Notes: A complete set of the audited financial statements by Deloitte 

Chile for the fiscal year ending December 31, 2007 can be obtained 

by sending a written request to Endeavor Chile, Hernandode Aguirre 

201, Ofic. 1002 Providencia, Santiago, Chile 

68 69

TURKEY 

URUGUAY 



ASSETS 2007 


Cash & Cash Equivalents 42,003 

Other current assets 2,281 


FIXED ASSETS 

Furniture & Fixtures 18,163 

Prepaid Expenses 218 

Other fixed assets 54,852 

Total fixed assets 73,233 




Trade payables 3,998 

Advances received 174,991 

Taxes & other payables 47,619 


Net Worth (109,090) 

TOTAL LIABILITIES & NET BOOK WORTH 117,517 



REVENUES 

Event Fees 127,501 

Membership Dues 74,483 

Board Contributions 662,073 

Other Donations 45,763 


EXPENSES 

Salaries 514,096 

Office Expenses 72,133 

Accountant Fees 10,448 

PR Fees 39,503 

Legal Fees 1,778 

Travel Expenses 33,646 

Board Meeting & Gen Assembly Expenses 3,152 

Small Fixtures 3,452 

Entertainment expenses 2,707 

Endeavor Global Fees 79,405 

Not supported wth documents 17 

Other 4,040 

Depreciation Expenses 20,129 

Search & Selection Events/Programs 100,027 


OTHER (NON-OPERATING) INCOME 3,292 

NET INCOME (LOSS) 28,579 



ASSETS 2007 


Cash & Cash Equivalents 12,401 








Other payables 14,862 


Net Worth at the Beginning of the year 45,626 

(10,605) 

Net Worth 35,019 

TOTAL LIABILITIES & NET BOOK WORTH 56,179 

REVENUES 


Event Income 119,040 


EXPENSES 

Events 64,856 


Promesas 26,321 

International Programs 43,898 


Administrative Expenses 112,180 

Depreciation Expense 5,172 

Marketing Expenses 21,893 

Financial Expenses 1,809 



Notes (Uruguay): A complete set of the audited financial statements 

by Deloitte & Touche for the fiscal year ending December 31, 2007 

can be obtained by sending a written request to Endeavor Uruguay, 

Avda. Italia 2364, Apt. 801, Montevideo, 11600, Uruguay 

Notes (Turkey): A complete set of the audited financial statements 

for Turkey by Birle∏ik Uzmanlar YMM A.S. for the fiscal year ending 

December 31, 2007 can be obtained by sending a written request to 

Büyükdere Cad. Noramin ∑∏ Merkezi No 55 Kat:3 Daire 301 Maslak 

Istanbul, Turkiye 

“Endeavor firsts have become a habit for South 

Africa. As the first office outside Latin America 

and now the host for the first entrepreneurs 

in Turkey, Egypt and Jordan—Endeavor South 

Africa is striving to make the gold standard 

of High-Impact Entrepreneurship first across 

the world.” 

Adrian Gore, 

Founder & CEO, Discovery Holdings; 

Endeavor South Africa Chairman 

70

NETWORK 

“Every International Selection Panel 

makes me truly feel re-energized 

and profoundly convinced about 

the impact that Endeavor is 

having in our markets’ social and 

economic development.” 

Jorge Becerra, 

Senior Partner and Managing Director, 

Boston Consulting Group; 

Endeavor Global Advisory Board

ENDEAVOR ENTREPRENEURS 

* 

** 

*** 

Entrepreneurs in italics were 

selected in 2007–2008. 

Endeavor Entrepreneurs that are 

donating cash. 


donating equity. 


donating exceptionally in-kind . 

ARGENTINA 

Cristian Adamo; Archpartners* 

Jonatan Altszul; CORE* 

Santiago Aranda; Lixis* 

Felipe Ayllon; Quinta Fresca* 

Susana Balbo; Dominio del Plata* 

Pichon Baldinu; Ojalá 

Claudio Bedoya; Bioscience* 

Alejandro Belaga; Finca Pilar 

Santiago Bilinkis; Officenet* / *** 

Jaime Bortz; Biocientífica* 

Javier Boustani; Arcos Rodantes 

Esteban Brenman; Dos Manos 

Eduardo Bruchou; HSM 

Margarita Carlés; LAB 

Wenceslao Casares; 

Patagon; MECK, Ltd. * / ** / *** 

Martín Churba; Tramando 

Francisco Coronel; Archpartners* 

Fernando de Las Carreras; 

NervousWaters* 

Nelson Duboscq, HSM 

Guibert Englebienne; Globant * / *** 

Andy Freire; Axialent* 

Alejandro Frenkel; Grupo Fën* 

Patricio Fuks; Grupo Fën* 

Laura Gall; Lihue Expeditions* 

Marcos Galperín; MercadoLibre* 

Pablo Gotelli; Arcos Rodantes 

Maximiliano Guerra; Archpartners* 

Gabriel Hornstein; AM Clean* 

Diqui James; Fuerza Bruta 

Hernán Kazah; MercadoLibre* 

Felipe Lach; Lixis* 

Miguel Ángel Lagrutta; 

Ultracongelados Rosario 

Alejandro Larosa; FyO 

Beltrán Laxague; 

Lavandas de las Sierras* 

Adrián Le Pera; LeadToRealty 

Alex Limeres; LeadToRealty 

Norberto Loizeau Compte; Promored* 

Claudio López Silva; Asignet * / *** 

Francisco Mackinlay; Congelarg* 

Armando Mann; Tecnonexo* 

Claudio Marangoni; 

Escuela Modelo de Fútbol 

Guillermo Marchionni; CEICOM* 

Martín Méndez; AMTEC-Neoris* 

Martín Migoya; Globant * / *** 

Patricio Miranda; Zott Producciones 

Rodolfo Montes de Oca; 

Zott Producciones 

Gian Muraglia; ex DPS Automation* 

Gabriel Nazar; Cardón* 

Luciano Nicora; Viramonte-Nicora* 

Nestor Nocetti; Globant * / *** 

Germán Pugliese; Technisys* 

Diego Radicella; Finca Pilar* 

Lidia Marie Riba; 

Vergara & Riba Editoras* 

Anne Marie Richard; Grupo S&N* 

Fátima Rizzo; Sepia 

Adolfo Rouillon; 

Congelados del Sur (Mondo Frizzata)* 

Miguel Sampedro; 

Patagonia Natural Products* 

Miguel Santos; Technisys* 

Federico Seineldin; Openware* 

Leony Staudt; Lavendas de las Sierras* 

Santiago Subotovsky; Tecnonexo* 

Lucio Torre; Movilogic* 

Jessica Trosman; Trosman 

Martín Umaran; Globant* / *** 

Frank Vera; Pop Vision* 

Trinidad Vergara; 

Vergara & Riba Editoras* 

Diego Vorobechik; Bibliográfika* 

Gustavo Vorobechik; Bibliográfika* 

Esteban Wolf; Plus Time and Progen* 

BRAZIL 

Tomaz Adour; Publit* / ** 

Roberto Alcântara; Angelus 

Sônia Alcântara; Angelus 

André Antunes; Grupo Infnet 

Heloísa Helena Assis; Beleza Natural* / ** 

Rogério Assis; Beleza Natural* / ** 

Rodrigo Azevedo; Comunique-se* / ** 

Ivan Barchese; Mextra* / ** 

Mark Barcinski; Propay* / ** 

Eduardo Bernardes* / ** 

Marcio Vinicius Bonagura; 

Bonagura* / ** / *** 

Alexandre de Botton; Propay* / ** 

Guilherme Bruno; Arizona* / ** 

João Carvalho; Proteus* / ** 

Aurimar Santana Cerqueira; 

Impactools * / ** 

Luiz Chacon; SuperBAC* / ** 

Mario Chady; Spoleto* / ** 

Luis Alexandre Chicani; 

DentalCorp* / ** / *** 

Jair Conde; Beleza Natural* / ** 

Valério Paz Dornelles; Tecno Logys 

Rafael Duton; nTime* / ** 

Arnold Eugenio; SubWay* / ** 

André Figueiredo; Publit * / ** 

André Fonseca; Automatos* / ** 

Nikolaus Geisthövel; 

Nano Endoluminal * / ** 

Arnaldo Goldemberg; Lan Designers* / ** 

Alexandre Hadade; Arizona* / ** 

Marcus Hadade; Arizona* / ** 

Roberto El Ibrahim; Diagnóstika* / ** 

José Rizzo Hahn Filho; Pollux** 

Paula Hauptmann 

Renato Hauptmann 

Helio Katanosaka; Tech4B* / ** 

André Kischnevsky; Grupo Infnet 

Bento Massahiko Koike; Tecsis* / ** 

Daniel Borba Li; Pixel Labs* / ** 

Antonio Carlos Soares Luna; 

Fly Logística* / ** 

Maristela Mafei; Grupo Máquina* / ** 

Luciano Magnus; MV Sistemas* / ** 

Paulo Magnus; MV Sistemas* / ** 

Luciano J.T. Moreira; 

Nano Endoluminal* / ** 

Thai Quang Nghia; Goóc* / ** 

Breno Praça; Mastermaq* / ** 

Ricardo Peres; Nano Endoluminal* / ** 

Alexandre Luís Pigatto; Pigatto* / ** 

Wilson Poit; Poit Energia* / ** 

Edgard Alcides Ortiz Junior; 

Pixel Labs* / ** 

Eduardo Ourivio; Spoleto* / ** 

Ailton de Assis Queiroga; Compsis* / ** 

Eduardo Ramos; Grupo Infnet 

Lito Rodriguez; DryWash* / ** 

Marcelo Romcy; Proteus* / ** 

Marcelo Sales; nTime* / ** 

Marcelo Salim 

Wanderley Schmidt Campos 

Severino Felix da Silva; 

Escol@24horas* / ** 

José Augusto Pereira da Silva; 

PipeWay* / ** 

Penido Stahlberg 

Tohoru Watari; Nefrocare 

Carlos Alberto Tamm; Mastermaq* / ** 

Jaime Teig 

Leila Velez; Beleza Natural* / ** 

Filadelfio Venco; Diagnóstika* / ** 

Thiago Venco; Diagnóstika* / ** 

Agostinho Villela; Solvo** 

Luiz Roberto Werner Wolf; Tech4B* / ** 

CHILE 

Alvaro Ananías; Genesys 

Mario Araya; Kibernum* 

Nicolás Barry; 

Gemelo Storage Solutions 

Greg Barton; Business News Americas* 

Karina von Baer; Oleotop* 

Nicolás Boetsch; Bazuca.com; 

Latitud90 

Michelle Boisier; Araucanía Yarns 

Rodrigo Boisier; Araucanía Yarns 

James Brierley; Mercantil; Chilnet; 

Amarillas.net 

Félix Brunatto; Chocolates Brunatto 

Cristóbal Camino; Chocolates Brunatto; 

Innobank 

Rolando Carmona; Drillco Tools* 

Christian Cortés; Corbac* 

Felipe Cubillos; Senegocia.com 

Daniel Daccarett; Globe; 

Producto Protegido* / *** 

Javier Donoso; Geomar* 

Matías Errázuriz; Wetland 

Marcos Fuentes; Senegocia.com 

Alberto Gana; Latitud90 

Edmundo Ganter; Wetland 

Alfonso Gómez; Unlimited; Virtualia; 

Multiverso 

Max Grekin; SKM Seaprende* 

Oskar Hjertonsson; Needish 

Gerald Horn; Horn y Cía.; 

Seguridad Vial 

José Manuel Horwitz; Rahue* 

Felipe Howard; Latitud90 

Felipe Hurtado; Trabajando.com 

Isabella Jaras; Nutra Bien* / ** 

Patricio Jaras; Nutra Bien* / ** 

Rodrigo Jordan; Vertical* 

Sergio López; Gemelo Storage Solutions; 

Intellicomp, Intellisoft* / *** 

Pilar Marambio; Maraseed 

Rodrigo Marambio; Maraseed 

Julie McPherson; Tiaxa 

Marcelo Melnick; SKM Seaprende* 

Geraldine Mlynarz; Diagnotec* / ** 

Santiago Muzzo; Bazuca.com 

Jorge Nazer; ALTO * 

Juan Eduardo Neuenschwander; 

Autobahn 

Olivier Paccot; Woodtech 

Jorge Pacheco; Oxxean 

Mariano Pola; Micrologica 

Gonzalo Prieto; Storbox; Creditaria 

José Miguel Prieto; Consorcio America 

Andrés Rivero; QuickDeli* 

Abishai Rovner; SKM Seaprende; 

Bercia* 

Ana Maria Sandino; Diagnotec* / ** 

Francisco Seguel; Mundo Marino; 

Life Gourmet 

Loreto Seguel; Mundo Marino 

René Silva; MICSA; Callsouth 

Rodrigo Silva; MICSA 

Juan Pablo Swett; Trabajando.com 

Andrés Turski; QuickDeli* 

Daniel Undurraga; Needish 

Felipe Valdés; Tiaxa 

Luis Vera; Scopix 

Michael Yorston; Woodtech 

COLOMBIA 

Gigiola Aycardi; Bodytech 

Mauricio Angel; Ideagro 

Arturo Arciniegas; Ideagro 

Nicolás Cock; EcoFlora 

André Dayan, Vitrogen 

Nicolás Loaiza; Bodytech 

Carlos Londoño; TVG 

Esperanza Morales; LST 

Lilian Simbaqueba; LiSim 

EGYPT 

Fatma Ghaly; Azza Fahmy Jewelry 

Khaled Ismail; SySDSoft 

INDIA 

Sameer Mehra; Suminter 

MEXICO 

Heriberto Acosta; Farmatel 

Héctor Álvarez; Metco 

Javier Arredondo; Editorial Mapas* / *** 

Víctor Calderón Cuevas; Arcanito 

Guillermo Casares; Mexis* 

Manuel del Castillo; Urman* 

Alejandro Chaljub; Procesa Chiapas 

Marcus Dantus; Simitel* 

Martha Debayle; bbmundo* 

Paulino Decanini; Transparencia Médica 

Alejandro Diego; Ollin Studio* 

Diego Elizarrarás; Todo de Cartón* 

Pablo Elizarrarás; Todo de Cartón* 

Antonio Ertze; Lightcom 

Jon Andoni Ertze; Lightcom 

Daniel Espinosa; 

Grupo Espinosa Studios* / *** 

Pablo Gonzales Cid; 

Café Punta del Cielo* 

Jesús Gómez Espejel; Rvox* 

Ezequiel Farca; Ezequiel Farca 

Vicente Fenoll; Fincomún* 

Pablo Martínez Gama; Naturalia* 

Valentín Martínez Gama; Naturalia* 

Jorge González Gasque; 

Adam Technologies* 

Alberto Herrera; Medida 

Carlos Iturriaga; Ollin Studio* 

Enrique Gómez Junco; 

Optima Energía* 

Antonio Llausás; Mexis* 

Carlos Marín; Alltournative* 

Fernando Martínez; Vialux 

Francisco Martínez; Neology* 

Arturo Merino Licea; ArCcanto 

Francisco Moncayo; Vialux 

Gabriel Oropeza Ibáñez; 

DocSolutions *** 

74 75

Guillermo Oropeza Ibáñez; 

DocSolutions *** 

Mauricio Pariente; Procesa Chiapas 

Fernando Pérez; Neology* 

Luis Reyes; Medida 

Patricia Rivera; Dieta de los Asteriscos 

Emilio Sacristán Rock; Innovamédica* 

Dan Schwarzblat; Chilim Balam* 

Leonardo Shapiro; Ventakit* 

Heberto Taracena; MetrosCúbicos* 

José Leoncio Valdés Hernández; 

Tecnomec Agrícola* 

José Leoncio Valdés Reynoso; 

Tecnomec Agrícola* 

Alejandro Villalón; Ventakit* 

Patricio Villarreal; Imagen Dental* 

Ricardo Villarreal; Imagen Dental* 

SOUTH AFRICA 

Glen Ansell; i5 * / ** / *** 

Dusan Babich; Red Five Labs** 

Marius Bezuidenhout; Nirph Digital 

Elton Bondi; Cyest 

Theunis Botha; Nirph Digital 

Andreas Cambitsis; Cyest 

Handri Conradie; @Source* 

Wilter du Toit; Yeigo** 

Aviad Eyal; Cura Software Solutions 

Ryan Falkenberg; 

Hi-Performance Learning (HPL)** 

Carlo Gonzaga; Taste Holdings* / ** 

Shane Immelman; 

The Lapdesk Company* 

David Jarvis; Uninet 

Henri Johnson; EDH 

Natalie Killassy; Stitch Wise* 

Vinny Lingham; IncuBeta* / ** 

Lungisa Matshoba; Yiego** 

Lemao Motaung; 

Medupe Electrical Supplies (MES)* / ** 

Cheryl Nesbitt; 

Capsicum Culinary Studio* 

Nkhensani Nkosi; Stoned Cherrie 

Kumaran Padayachee; 

Spartan Technology Rentals 

Rapelang Rabana; Yeigo** 

John Rice; Graffiti Designs 

Candice Roberts; CallForce Direct* 

Stephan Roux; Milkworx* 

Gustav Schoeman; Nirph Digital 

Mike Welham; Red Five Labs** 

Christopher Whitfield; 

Batswadi Pharmaceuticals* 

TURKEY 

Başar Akpınar; PI Works 

Nevzat Aydın; Yemeksepeti 

Izzet Bonofiyel; Monopoli 

Bülent Çelebi; AirTies 

Ahmet Duyar; Artesis 

Kerem Erdem; Bizitek 

Erol Esentürk; Monopoli 

Boris Gasþić; PI Works 

Damla Gönül; Turkmix 

Fatih İşbecer; Pozitron 

Defne Koryürek; Dükkan 

Bahadır Kuru; PI Works 

Emre Mermer; Dükkan 

Bülent Mermer; Dükkan 

Cem Nufusi; Yemeksepeti 

Melih Ödemiş; Yemeksepeti 

Ahmet Özgün; Speedcity 

Canan Özgün; Speedcity 

Ali Özgün; Speedcity 

Murat Şahinoğlu; Bizitek 

Aydın Şeker; Turkmix 

Sean Christopher Smith; PI Works 

Semih Yüzen; Petfor* 

URUGUAY 

María Noel Ache; AIVA TPA* 

Javier Alcalde; Black River Sturgeons 

Javier Beathyate; Magma 

Fernando Cammarota; CEPA 

Julio Cantera; Assist* 

Federico Cella; AIVA TPA* 

Michel Cohen; Lolita* 

Gabriel Colla; Infocorp* 

Alvaro Domínguez; Top Systems* 

Ernesto Elenter; SEG* 

Pablo Elenter; RobTec* 

Gabriel Fernández; 

Laboratorios Clausen 

Diego Garfinkel; SEG* 

Francisco Gross; Seinco* 

Roni Lieberman; 

Memory Computación* 

Ariel Lijtenstein; RobTec* 

Pablo Milburn; The Datamyne* 

Sergio Oberlander; RobTec* 

Leonardo Olivera; Laboratorios Clausen 

Raúl Polakof; Scanntech* 

Andrés Rosenblatt; Metropolis Films 

Fernando Schaich; SEG* 

Gabriel Schimmel; Medea 

NICOLÁS BOETSCH 

Outstanding Endeavor Chile Entrepreneur 

On February 3rd, 2008, Nicolás Boetsch, outstanding 

Endeavor Chile Entrepreneur, co-founder of Bazuca.com 

and partner at Latitud90, suddenly and tragically passed 

away. Nicolás was a visionary and a true role model for 

thousands of people. 

The entire Endeavor community mourns his loss. 

76 

77

ENDEAVOR STAFF 

GLOBAL 

LINDA ROTTENBERG 

Endeavor Co-founder & CEO 

DAVID AUERBACH 

Partnership, Policy & Outreach 

ELM∑RA BAYRASLI 

Partnership, Policy & Outreach 

ALLISON B. BERLINER 

Search & Selection 

LAWRENCE H. BROOKS 

Finance & Administration 

LAURA ESNAOLA 

Entrepreneur Services 

CAMILLE EISS 


NATASHA FAUBLAS 

Administration 

LEAH FISH DE SACERDOTE 

Marketing & Communications 

QUINN FITZGERALD 


SORIBEL HOLGUIN DE VALVERDE 

Executive Assistant to the CEO 

CINDY KO 

International Expansion 

MOLLY E. LINDSAY 


EYRIQUE MILLER 


ADRIAN MUCALOV 


YAMILE NESRALA 


CARLOS E. C. PESSÔA FILHO 


REBECCA PLOFKER 

Development & Special Events 

ALLEN K. TAYLOR 


ARGENTINA 

SILVIA DE TORRES CARBONELL 

Director 

ALEJANDRO MASHAD 

Managing Director 

CELIA ALFIE 


MARÍA JULIA BEARZI 

Institutional Development 

LUCÍA CAMARDON 


CONSTANZA CASTRO FEIJÓO 

Events & Public Relations 

ROMINA GANOPOLSKY 


LORENA KATIC 

Communications 

VIRGINIA PITTARO 

Corporate Relations & 

Special Programs 

NICOLÁS RAMOS 

COO Endeavor Córdoba 

NANCY REBIZO 


BRAZIL 

PAULO ANTUNES VERAS 


ELAINE APARECIDA DE SOUZA 


FERNANDA ANTUNES 


VICTOR BRIRO LOPES 

Regional Coordinator (Rio de Janeiro) 

LUCAS CAVALCANTI MELMAN 


RENATA CHILVARQUER 


LUDMILA EPITÁCIO PEREIRA 

MIYAZATO 

Volunteer 

PALOMA LAMBRANHO 

Volunteer 

GUILHERME LIMA 


BIANCA MARTINELLI 


VINÍCIUS DE MORAES 

Search & Selection (Rio de Janeiro) 

LUDMILLA PAULINO DA COSTA 

FIGUEIREDO 


MARCUS PHILIPE GIMENEZ 

ANDRADE 


KAREN SAHADE KANAAN 


ALEXANDRE SANTANGELO THOMÉ 


LÍDIA DOS SANTOS DANIEL 


ANA SILVIA RESENDE 

Chief Operating Officer 

CHILE 

ALAN FARCAS 


CHRISTIAN BOADA 


VERÓNICA BURGOS 

Project & Administration 

FRANCISCA CERECEDA 

Marketing & Outreach 

ROMINA FUENZALIDA 

Office Coordinator 

ANETTE KROHN 

Operations 

PAUL O’TOOLE 


CAROLINA MONTES 

Entrepreneur Services (Patagonia) 

NATACHA ROVIRA 

Search and Selection (Patagonia) 

COLOMBIA 

GAIA DE DOMINICIS 


EDUARDO AVELLA 

Communications & 

Institutional Relations 

JANETH CASTAÑEDA 


CATALINA SPINEL 


DANIEL TORRES 


ORIANA TORRES 


EGYPT 

AMIN EL RABIE 


INDIA 

TINA GOYAL 


POOJA GUPTA 


AMI MALAVIYA 


MALLIKA SINGH 

Launch Director 

JORDAN 

CARMEN SAAD 


MEXICO 

FERNANDO FABRE 


GERARDO CERVANTES 


ANA VICTORIA GARCÍA 


ETHAN McCREARY 


MARÍA PAULA ROTETA 

Communications & Education 

AITOR RUIZ 


ANGÉLICA SALEH 


REGINA VELASCO 

Communication & Education 

SOUTH AFRICA 

GREG DURST 


JOANNE BRINK 


HELIO MACHADO 


WALTER PENFOLD 


FIONA PIETERSE 


RITA SIKHONDZE 


SEAN WALKER 


AFFIONG WILLIAMS 


TURKEY 

DIDEM ALTOP 


ALEV BAYRAKTARO◊LU 

Communication & Public Education 

CENAN CIVI 


NEHIR EYI 


MELISA FAKABASMAZ 

Finance & Operations 

HASAN FIDAN 

Office Support 

ALEV GÜVENÇ 

Programs Development 

KUTLU KAZANCI 


ASLI KURUL 


URUGUAY 

CARMEN CORREA 


SANTIAGO O’BRIEN 


LUCIANA LAPACHIÁN 


LEE MARTINEZ 

Institutional Development 

VERÓNICA MÉNDEZ 


MARÍA MARTHA PASSADORE 


FERNANDO RACHETTI 


THANK YOU TO 

THE ENDEAVOR 

VENTURECORPS 

Endeavor’s VentureCorps is critical 

to our model. As mentors, you 

give critical support, guidance and 

feed-back to endeavor entrepreneurs, 

inspiring them to think big and 

reach new levels. We are incredibly 

fortunate and honored to have such 

a talented and versatile group, who 

are able to offer expertise on the 

whole gamut of business challenges 

anywhere in the world and at 

practically anytime. Thank you for 

your time and commitment in helping 

endeavor entrepreneurs achieve their 

high-impact potential. 

78 79

ENDEAVOR PARTNERS ENDEAVOR GLOBAL ADVISORY BOARD (2007) 

GLOBAL 

Citigroup 

Dell 

Ernst & Young 



Michael & Susan Dell Foundation 

Omidyar Network 

Salesforce.com 

ARGENTINA 

American Express 

Banco Santander Río 


Diario La Nación 

IRSA 

McDonald’s 

BRAZIL 

Allis 

Barbosa, Müssnich & Aragão- 

Advogados 

Bonagura 

Dentalcorp 

Grupo ABC 

Ibmec São Paulo 

Integration 

KPMG 

Lan Designers 

Mandic 


O-Think 

Pixel Labs 

QG Comunicação 

Quantum Assessment 

TOTVS 

UvPack 

CHILE 

AmCham Chile 

AVINA 


CISCO 

Extend Comunicaciones 

FerradaNehme 

First Tuesday 

Foro Pro Innovación 

Fundación Chile 

Generación Empresarial 

ICARE 



Lan.com 

Ministerio de Economía 

El Mercurio 

NEOS 

OMB 

P. Universidad Católica de Chile 

Revista Capital 

Revista City 

SalmonValei 

Seminarium 

La Segunda 

SERCOTEC 

SOFOFA 

Southern Angels 

La Tercera 

TVN 

Universidad Adolfo Ibáñez 

Universidad Federico Santa María 

Universidad del Desarrollo 

Universidad de Chile 

Urbanart 

COLOMBIA 

Corporación Andina de Fomento (CAF) 



EGYPT 


INDIA 

ChrysCapital 

Citi India 

Jubilant 

MEXICO 

ABN AMRO Foundation 

Apernet 

AT Kearney 

Baker & McKenzie 


Deloitte 

The Friedman Group 

Fondo PyME 

Horwath Castillo Miranda 

Integration Consulting 

IPADE 

Korn Ferry International 

Mexis 

UPS Capital 

White & Case, SC 

Zimat Consultores 

SOUTH AFRICA 

Ackerman Foundation 

Amsco 

Citi Group 

Deloitte 

First National Bank 

TURKEY 

Akbank 

American Turkish Society 

Bankalararası Kart Merkez 

Bosphorus University 

Budget Rent a Car 

Burhan Karaçam Partnership 

Citibank 

Divan Kuruçeşme 

Ernst & Young 

Fina Holding 

Goril Bilişim 

Hayal Mahsülleri Ofisi 

Hürriyet 

Inovent 

Istanbul Technical University 

International Coaching Federation 

Junior Achievement 

Junior Chamber International 

Kadir Has University 

KAGIDER 

Koç Holding 

KPMG 

Management Center Turkey 

MAKSIFED 

Mehmet Ali Babaoğlu 

NA Plus 

NOSAB 

Tahincioğlu Holding 

Pekin & Bayar 


Referans 

Rekta-Ketchum Publıc Relations 

Suzan Sabancı Dinçer 

Technology Holding 

Turkish Philantropic Fund 

TURKONFED 

URUGUAY 

The AVINA Group 



Tata Consultancy Services (TCS) 

PETER A. BROOKE 

(Founding Co-Chair, Emeritus) 

Advent International, Chairman 

WILLIAM A. SAHLMAN 

(Founding Co-Chair, Emeritus) 

Harvard Business School, 

Dimitri V. d’Arbeloff –Class of 1955 

Professor of Business Administration; 

Senior Associate Dean for External 

Relations 

WILLIAM A. ACKMAN 

Pershing Square, Principal 

ARIEL AISIKS 

Aisiks Capital LLC, Managing Director 

KATHLEEN C. BARCLAY 

Asesorias KCB Ltda., Principal 

SUNNY BATES 

Sunny Bates Associates, 

President & CEO 

JORGE BECERRA 

The Boston Consulting Group, 

Senior Vice President & 


MARIO BETHLEM 

General Atlantic LLC, 

Special Advisor 

MATTHEW C. BROWN 

Fairfield Greenwich Group, 


JUAN PABLO CAPPELLO 

Greenberg Traurig LLP, 

Chair Latin America Practice 

MARCELO CHERTO 

Grupo Cherto, President 

COLIN COLEMAN 

Goldman Sachs International, 


JONATHAN B. CRANIN 

80/20, Founder & Creative Director 

MIGUEL ÁNGEL DÁVILA 

Cinemex, Co-founder 

BLAIR PILLSBURY ENDERS 

Non-profit consultant 

ANDREW J. FERREN 

Goulston & Storrs PC, Director 

JOSÉ FOURQUET 

Lehman Brothers, 

Former Managing Director 

MARCOS GALPERÍN 

MercadoLibre.com, CEO 


TADDY HALL 

Advertising Research Foundation, 

Chief Strategy Officer 

RICHARD G. HAMERMESH 

Harvard Business School, 

Professor of Management Practice 

PAMELA HARTIGAN 

Volans Ventures, 

Co-founder & Partner 

MELLODY HOBSON 

Ariel Capital Management LLC, 

President 

ROBERT D. HORMATS 

Goldman Sachs International, 

Vice Chairman 

ALY SHEEZAR JEDDY 

McKinsey & Company, Partner 

JOSS KENT 

Abercrombie & Kent, 

Group Chief Operating Officer 

JACK LESLIE 

Weber Shandwick, Chairman 

RICHARD M. LOCKE 

MIT Sloan School of Management, 

Professor of Entrepreneurship & 

Political Science 

THOMAS P. McDERMOTT 

Babson College, Institute for Latin 

American Business, Executive in 

Residence 

JOHN C. McINTIRE 

Nexstart Capital Partners LLC, 

Partner 

EDWARD MISRAHI 

Eton Park International LLP, Partner 

PATRICK C. MORIN 

Morin Assessoria Empresarial Ltda., 

President 

BETTYE MARTIN MUSHAM 

Gear Holdings, Inc., Chairwoman & 

CEO 

RODOLFO M. OPPENHEIMER 

Prospéritas Capital Partners, 

Senior Partner 

ALAN J. PATRICOF 

Greycroft LLC, Managing Director 

Apax Partners L.P., Co-founder 

CARLOS ENRIQUE LOBÃO PEGURIER 

Telcordia Technologies, 

General Manager 

ROB REID 

RipCam Media, CEO 

GABRIEL T. ROZMAN 

Tata Consultancy Services, 

Executive Vice President, 

Emerging Markets 

SALVADOR SAID 

Grupo Said, CEO 

CARLOS SALES SARRAPY 

Cuasar Capital, Managing Director 

CLAUDE SALZBERGER 

Emblem, President 

SUSAN L. SEGAL 

Americas Society / 

Council of the Americas, 

President & CEO 

VERONICA ALLENDE SERRA 

Pacific Advisors, Principal 

WOODS STATON 

Arcos Dorados, CEO; 

McDonald’s Corporation, 

Former President 

South American Division 

JIM STILLINGS 

JLS Associates, President 

DONALD TERRY 

Inter-American Development Bank, 

Manager of the Multilateral 

Investment Fund 

ALEJANDRO ZUBILLAGA 

Rhone Group LLC, Senior Advisor 

GARY MUELLER 

Institutional Investors, Chairman & 

Horizon Private Equity 

CEO; ISI Emerging Markets Chairman 

80 81

SHELDON COHEN 

A great mentor to young entrepreneurs 

COUNTRY BOARDS OF DIRECTORS 

On January 28th, 2008 Endeavor South Africa’s 

VentureCorps member Sheldon Cohen was sadly and 

unfairly taken from us. He had just served as a selection 

panelist at the 4th International Selection Panel (ISP) 

in South Africa. 

Sheldon will always be remembered as one of South 

Africa’s greatest mentors of young entrepreneurs. 

ARGENTINA 

EDUARDO ELSZTAIN (CHAIRMAN) 

IRSA Inversiones & Representaciones 

S.A., Chairman 

SANTIAGO BILINKIS 

Staples, VP Argentina; 

Officenet, Co-founder; 


LISANDRO BRIL 

Holdinvest S.A., President 

MARCOS GALPERÍN 

Mercado Libre, CEO; 


ALEJANDRO GORODISCH 

Ombú Investment Management, CEO 

CLAUDIO LÓPEZ SILVA 

Asignet, Founder & CEO; 


LUCIANO NICORA 

Viramonte-Nicora, Founder & CEO; 


MARIO QUINTANA 

Pegasus Capital, 

Managing Director & 

Founding Partner 


Endeavor, Co-founder & CEO 

WOODS STATON (VICE CHAIR) 

Arcos Dorados, CEO; 

McDonald’s Corporation, 


South American Division 

SILVIA DE TORRES CARBONELL 

Endeavor Argentina, Director; 

IAE Center of Entrepreneurship, 

Director 

ESTEBAN WOLF 

Progen, Plus Time, Founder & CEO; 


BRAZIL 

CARLOS ALBERTO SICUPIRA 

(CHAIRMAN) 

InBev, Board Member 

IVAN BARCHESE (2008) 

Mextra Metal, Partner; 


PAULO CEZAR ARAGÃO 

AragãoBarbosa, Müssnich & Aragão 

Advogados, Partner 

MARIO CHADY 

Spoleto, CEO 


FÁBIO COLLETTI BARBOSA 

Banco Santander, President 

ANTONIO DIAS LEITE NETO 

Cetus Investimentos, President 

PETER GRABER 

Graber Sistemas de Segurança, 

Founder & Director 

PEDRO LUIZ BARREIROS PASSOS 

Natura, Co-Chairman 

EMÍLIO ODEBRECHT 

Odebrecht, President 

JORGE PAULO LEMANN 

InBev, Board Member 

MARÍLIA ROCCA 

Solo Corp, Managing Partner 


Endeavor, Co-founder & CEO 

CHILE 

SVEN VON APPEN (CHAIRMAN) 

Ultragas Ltda., President 

ENRIQUE CUETO 

LAN Airlines, CEO 

JORGE ERRÁZURIZ (2008) 

Celfin Capital, President 

JOSÉ RAMÓN GUTIÉRREZ 

Multiexport, Executive President 

PETER B. KELLNER 

Uhuru Capital Management, 

Managing Partner; 

Endeavor, Co-founder 

JEAN PAUL LUKSIC 

Antofagasta P.L.C., Chairman 

JOSÉ LUIS DEL RÍO 

Empresas Dersa, President 

SALVADOR SAID 

Grupo Said, CEO 

ALVARO SAIEH 

Corpgroup, President 

SOLEDAD SAIEH(2008) 

CORPARTES, Executive Director & 

Member of the Board 

CHRISTOPH SCHIESS 

Empresas Transoceanica, President 

COLOMBIA 

ANDRÉS ECHAVARRÍA (CHAIRMAN) 

Organización Corona, Board Member 

ANTONIO CELIA 

Promigas S.A., CEO 

ALBERT DOUER 

Ajover, Executive Vice President 

SALOMON FINVARB 

Empacor S.A., President 

DIANA GÓMEZ 

Memo S.A., Co-chair of the Board 

GUILLERMO HEINS 

Heins & Möller Ltda., CEO 

EDUARDO PACHECO 

Grupo Colpatria, President & CEO 

ALEJANDRO SANTO DOMINGO 

Quadrant Capital Advisors Inc., 


EGYPT 

NAGUIB SAWIRIS (CHAIRMAN) 

Orascom Telecom Holding S.A.E., 

Chairman & CEO 

HASSAN AL SAYED ABDALLA 

Arab African International Bank, 

Vice Chairman & MD 

ELIJAH BASSILY 

Virgitech, Founder, Chairman & CEO 

82 

83

KHALED G. BICHARA 

Wind Telecommunicazioni, COO 

TAREK MANSOUR 

PricewaterhouseCoopers, 

Country Senior Partner 

SAMIH SAWIRIS 

Orascom Hotels & Development, 


INDIA (in development) 

HARI BHARTIA 

Jubilant Organosys, 

Co-Chairman & Managing Director 

ASISH DHAWAN 

ChrysCapital, 

Founder & Senior Managing Director 

SANJAY NAYAR 

Citi India, CEO 

JORDAN (in development) 

ALI AL-HUSRY (CHAIRMAN) 

Capital Bank, 

Former Chairman & CEO 

SAMIH DARWAZAH 

Hikma Pharmaceuticals, 

Founder & Chairman 

FADI GHANDOUR 

Aramex, Founder & CEO 





SAFWAN EL-MASRI 

Columbia Business School 

Vice Dean 

MEXICO 

ELÍAS CABABIE (CHAIRMAN) 

GICSA, Chairman of the Board 

PEDRO ASPE 

Protego Asesores S.A., 

Chairman of the Board & CEO 

MARCOS ACHAR 

Comex, CEO 

MIGUEL ALEMÁN 

Grupo Corporación Alemán, CEO 

CARLOS FERNÁNDEZ 

Grupo Modelo, 


JOSÉ A. FOURQUET 

Lehman Brothers, 


ANDRÉS GÓMEZ 

Grupo Axo., Co-chairman 

GUILLERMO GONZÁLEZ 

Taller de Empresa, CEO 

ALEXIS ROVZAR 

White & Case S.C., 

Managing Director of Latin America 

CARLOS SALES 

Cuasar, CEO 

MARCO ANTONIO SLIM 

Grupo Financiero Inbursa, 

Chairman of the Board 

LORENZO ZAMBRANO 

Cemex S.A. de C.V., 


SOUTH AFRICA 

ADRIAN GORE (CHAIRMAN) 

Discovery Holdings, Founder & CEO 

HLUMELO BIKO 

Circle Capital Ventures, CEO 




DAVID FRANKEL 

Altirah Capital, Founder & Partner 

VINCENT MAI 

AEA Investors, Chairman & CEO 

BEVEN NYATORO 

Circle Capital: Commodities Trading, 

CEO 

JENNIFER OPPENHEIMER 

DeBeers Fund, Chairperson 

ISAAC SHONGWE 

Barloworld Logistics Africa, Director 

CHRISTOPHER WHITFIELD 

Batswadi Pharmaceuticals, CEO 




VUSLAT DO◊AN SABANCI 

Hürriyet, CEO & Board Member 

M. EMIN H∑TAY 

Technology Holding, Chairman 

ALI Y. KOÇ 

Koç Holding Information Technologies 

& Communications Group, President 

FADI NAHAS 

NA Plus, CEO 

MURAT ÖZYE◊∑N 

Fina Capital, Board Member 

SUZAN SABANCI D∑NÇER 

Akbank, Managing Director & 

Board Member 

ÖZCAN TAH∑NC∑O◊LU 

Tahincioğlu Holding, CEO 

URUGUAY 

GABRIEL ROZMAN (CHAIRMAN) 

Tata Consultancy Services, 

Executive VP-Emerging Markets 

VIRGINIA BRAUSE BERRETA 

Estudio Jiménez de Aréchaga, 

Viana & Brause, Partner 

PABLO BRENNER 

Prospéritas Capital Partners, 

Partner 

CECILIA CASULO 

Montreal Srl, Director 

ANDRÉS CERISOLA 

Ferrere Abogados, Partner 

RONI LIEBERMAN 

Memory Computación; 

Director 

ARIEL PFEFFER 

Classimart, CEO 

FRANCISCO RAVECCA 

Aguada Park, Director 

ELBIO STRAUCH 

CONATEL, Executive Director 

ENDEAVOR GLOBAL BOARD OF DIRECTORS 

EDGAR BRONFMAN, JR. 

(CHAIRMAN) 

Warner Music Group, 


EMILIO AZCÁRRAGA 

Televisa, 

Executive Director & 

Chairman of the Board 

MATTHEW BANNICK 

(2008) 

Omidyar Network, 

Managing Partner 

eBay International, 


NICHOLAS F. BEIM 

Matrix Partners, 

General Partner 

WENCESLAO CASARES 

(2008) 

Bling Nation, Co-CEO 


J. MICHAEL CLINE 

Accretive Technology 

Partners, LLC, 


TIMOTHY DRAPER 

(2008) 

Draper Fisher Jurvetson, 

Founder & 


PAUL J. FRIBOURG 

ContiGroup 

Companies, Inc., 


JASON GREEN 

Emergence Capital 

Partners, 

General Partner 





MICHAEL KLEIN 

CITI 

Former Co-President, 

Investment Banking 


Endeavor, 

Co-founder & CEO 

CHARLES B. SEELIG 

Dune Capital 

Management LP, 


DANIEL S. OCH 

Och-Ziff Capital 

Management Group, 

Senior Managing Member 

JOANNA REES (2008) 

VSP Capital, 


BRIAN SWETTE 

Burger King, 

Non-Executive Chairman 

eBay, Former COO 

JAMES WOLFENSOHN 

(EMERITUS) 

World Bank, 

Former President; 

Wolfensohn & Company 

Chairman 

MIGUEL ÁNGEL DÁVILA 

Cinemex, Co-founder 

EMILIO AZCÁRRAGA 

Televisa S.A. de C.V., 


TURKEY 

MEHMET AL∑ M. BABAO◊LU 

(CHAIRMAN & CEO) 

Füsun Designs, 


84 85

JOIN US 

We are not done yet. This year, we have been challenged to exceed our past operating 

budget. For every dollar we raise above that, Omidyar Network will match it, up to 

$4 million. Join us in reaching that goal and beyond! 

NOW THAT’S 


LEVERAGE! 

$2.5 BILLION 

2007 Endeavor 

Entrepreneur Revenues 

“Endeavor supports High–Impact Entrepreneurs 

so that they not only transform their business, 

but also their industries and — ultimately — their economies. 

This is not only high impact, but it is the best 

path to sustainable economic development.” 

Edgar Bronfman, Jr., 

CEO, Warner Music Group; 

Chair, Endeavor Global Board of Directors 

$8.58 

MILLION 

2007 Worldwide 

Endeavor Expenses 

x 

291 

Order 

of Magnitude 

86

IMPACT REPORT 2007â2008 - Endeavor Chile

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IMPACT REPORT 2007â2008 - Endeavor Chile