Endeavor Receives $10 Million Commitment from Omidyar Network to Support High Impact Entrepreneurship in Emerging Markets
July 31, 2008, New York – Endeavor, the leading non-profit supporting high-impact entrepreneurs, announced today that it has received a commitment of up to $10 million from Omidyar Network to support its work in emerging markets worldwide. Four million dollars of the commitment are conditional matching funds.
Endeavor is a non-profit organization focused on transforming the economies of emerging markets by identifying and supporting high-impact entrepreneurs, who lead mid-size businesses with enormous potential to grow. Endeavor connects these entrepreneurs to top business leaders and mentors, with the goal of creating thousands of jobs, generating billions in revenues, and cultivating role models that will spark the next generation of entrepreneurs.
“Endeavor believes that in Omidyar Network, we have found a partner that understands high-impact entrepreneurship is an integral part of economic and social development in emerging economies,” says Endeavor CEO and Co-founder Linda Rottenberg. “This grant will enable Endeavor’s model to build the conditions for the next Silicon Valleys to spring forth in emerging economies. Omidyar Network’s support enables Endeavor to reach more emerging-market entrepreneurs who will create more high-value jobs, many more indirect jobs through supply chains, and inject billions into local economies through investments and revenues.”
Omidyar Network’s Managing Partner, Matt Bannick, will be joining the Endeavor Board of Directors. “Endeavor demonstrates that entrepreneurship can improve the lives of millions. Endeavor entrepreneurs have already provided thousands of people with jobs and millions more with previously unavailable products and services," said Bannick. “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 from 10 countries today to 25 countries over the next several years."
Endeavor breaks down barriers that prevent emerging-market entrepreneurs from reaching their high-impact potential. Hailed by NYT columnist Thomas Friedman as the "mentor capitalist" model, Endeavor identifies entrepreneurs leading high-growth innovative companies in emerging markets. These entrepreneurs are given world-class strategic advice, access to key networks and other tools that will catapult them to success. With Endeavor's guidance they become “high-impact” – expanding employment, generating wealth and inspiring others to innovate. Often overlooked, these local entrepreneurs are now jumpstarting private sector development in their countries.
As of 2007, Endeavor Entrepreneurs throughout Latin America, South Africa, Egypt and Turkey have created 91,000 new jobs and generated over $2.4 billion in revenues. Endeavor plans to launch operations in Jordan and India later in 2008. For more information, visit www.endeavor.org.