Endeavor launched a new office this May in Ecuador aiming to usher in a new era of growth and economic development driven by high-impact entrepreneurship in the country. Launching with the backing of local business leaders, Endeavor Ecuador will support entrepreneurs and companies in the region that have passed through the initial start-up phase and who demonstrate the potential for rapid expansion.
Endeavor Ecuador will be guided by a board of ten of the most highly respected and influential business leaders in Ecuador, who have signed on to create opportunities for a new generation of entrepreneurs to thrive and succeed. The founding board represents a strong collaboration to grow the Ecuadorian entrepreneurial ecosystem.
“The launch of Endeavor in Ecuador is a big step to promote high-impact Ecuadorian companies on a global stage,” said Endeavor Ecuador Board Chairman and President of Grupo Futuro Roque Sevilla, who is an entrepreneur himself.
Entrepreneurship is on the rise in Ecuador. According to 2014 research from the Global Entrepreneurship Monitor, early-stage entrepreneurship in Ecuador is maintaining a steadily positive trend, with numbers indicating that about 1-in-3 people in the country initiated actions to establish a business or owned a business that was established no more than 42 months prior. Still, Ecuador receives the least amount of foreign direct investments of any country in South America due to frequent changes in economic, commercial and investment policies.
Endeavor Ecuador will focus on providing services and promoting the right mix of talent, funding, and networks to high-impact companies that have the potential to scale, create jobs, drive innovation and usher in capital to the region — continuing the growth of the regional entrepreneurship ecosystem and breaching the investment gap.
“We are excited to help unlock the potential of Ecuador’s growing pool of entrepreneurs,” said Endeavor Co-founder and CEO Linda Rottenberg. “With our network’s 20 years of experience in Latin America supporting high-impact entrepreneurs and helping build ecosystems, we’re confident Endeavor Ecuador will drive meaningful growth in the region.”
Endeavor Ecuador will be led on a day to day basis by Santiago Ribadeneira, who brings a wealth of experience in investments and venture capital, and is a member of the Global Shapers community, a program of the World Economic Forum.
Endeavor is a 20 year-old organization leading the high-impact entrepreneurship movement around the world. Endeavor drives long-term economic growth by selecting, mentoring, accelerating, and co-investing in the best high-impact entrepreneurs globally in 27 countries. Founded in 1997 by Linda Rottenberg and Peter Kellner, Endeavor has helped nearly 1,500 of these entrepreneurs build nearly 1,000 companies across 30 markets, which generated combined revenues of $10 billion in 2016. To date, companies led by Endeavor Entrepreneurs have created 650,000 jobs, and often go on to mentor and invest in the next generation of founders, or serve on the boards of Endeavor offices.
Endeavor Ecuador will focus on selecting and supporting high-impact entrepreneurs and businesses from multiple sectors that have the potential to grow to an international level and reinvest back into the country by mentoring and providing financial support for successive generations of entrepreneurs.