NEW YORK--()--The Citigroup Foundation awarded Endeavor, a non-profit focused transforming the economies of emerging markets by identifying and supporting high-impact entrepreneurs, a grant for $100,000 to support its work in South Africa and Turkey.
“Citigroup has long recognized that real growth in the developing world will ultimately come from robust private sectors that encourage innovation, investment and risk”
“Endeavor has played an instrumental role in promoting entrepreneurship as a tool for development. It is a model that should be replicated around the world,” said former World Bank President and Endeavor Global Board Member James D. Wolfensohn.
“Citigroup has long recognized that real growth in the developing world will ultimately come from robust private sectors that encourage innovation, investment and risk,” says Endeavor CEO and Co-founder Linda Rottenberg. “Citigroup has done so much to jumpstart private sector development world-wide. This grant reinforces their commitment to expanding employment and wealth across the emerging and developing world,” she added.
Endeavor believes that in every corner of the world, there are talented entrepreneurs with businesses that can reach an economic scale to become globally competitive, helping move their communities forward. High-impact entrepreneurs create jobs, generate wealth, advance innovation and attract investment, contributing to the sustainable economic and social development of a society. South Africa and Turkey are two places where there is tremendous entrepreneurial talent.
Among the root causes of poverty in many parts of the world are the lack of jobs and the lack of social mobility. Since 1997, Endeavor has been identifying and supporting entrepreneurs in six Latin American countries, South Africa and Turkey with serious results. It plans to launch operations in India later in 2007 and expand its award-winning model throughout Asia, Africa and the Middle East.
As of October 2006, Endeavor has supported more than 230 entrepreneurs, created more than 50,000 new jobs and generated approximately US$2 billion in new revenue last year. Ninety-six percent of Endeavor Entrepreneurs’ companies are still operating in countries where most ventures close within 42 months. Furthermore, Endeavor Entrepreneurs have become recognized role models: 89 case studies on Endeavor Entrepreneurs are taught in universities and thousands of young people have taken up the entrepreneurial path directly because of an Endeavor success story. Within these emerging markets, Endeavor is considered the “go to” organization for entrepreneurship.