NEW YORK--()--The Inter-American Development Bank (IDB) awarded a $2.7 million grant to Endeavor in support of its work with high-impact entrepreneurs in Latin America. This is the second grant Endeavor has received from the IDB.
“Today, there is a growing and vibrant private sector in Latin America. This is the result of IDB’s commitment to organizations like Endeavor who are helping entrepreneurs develop sustainable businesses that create high-value jobs.”
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 hundreds to thousands of jobs, generating millions in revenues, and cultivating role models that will spark the next generation of entrepreneurs.
“The IDB has made it possible for so many entrepreneurs in Latin America not just to start but scale their businesses and business ideas,” says Endeavor CEO and Co-founder Linda Rottenberg. “Today, there is a growing and vibrant private sector in Latin America. This is the result of IDB’s commitment to organizations like Endeavor who are helping entrepreneurs develop sustainable businesses that create high-value jobs.”
Building on the Endeavor-IDB partnership started in 2001, this grant from the IDB’s Multilateral Investment Fund will enable Endeavor to reach entrepreneurs in secondary cities and to address two previously under-represented groups, female and “green” entrepreneurs. The IDB’s support continues to be a keystone for Endeavor’s Latin American offices and business communities
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