Issue link: http://endeavor.uberflip.com/i/414924
MANILA ENDEAVOR ANNOUNCED the launch of an office in Lima, Peru—its seventh affiliate in Latin America—in April 2014. The organization's arrival comes at an opportune time for the country's economy: According to World Bank data, in the past decade, Peru has tripled its GDP, with 6% average annual growth, and has dramatically reduced the pov- erty rate (from 59% to 24%). With the support of Endeavor, high- impact entrepreneurs can take advan- tage of these lucrative conditions — boosted by government-led reforms and a rise in market-friendly policies—to build companies and create jobs for a workforce that is expected to grow by 2.5 million by 2020. Endeavor's launch in Peru was led by some of the country's most prominent entrepreneurs and business executives. THE LAUNCH of Endeavor Philippines marks the organization's third affiliate in Southeast Asia. The Filipino economy is booming —GDP growth has been 7% in each of the past two years, and the Philippine stock exchange was the world's third best performing stock exchange in 2012. The population's high rate of English literacy has also made the country a regional leader in business process outsourcing and call center operations. However, of the Philippines' 830,000 business enterprises, 99.6% are classified as micro-businesses or SMEs yet account for less than a third of the country's GDP. Endeavor will iden- tify high-impact entrepreneurs among these SMEs and help them to grow their companies into large firms (each employing over 250 people). If success- ful, Endeavor believes the economic and employment impact of these scale- ups will be profound. IN 2014, Endeavor launched its second European affiliate in Madrid, Spain. Though recent reports suggest moder- ate improvement in the economy, Spain continues to suffer from the after- effects of the 2008 global financial crisis, which resulted in unemployment climbing from 8% (2007) to 25% (2012) and minimal to negative GDP growth year over year from 2008 –2013. As an increasing number of young people enters the workforce with few traditional job prospects, the rate of entrepreneurship has slightly risen; an estimated half of Spain's entrepreneurs are between the ages of 18 and 34. Endeavor will provide the most promis- ing of these Spanish entrepreneurs with the world-class support they need to scale their businesses within Spain, regionally, and globally. LIMA MADRID 39 NETWORK Photos from Wikimedia Commons. Peru: Quado678; Philippines: Mike Gonzalez (TheCoffee); Madrid: Jean-Pierre Dalbéra - Flickr.