Endeavor

Overview Miami, whose metropolitan area is the 8th largest 1 in the nation by population, has one of the most diverse economic landscapes in the country. With a constant influx of global talent and world business leaders, combined with one of the most active and dense startup communities in the country 2 , Miami is an exciting hub for innovation and entrepreneur- ship. Miami is also repeatedly cited as one of the best cities in the U.S. for new companies thanks to its unique economy and its quality of life. Unfortunately, despite these attractive characteristics, the South Florida economy faces a tremendous number of challenges. More than 20% of Miami-Dade residents lack a high school education or GED, and over 50% of residents lack those basic literacy skills required to enter the workforce in high-growth sectors. 3 Furthermore, in a recent Kauffman Foundation study of growth entrepreneur- ship, Miami ranked 2nd to last for scale-up companies 4 despite its robust startup culture. While solving Miami's economic challenges will require a multitude of strategies, we believe that investing in the growth of high-impact entrepreneurs will have a positive impact on the economy. According to the Miami-Dade County Prosperity Initiatives Feasibility Study conducted by FIU's Metropolitan Center, one of the best growth strategies for the South Florida economy, which strategy includes assisting low income groups, is to increase "the supply [pipeline] of higher wage job opportunities, and [grow] economic diversification that better resists economic cycles." 5 As stated in the report, the strategy will not only increase employment, but it will also lift the economy as a whole. The focus should not only be on helping entrepreneurs create new companies, but also on helping entrepreneurs grow their companies. High-impact companies, the ones that scale, are "believed to create nearly all net new jobs" even though they make up a minority of companies in the U.S., according to a 2011 study for the U.S. Small Business Administration's Office of Advocacy. 6 In a local market where there is a high level of churn and many startups fail, it is crucial to help facilitate long-term growth for scale-up companies across a wide range of sectors. As stated in a recent article published by Bloomberg Businessweek, helping increase sales at more mature, small companies with proven business models "does more for economic development, a growing chorus of academics and policymakers say, than promoting startups or luring large corporations with tax breaks." 7 Endeavor is assuming this key role in the growth of the Miami economy by giving companies a chance to secure a foothold and to expand. The process of creating sustained growth is not something that takes place overnight. Endeavor Miami Entrepreneurs have been engaged in consistent growth practices for the last 3 years, and more importantly, are ensuring the success of South Florida's economy for years to come. They have survived the high turnover rates and outlasted South Florida's sagging employment and GDP numbers, and are ultimately contributing significantly to the vast economic landscape of South Florida. Solving some of Miami's pressing economic problems will not be about helping create companies, but rather about helping those companies survive and grow which is a fundamental part of Endeavor Miami's mission. Impact Report 4

• Cover