endeavor in brief
CONTENT 1 WELCOME 3 IMPACT & RESULTS 4 THE NETWORK 6 NEW TO THE NETWORK 8 ENDEAVOR SEARCH & SELECTION MODEL 10 MULTIPLYING IMPACT 12 TIMELINE 14 HIGHLIGHTS, AWARDS & ACHIEVEMENTS 16 UPCOMING EVENTS
WELCOME Endeavor was introduced to me while attending the World Economic Forum in 2007. This was an organization that was built on the premise that the path to sustainable economic development and job creation lay clearly in supporting high-growth enterprises. What resonated with me the most is that it is the role of the private sector to lead such an initiative, and to support the younger generation of entrepreneurs in scaling their businesses and multiplying their success. Within a year, and with the support of like-minded individuals, we had established Endeavor Jordan and were operational by early 2009. The timing could not have been better. As Jordan began to feel the ripple effects of the global financial crisis, catalyzing entrepreneurship had become an urgent necessity. At the time, Jordanâ€™s entrepreneurial ecosystem was still nascent, and while star businesses were starting to emerge, they had limited support channels to tap into to achieve their full potential. We werenâ€™t looking for just any business, we were instead focusing on those businesses that were game-changers, that were innovating and on a clear path to scale. At the helm of those businesses would be inspiring entrepreneurs with the leadership skills to execute their vision, and the potential to ignite others.
Six years on, our portfolio continues to expand and our companies, despite the general adverse economic conditions, are achieving double-digit growth, both in terms of revenues and number of jobs they are creating. The support of the mentor network has been paramount in achieving this, and I would like to take this opportunity to thank all the mentors and partner organizations that are helping Endeavor fulfill its mission. The Endeavor journey has shown how much more we have to both give and learn in building high impact ventures in Jordan. I, for one, continue to enjoy working with the teams shaping tomorrowâ€™s leading businesses, and can confidently claim that I am learning more from mentoring our inspiring entrepreneurs than I give back to them. I look forward to working with all of you in multiplying our impact further in 2015. Ali Al-Husry Chairman Endeavor Jordan
Entrepreneurship is increasingly seen as a plausible solution to today’s high unemployment levels. With youth unemployment proving a huge burden on the local economy, the need for home-grown role models is crucial to convince the younger generation that entrepreneurship is a viable option. Endeavor has been cultivating entrepreneur role models in Jordan since 2009 and plays a key role in supporting them on their high-impact journey; by facilitating access to mentors and networks, talent, capital and markets. We are able to do this through the remarkable support of Endeavor’s local and global mentor network. In 2014, local business leaders devoted more than 180 hours to mentoring our high-impact entrepreneurs, with 13 network members serving on our portfolio companies’ advisory boards. In turn, the Endeavor companies have created 2,100 jobs, and generated USD 140 million in revenues in 2014. This past year we released our first research report; “Multiplying Impact: Amman’s High-Growth ICT Industry.” The report shares four stories of scale-up entrepreneurs whose impact has stretched beyond the success of their own business and contributed to the growth of localized ecosystems through reinvesting their intellectual, social and financial capital into new companies. It is such entrepreneurs who are disproportionately higher drivers of jobs, growth, value and sustainability. It is such entrepreneurs that Endeavor is on a constant quest to identify, select and support.
All in all, Endeavor Jordan has screened 660 candidates, and selected 22 companies. With this year’s selection of 5 new entrepreneurs from 3 companies: ReserveOut, Madfoo3atCom and Alissar Flowers, our current active portfolio is made up of 24 entrepreneurs, representing 16 companies from diverse industries. You can learn more about our new entrepreneurs in this report. Looking forward, we are excited to be hosting Endeavor’s 59th International Selection Panel in Amman in June 2015, and are keen to welcome new entrepreneurs into this group of innovative gamechangers who are leaving a foot-print for younger entrepreneurs to follow. Rasha Manna Managing Director Endeavor Jordan
IMPACT & RESULTS Endeavor Jordan and its entrepreneurs enable significant impact by building four types of capital: HUMAN FINANCIAL SOCIAL & CULTURAL
average revenue growth p.a.
Jordanian HighImpact Entrepreneurs representing 16 companies from 7 industries
Financial $140M+ Capital in revenues generated by
hours of mentoring provided by Endeavor Mentors since 2009
attendees of Endeavor Jordan events
people employed by Endeavor Entrepreneurs
global connections and investor introductions since 2009
media mentions of Endeavor and its Entrepreneurs
average increase in jobs p.a.
in equity capital raised since selection
local & 3000+ global business leaders mentor Endeavor Entrepreneurs
Endeavor Entrepreneur Advisory Boards
followers of social media feeds
“Endeavor’s global movement is transforming economies, one entrepreneur at a time.” EDGAR BRONFMAN, JR. Chairman, Endeavor Global
THE NETWORK BOARD OF DIRECTORS Ali Al-Husry Director, Hikma Pharmaceuticals Endeavor Jordan Chairman
Randa Ayoubi Founder & CEO Rubicon Group Holding
Amjad Aryan President & Founder Pharmacy1
Safwan Masri Executive Vice President for Global Centers & Global Development, Columbia University
Fawaz Zuâ€™bi Founder & CEO Accelerator Technology Holdings
Said Darwazah Chairman & CEO Hikma Pharmaceuticals
Ihab Hinnawi CEO Umniah
Tarik Awad CEO Capital Investments
Maher Kaddoura Angel Investor & Management Consultant Endeavor Jordan Vice Chairman Nadia Al Saeed General Manager Bank al Etihad
Waddah Barkawi Partner Ernst and Young Walid Tahabsem President & CEO Integrated Technology Group
Peter B. Kellner Founder & Managing Partner, Richmond Management Endeavor Co-Founder, Endeavor Global Board Member
ENDEAVOR IS AN ORGANIZATION
OF, BY, & FOR
ENDEAVOR ENTREPRENEURS in order of selection Mansour Mansour Javna
Jalil Allabadi Altibbi
Amjad Aryan Pharmacy1
Majdy Abo Mathkoor Fadi Bargouti Curl Stone
Amin Amin ASK
Alaâ€™ Al Sallal Jamalon
Yousef Shamoun Mohamad Haj Hasan Akhtaboot
Omar Tabbaa EAT Restaurant Group
Omar Koudsi Jeeran
Zeena Majali Ramez Kalis CrysTelCall
Zafer Younis Ramzi Halaby The Online Project
Khalil Shadid ReserveOut
Firas Al-Otaibi Wael Attili Mohammed Asfour Kharabeesh Fadi Al-Atrash API
Nasser Saleh Madfoo3atCom Charif Mzayek Alissar Mzayek Ghassan Mzayek Alissar Flowers
the challenge of unemployment
by driving innovation,
strengthening value chains,
the way for long-term
NEW TO THE NETWORK Selected as Endeavor Entrepreneurs in 2014
Company: ReserveOut Entrepreneur: Khalil Shadid Industry: Software Selected: August 2014
Company: Madfoo3atCom Entrepreneur: Nasser Saleh Industry: ePayments Selected: October 2014
Khalil has always been driven by passion; passion for technology, which he realized when he joined Cisco in New York as a Systems Engineer, and passion for good food and dining experiences, which he experienced living in the big city. When traveling back home to Amman, he realized the Middle East lacked an efficient local service that allowed people to make online reservations conveniently. Khalil identified an untapped opportunity to improve both customer service and restaurant operations and realized the huge potential. With the MENA restaurant market boasting more than 18,000 sit down restaurants, Khalil moved to Jordan and started ReserveOut in 2011; a platform that provides restaurants with software that helps to efficiently manage and record customer reservations, touchpoints, and preferences. Since launching the company, ReserveOut has successfully seated over 1.3 million diners, averaging 2,000 online reservations per month, and signed 280 restaurant clients in Abu Dhabi, Dubai, Amman, and Beirut with plans for further regional expansion in 2015.
Having gained 10 years of banking experience in the Gulf, Nasser recognized the opportunity for implementing an electronic system in Jordan. He wanted to create an alternative to the antiquated, lengthy, and inadequate bill payment process. Madfoo3atCom was launched in 2011, offering a real-time bill presentment and payment system that enables the billers’ clients to inquire about, and pay their bills, via convenient and secure electronic channels 24/7. In 2013, the company secured an eight-year exclusive contract with the Central Bank of Jordan, mandating that all 26 banks in the country process electronic payments through the company’s platform.
“Being presented with the chance to meet and exchange insights with such remarkable entrepreneurial role models from around the world has been a valuable learning experience and privilege.” Khalil Shadid
“With Endeavor’s support, I am confident that Madfoo3atCom will continue to deliver bigger and better things for the e-payment industry in the Kingdom and beyond.” Nasser Saleh
Six times a year, Endeavor selects the next class of entrepreneurs at International Selection Panels, where business leaders interview candidates before deciding whether or not these candidates become Endeavor Entrepreneurs.
Company: Alissar Flowers Entrepreneurs: Charif, Alissar, Ghassan Mzayek Industry: Agriculture/ Retail Selected: December 2014 After fleeing the civil war in Lebanon and moving to Jordan, Hadi and Malvina Mzayek founded Alissar in Amman in 1979 as a small neighbourhood flower shop selling floral arrangements and indoor plants to the local market. Their three children Charif, Alissar, and Ghassan, grew up working in the shop after school, on weekends, and during summer breaks; learning about the floral industry and how to run the business. The three siblings set their eyes on the US$260 million commercial flower and plant market in the GCC and decided to join Alissar Flowers in the early 1990s. Since then, Alissar Flowers grew to become a market leader in Jordan and a significant regional player. They maintained Alissarâ€™s floriculture core and expanded the product lines to include: growing their own flowers, providing total floral solutions to luxury hotels across the region, and distributing planting material world-wide. This led to increasing organizational efficiencies and expanding geographically. The company now operates four distinct businesses; B2B, B2C, Production, and Agribusiness and employs over 140 people.
â€œTo have our hard work recognized by a leading global organization as Endeavor is a distinct honor and an invaluable opportunity for us.â€? Charif Mzayek
ENDEAVOR SEARCH & SELECTION MODEL Through a rigorous, multi-step selection process, Endeavor annually screens thousands of entrepreneurs from around the world to identify the best talent. Candidates with the most innovative, high-growth ventures, and greatest promise to become future mentors and investors, are selected as Endeavor Entrepreneurs.
SELECTION CRITERIA ENTREPRENEUR Leadership Potential
Leaders with the vision, energy and skills to take their business (and themselves) to the next level.
Will become role models by giving back (both financially and with time) to both Endeavor and the broader entrepreneurial ecosystem.
BUSINESS Scale and Acceleration Companies with a significant runway for growth; will become highest impact businesses as defined by revenues, jobs, exits and investor appeal.
TIMING Inflection Point Business at a key inflection point in growth trajectory.
SCALING UP ENDEAVOR’S HIGH-IMPACT ENTREPRENEURS
MULTIPLYING IMPACT When successful founders establish new spin-off companies, mentor others, and act as early-stage investors, they increase the opportunities available to new generations of entrepreneurs.
NETWORK MAP OF AM
In December 2014, Endeavor Jordan published a report, ‘Multiplying Impact: Amman’s High-Growth ICT Industry’ providing in-depth insights into Jordan’s dynamic ICT sector ecosystem, and demonstrating how scale-up entrepreneurs are disproportionately higher drivers of jobs, value and sustainability, through reinvesting their financial, social and intellectual capital into new companies.
JABBAR INTERNET GROUP
ZAYTO ALTIBBI.COM BLINK
The development of entrepreneurship ecosystems cannot be judged by the number of startups in each country, nor are startups the answer for the Middle East’s pressing job crisis. It is the scaleup entrepreneurs that overcome the initial startup hurdles and manage to reach the challenging phase of actually scaling their businesses - while demonstrating the potential to be sustainable - that are the driving force of job creation.
MAKTO ARABY.COM NAT HEALTH
Success Breeds Success The report shares four stories of scale-up entrepreneurs whose impact has reached beyond the success of their own businesses, to the point of contributing to the organic growth of a high-impact technology sector in Jordan. These entrepreneurs have enabled the next-generation of entrepreneurs to succeed in building and scaling their companies and commercializing their products and services, in turn creating jobs, and expanding the economy’s productive potential. The following diagram maps the ‘Multiplier Effect’ of the four companies researched on Amman’s tech ecosystem, through companies they have mentored, invested in or inspired.
THE O PROJE
NOT ANOTHER FRUIT
SAJILNI DV8 KIWI Legend:
Entrepreneurship Acceleration Cycle
ACT NETWORK MAP
By following a specific pattern of mentorship, investment and serial entrepreneurship; entrepreneurs have helped produce localized ecosystems that are increasingly integrated with, and contribute to, the ever-developing global technology sector network.
MMAN TECH SECTOR
Endeavor identifies this specific pattern as the ‘Entrepreneurship Acceleration Cycle’, one which has been observed in several successful ecosystems around the world, including Silicon Valley.
NOQOUSH MOBILE MEDIA GROUP
Successful Entrepreneurs WIZARDS PRODUCTION
1. Ambition New Entrepreneurs
ONLINE ECT CATALYST MENA CLEAN ENERGY FUND
MILLENNIUM ENERGY INDUSTRIES JEERAN
MODERN MEDIA IFOOD.JO TASMEEMME
MENTORSHIP INVESTMENT FORMER EMPLOYEE FOUNDER
The cycle comprises of four distinct steps: Step 1: Ambition - Entrepreneurs seek to build large, scalable businesses in their local communities. Step 2: Growth - Ambitious founders achieve significant growth at their companies. Step 3: Commitment - Successful founders choose to stay in the local area and share their resources with the next generation of entrepreneurs. Step 4: Reinvestment - Successful founders reinvest in other entrepreneurs and businesses. It is these kinds of high-impact entrepreneurs that Endeavor seeks to support, those with the potential to play a greater role in ecosystem development. For the full report visit www.endeavorjordan.org
TIMELINE Throughout the year, Endeavor helps entrepreneurs grow their businesses by delivering services through four key channels: mentoring, smart capital, partnerships, and events.
January February Dealmakersâ€™ Weekend- Feb 15 & 16 Endeavor Jordan hosts an exclusive matchmaking event, connecting leading regional & international investors with ICT entrepreneurs from MENA. The 1.5 day event was attended by 165 participants, including 40 investors from 10 countries.
Education - Youth Impact Advisory Session- May 15 Endeavor held a Youth Impact Advisory Session in New York for Endeavor Entrepreneurs working in the Education sector.
April 9th Local Selection Panel- April 3 The third stage of the selection process, where network members select candidates for the final selection stage.
Mentor Exchange- June 23 A networking event for Endeavor network members to share best practices. GE Ventures Partner Learning & Developmentâ€“ June 30 - July 2 Endeavor Entrepreneurs participated in a program addressing best practices for leadership and coaching with group exercises and discussions, in New York.
Endeavor 56th International Selection Panel- Dec 10 Charif, Alissar, and Ghassan Mzayek, of Alissar Flowers, are selected to join the Endeavor network at the Miami ISP. Mentor Awards- Dec 16 Networking reception celebrating 2014 achievements and recognizing key network member.
November Catalyzing Conversations– Nov 12 & 13 A power breakfast featuring a series of motivational, intimate dialogues with some of the MENA region’s most innovative and dynamic tech entrepreneurs. 10th Local Selection Panel- Nov 26 & 27 The third stage of the selection process, where network members select candidates for the final selection stage. Multiplying Impact– Nov 30 Endeavor Jordan releases research report that provides in-depth insights into Jordan’s dynamic ICT sector ecosystem, and demonstrates how scale-ups can transform economies through reinvesting their social, financial and intellectual capital into new companies.
Endeavor 55th International Selection Panel– Oct 24 Nasser Saleh, Founder & CEO of Madfoo3atCom, is selected to join the Endeavor Network at the Istanbul ISP. EY Vantage Program – advising Jamalon– Oct-Nov As part of a global partnership, EY Vantage Advisors leverage professional expertise to support Endeavor Entrepreneurs at no fee for six week projects.
eMERGE- Sept 16 & 17 Endeavor Entrepreneurs participated in an interactive program in Dubai, to help them develop a strategic talent plan led by Sal Giambanco, Partner at Omidyar Network from Silicon Valley.
2014 Harvard Scaling Entrepreneurial Ventures Program– Aug 25 - 29 Endeavor Entrepreneurs attend a course at HBS designed to help them scale, innovate and grow their businesses. Endeavor 54th International Selection Panel– Aug 11 The ISP is the culmination of Endeavor’s rigorous search and selection process where Global business leaders interview candidates, deliberate and select the next class of Endeavor Entrepreneurs. Khalil Shadid, Founder & CEO of ReserveOut, is selected to join the Endeavor Network at the New York ISP.
HIGHLIGHTS, AWARDS & ACHIEVEMENTS 2014
EAT Restaurant Group launched their first branches in Bahrain and Palestine, and two new branches in Irbid – Jordan.
Kharabeesh are the first multi-channel network in MENA to receive YouTube certification. Reached 1 billion lifetime views on YouTube.
Forbes named entrepreneur Ala’ Alsallal, one of the “Three Entrepreneurs Capitalizing on the World’s Fastest-Growing e-Commerce Market”.
Awarded and completed 7 projects in UAE and Saudi Arabia, marking their first regional expansion. Dr. Amin Amin attended the Education - Youth Impact Advisory Session in New York, and Harvard Scaling Entrepreneurial Ventures Program designed exclusively for Endeavor Entrepreneurs.
The Online Project were listed among the top 40 Social Media Agencies to work with globally, by international consulting firm R3. Organized the biggest job fair in Jordan for the 5th consecutive year, as part of the Akhtaboot Cares Initiative. Madfoo3atCom’s electronic bill presentment and payment system went live in 2014 with 22 banks, 3 telecom companies, governmental entities and other organizations in Jordan.
Received m-Health Award by the World Summit Award Mobile (WSA-mobile). Raised funds from strategic regional investors including Middle East Venture Partners (MEVP) and DASH Ventures.
Raised funds from twofour54 in Abu Dhabi to expand Akhtaboot’s presence there, and develop the ‘Pre-Post Hire Assessment Solutions’, a product that is tailor-made for the Middle East.
Increased production capacity three times by upgrading the existing production lines and installing a new one. Acquired the CE mark - a requirement for exporting to the European Economic Area - for 2 new products, reaching 5 in total.
Awarded â€œBest Service Assurance Programâ€? for 2014 at Insights Middle East event held in Dubai, UAE. Successfully delivered complete contact center premises and operations to Mobily KSA.
Signed an agreement with Rotana Group Dubai to install the ReserveOut technology at all of their 200 outlets within two years.
UPCOMING EVENTS International Selection Panels
Chile April 20–22 • Santiago
Jordan June 9–11 • Amman
August 5–7 • SF Bay Area
October 5–7 • Marrakech
December 2–4 • Mexico City
Endeavor Global Events
Endeavor Investor Network Events Local Events Deal Ma kers’ W eekend
Local Selection Panels
ABOUT ENDEAVOR Endeavor is leading the global high-impact entrepreneurship movement to catalyze long-term economic growth. Since 1997, Endeavor has been selecting, mentoring and accelerating the best high-impact entrepreneurs around the world. Through the guidance that Endeavor offers, entrepreneurs can tangibly impact their communities, generate new job opportunities, bolster their countriesâ€™ national wealth, inspire others to innovate, and contribute to private sector development. Endeavor now supports 1,051 HighImpact Entrepreneurs from 666 companies across 22 countries. Endeavor launched its operations in Jordan in 2009 and is leading the way in supporting highimpact entrepreneurship. Today, Endeavor Jordan supports 24 Endeavor Entrepreneurs representing 16 companies from varying industries that have generated over $140 million in revenues in 2014 and created over 2100 jobs. Endeavor continues to search for more high-impact Jordanian entrepreneurs to support through its local and international networks.
The 2014 Endeavor in Brief Report features Endeavor’s Impact in Jordan, profiles of newly selected Endeavor Entrepreneurs, and highlights of...
Published on Mar 3, 2015
The 2014 Endeavor in Brief Report features Endeavor’s Impact in Jordan, profiles of newly selected Endeavor Entrepreneurs, and highlights of...