and support high-impact entrepreneurship contributing to .... 2012 with the support of prominent business leaders aiming
GROWTH IN ACTION IMPACT REPORT
2015-16
IMPACT REPORT
WELCOME NOTE CONTENTS WELCOME NOTE
3
OUR MISSION
4
WHO WE ARE
5
OUR IMPACT AT A GLANCE
20
OUR ENTREPRENEURS
22
MOMENTS
34
REPORTS
38
OUR VISION
40
GUEST EDITOR
41
When Endeavor launched in Greece three years ago, we made a promise to promote and support high-impact entrepreneurship contributing to sustainable growth. This promise was very challenging as it was made during demanding times for our economy and society. Our primary target remains the support of aggressively growing small and medium enterprises in Greece. This is the most effective way for sustainable job creation and growth. We do not aspire to help thousands of companies, but focus on the few that can make a difference and drive growth. These companies have a multiplier effect and serve as our vehicle to help and inspire thousand others. They are led by great entrepreneurs who benefit society first by scaling up their enterprises as far and fast as possible, and then by reinvesting their successful stature in becoming inspiring role models; reinvesting their knowledge by becoming mentors; and reinvesting their financial gain in the next generation of entrepreneurs. After three years of operations we have made significant progress towards this direction. To date, the 16 Greek companies that have joined Endeavor’s global network after a rig-
orous selection process, manage a total turnover of 163 million euro and employ 6,400 employees, both directly and indirectly. Since the beginning of 2012, Greece’s GDP has dropped by 15% and employment by 10%. In the same period, our entrepreneurs have increased turnover by 153% and employment by 113%. They are now present in more than 50 markets and have attracted 40 million euro of investment. We aspire to create the prototype of Greece’s new growth model that will be based on productive sectors, like tourism, food & agriculture, manufacturing, and will leverage technology to improve efficiency in entire business segments. We have managed to bring together established business leaders, entrepreneurs, exceptional professionals and academics, institutions and foundations for a common goal: to establish sustainable growth and job creation and highlight healthy role models for Greek youth. Our goal for the next 4 years, is to reach a total of 50 companies in our growing network that will create more than 20,000 jobs. Thank you for supporting our mission. This is just the beginning of a great journey and we invite you all to be part of it.
Michael D. Chandris Chairman of the Board Endeavor Greece
Haris Makryniotis Managing Director Endeavor Greece
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IMPACT REPORT
1
Our Mission:
Establish sustainable growth and job creation through supporting high-impact entrepreneurs.
Endeavor is an international non-profit organization founded in 1997, which selects and supports the most promising companies around the world with the help of the most prominent business leaders and investors globally. Through its affiliates in 20+ countries, Endeavor identifies entrepreneurs that lead high-growth companies across sectors and helps them unleash their potential through access to the key ingredients of business success. Through a powerful network of 3,000 business leaders and investors worldwide,
600+ companies
Highlight healthy role models for Greek youth. Showcase collaboration and solidarity as an imperative for growth.
WHO WE ARE Endeavor Global Endeavor supports entrepreneurs in three main areas: access to markets, access to debt and investment, strategic advice for financial management, operations, HR, branding and communication. These High-Impact Entrepreneurs, with Endeavor’s support, have the potential to rapidly scale-up and lead job creation and wealth generation internationally and have the power to inspire countless others as leading role models. Together, these entrepreneurs hold the key to sustainable economic growth.
1,000+
Endeavor Entrepreneurs
500,000
$8B revenues
jobs
created by Endeavor Entrepreneurs
generated by Endeavor Entrepreneurs in 2014
42 % jobs growth
67%
2 years post-selection
2 years post-selection
$500M+
revenue growth
debt equity capital raised by Endeavor Entrepreneurs
5
IMPACT REPORT
Endeavor’s Global Network 3,000+ network members Edgar Bronfman, Jr. General Partner Accretive LLC Chairman Endeavor Global
Reid Hoffman Founder Linkedin
Diego Piacentini
Arif Naqvi
Senior Vice President Amazon International
Founder The Abraaj Group
GREECE DETROIT
LOUISVILLE
BULGARIA TURKEY
SPAIN SAN FRANCISCO
NEW YORK
MEXICO
MOROCCO
MIAMI
Global
Footprint
COLOMBIA
LEBANON JORDAN EGYPT
BRAZIL
UAE
MALAYSIA PHILIPPINES
SAUDI ARABIA
PERU
SINGAPORE
INDONESIA
CHILLE URUGUAY ARGENTINA
SOUTH AFRICA
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IMPACT REPORT
Endeavor Greece Endeavor Greece launched in September 2012 with the support of prominent business leaders aiming to transport local entrepreneurship landscape and build the prototype of Greece’s new growth model. We focus on
supporting aggressively growing small and medium enterprises in different sectors like tourism, food & agriculture, financial services and technology. These can contribute effectively to sustainable job creation and
growth. Endeavor has built a powerful network of business leaders, investors, entrepreneurs and individuals who support our mission and work together to achieve sustainable growth.
Board of directors
Dr. John Coustas President & CEO, Danaos Corporation Marily Frangista Managing Director, Franco Compania Naviera
30 mentors & strategic partners
Theodore M. Kyriakou Group CEO, Antenna Group Johanna Papadopoulou President & Managing Director, E.J. Papadopoulos
Michael D. Chandris Chairman, Endeavor Greece Chairman, Chandris Group Mareva Grabowski Founder & Vice-Chair, Endeavor Greece Co-Founder & Managing Partner, Zeus + Dione
Costantza Sbokou Constantakopoulou Architect, T.E.MES. Yiannis Stasinopoulos Viohalco Melina Travlou President & CEO, Neptune Lines Shipping & Managing Enterprises National Bank of Greece
Advisor to the Board Professor Christos Diamantopoulos
9
IMPACT REPORT
Some of our Mentors
Supporting entrepreneurs with high growth companies that create jobs and contribute to the rebirth of the Greek economy at this critical time, is an absolute inspiration to me. I fervently support Endeavor’s mission because for entrepreneurs to unleash their potential and become the future’s business leaders, this global non-profit, offers them the most demonstrably efficient and networked vehicle.
Jason Manolopoulos
Leonidas Vrettakos
Jason Manolopoulos co-founded Dromeus Capital Group in April 2008 and is the CIO and a Managing Partner of the Firm. Jason is a Portfolio Manager and a member of the Firm’s Executive and Investment Committees. Before establishing Dromeus Capital Group, Jason was the Co-Head of the Structuring Group and member of the Board of Directors at Trust Investment Bank in Moscow. Previously, Jason was employed at Rosbank in Moscow, Marathon Asset Management in London, Merrill Lynch in London and Barclays Capital in London where he started his career in 1998. Jason graduated with a Master of Science in Accounting and Finance from the London School of Economics and Political Science. He is a CFA® charterholder. Jason is the author of Greece’s Odious Debt, one of Bloomberg’s 2011 Top 20 Business Books.
Leonidas Vrettakos is COO and a member of the SEE Executive Committee of Alfa-Beta Vassilopoulos SA. Previously, he held the position of SVP Strategy & Marketing for all SEE Opcos and Business Development for Serbia, BiH, Montenegro & Bulgaria. He commenced his career in Retail & Sales business in 1990 at Continent Hellas. In the summer of 1997, he was appointed Purchasing Manager at AB Vassilopoulos SA, and in 1998, he became Commercial Director and member of AB Steering Committee (today AB Executive Committee). In 2007, he took over as Business Development, Strategy and Marketing Executive Director. In 2011, he was appointed SVP Strategy & Marketing SEE and Business Development for Serbia, BiH, Montenegro & Bulgaria, for Delhaize Group S.A. He holds a degree from Panteion University of Athens, section of Political Science, specializing in International Affairs. He also acquired an MBA Degree from the Economics & Business University of Athens.
Marco Veremis
Endeavor is an organization by entrepreneurs for entrepreneurs. After multiple years of recession in Greece, we should focus on growth and sustainable job creation and that can be achieved through the future business leaders and role models of Greece, irrespective of sectors, that will transform the entrepreneurial landscape in the country. These are the entrepreneurs that Endeavor actively supports and I am very proud to be part of it.
Marco is Upstream’s CEO and co-founder. Upstream operates one of the largest mobile commerce platforms globally with over 100 million customers in more than 50 countries and revenues of $250m. He drives Upstream’s strategic vision and growth into new geographies and products. Prior to founding Upstream, Marco was a marketing strategist at Grey Advertising, McCann-Ericsson and DDB in London. Marco developed global communications strategies for brands such as Nestlé, Coca-Cola, Sony and SmithKline Beecham. Marco is an active angel investor in technology companies and board director at Persado, a fast growing marketing language engineering company with Bain Capital Ventures as the lead investor and Workable, a breakthrough recruitment software company with Greylock Partners as co-investor. Marco is also a lead investor and sits on the board of Intellibox, a leading handset recycling technology company. He is a mentor at Openfund, Vice-Chairman of the HAMAC and EY Greek Entrepreneur of the Year 2013. Marco holds a BA in Politics and International Studies from Warwick University and an MPhil in European Studies from Oxford University.
Providing entrepreneurs with insights on how to scale their business locally and globally, providing access to global markets and investment and giving them the chance to share experience and ideas with like-minded individuals and get inspired can be of tremendous value especially during the current challenging circumstances.
Our Partners Financing
Financial Services
Branding/Marketing
National Bank of Greece offers mentoring and guidance to Endeavor entrepreneurs on financial and operational issues through its experienced executives. Additionally and most importantly, the bank offers Endeavor Entrepreneurs access to financing in order to grow, expand in Greece and abroad and create more jobs.
EY Vantage is an EY initiative through which it dedicates its talented people to support Endeavor Entrepreneurs. Financial managers from across Europe spend six weeks working on-site with Endeavor Entrepreneurs on specific projects at no cost to the entrepreneurs. Entrepreneurs have access to global knowledge across assurance, tax, transactions and advisory service lines.
DDB and Tribal Worldwide support Endeavor entrepreneurs on branding, marketing and communication strategy issues. Executives from the two companies conduct ad-hoc meetings and workshops with Endeavor Entrepreneurs to provide guidance on megatrends and new models and also provide specific feedback on entrepreneurs’ needs.
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IMPACT REPORT
Our Approach In the years following the Greek crisis, entrepreneurship in Greece has emerged as a key lever for growth restoration and job creation, in the absence of career alternatives and in pursuit of national competitive advantages. However, Greece has always exhibited a strong tendency towards entrepreneurship.
Every year ~40,000 new companies are established in Greece but they are mostly small scale, not growth-driven and not focused on the country’s competitive advantages. There is only a 10% of companies that focus on the ‘correct’ sectors and one tenth of those exhibit higher probability for survival
1/1000 high-impact companies...
and growth as a result of more sophisticated business practices compared to local competition; of those, a further 10% can be characterized as truly high-impact companies, led by visionary entrepreneurs that have the aspiration and the potential to significantly scale-up their business and create jobs and revenues.
This corresponds to approximately 40 new high-impact companies per year can help transform the Greek economy. With proper support, these are the companies that can grow enough to absorb a significant part of the unemployed workforce and establish healthier role models.
…with a significant multiplier effect ~40
high-impact
~400
high probability for growth
Papadimitriou S.A. Christos Papadimitriou
65
employees
1,400
producers & partners
~4,000 growth relevant
HotelBrain Panos Paleologos
50
employees
3,500
~40,000 new companies every year
staff of managed hotels
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IMPACT REPORT
How Do We Select Entrepreneurs? Through a rigorous, multi-step selection process, Endeavor screens entrepreneurs to identify those with the most innovative, high-growth ventures and the best fit to
6 5 4 3 2 1
Endeavor, in terms of giving back to the community and have potential to become mentors, board members or investors in the future.
INTERNATIONAL SELECTION PANEL (6-8 per annum) International business leaders serve as panelists to interview candidates and select new Endeavor Entrepreneurs by unanimous vote
LOCAL SELECTION PANEL Endeavor Greece Board Members make the final decision for candidates to join an International Selection Panel
SECOND OPINION REVIEW (SOR) Members of Endeavor network conduct series of interviews with candidates probing the business strategy, innovation, growth potential and entrepreneur’s personal qualities
FIRST OPINION REVIEW (FOR) Endeavor staff conducts interviews to assess viability as an Endeavor Entrepreneur
SCREENING Endeavor team assess entrepreneurs and their companies to determine preliminary suitability to be Endeavor Entrepreneurs
APPLICATION Recommendation from Endeavor network & Self-nomination through website
Our portfolio top independent online car insurer one of the largest agrofood processing companies in Southern Greece top hotel management company in the region #1 online aggregator and price comparison for insurance products top promoter of high quality Greek food with delis and restaurants in Greece and abroad leading bike sharing company leading digital marketing group in CE, SE Europe and MENA one of the fastest growing FMCG brands in Greece #1 online travel agency in SEE and amongst Europe’s top 5 tech empowered property management company top producer of dermocosmetics and medical products
15
IMPACT REPORT
Entrepreneur Support Strategic Advice Endeavor Entrepreneurs gain access to an elite network of local and global mentors who provide advice and feedback on strategic (e.g. geographical expansion) or functional areas (finance, HR, sales, marketing, operations etc).
Once selected, entrepreneurs are provided with customized services from a volunteer network of 3,000+ global and local business leaders who serve as mentors, advisors, connectors and role models.
University Programs
Partner Programs
Harvard Business School and Stanford have partnered with Endeavor to offer weeklong programs every year, specially designed for Endeavor Entrepreneurs. Additionally, Endeavor recruits MBA students from leading US business schools (e.g. Stanford, Harvard, MIT-Sloan, Wharton, Columbia, Kellogg, Yale SOM etc.) to spend 10 weeks during the summer working with Endeavor Entrepreneurs on-site as “eMBAs”.
Global and local partnerships with leading organizations enhance the support offered to Endeavor Entrepreneurs addressing key functional areas (e.g., finance, technology, marketing, HR), tailored to the specific needs of Endeavor Entrepreneurs.
Networking Events Endeavor organizes networking events bringing together entrepreneurs, mentors and investors and encouraging new ideas, synergies and connections. Global events such as Endeavor Gala, Retreat and Investor Trek events include awards, roundtable and panel discussions, speed dating sessions with investors, networking dinners, and company visits. Local Endeavor offices organize local and regional events.
Access to investment Endeavor’s Mentor Capital Program connects entrepreneurs pursuing capital with designated mentors focused on the fundraising process. Endeavor has a strong network of investors from 100+ leading investment firms connected with Endeavor Entrepreneurs through the Investor Network Program (investor treks, roadshows and mentoring sessions). Endeavor Entrepreneurs raising equity rounds of US$5 million or more from institutional investors may qualify for passive co-investment by Endeavor Catalyst that has made 27 investments in Endeavor Entrepreneurs from 11 countries since 2012.
Access to markets Endeavor Entrepreneurs connect with mentors and associates in the Endeavor Global Network, through a targeted and needs-based approach.
17
IMPACT REPORT
Examples of support
› Co-Investment by Endeavor Catalyst › Mentoring & Access to key Distributors by – its first investment in Europe Chipita executives for plant upgrade & export Investment round led by Third Point LLC strategy › Introduction to Matt Harris, Managing › Access to Australian and UAE market Director at Bain Capital Ventures and Discovery, the most aggressively growing insurer in South Africa, founded by Endeavor South Africa Chairman
› Support/Connections for expansion in the Middle East › Support for fund raising process through Mentor Capital Program and investor network event in London
› Connections for expansion to the Balkans › Roadshow in Turkey to support expansion in the market
› Connections for expansion in Mediterranean region and Balkans › Extensive media coverage in Greece and Serbia
› Connections for South Africa & Morocco expansion through Endeavor local offices
› Support following merger with airtickets® through partnership with EY
› Endeavor Egypt Chairman visit in Athens to offer strategic advice and discuss the company’s global expansion
› Participation in two investment network events and tailor-made investment roadshow in New York
› Participation in Endeavor › Participation in EY Innovation & Growth Program Vantage program for by Stanford & Scaling the development of the Entrepreneurial Ventures growth strategy plan By Harvard Business School and financing options › Connections for global expansion & participation in Investor Network event and Endeavor Global Retreat
› Support for fund raising process through Mentor Capital Program
› Connection with Endeavor Jordan Chairman, Board member at Hikma Pharmaceuticals for expansion in the market
› Support for expansion to Turkey and access to investors globally
› Strategic advice in operations and marketing through partnerships with EY & DDB/Tribal Worldwide Athens
› Support for media coverage to increase supply of properties
19
IMPACT REPORT
2
OUR IMPACT AT A GLANCE
6,400 Agri/Food
jobs
€163m revenues
Tourism
500 companies reviewed
Technology
Financial Services
16 companies selected
€40m
Exports to
103%
employment Health & Beauty
50 countries
since selection
52%
revenues growth
since selection
Network involvement
investment
1000+
hours offered
30 events attended globally
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IMPACT REPORT
3
OUR ENTREPRENEURS Highlights 2015 JAN
FEB
€
new B2B platform Insurance-pro.gr
Hellas Direct
Selected in 2012
Financial Services
www.hellasdirect.gr
MAR
funding round
from Third Point LLC & Endeavor Catalyst
Forestview expansion in Middle East
partnership with Aegean Miles + Bonus
2012
Online car insurance company with MAY
APR
JUN 25% acquired by Y. Chitos
35,000
2015
225%
compound annual growth rate since launch (2012)
customers
merger with airtickets® Ergon Agora €€€
funding from SouthBridge Europe
new website with customer ratings for insurance companies
JUL
AUG
expansion to Poland
SEP
€€
sales record of ferry tickets in one day
OCT
DEC Project Agora in Middle East & Hungary
the first Greek smart bike
Serbia & Montenegro
Regent Street London
IDEA project to support entrepreneurship
#1 balsamic cream in Czech Republic
partnership with Wind Hellas
Germany
~20M€ No middlemen, no hidden costs, 24/7 emergency line and direct claims management, providing superior customer service
The 2015 funding round led by Third Point was joined by Endeavor Catalyst (passive coinvestment vehicle by Endeavor for Endeavor entrepreneurs)
User-friendly web interface, fast and easy quotes; clear choices with transparent pricing and competitively priced policies for safe drivers
40 employees
by National Bank first subsidiary in UK
new iBike station
NOV
Fund raising
two new stores in US
presence in 260 Coles retail stores in Australia
Partnership with Aegean Miles + Bonus & Wind
200 properties
ALEXIS PANTAZIS
EMILIOS MARKOU
Hellas Direct joined Endeavor Greece network in 2012. Working with Endeavor has been an absolute joy. They have helped and supported us in so many ways, providing us with valuable feedback, great ideas and general support. Both mentors and the Endeavor team itswwelf have become an integral part of our business/ family and have contributed substantially to our growth.
23
IMPACT REPORT
PAPADIMITRIOU S.A.
Selected in 2013
Hotelbrain
Selected in 2013
Food & Beverages
www.papadim.com
Tourism
www.hotelbrain.com
Presence in over
4,000
retail stores abroad in 2015
One of the
largest agrofood processing companies in Southern Greece
135 hotels under management
Wide range of
innovative Mediterranean products based on balsamic vinegar
Focus on
100% natural Balsamic Vinegar & Sauces produced exclusively from rare sun-dried grapes: the Corinthian currants
Hotel Management company with
#1 brand in Balsamic Vinegar & Creams category in Greece, Cyprus and Czech Republic
Presence in
49 destinations
White flag company offering management agreements with a purpose to create
brand recognition, high profit margins and commercial value as well as development of new hotel projects working closely with owners and investors in all phases
in 7 countries
Serbia, Montenegro and Austria
~€3M raised by SouthBridge Europe in 2015
Launch of Hotelbrain Capital in December 2015
2015 World Travel Award for Europe’s Leading Hotel Management Company
Launch in Exports to
35 countries
CHRISTOS PAPADIMITRIOU
Endeavor Greece has been a valuable partner for our company’s growth in the recent years. We have been receiving mentoring and guidance in several fields from top experts, ranging from production upgrade to introduction to new clients abroad. Also, being a member of Endeavor Greece has raised the awareness about our company and brand in Greece. We certainly hope to continue working together for the foreseeable future.
65 employees & 1,400 producers
€73M
revenues of hotels
in 2015
50 employees +3,500 staff in managed hotels
PANOS PALEOLOGOS
Endeavor is an amazing network of very high profile people globally that are always available to share their thoughts, experiences and ideas. Being part of Endeavor has been very useful for our expansion globally and has empowered our brand.
25
IMPACT REPORT
Insurance Market
Selected in 2014
Ergon
Selected in 2014
Financial Services
www.insurancemarket.gr
Food & Beverages
www.ergonfoods.com
Ergon enters US market
#1 e-marketplace for insurance products and services
The company’s vision is to become the ally of Greek consumers for the comparison, selection and purchase of the best financial and insurance product and service
MANOLIS MARSELLOS
Cutting edge technology has created the easiest way for the consumers to make an informed choice according to their needs through objective market comparison
>150.000 customers served
Digital distribution strategic parnerships with Vodafone & Proto Thema
70
employees
SOTIRIS PAPANTONOPOULOS-MANTOPOULOS
The network’s dynamic was crucial for our expansion to UAE, Egypt, Saudi Arabia and Turkey as we gained access to potential partners in these countries through Endeavor. We also had access to foreign investors to discuss our future plans and get inspired for our next steps.
ERGON promotes Greek gastronomy in Greece and abroad since 2008 through
1,200 branded premium quality products offered in partnership with independent Greek producers
11 concept stores in Greece, London, Brussels and Florida (US),
with two new restaurant-delis in Florida in 2015
where products are sold but also served on special menus
London store
moves to Regent street in 2015
Ergon Agora,
new concept store in Thessaloniki opens in 2015
250 employees 300 producers
&
THOMAS DOUZIS
I joined Endeavor in 2014 and since then I have received valuable support in several fronts from the Endeavor team and network. I have shared views with other entrepreneurs in my sector, gained access to US where I expanded my business and was inspired by successful cases in the network.
27
IMPACT REPORT
Brainbox
Selected in 2014
Think Digital Group
Selected in 2014
Technology
www.easybike.gr
Mobile Marketing
www.thinkdigitalgroup.net
Complete, automated and
Project Agora,
high tech bike sharing scheme
Expansion of iBike
network in Thessaloniki in 2015
under the brand name
EasyBike Improvement of urban mobility and
reduction of greenhouse gas emission in large cities
Launch in Athens city center
One of the leading Digital Advertising and Marketing Groups in CE, SE Europe and Middle East with local offices in Greece, UAE, Cyprus, Romania, Bulgaria and Hungary
Serving major advertisers, agencies and publishers to help them leverage digital advertising through
automated, data driven, technological and creative solutions
75 automated stations with in Greece, Cyprus, and Poland
currently being used by more than 300 websites launched in 2014 in Greece & Romania and expanded to Middle East and Hungary in 2015
Forestview launched operations in Middle East in 2015
& Glyfada in 2016
1,500 bikes
Leading international partners such as Launch of the
first Greek smart bike in 2016
DIMITRIS DIMITRIADIS
an automated cloud based solution
GEORGE VOULGAROUDIS
Endeavor is like a family to us. We have been working closely with the team and the entire network since 2014 in order to grow our business, expand globally and make better decisions, inspired by an amazing network of entrepreneurs.
3 companies: ThinkDigital, ForestView and TailWind
Microsoft (MSN, Outlook), Facebook, Appnexus, Skype, Samsung, Shazam and Sizmek and many local “champions”
125
employees
ODYSSEAS NTOTSIKAS
Endeavor benefits are clear already from the selection process as you get in contact with mentors in Greece and abroad that offer valuable feedback. Interaction with entrepreneurs from around the world is very interesting, as we exchange experience and ideas and in some cases that leads to partnerships.
29
IMPACT REPORT
One of the fastest growing FMCG brands in Greece with
70% growth rate
Green Cola
Selected in 2015
Tripsta
Selected in 2015
Food & Beverages
www.greencolacompany.gr
E-commerce
www.tripsta.com
#2
~50.3M
total web visits
in Greek market Launch of caffeine
free Pure Cola in October 2015
#1
One of the most advanced online booking technologies
~250K tickets sold
Online Travel Agency Presence in 10+ countries
Products with natural ingredients, minimal caloric cost and great taste Yiannis Hitos acquired 25% equity stake of the company in 2015
Expansion to Germany in 2015
90
employees
in SE Europe and amongst Top 5 in Europe
Complete and attractive product range in travel industry (flight & ferry tickets in real time 24/7)
Presence in
50 countries
Merger with airtickets in February 2015
PERIKLIS VENIERIS
€2.2M
in ticket sales on December 1st, 2015
260
employees
PHILIPP BRINKMANN
Endeavor has been a family to us! It is a powerful network of people that are always available to cover our needs. Exchanging thoughts and getting advice from entrepreneurs that have built successful businesses in our sector in other countries or business leaders in Greece with many years of experience and thorough market knowledge is a precious guide for our future.
Endeavor has been absolutely inspiring for me. Being part of such a strong and high profile network of entrepreneurs makes me think out of the box. Sharing experience and insights with likeminded people around the world helps me further expand my business and find solutions for any problem.
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IMPACT REPORT
Innovative company disrupting tourism sector
blueground
Selected in 2015
FREZYDERM
Selected in 2015
Tourism
www.theblueground.com
Health & Beauty
www.frezyderm.com
Targets
property owners and guests for both
High-end properties with high quality services in lower cost for guests.
One of the fastest growing companies
International presence
in health & beauty in Greece
in UK, Spain, Portugal, Cyprus, Romania, Albania, FYROM, Serbia, Estonia, Latvia, Hungary, Canada, KSA, Bahrein, Lebanon, Iraq, UAE, Peru, Kuwait, Malaysia, Vietnam, Oman and Colombia
business and leisure.
In September 2015 it raised funds by NBG Business Seeds.
Promotion, management and reforming of real estate assets to transform apartments and houses into fullyserviced high-quality houses
Development, production and market of high
30% to 50% income increase and time saving for owners
200 properties under management
quality and safe dermocosmetics and medical devices, only for pharmacies
ALEXANDROS CHATZIELEFTHERIOU
Top quality R&D department and a privately owned dermocosmetics plant, a state-of-theart, fully equipped, specialized cosmetics unit for FREZYDERM branded products and products for other Greek and multinational companies
Launch of
FREZYDERM UK in 2015
GIANNIS ANASTASIOU
Endeavor offers an amazing opportunity to connect with investors and increase chances of getting funded. It is also great for market expansion as it provides access to high level professionals globally and valuable insights.
Endeavor is a stamp of approval for the company and the entrepreneur. The company is widely promoted and we get constant support from Endeavor team in Greece and abroad and the entire network on various aspects, such as our future strategy and global expansion.
33
IMPACT REPORT
4
MOMENTS
Endeavor Greece Chairman, Michael D. Chandris, Chairman, Chandris Group & Endeavor Greece Vice-Chair, Mareva Grabowski, Co-founder & Managing Partner, Zeus + Dione
Celebrating one year of Endeavor in Greece More than 200 business leaders and entrepreneurs joined our first anniversary event and presentation of our report “Entrepreneurship and Investment Opportunities in Greece Today”
Endeavor Greece Chairman, Michael D. Chandris, Chairman, Chandris Group, Marily Frangista, Managing Director, Franco Compania Naviera and member of Endeavor Greece Board, Endeavor Greece Founder & Vice-Chair, Mareva Grabowski, Co-founder & Managing Partner, Zeus + Dione, Thodore Kyriakou, Group CEO, Antenna Group and member of Endeavor Greece Board, Haris Makryniotis, Managing Director, Endeavor Greece
35
IMPACT REPORT
Our Second Anniversary Event
International Selection Panel Athens - March 2013 In March 2013, we hosted the 47th International Selection Panel by Endeavor Global in Athens with more than 100 business leaders, entrepreneurs and representatives from Endeavor global network
Endeavor Greece Chairman, Michael D. Chandris and Managing Director, Haris Makryniotis awarding Hellas Direct cofounders, Alexis Pantazis & Emilios Markou as Fastest Growing Company 2014
Endeavor Greece Chairman, Michael D. Chandris and Managing Director, Haris Makryniotis awarding Jason Manolopoulos, Managing Partner, Dromeus Capital Management SA as Mentor of the Year 2014
Endeavor Greece Chairman, Michael D. Chandris and Managing Director, Haris Makryniotis awarding Christos Papadimitriou, CEO Papadimitriou S.A. as Top Job Creator 2014
Endeavor Greece Board Member, Costantza Sbokou Constantakopoulou at our annual event
ISP participants enjoying their private tour at the Acropolis Museum
Endeavor Greece Board Members, Mrs. Melina Travlou and Dr. John Coustas serving as panelists to evaluate and select Endeavor Entrepreneurs
Endeavor Greece Board Member, Mr. Theodore Kyriakou serving as panelist to evaluate and select Endeavor Entrepreneurs
Cocktail events hosted by our Board member, Costantza Sbokou Constantakopoulou (May 2015) and our Entrepreneurs Emilios Markou & Alexis Pantazis, Hellas Direct (April 2015) and Philipp Brinkmann, Tripsta (June 2015)
37
IMPACT REPORT
5
REPORTS #GReality BUSINESS IN GREECE UNDER
CAPITAL CONTROLS A NEW REALITY Impact from limitations in
Impact from cap imposed on
cross-border transactions
36% 6%
Low
None
daily cash withdrawals
58%
Low
High / Very high
33% 21%
None
46% High / Very high
Impact of
Measures taken
capital controls on turnover 144
fast growing
THE GREEK
€€€
A community
STARTUP
SCENE AT A GLANCE
to address cash flow constraints
51%
Suspension of payments to suppliers
65
27%30 Drop 50%
2012
2013
72
% Greece based investors
Yes
23% 13%
Already abroad
64% 69
31
EXPECTATIONS % Post seed
“Haircut” of Greek deposits
Duration of capital controls
High-Tech Fashion & Design
22%
29 % 4-10
ICT is King
44 % >10 months
Split of companies by sector
Entertainment
Other
Culture & Education
Health
1-3 Energy & Green-Techmonths Other
42-3%
32%
weeks
ICT
Media
Agri-Food
Media
startups with
high growth
1/4
potential
Financial Services
30 49%
startups
“Entrepreneurship and Investment Opportunities in Greece Today” The report presents facts on new business activity and defines the extent to which Greece’s growth model has shifted since crisis started. It leverages research and interviews with our network’s experts to validate specific areas of opportunity. It describes the profile of high-impact entrepreneurs and the support they seek to accelerate their growth. Finally, it outlines the current entrepreneurial landscape and identifies the next steps towards a proper ‘ecosystem’ (November 2013).
every
institution
startups
KEY PRIORITIES raised
funds
29%
in%2013 26
12% Increase liquidity
Immediate Mid/long-term
22%
16%
11%
1/2
Lift capital controls
one for five
Greece to remain in the Eurozone in the next 2 years
that Greece will remain in the Eurozone in the next 2 years
startups
Agri-Food
Tourism
Yes 25%
months
Split of investment by sector %
E-Commerce
Energy & Green-Tech
Settlement of all outstanding payments to suppliers
Delay in payment of salaries
seed
investors
€€ €€€€
Decrease/ Suspension of production
% Angel
28
% Foreign
€
Personnel lay offs
Number of investmentsNo in 2013
2013 €42.000.000
2010 €500.000
Trade transactions through foreign bank accounts
Salary cuts
headquarters/ operations abroad
Jeremie Effect
The
investment
Advance payment of salaries
Sales in cash only
Plans for transferring
80xgrowth
>
46% 46% 40%
45% 28% 13% 11% 10% 11% 3%
Fight tax evasion
7% Implement reforms in labor market & pension system
3%
10%
Decrease bureaucracy
9% 0% Improve education system
mobile apps
Source: Endeavor Greece survey to a sample of 300 companies
“Creating Jobs for Youth in Greece”
“The Greek Startup Scene at a Glance”
The report presents the need for job creation for youth and outlines possible ways to tackle high unemployment in Greece through entrepreneurship. It is based on analysis of employment demographics from the Hellenic Statistical Authority, unemployment statistical data from Manpower Employment Organization (OAED) and the findings of two surveys. Stavros Niarchos Foundation is the exclusive donor of this report (June 2014).
The report presents interesting numbers and results for startups in Greece, in the framework of the increased activity of the previous years and the intense discourse on the issue (March 2014). “#GReality: Business in Greece under Capital Controls” The report presents the new reality faced by Greek businesses that operate under capital controls. The survey was conducted on a sample of 300 companies, from 13 to 17 July 2015.
“A Youth Perspective on Entrepreneurship: Something is Changing” This survey was conducted by Endeavor Greece, EY Greece, Athens University of Economics and Business and American-Hellenic Chamber of Commerce, through a representative sample of 2,222 students enrolled in more than 30 Institutions of Higher Education. Against a background of persistently high unemployment, economic stagnation and uncertainty, a growing current supporting entrepreneurship is taking root in Greek universities. Students are overturning perceptions about entrepreneurship and the profile and motivation of potential entrepreneurs, as well as the support expected (December 2015).
39
IMPACT REPORT
6
OUR VISION
50+
companies over the next 4 years
7
GUEST EDITOR
It Takes Two to Tango: Enabling Greek Entrepreneurship
20,000 direct and indirect jobs
building the prototype of Greece’s
new growth model
by Jason Manolopoulos, Managing Partner, Dromeus Capital Management S.A.
Nearly all developed nations have two common denominators that stand out amongst them. Specifically, the central role that is played by strong intuitions, coupled with a dynamic platform for entrepreneurship. It therefore follows that for an economy to develop fully to its optimum economic potential, strong intuitions need to be fully in place and entrepreneurial spirit must be vigorously encouraged to flourish. The most widely cited, classic reason that entrepreneurship is understood to be imperative for the development of every modern society is based on its total contribution to society. Empirically, it is the entrepreneurs
who create businesses, produce jobs, forge social change, raise productivity, foster community development and most enduringly solve society’s problems and needs. In a country such as Greece, where unemployment has been above 25% for over 4 years, the lack of jobs and inefficient public sector has heightened young Greeks’ eagerness to start their own companies. Obsolete and cosy jobs, once protected by government policy cease to exist, red tape and the closed economy have been removed and as a result entrepreneurship will flourish. Creative workers will be led to the entrepreneurial world due to de-regulation and access to the global economy. It is here that Endeavor with its outstanding group of advisors add real value to Greek companies owing to the insights into the implementation of industry best practices and access to a global network it provides. Thus, fast growing Greek companies will not need to reinvent the wheel. Moreover, expanding to international markets is imperative for the Greek economy to flourish and Endeavor with its offices in 20+ countries, can springboard these companies to scale up and form solid customer relationships more efficiently. Endeavor companies in Greece have already created thousands of jobs directly or indirectly by growing their businesses. Furthermore, in a true sense of a sustainable, perpetual cycle, these Endeavor supported entrepreneurs have already funded, seeded, incubated, advised and mentored new startups, thus sowing the seeds for more future successes. The key values of giving back, growing the community and the positive ex-
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ternalities of the network effect are already taking hold. The culmination of the above is the essence of entrepreneurship; a virtuous cycle of ongoing positive economic growth and prosperity.
tem will only become self-enforcing once the Greek government manages to promote a level playing field and keeps up with modern demands. This is the key factor which Greek Entrepreneurs cannot influence overnight.
This virtuous effect is multiplicative and exponential, thus once it has begun, it is self-enforcing and unstoppable. Almost unstoppable that is. A government on the other hand is horizontal and linear, it provides services, passes laws, charges taxes, and is usually appointed through elections. Governments and countries are run by decree, rules and regulations. Whilst these components are necessary for a well-functioning harmonious society, unfortunately, regulation and laws can hinder entrepreneurship in two succinct ways of differing origin.
For the government to change, there must be societal change to elect and support a different set of politicians in Greece. Just as children of entrepreneurs, are more likely to follow their parent’s footsteps, young entrepreneurs also need a group of new successful role models to emulate. The electorate need to visualise and subsequently demand a different way of doing business . A different set of ‘success’ stories from the past is needed, which was littered with the businessmen-politicians, the peroxide tele-personas, the mega-Journalists, and the dodgy intermediaries with a yacht, that dominated Greece culturally over the last decades.
Firstly, in the world of digits, with the speed of technological and societal change ever increasing, governments struggle to keep up with the pace of development. Additionally, the government decision making process is often riddled with the problems of top down decisions, groupthink, multiple signatories, delayed feedback, lack of expertise and risk aversion to anything new. Government simply cannot keep up with the trial and error or learn and adapt processes of successful entrepreneurs. Hence rules and regulation can often remain antiquated and thus damaging. This problem can be tackled if governments also try to pro-actively form a more entrepreneurial mind-set, as we have seen in various countries or states, such as the Netherlands, Israel and Singapore. Secondly, and more sinisterly, is related to regulatory capture and outright corruption, whereby inefficient companies manage to push out other promising upstarts. Innovation does mean that some value chains, industries or companies will suffer and others will win. Whilst creative and determined Greek Entrepreneurs can compete and grow, the ecosys-
For Greece to succeed new entrepreneurial role models are essential. These exist and are amongst us already. They need to be positively promoted to act as signposts to an electorate, that promoting the growth of entrepreneurship is a proven way to improve the economic conditions for all Greeks as compared to upholding the status quo. Whilst Change happens, progress requires planning. Humans, being social, feel compelled to copy each other. The Endeavor platform has already promoted such much needed successful role models and given them a platform to be heard. The upward virtuous circle has begun here. Let us all support them and make sure it perpetuates.
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[email protected] / www.endeavor.org.gr / @endeavorgr
