Entrepreneurial communities are complex ecosystems of businesses, owners, employees, investors, and even mentors. When successful entrepreneurs reinvest in these ecosystems, they help both local economies and future entrepreneurs prosper. As an organization created by entrepreneurs for entrepreneurs, Endeavor encourages its members to support long-term sustainability by digging local roots and reinvesting financial gains, expertise, and time. Let’s look at how these different types of reinvestments impact our local economy.
Opportunities: Creating jobs for local residents and generating revenue for local communities
Research demonstrates that by seeking out and taking advantage of myriad opportunities, high-impact entrepreneurs create jobs and foster economic growth in their local economies. Endeavor Entrepreneurs are leading the way on both fronts. CEO and Founder Joey Rivera and his company the Rivera Group, a cybersecurity software firm based in Sellersburg, Indiana have created more than 200 jobs. Likewise, CEO Stacy Griggs and his Louisville-based ad-tech company, El Toro, whose cookie-free, IP-targeting technology helps to accelerate the path to purchase for digital companies, have created more than 150 local jobs. In addition to job creation, Endeavor Entrepreneurs help generate revenue that goes back into the local community. For example, CEO and Founder Kaveh Zamanian and his Louisville-based distillery, Rabbit Hole, are drawing visitors to NuLu, Louisville’s hip Eastern Market District with interactive tours of the facility and the Rabbit Hole’s event space, the Overlook.
Inspiration: Sparking and attracting innovation
The more impactful the entrepreneur, the larger their circle of influence. This influence extends to inspiring and attracting innovative new entrepreneurs and talent to the local community. For example, Endeavor’s research arm, Endeavor Insight, has mapped a number of entrepreneurship networks in cities and countries across the world. In tracking the evolution of entrepreneurial networks, they’ve discovered that small groups of high-impact entrepreneurs attract and influence future innovators. For example, Endeavor Insight determined that six high-impact entrepreneurs in Buenos Aires, five of whom are Endeavor Entrepreneurs, influenced over 80% of all tech entrepreneurs in the city. Mentors can be instrumental in helping high-impact entrepreneurs scale their businesses and attract more innovation. With a variety of expertise from diverse industries, mentors provide entrepreneurs with a wider network – and a larger pool of potential partners – with which to grow their businesses. As these businesses expand and create new business, new talent is drawn to the local community and the entrepreneurial network continues to grow.
Reinvest: Supporting future entrepreneurs
In order to generate big impacts in the local community, it’s important entrepreneurs reinvest their success by supporting future entrepreneurs. Endeavor encourages its entrepreneurs to reinvest by becoming mentors and leading the next generation of entrepreneurs. Once at the next stage, past Endeavor Entrepreneurs serve as Advisory Board members, ad-hoc mentors providing insight and advice one on one, panelists at Local and International Selection Panels, investors in Catalyst, an innovative venture fund that co-invests in Endeavor Entrepreneurs through a neutral, rules-based process, and financial supporters of their local Endeavor offices. Eventually, Endeavor hopes its entrepreneurs will come full circle and reinvest by taking over board seats at their respective Endeavor offices.
The Future of Greater Louisville
Breaking down silos and driving connectivity is crucial. As an increasing number of successful Endeavor Entrepreneurs reinvest in the regional ecosystems of Louisville, Indianapolis, Cincinnati, and beyond, the local economy will thrive and future entrepreneurs will prosper. By fostering connection and reinvestment, Endeavor is working to create a growing pipeline of high-impact entrepreneurs and a business community committed to supporting the next generation of high-growth entrepreneurs.
For more on Endeavor’s Impact in the Louisville region and beyond, see our ‘Impact Report: Volume I’.