25 Nov 2008, 0218 hrs IST, Khomba Singh & Deepshikha Monga, ET Bureau
NEW DELHI: Sameer Mehra is an entrepreneur who runs a small business with a big idea. Realising the high demand of organic products in overseas markets, he got over 7,000 farmers in Maharashtra and Gujarat to convert to organic farming. He buys their produce at a premium and exports them.
It is entrepreneurs like Mr Mehra that US-based NGO Endeavor looking for. Formed to identify and promote entrepreneurs with innovative ideas that have farreaching impact on the society, the organisation has supported 333 entrepreneurs globally so far. The organisation is now scouting for inspirational entrepreneurs in India.
Those selected are mentored and advised by the likes of Warner Music Group chairman & CEO Edgar Bronfman, Burger King non-executive chairman Brian Swette, former eBay CEO Michael Klein, Orascom Telecom’s CEO & chairman Naguib Sawiris, Jubilant Organosys owner Hari Bhartia, ChrysCapital founder Ashish Dhawan and former Citigroup south Asia head Sanjay Nayar.
These businessmen also get a chance to meet global venture capitalist (VC) and private equity (PE) funds, business honchos and entrepreneurs with a similar interest and innovative ideas. Endeavor has helped raise about $908 mn from VC and PE funds so far.
In India, Endeavor has shortlisted five entrepreneurs representing four firms for a final selection after screening over 350 in the last one year. There will be a final assessment by the Indian and the International review team next month to decide which ones would be supported and mentored.
The soon-to-be-formed Indian Endeavor board will comprise 8-10 members, including founder members Mr Bhartia, Mr Dhawan and Mr Nayar, Endeavor India MD Mallika Singh told ET.
The Indian board members will also contribute some amount in their personal capacity to run the India arm for the first four to five years. Dabur owner Anand Burman will also be a part of the selection team.
Besides the board members, Endeavor has its own team with corporate experiences to advise and mentor the selected companies on a regular basis. The organisation also has collaborations with top consultancy firms, VC firms, legal firms, companies and universities globally, Ms Singh added.
“Endeavor is not about taking up a model and making it run successfully. Our aim is to create role models out of these entrepreneurs and inspire others. We are looking for entrepreneurs who can really make an impact on the society,” Endeavor Global communications & outreach head Elmira Bayrasli said. The firm is now inviting applications from entrepreneurs who run innovative or high-potential businesses with revenues of less than $20 mn.
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