Jeremy Heimans, Cofounder and Chief executive officer Kevin Steinberg, President and Head of Client Services Steering committee Members:
Life Stages of Entrepreneurial Ventures A general-purpose framework Applied to the Eoy universe Chapter 4:
They have the distinctive ability to challenge the status quo to create opportunities others may not see
The Bold Ones draws significant insights from our 2013 survey of US Entrepreneur Of The Year finalists into the ways high-growth companies exploit opportunities and overcome both business and economic challenges.
as well as Endeavor and Purpose. com, two organizations supporting entrepreneurs and new business models around the world, to release this report.
but to the progress of industries and economies. Just over 20 years ago, the internet was emerging
High-impact Entrepreneurs Who Transform Industries 5 Michael Drexler Senior Director, Head of Investor Industries, World Economic Forum As the third report in a longstanding engagement with entrepreneurship
and services were conceived first in a government research facility, a university, or a large corporation. It is interconnected this nature that makes entrepreneurship such a fascinating endeavor.
In order to thrive, entrepreneurs need the right support from policy makers, the right partnership with other enterprises,
and the right financial and investor structure. High-impact entrepreneurship involves a network of actors in the best spirit of the World Economic Forum's multi-stakeholder framework.
The debate on entrepreneurship often focuses on jobs, and sometimes apps or IPOS. We believe this is too narrow
and ultimately misguided if we want to harness the full benefits that high-impact entrepreneurs can create in innovation and customer benefits,
societal impact, wealth creation (for themselves, their employees and often customers), and yes employment. Only by considering all those dimensions together can high-impact entrepreneurial ventures develop their full potential.
The report shows some interesting quantitative results for example, the entrepreneurial ventures in this sample outperformed comparable equity indices comfortably by a factor of two.
Between a mere 600 companies, they created nearly 1/20th of US jobs in the last two years.
They grew aggregate revenues of nearly $100bn by 30%annually for two years straight in an environment where the overall economy grew at less than 1/10th of that rate.
In this report, they come together for a privileged glimpse into high-impact entrepreneurship. This work could never have been done without the generosity of our longstanding partner EY,
and bandwidth that Endeavor Global and Purpose provided both high-impact entrepreneurial ventures in their own right,
Twenty years ago, many of today's world-leading ventures were born not yet. It is a safe bet to think that many of the most impactful companies of 2034 are still a dream in someone's head.
This report is intended for those that want to better understand the high-impact phenomenon entrepreneurs that want to turbocharge their enterprises to become part of it,
The report provides both analytical insights around the performance of high-impact enterprises as well as small case studies sharing key experiences of successful entrepreneurs.
000th of the total number of US companies) have created over 160,000 jobs in the last two years (nearly 1/20th of the total US economy).
and in many cases customers. But they, most importantly, also have made a real difference to society through the power of their innovation
and focus on acquiring customers. In this stage, profitability often takes a back seat particularly so for Frontier companies that display a classic J-curve of operating losses in their first few years.
but for them too market capture is more important than profits. Adolescent companies are in scale up stage
At this stage, Frontier companies enter the positive territory of the profits J-curve. Traditional companies extend their advantage,
and competitors try to capture it in an environment with relatively lower barriers to entry.
and on generating the cash necessary to stay ahead of the competition. In this stage the explosive growth of earlier stages starts slowing down.
what seems a generic profile of a mature business with commensurate margins and the need for re-investment into the next round of innovation.
the Entrepreneur of the Year award winners offer some lessons for aspiring high-impact entrepreneurs Identify market opportunities
and focus on niches addressing them with an innovative business model. Have a strong vision and passion for the business,
Conversely, Service industries have lower demands on R&d infrastructure and a less risky early stage but might be more vulnerable to competition later due to lower entry barriers.
In line with the Forum's mission, this report hopes to stimulate constructive debate across multiple stakeholders,
adding to an already impressive body in the field by other institutions from a unique data set.
and will continue to explore the potential of disruptive and transformative entrepreneurship in our work going forward.
Why we are interested This report forms the third phase of the World Economic Forum's research on entrepreneurship
Global Entrepreneurship and Successful Growth Strategies of Early-Stage Companies, in collaboration with Stanford university and Endeavor Global, examined the dynamics of companies in the first five years of their existence.
The research covered business strategies, economics and job creation. Entrepreneurial Ecosystems Around the Globe and Company Growth Dynamics, in collaboration with Stanford university, Endeavor Global and EY, analyzed what makes entrepreneurial companies successful in accessing new markets and scaling around the globe.
we also had a unique opportunity to analyze for the first time a data set generously made available by our partner EY.
An opportunity to examine successful entrepreneurs Since its inception in 1986, the EY Entrepreneur Of The Year (Eoy) program honors market-leading companies that exhibit strong growth and make their communities and the world better places.
and services, transform their organizations, enrich lives and contribute to the vibrancy of national economies.
The contest starts at the regional level, with 25 different competitions that select award winners.
The submissions cover all industries as well as a vast diversity of company ages and business models. The regional winners then progress to the national level where the most successful companies become national finalists.
For reasons of statistical significance, we restrict the analyses in this report to those stages of the contest.
and therefore holds some limitations it represents a unique opportunity to identify some of the dynamics affecting successful entrepreneurs.
We are aware of a vast and impressive body of research on entrepreneurship, some of which we have contributed over the last few years,
and employment as an outwardly comparable measure to comprise 20%or greater annual growth in revenue and 20%or greater annual growth in employment over a three-year time period for enterprises with 10 employees or more.
as it allows for easy comparability across different business models. Our sample of 628 companies contains 189 (or 30%)such high-impact enterprises.
In Fig. 2. 1, we compare them across three key financial metrics. It can be seen that high-impact firms,
. 1. Comparison of OECD high-impact firms with EOY contestants The Pioneer of highimpact entrepreneurship by Linda Rottenberg, CEO and Cofounder,
Endeavor coined the term"high-impact entrepreneur"ten years ago to help differentiate between the different types of entrepreneurship.
and is leading the global movement to catalyze longterm economic growth by selecting, mentoring and accelerating the best high-impact entrepreneurs around the world.
they also invent new business models or solutions to problems affecting consumers. Google is a good example of this In 1998,
and create significant friction with incumbents that struggle to deal with the new competition often a key challenge for young high-impact firms that requires significant determination and stamina from their founders.
Richard Branson's battle when trying to start a new airline (Virgin Atlantic) from scratch in an environment of nationally backed carriers has to be one of the more impressive examples,
creation Societal impact Impact on job creation The 628 companies studied in this report created approximately 162,000 net jobs over the most recent two-year fiscal period prior to the 2013 competition.
This stands in the context of 150,000 monthly jobs created across the whole US economy (comprised of some 6 million companies) during the same time period.
So a sample of 1/10, 000th the total number of US companies has created 1/22th of the economy's jobs a good indicator for highimpact.
and scale to meet customer demand and new opportunities (Figure 2. 4). It is a good illustration that
creation High-impact entrepreneurship creates significant wealth for successful founders with a consistent two thirds of the annual Forbes Billionaires list having built their own fortune in this way.
However, a hallmark of high-impact entrepreneurship is the vast scope and ambition of their enterprises that allow others to share in this wealth creation early employees in technology firms being a good example,
often with a significant impact on local economies. The recent effect of Facebook's IPO on both the local San francisco bay Area economy as well as tax revenues is a good example.
Of course, such wealth creation needs to be viewed in the broader picture of societal balance and is viewed not always completely positively by all stakeholders.
On the borderline between wealth creation and customer benefits are companies like Lyft or Airbnb that allow others the productive use of underutilized assets.
While not entirely uncontroversial, models like Taskrabbit or Amazon's Mechanical Turk (or less controversially
Impact on society High-impact entrepreneurs often make a difference to society beyond their immediate business model
as many high-impact businesses operate in network economies (or even create them). While a company like Facebook has changed clearly the way we communicate
High-impact entrepreneurs often take an interest in society's problems targeting areas such as the environment, poverty reduction, education or sanitation.
A whole field of impact entrepreneurship and social entrepreneurship has evolved over the last decades. Magic johnson Enterprises is a good example of this trend (see box.
A crucial dimension of societal impact is the mentorship high-impact entrepreneurs can give both peers and to future generations.
In fact, role models such as Virgin's Richard Branson or easyjet's Stelios Haji-Ioannou have impact far beyond their own enterprises on whole generations of budding entrepreneurs.
Today, he runs Magic johnson Enterprises, a power player and well-connected partner that has invested millions in AMC movie theaters, Starbucks coffee shops, private real estate funds, websites and magazines.
its latest venture is a new cable channel aimed at a community few thought to consider profitable until Johnson pointed the way.
and to honor his customers. He listened to community residents who were concerned that the bar at a TGI FRIDAY's he was inviting to his new shopping center would be a bad influence.
and Kevin Steinberg, President and Head of Client Services at Purpose This report examines multiple facets of high-impact entrepreneurs,
entrepreneurial companies provide their customers with different, better tailored products; adapt to create jobs with new and different skill sets;
in order to create considerable economic value. Often these innovations serve as a way for growing companies to capture market share
and is often largely external to the entrepreneurial venture. This value creation, in economic terms, can be viewed as a positive externality to the economics of the enterprise itself,
and often results in expanded wealth, opportunity, or forms of economic empowerment to those neither directly employed by nor investing in the organization itself.
Although definitions of social entrepreneurs are abound, an interesting way to identify them in this context is through a lens of societal disruption, as a group of entrepreneurial leaders
Airbnb, Lyft and other corporations active in the sharing economy are prime examples of corporate societal disruptors.
Life Stages of Entrepreneurial Ventures When thinking about the evolution of high-impact ventures, it is helpful to consider a generic life cycle framework.
And while this applies universally to all entrepreneurial ventures that pass the test of time,
Successful companies focus on the market and the acquisition of and obsession with customers. Capital efficiency and lean operations are also positive attributes for the youngest entrepreneurs.
and marks the point where efficient operation of the enterprise to generate cash becomes a strong focus.
and will have to make trade-offs between making new offerings ahead of the competition and cannibalization of their existing profit engines.
cash flow can kill enterprises at all life stages and so will never be completely absent from entrepreneurial decision-making.
are capitalized we adequately to exploit the opportunity? Build Business processes: Do we have the right people?
Are we overlooking troubling indicators that may suggest weakness in our business model? are focused we too heavily on raising capital?
Are we becoming too confident about our business model and products? Has our innovation rate slowed down?
Do we think of ourselves too much inside a static industry vertical (that exposes us to competition we don't see yet coming?
6 6 3 3 2 Technology Services Retail and Consumer Products Financial services Media, Arts and Entertainment Automotive Telecommunications social enterprise/nonprofit Transportation Marketing and communications Distribution and Manufacturing Real estate and Construction Biotech/Med
Tech/Pharma Oil and Gas, Power and Utilities Hospitality and Leisure Cleantech other Education Agriculture Government Services Health care Services Applied to the Eoy universe Participants in the Eoy
contest self-nominated into a choice of 21 discrete sectors, of which Fig. 3. 3. shows a breakdown. 16 The Bold Ones For the purposes of our analysis,
Capital and plant equipment are likely to be on the light side. Example sectors are Technology and Biotech.
Conversely to frontier companies, those are likely to have higher requirements for upfront capital and plant equipment.
as well as potentially established competition in the same or an adjacent niche. These challenges can slow their initial advancement given the focus on market share and geographic or product expansion.
but require less upfront capital investment. Example sectors are Education and Financial services. As in previous instances, we are very much aware of the necessary constraints this introduces, along two dimensions:
or a service company (it provides no physical goods for customers)? Secondly, even within a sector, business models might be very different, leading to different speeds at
which a company progresses through its life stages. A company that manufactures car parts for mass production via metal presses will have very high initial capital costs and therefore a slow launch phase.
A company that manufactures car parts for prototypes via 3-D printing will have the opposite profile.
Transportation 3-8 9-12 13-26 27-70 Services Education; Financial services; Government Services; Healthcare Services;
Marketing and Communications; Services; 3-6 7-10 11-16 17-60 Sector dynamics seem to be confirmed by this analysis Frontier companies reach maturity fastest,
followed by service companies and traditional industries take the longest. Particularly striking is the long time that traditional industries can spend in the Maturing life stage
while individual circumstances might vary, it could well be linked to the relative capital intensity of the industry
which makes disruption of a well-established business model by new entrants more difficult. The lower top age bracket in Frontier companies suggests also the cycles of creative destruction Fig 3. 5. Life stage brackets
and sector mapping for Eoy industry groups operate more violently in this grouping of course, exceptional companies will live well beyond that upper limit in all industry groups.
The following chapter will describe in greater detail the insights gained from the analysis of each group along key financial and operating metrics,
offering first a view on how the contestants score on high-impact entrepreneurship where metrics offer some insight.
outlining specific dynamics where possible and seeking benchmarks while at times also observing the limits of a pure analytical approach in an area as complex as highimpact entrepreneurship.
Finally, the chapter will revisit the question of job creation across life stages and industries to arrive at some insights that might stimulate the rethinking of some established paradigms.
At the same time, the US economy added 3. 6m jobs to an existing base of approximately 136m a marginal job creation rate of 2. 64%.
the US economy operates on a much larger base, but the impact the Eoy contestants have is nevertheless nothing short of astonishing.
This is high-impact entrepreneurship in action. Average (median) return on assets Frontier 30 (14.2) S&p500:
Telecommunication Services 5. 4 Russell 2000: Information technology 0. 7 Russell 2000: Telecommunication Services 3. 5 Traditional 47 (17.8) S&p500:
Consumer discretionary 10.0 S&p500: Consumer staples 11.1 S&p500: Materials 6. 3 S&p500: Utilities 3. 4 Russell 2000:
Utilities 3. 1 Services 35 (20.9) S&p500: Financials 2. 9 S&p500: Healthcare 7. 3 Russell 2000:
Healthcare-18.1 Figure 4. 2 Entrepreneur Of The Year companies outperform US benchmark. Source: Capital IQ, July 2014, EY.
Median Return on Assets data for Entrepreneur Of The Year participant companies Fig. 4. 3. Marginal 2-year job creation rates for Eoy sample and the US economy
(2010-2012) EOY national finalists 60.5%EOY award winners 47.9%EOY contestants 33.8%US economy 2. 64%High-impact Entrepreneurs
seeing an opportunity in the marketplace When Hamdi Ulukaya, founder, President and CEO of Chobani, Inc,
processing some 3 million pounds of milk a day and supplying Chobani yogurt to West Coast customers.
we can corroborate what will come as little surprise to those active in the field of entrepreneurship.
Fig. 4. 4 illustrates how companies growth in every dimension of their operations headcount, sales, profit, assets.
companies trade asset utilization for margin (profits) as business lines mature and their market share consolidates,
dedicating resources to staying ahead of the competition (in the spirit of creative destruction). Simultaneously, learning effects and scale economies keep positive momentum on margins in this stage.
This analysis shows the importance of operational metrics other than just growth through the life stages.
profits can be foregone in order to nail the value proposition, offering and customer base. Further themes that were prevalent for successful Young companies included:
Heavy investment in human capital, particularly the early team Upfront investment in technology Raise money from venture capital funds, angels, friends and family and where possible reinvest earnings as sources
of capital to fund growth and expansion, rather than bank loans. Keep a tight focus on working capital.
Given the often asset-light nature of their business, Services companies start with much stronger operational metrics and will generally find it easier to retain earnings.
When looking at high-impact enterprises using the OECD definition, the patterns observed for the overall Eoy sample become even more pronounced for Frontier companies.
and customer base) slightly older companies within the age group which in turn are evolved further in their business model and only one year away from the Adolescent group.
as shown in Fig. 4. 9.-6. 5%19.0%28.3%-9. 0%9. 2%12.8%178%237%365%Frontier Tradional Services Roa EBITDA
%260%363%Frontier Tradional Services Roa EBITDA/sales sales/assets Fig. 4. 7. Median operational metrics of Young OECD high-impact firms 9
. 4%13.4%29.5%12.2%10 4%14.9%185%226%356%Frontier Tradional Services Roa EBITDA/sales sales/assets Fig. 4
finding customers, and launching a company into the market under resource constraints, we will now have a closer look at the Adolescent stage where the scaling-up happens in earnest.
hiring and the foundation for sustainable expansion and capital investment. Frontier Traditional Services Top Quartile sales/assets All Eoy contestants Top Quartile sales/assets All Eoy contestants Top Quartile sales
/assets All Eoy contestants Sales/assets 424%178%479%237%689%365%EBITDA/sales 5. 0%-6. 5%5. 4
friends and family funding and on retained earnings to fund short-term investment. Working capital management is a core focus for future investment.
Expectation for private equity/VC to drive capital for future expansion Focus on domestic markets in current operations Similar to Young companies,
focus on domestic markets for near-term expansion, with some appetite for expansion into developed though not emerging global markets Current investment focus on technology,
followed by human capital A preference for human capital investment and geographic expansion over R&d for future growth Focus on institutional processes and balancing the growing institutionalization of the firm with the original entrepreneurial culture.
These results suggest that while they scale, top performing Adolescent firms keep a keen eye on their operating performance,
Consequently, their 24 The Bold Ones investment, geographic scope and capital strategies are of particular interest.
As firms transition from a small enterprise with double-digit staff into organizations that have different departments
Services companies, on the other hand, see a sharp decline in sales effectiveness, with the commensurate drop in Roa.
it suggests that after having had a fantastic start into their life as an enterprise in the Young phase,
they are now subject to much intensified competition which finds it relatively easy to enter, as many service businesses are assetlight
Considering high-impact enterprises as defined by the OECD in Fig. 4. 11, it seems that the pursuit of growth is slightly delaying profitability in the Frontier companies.
For Services companies however, it looks like the high-impact (i e.,, high-growth) companies find themselves in a somewhat overextended position
13.3%25.7%23.3%5. 2%11.4%10.9%176%242%150%Frontier Tradional Services Roa EBITDA/sales sales/assets Fig. 4. 10.
Services Roa EBITDA/sales sales/assets Fig. 4. 11. Median operational metrics of Adolescent OECD high-impact firms High-impact Entrepreneurs Who Transform Industries 25 Doggis:
steady growth, Oscar and Ricardo lacked the capital for quick expansion via proprietary stores. In 1994 they took a big risk,
Gopro's passionate fan base of 5 million customers has racked up 235 million views on the Gopro Network on Youtube.
it is also helping customers share meaningful experiences. Gopro enables amateur athletes like Matthias Giraud who specializes in backcountry skiing,
customers relations and market impact. As Adolescent and Young companies are still relatively closely related in a company's life cycle,
Fig. 4. 13 shows the results. 13.4%25.9%4. 7%4. 8%14.5%0. 0%168%255%72%Frontier Tradional Services
Top quartile performers on sales/assets in the Services industry show the strongest differentiation from their peers like in the case of Young companies,
they manage Frontier Traditional Services Top Quartile sales/assets All Eoy contestants Top Quartile sales/assets All Eoy contestants Top Quartile sales
Emphasis on human capital in current investment Strong focus on retained earnings to finance investment; bank lending now becomes more important than in earlier phases of the life cycle Ongoing focus on domestic footprint including expansion plans Investment plans are based broader:
human capital and geographic expansion particularly important Once companies have established market presence and built a stable operating platform, investment in human resources (hiring,
training and retention) is seen as critical to sustaining competitive advantage. At the same time, a focus on conservative capital strategies also is observed in successful firms especially in their more mature stages.
With more established operations, a bigger asset base, stable revenue streams and higher levels of equity in their businesses, there are greater opportunities for these firms to invest existing funds to grow their businesses.
In addition, at this stage entrepreneurs often have the space to think about how their company will make a difference beyond just being on the map.
Roa for Frontier companies keeps rising (from levels that were depressed initially through the high upfront investment into products
and Roa for the other industry groups keeps declining due to the increased competitive environment. EBITDA/sales is also starting to narrow into a range of just over 4 percentage points between industries.
The picture on sales effectiveness (EBITDA/sales) is almost identical to the early stages though with much narrowed range between Frontier and Services companies.
the Services group seems to have recovered from the valley of upheaval in their Adolescent phase.
A 501 (c)( 3), the foundation contributes 10%of all Chobani post-tax profits to charitable causes.
Wealth creation reaches far beyond the bottom line. 14.3%18.8%22.0%10.6%11.0%14.8%141%182%220%Frontier Tradional Services Roa EBITDA/sales sales
Median operational metrics of Maturing Eoy contestants 28 The Bold Ones The OECD high-impact enterprises in this age group start suffering from the effect of statistics,
With only 5 and 7 companies in the Traditional and Services categories, respectively, it is hard to draw strong conclusions from data that shows a much higher sales effectiveness (sales/assets) for Traditional highimpact enterprises,
and a much higher median Roa as well as lower sales effectiveness for Services companies of that distinction.
Among Frontier companies, where 31 enterprises out of 76 still meet the OECD definition there seems to be a good overlap with the Eoy peer group.
More statistically significant (with 25,23 and 10 companies in the three categories, respectively), it is clear that financial metrics at this life stage have significance for the Eoy judges certainly the scores of award winners in Frontier and Services outperform those of their peer group by a clear margin.
and entering its second decade of existence toward being an Adult company. 15.1%15.6%40.9%11.3%9. 2%15.5%137%272%160%Frontier Tradional Services Roa
Median operational metrics of Maturing OECD high-impact firms 18.8%18.1%32.5%12.9%12.4%24.7%139%173%231%Frontier Tradional Services Roa EBITDA
he understands how to work within a business environment, especially one as large as Nike.
but he believes its biggest role will be to advocate for opportunity, especially for young, disadvantaged people around the world.
It's part of a business plan to reduce our carbon footprint, reduce costs and grow our customer base.
Broad-based current investment plans, across human capital in particular, fixed investment and technology Geographic expansion into both emerging and developed markets,
and a more global footprint overall Investment in productive capacity, M&a and R&d Use of retained earnings and bank/debt financing to fund expansion Strong and prudent use of working capital
as well as a strong outreach through captive venture capital arms (while Google's efforts look very promising,
The resulting business plan is used then to innovate the vulnerable legacy lines. Innovation and creative destruction are of course not the sole privilege of technology companies Toyota's early move into hybrid vehicles offers a Traditional industry example.
Driving innovation within a large corporation Nike's Tinker Hatfield is passionate about creating the right environment for creativity.
or the ZOO, where he gives his team a great deal of license to create a stimulating environment.
High-impact Entrepreneurs Who Transform Industries 31 The great convergence The picture along key operational metrics for the Adult stage is very similar to that of the Maturing stage with further convergence in the profit-related metrics.
, strongly pursuing market share at the expense of profit. Frontier companies start firmly (and for quite some time) in the negative part of the J-curve,
While strong at the start, Services companies seem to encounter a very hostile environment in their Adolescent stage.
and how they embrace out-of-sector insights. 16.4%15.6%16.8%16.5%11.7%10.9%122%184%266%Frontier Tradional Services Roa EBITDA/sales sales/assets Fig
Median operational metrics of Adult Eoy award winners 16.1 18%18.6%13.4%12.6%14.4%8. 7%123%154%197%Frontier Tradional Services
and employees (yet might already create wealth for its customers) but when the firm is maturing,
%the absolute numbers of jobs created by Young companies are still less than 15%(Frontier) or 25%(Services) of the life cycle total in each of the groups.
when applying, we can compare the relative job creation rates as exemplary for high-impact companies across the US economy.
High-impact Entrepreneurs Who Transform Industries 33 24.1 77.1 40.8 63%33%37%Frontier Traditional Services Total new jobs'000 Marginal job creation
it is interesting that Services companies create the highest absolute number of jobs at a per-company level.
So if the constraining factor in an economic environment is the number of companies, then Services offers the best impact.
These observations gain additional relevance if ecosystem considerations come into play. In many (though by no means all) cases
Median absolute and marginal two-year job creation by Eoy contestants per company 62.0 60.0 72.0 65%32%42%Frontier Traditional Services Total new jobs
Sales and Employees were amongst the top descriptive words from this elite class of entrepreneurs. market employees technology production customers people management financial family mobile strategy innovation
innovative investment development opportunities services brands global success sales 36 The Bold Ones Conclusions for entrepreneurs how to run with the best If,
The EY World Entrepreneur Of the Year judges for this year's competition offer the following themes they thought distinguished the winners
An ability to identify opportunities or mismatches in the market, with a focus on niches A personal passion for their business or industry,
or business model A business that makes a positive impact in the community, beyond pure profits A desire to engage with policy makers
and to shape agendas in areas of job creation and financing Conclusions for policy makers how to support high impact entrepreneurs Policy makers often have an uneasy relationship with entrepreneurs on the one hand,
investment, global allude to some of the less tangible enablers that policy makers might want to put in place.
when it comes to entrepreneurship other than the recommendation to reach out, engage in an informed dialogue,
Because an entrepreneurial ecosystem it will only be successful and sustainable if it works for all stakeholders.
where he most recently was Managing director and Global Head of Strategy, Commercial/Investment Banking and Wealth Management.
he also held positions in Principal Investments and Finance as well as Chief of staff to the Chairman. He joined Barclays Capital in 2002 from Mckinsey & Company.
Prior to that, Drexler was an academic researcher at Stanford university. He holds a Phd in Mathematics from the University of Oxford and an MSC in Electronic Engineering from the Technical University at Munich.
which includes hedge funds, private equity and venture capital firms. She joined the Forum from Empire state Development,
She holds an MBA from INSEAD, an MA in International Studies, Economics and Middle east Studies from The Johns hopkins university and a BA in International Studies and Business Administration from the University of South carolina-Columbia.
Economics and Anthropology from Ludwig Maximilian University in Munich. About the Authors and Acknowledgments ERNST & YOUNG Maria Pinelli Maria Pinelli is Global Vice-Chair for Strategic Growth Markets at Ernst & young (EY) Global,
With over 25 years'experience providing professional services to private and public companies, she has led more than 20 initial public offerings (IPOS) on three continents.
Pinelli has briefed on trends in entrepreneurship, innovation, economic growth, and those driving global activity in the IPO market to a number of organizations and governments:
Chair of the Network for Teaching Entrepreneurship (NFTE; and Member of the Steering committee, World Economic Forum.
John Cunningham John Cunningham has extensive business leadership, professional services and business start-up experience. He is currently a Manager at Ernst & young LLP (EY) in its Strategic Growth Markets group,
where he leads entrepreneurship initiatives in partnership with the World Economic Forum, including the release of Entrepreneurial Ecosystems Around the Globe and Early-Stage Company Growth Dynamics-the Entrepreneur's Perspective (World Economic Forum report, January 2014).
and led several entrepreneurial ventures including Bragstats; Best of Our Town, USA; and Velocity Sports Performance.
He 38 The Bold Ones holds a Master of business administration from University of virginia's Darden Graduate school of Business,
and a Bachelor of science in Commerce from the University of virginia's Mcintire School of business. Rebecca Hiscock-Croft Rebecca Hiscock-Croft is a Senior Strategic Analyst with global accounting and consulting firm Ernst & young (EY) in New york. She focuses on entrepreneurship and capital markets for the firm
's Strategic Growth Markets practice. Prior to joining EY, Hiscock-Croft was a Senior Economist at the investment bank Macquarie.
She holds a Master's degree in Financial Econometrics from the University of New south wales Australia, and has undergraduate degrees in International Business and International Relations from the University of South australia.
a nonprofit organization transforming economies around the globe through high-impact entrepreneurship. With offices in 20 countries, Endeavor supports over 500 entrepreneurial firms that collectively command US$ 6 billion in annual revenue and provide over 225,000 people with high-quality jobs.
Rottenberg is considered one of the world's most dynamic experts on entrepreneurship and emerging markets
She currently serves as an adviser to Abraaj Capital, a leading private equity investor in global growth markets.
Rhett Morris As the Director of Endeavor Insight, Rhett Morris leads its research on high-impact entrepreneurship
His work been recognized in publications like The New york times and The Economist. Jeremy began his career with the strategy consultants Mckinsey and Company.
Kevin Steinberg Kevin is the President & Head of Client Services at Purpose. In this role, Kevin helps set Purpose's strategic direction
and is responsible for leading its client services efforts, which focus on helping thoughtful leaders and enlightened organizations mobilize people to effectively make change.
Kevin spent ten years with Mckinsey & Company as part of its North american Wholesale and Investment Banking practice as well as its Corporate Finance and Strategy group in Switzerland.
and sits on several for-profit and nonprofit boards, including Claridge Inc.,the New Center for Arts & Culture,
and exhibit a strong growth trajectory as measured by market share and profits. The EOY honors marketleading companies that exhibit strong growth and make communities and the world a better place.
The study examined the survey responses on factors including investment; access to capital; talent management and expansion strategy.
We choose EBITDA over other profit measures, as it is both widely used as a valuation metric,
Power and Utilities 30 Hospitality and Leisure 20 Automotive 15 Transportation 6 Agriculture 3 Service industries Services 63 Health care Services 49 Financial services 46
Education 6 Marketing and Communications 3 Government Services 2 Table A. 1: Sector breakdown of industry groups High-impact Entrepreneurs Who Transform Industries 43 Data Tables for Lifecycle Phases
49 By Industry (median values) Young firms Frontier Industries Traditional Industries Services Industries All firms in group OECD High-Impact Eoy Award Winners All firms in group
16 28 17 13 44 The Bold Ones (median values) Adolescent firms Frontier Industries Traditional Industries Services Industries All firms in group OECD High
Industries Services Industries All firms in group OECD High-Impact Eoy Award Winners All firms in group OECD High-Impact Eoy Award Winners All firms in group OECD High
Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is independent,
Overtext Web Module V3.0 Alpha
Copyright Semantic-Knowledge, 1994-2011