Chile has put itself on the entrepreneurial map. It was named an “entrepreneurial hub” by the Start-Up Genome Project, surpassing such metropolitan cities as Madrid, Berlin, Chicago, and Austin. Certainly, programs like Start-Up Chile have cast a global spotlight on the small Latin American country, but ecosystems do not spring up overnight; they are assiduously developed and cultivated.
So how did a country with a population only 5% as large as that of the U.S. become such an entrepreneurial hot-spot? A new Endeavor Insight study analyzes the complexity of this question and attempts to quantify the direct impact of Endeavor Entrepreneurs and the Endeavor program itself on the creation of this ecosystem.
From interviews and surveys with over 300+ entrepreneurs in Chile, this study maps out the entire entrepreneurial ecosystem in Chile. It begins with the 66 Endeavor Entrepreneurs who have been chosen since 1998. These entrepreneurs have gone on to support 5,800 jobs and generate over $400MM in revenue in just 2011 alone. Moreover, they have inspired, mentored, or invested in over 160 other companies. Indeed, Endeavor Entrepreneurs are more than 30% more likely to mentor, 50% more likely to inspire, and 200% more likely to invest in other companies than their non-Endeavor counterparts. Successful entrepreneurs become cornerstones of ecosystems; their inspiration, mentorship, and investment in other entrepreneurs creates a true “multiplier effect” when it comes to impact.