“CEE startup ecosystem is just scratching the surface of its potential” Interview with Pete Benedetto, Endeavor Network’s Director of Expansion
What is the Endeavor Network? Why is Endeavor Network important to startups from emerging markets?
Endeavor is the leading community of, by, and for high-impact entrepreneurs. We exist to inspire the world’s fastest growing founders to dream bigger, scale up, and pay it forward. We help turbocharge their growth by providing access to talent and expertise, new markets, and growth-stage capital.
What is the value of being part of the Endeavor network for a CEE founder?
Our value proposition to Endeavor Entrepreneurs has four components:
- far reaching global scale through our 65 offices in 35 countries
- a network of true peers facing similar challenges of scaling up
- trust-based and entrepreneur-first advice from 3,000+ mentors who are leaders in their fields
- opportunities for ecosystem impact by leveraging Endeavor as a platform to pay success forward
Why is Endeavor Network interested in the CEE region and Poland in particular?
Endeavor believes the Polish ecosystem is at an inflection point for significant growth in the coming years. The recent IPO’s of Marcin Zukowski of Snowflake and Piotr Szulczewski of Wish.com demonstrate the world-class talent of Polish founders. Likewise, the momentum of scale-up’s like Brainly, Booksy, Docplanner, and Iceeye prove that tech companies can expand globally from Poland. However, we believe the ecosystem is just scratching the surface of its potential. The country lags its peers in the EU when it comes to the number of startups and the amount of venture capital invested per capita, ranking 27th and 17th (out of 36) respectively. This stands in stark contrast to the country’s wealth of technical talent. We believe there’s a compelling opportunity to advance the Polish ecosystem by supporting the most promising founders and providing a platform for them to inspire, mentor, and invest in the next generation.
What has been the most challenging part of expanding Endeavor into Poland and the CEE region?
We’ve had the pleasure of connecting with a number of ecosystem players in Poland, however the pandemic and resulting travel restrictions have made it difficult to visit and advance our efforts in setting up a local office. We’re eager to ‘get on the ground’ and build relationships with many of the amazing entrepreneurs and investors we’ve met.
What has surprised you most in your expansion into the CEE region?
The UiPath IPO has opened a lot of people’s eyes to the talent and potential of startups in the region. I’ve heard multiple founders cite this as the inspiration for starting their own companies and the reason more international investors are considering investments in CEE. I believe we’ll see the multiplier effect of this incredible story for years to come, especially as more entrepreneurs choose to start product companies with the potential for global scale. We’re already seeing the positive impact through our newest Endeavor office in Romania, where the Chief Strategy Officer of UiPath, Vargha Moayed, sits on the founding board.
Some Polish founders have told me that they can build a network similar to Endeavor by themselves and they don’t need to support an organization from Silicon Valley? Others have told me that they don’t like to invest time in networking platforms?
Well the good news is we’re not from Silicon Valley! Our roots are actually in South America, where we launched our first office in Buenos Aires in 1997. While we have always been technically headquartered in the US, every Endeavor chapter is ‘locally owned and operated’ by top-tier business leaders who want to support the local ecosystem, and do so as part of a global movement and community. Our 25-year track record and presence in 35 countries has given the Endeavor ‘seal of approval’ significant weight with investors, partners, and other industry leaders.
To the point about networking platforms, one of our Endeavor Entrepreneurs recently said that we’re ‘a great network for people who hate networking’. Not many people enjoy meeting strangers hoping to make valuable connections, and our entrepreneurs certainly don’t have time for that. However, every entrepreneur relies on strategically connecting with relevant people who will help them achieve their business goals. Each Endeavor Entrepreneur has a dedicated Endeavor staff member who curates connections with industry and market experts, investors, and peers based on the needs and opportunities they’re currently facing. This demand-driven model of support is what has led to our success and the reason we’re supporting 20+ unicorn founders.
Are Silicon Valley business values and way of doing business very different than your plain vanilla US or European corporation?
I believe so. In my experience, entrepreneurs, in Silicon Valley and around the world, value ambition, risk-taking, creativity, and a global mindset to a greater degree than corporations. Within Endeavor we constantly see entrepreneurs reaching out to support one another across geographies and industries — I haven’t seen this happen at scale or in a sustained way within corporate environments.
What does it mean to give back?
We like to say ‘pay it forward’ because it highlights the fact that there’s a chain of entrepreneurs inspiring and supporting one another, and we want to encourage the continuation of this. ‘Paying it forward’ can take many forms, but most commonly we see entrepreneurs serving as role models, mentoring, advising, and investing in the next generation of founders. Importantly, they do this in the best interests of the entrepreneur, with trust and confidentiality as essential components.
What’s your role at Endeavor?
As Director of Expansion, I oversee the setup and success of new Endeavor offices around the globe. This involves scoping new markets, building relationships within ecosystems, establishing founding boards of directors, hiring teams, and assisting with the initial selection and support of Endeavor Entrepreneurs. It’s the best job in the world.
