After expanding into Birmingham three years ago, Endeavor, an entrepreneurship-focused nonprofit, touts its economic impact.
It has since supported 29 entrepreneurs from 15 companies around the Magic City, facilitated more than 487 hours of mentoring, introduced founders to dozens of professional equity investors and connected companies with more than 15 countries.
Those entrepreneurs have raised $177 million in capital, created 565 jobs and produced $77.5 million in annual revenue. Some of the companies Endeavor helped support include Fleetio, Acclinate and Croux.
"In 2018 Birmingham had just seen our first major tech exit with Shipt," said Jared Weinstein, a member of Endeavor's Birmingham advisory board and venture investor. "I realized there was a growing gap between the early-stage companies that were popping up and the number of companies that has reached significant scale. In order to create more success stories and hold on to the highest potential founders, we needed to give entrepreneurs in Birmingham access to resources that could help them scale beyond what our local network could offer."
As a VC/early stage investor, Weinstein said he is looking to connect founders to the broadest and most relevant set of advisors, other investors, potential partners and customers.
"Endeavor Global has that network and is making those very valuable connections for Birmingham's founders," he said. "Founding a company is like defying gravity and founders need all the support they can get. ... The impact that Endeavor has made in three short years is incredible, but Endeavor's continued work has the potential to transform not just our entrepreneurial ecosystem, but the economic face of Birmingham for generations to come."
Malcolm McDonald, Endeavor's Birmingham general manager, said he sees several areas of opportunity going forward.
"We are increasing our impact on growth-stage companies like Fleetio by supporting more of their leadership team, facilitating more peer groups and hosting high-impact training," he said. "For earlier-stage companies we'll be expanding parts of our network over the next year to identify and support founders on a high-growth trajectory. This includes our National Selection Process and Birmingham Fellowship. On a broader scale, we are hosting an increasing number of local, national and global events to connect entrepreneurs at all stages with peers, mentors and investors who can supercharge their growth."
