NY global development event featuring Endeavor

Last week, 60 Bainies from four offices convened both in person and over the phone to hear Vikki Tam – Bain’s Global Development Practice Head, and Rhett Morris – Director of Endeavor Insight speak about the progress Endeavor has made in selecting, mentoring, and accelerating high-impact entrepreneurs around the world. The event marked the first official gathering of the New York Office’s new chapter of the Bain Global Development Network.

Endeavor Global – a New York-based non-profit organization with affiliates in 15 emerging markets – believes that the key to a country’s growth lies in entrepreneurs who create scalable, industry-leading companies. Endeavor Insight, the group’s research arm, seeks to understand exactly how these high-impact entrepreneurs contribute to job creation and long-term economic growth.

Vikki kicked off the presentation by delivering an overview of Bain’s commitment to social impact, emphasizing the company’s focus on partnering with the best-in-class organizations that have a track record of identifying and scaling what works. A perfect example of this approach in action is Bain’s partnership with Endeavor, whose impact model focuses on mentoring and accelerating only the most promising of entrepreneurs. Vikki quickly turned the audience’s attention to the ways Bain has supported that model over the past couple of years: mainly, through pro-bono case teams that have focused on everything from codifying ‘high impact’ metrics to developing an end-to-end engagement model to guide Endeavor’s mentor network. Beyond case work, Bain also has a formal externship program with Endeavor, through which a number of Associate/Senior Associate Consultant externs have spent 6 months working at Endeavor both in the US and abroad.

Vikki passed the podium off to two Bain team members of a recently-completed Endeavor case. They spoke about their experience helping Endeavor profile and segment its 500-large portfolio of selected companies. Through a variety of benchmarking and analytics, the Bain team developed a comprehensive segmentation which has helped Endeavor think more critically about the types of companies they select and the best ways to support them after selection.

Finally, Rhett came up to speak about a phenomenon that Endeavor Insight has coined the “Multiplier Effect.” In essence, Rhett’s team noticed that there were a couple of cities around the world that – despite having what many would consider a hostile environment to entrepreneurial development – in fact enjoyed flourishing technology sectors. After extensive surveying, Endeavor Insight discovered that these technology sectors had developed because of the success, inspiration, mentorship and investment provided by only a handful of highly successful entrepreneurs. In other words, had these few entrepreneurs not existed, become successful and actively “paid it forward,” many now-thriving start-ups may not have been conceived in the first place.

This speaker event was what we here in New York hope will be the first of many lively discussions around some of the most interesting trends in global development. Stay tuned for more events from the New York office’s chapter of the Bain Global Development Network!

– Ned, Associate Consultant, New York

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