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State of the Small & Growing Business Sector 2016

Posted By Administration, Thursday, June 22, 2017
Updated: Monday, June 19, 2017

State of the Small and Growing Business Sector:

2016 Impact Report

by the Aspen Network of Development Entrepreneurs 

Since 2009 ANDE has been tracking the state of the small and growing business (SGB) sector to assess its growth and impact on emerging market economies. This year’s report begins with an overview of SGB intermediaries in 2016, including data on capacity development services, direct investments into SGBs, and donor funding. Next, the report focuses on trends and activities at ANDE’s six most established regional chapters: Brazil, Central America/Mexico, East Africa, India, South Africa, and West Africa.

Capacity Development Services

Capacity development services like mentoring, skill-building, and network expansion are a critical component of the SGB sector.

  • Forty percent of ANDE members identify themselves primarily as capacity development providers, but many investors also provide nonfinancial support.  The most common type of service is facilitating mentorship and peer networks.
  • Within the diverse landscape of capacity development service providers, accelerators have emerged as one model with a consistent program design. These are time-bound programs that work with cohort of entrepreneurs and typically focus on connections to investors. Ongoing research from GALI shows increasing evidence that accelerators positively impact participants’ future revenue earned, investment raised, and jobs created.
  • Recruiting, developing, and retaining talent is a key challenge for SGBs, and many capacity development providers are stepping in to help.  For example, the Argidius-ANDE Talent Challenge winners are testing solutions to identify, attract, and retain middle- and senior-level managers.
  • Corporate partnerships are increasingly central to the SGB sector.  Large companies partner with SGBs as potential customers, suppliers, or sources of innovation. Corporate foundations are important funders in the sector, and corporate social responsibility units often facilitate important capacity development services. However, data shows that the majority of ANDE member partnerships focus on the corporation’s core business unit.

SGB Investing

Over the past decade, new SGB investors have been steadily entering the market, and the percentage of emerging market deals that are US $2 million and under continues to increase annually.

  • Over 500 investment vehicles have launched in the past 10 years that invest in emerging market SGBs, with an estimated US $28 billion in committed capital.
  • Fifty-three investment vehicles launched in 2016, and raised over US $2.7 billion in committed capital.
  • South Asia has dominated new vehicles launched in the last five years, and health, financial services, and agriculture were also on the rise. 
  • According to the Emerging Market Private Equity Association (EMPEA), US $278 million was invested in deals US $2 million and under in 2016, which represents 28 percent of total emerging market deals.

Donor & Foundation Funding for the SGB Sector

Funding from public and private donors is an important source of support for capacity development services, as well as investments into funds that focus on SGBs. 

  • Funding for SMEs rose dramatically from US $2.4 billion in 2013 to US $4.7 billion in in 2014. In 2015, the amount of donor disbursements increased to US $4.8 billion.
  • This growth is due to funding from European donors and institutions, which made up 80 percent of all donor disbursements to SMEs in 2015.
  • In 2015, Turkey received the most SME funding for the third consecutive year.
  • Between 2010 and 2014, US foundations gave US $536 million in almost 3,000 grants focused on entrepreneurship or social enterprise in developing countries.

Regional Insights

ANDE’s seven regional chapters promote collaboration and knowledge sharing among local ANDE members and support regional activities and advocacy efforts that support SGBs in the region.  For each chapter, the local context is distinct, and presents diverse areas of opportunity.  The final section of the report highlights data on each entrepreneurial ecosystem, and regional leaders’ perspectives on key trends for each region. 

 

Read the report now

Tags:  2017  ANDE publication 

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Acceleration in Mexico

Posted By Administration, Thursday, May 4, 2017

Acceleration in Mexico:
Initial Data from Mexican Startups

by the Aspen Network of Development Entrepreneurs and Social Enterprise @ Goizueta, Emory University

With the support of Citibanamex, through Fomento Social Banamex, GALI is working to increase understanding of acceleration and early stage ventures in Mexico. This data summary includes information from 461 ventures operating in Mexico, contributed by 21 accelerator programs.

This data summary is available in Spanish and English. 

Tags:  2017  Acceleration  ANDE publication  GALI  Mexico 

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Accelerating Startups in Emerging Markets

Posted By Administration, Thursday, May 4, 2017

Accelerating Startups in Emerging Markets:
Insights from 43 Programs

by the Aspen Network of Development Entrepreneurs and Social Enterprise @ Goizueta, Emory University

The second major report from GALI, written in collaboration with Deloitte, compares acceleration in emerging markets versus high-income countries. Examining data from more than 2,400 early stage ventures that applied to 43 programs, it finds more similarities between emerging market and high-income country entrepreneurs and accelerator programs than commonly believed. 

Despite the numerous difficulties of running a startup in emerging market countries, accelerated ventures are often able to grow at similar rates to their counterparts in the United States and Canada. The average effects of acceleration on equity and debt raised were nearly identical in high-income countries and emerging markets, and emerging market ventures were just as likely to report rapid growth.

The executive summary is available in Spanish, French, and Portuguese.

Tags:  2017  accelerators  ANDE publication  GALI 

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Entrepreneurship and Acceleration: Questions from the Field (Intellectual Property, March 2017)

Posted By Abigayle Davidson, Aspen Institute, Wednesday, March 8, 2017

Entrepreneurship & Acceleration: Questions from the Field (Intellectual Property, March 2017)

by the Aspen Network of Development Entrepreneurs and Social Enterprise @ Goizueta, Emory University

In this brief, we respond to a question from VentureWell about intellectual property: “In our work, we see that science and technology-based startups face different challenges and need different resources than other ventures.  In your data, how do teams with intellectual property differ from those without? We are specifically interested in the roles of geography, education, team size and gender composition."

Tags:  2017  accelerators  ANDE publication  GALI 

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Entrepreneurship and Acceleration: Questions from the Field (Entrepreneur Mobility, November 2016)

Posted By Abigayle Davidson, Aspen Institute, Wednesday, November 16, 2016
Updated: Monday, November 14, 2016

Entrepreneurship & Acceleration: Questions from the Field (Entrepreneur Mobility, November 2016) 

by the Aspen Network of Development Entrepreneurs and Social Enterprise @ Goizueta, Emory University

In this brief, we respond to a question from Nesta about entrepreneur mobility: “Obviously, there is a well-known flow of startups towards the United States (driven in large part by the availability of venture capital and higher valuations at IPO), but does your data show any movement of entrepreneurs to and from developing countries?

Tags:  2016  accelerators  ANDE publication  GALI 

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The State of Impact Investing in Latin America

Posted By Administration, Tuesday, August 30, 2016
Updated: Monday, August 22, 2016

The Impact Investing Landscape in Latin America

By ANDE, LAVCA, & LGT Impact Ventures 

The Aspen Network of Development Entrepreneurs (ANDE), in partnership with the Latin American Private Equity & Venture Capital Association (LAVCA), and LGT Impact Ventures has released a report on the growing landscape of impact investing in Latin America. Impact investing is a relatively nascent industry, and this report aims to fill the data gap in key Latin American markets.

The report covers trends in regional impact investing with a focus on impact measurement, talent, and gender. It explores fundraising, deals, and exits, and takes a deep dive into impact investing in Brazil, Colombia, and Mexico.

Some Key Points: 

  • Seventy-eight firms reported that they have made impact investments in Latin America. the first impact investment was made in 1997
  • Twenty-eight impact investors headquartered in Latin America manage US $1.2 billion in assets under management (AUM)
  • The type of organizations making impact investments are diverse in size, organizational structure, the type of capital they have been able to raise, and their relative expectations for financial and impact return on investment
  • Respondents reported US$1.3 billion invested in 522 impact investing deals in 2014 and 2015
  • Respondents were optimistic about fundraising for 2016
  • Across Latin America, common challenges to entrepreneurial development include the lack of interested entrepreneurs with growth ambitions, a lack of early stage funding, and weak networks

The report is available for download in English, Spanish, and Portuguese

Click to read and share the press release

 

Tags:  2016  ANDE publication  Brazil  Colombia  impact investing  Latin America  Mexico 

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Inventing Green

Posted By Administration, Wednesday, July 27, 2016
Updated: Tuesday, July 26, 2016

Impact Inventing: Going Green

by the Aspen Network of Development Entrepreneurs 

In 2015 and 2016, ANDE held roundtables on green inventing in Brazil,  India, Kenya, Mexico, and South Africa with a diverse group of participants. The report compiles the findings from these discussions, from desk research, and from interviews with subject matter experts on the areas where invention-based entrepreneurs who promote environmental responsibility require ecosystem-level support in order to succeed. 

 Key Findings:

  • Invention-based businesses can have a significant impact on emerging market economies by driving prosperity and job creation. Those that focus on sustainability can further ensure they have a positive impact on the environment through their business operations in addition to their products or services.
  • Green inventors in emerging markets face unique challenges, but in an age of rapidly advancing technology, ANDE has identified opportunities for success.
  • In many of the markets where the roundtables took place the idea of taking a green approach to invention is still nascent.

ANDE’s recommendations include:

  • How to improve the finance landscape and market structure for green SGBs
  • Ways to enhance sustainable design, prototyping, and manufacturing processes that are green
  • Opportunities to influence the regulatory environment to better support green inventors
  • How to adapt current capacity development services to better meet the needs of environmentally-conscious inventors
  • How to improve technology transfer and ensure new ideas can be commercialized

Read the report now

The report was made possible with the generous support and guidance of The Lemelson Foundation.

 

Tags:  2016  ANDE publication  impact investing 

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State of the Small & Growing Business Sector: 2015 Impact Report

Posted By Administration, Wednesday, June 15, 2016
Updated: Monday, June 20, 2016
State of the Small & Growing Business Sector:
2015 Impact Report 

by the Aspen Network of Development Entrepreneurs

Since 2009 ANDE has been tracking the state of the small and growing business (SGB) sector to assess its growth and impact on emerging market economies. This year’s report reflects a sector that is on the move—and also dives into regional market insights. It discusses the hurdles for emerging market entrepreneurship—access to capital, talent and markets—and evaluates how well the sector is addressing these.

Key highlights from the report include:

  • ANDE members have collectively invested over $12 billion directly into SGBs and supported over 415,000 entrepreneurs with business development services.
  • In the past ten years, 485 investment vehicles have launched that invest in emerging market SGBs, with an estimated $26 billion in committed capital.
  • An estimated one-third of SGBs are owned by women, and more ANDE members have embraced gender-lens investing: at the end of 2015, 63 percent of ANDE members included a focus on women entrepreneurs, up from 50 percent in 2011.

Despite growth, there are still a few key hurdles that small businesses in emerging markets must overcome on their path to growth including:

  • Talented managers are needed to accelerate growth of small businesses.
  • Deals under $2 million are on the rise, but very early-stage investing lags.
  • Entrepreneurship is key to creating jobs, yet development dollars are declining.

Read the full report >

Read the press release > 

Tags:  2016  ANDE publication 

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Entrepreneurship and Acceleration: Questions from the Field (Impact Measurement, May 2016)

Posted By Abigayle Davidson, Aspen Institute, Friday, May 20, 2016
Updated: Wednesday, May 18, 2016

Entrepreneurship & Acceleration: Questions from the Field (Impact Measurement, May 2016) 

by the Aspen Network of Development Entrepreneurs and Social Enterprise @ Goizueta, Emory University

In this brief, we respond to questions from Acumen about what social enterprises think of measurement approaches that impact investors have created, specifically: Are entrepreneurs who have received impact investment funds using tools such as IRIS and B Impact Assessment? If they are, what factors are driving this adoption?  If not, why not? And are they using other approaches instead?

Tags:  2016  accelerators  ANDE publication  GALI 

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What's Working in Startup Acceleration: Insights from Fifteen Village Capital Programs

Posted By Administration, Thursday, March 31, 2016
Updated: Tuesday, March 22, 2016

Despite the emergence of hundreds of accelerator programs around the world, we know little about their effectiveness or how differences across programs influence venture performance. To address this gap, Social Enterprise @ Goizueta at Emory University and the Aspen Network of Development Entrepreneurs (ANDE) launched the Global Accelerator Learning Initiative (GALI) in collaboration with a consortium of public and private funders. GALI builds on the Entrepreneurship Database Program at Emory University, which works with accelerator programs around the world to collect and analyze data describing the entrepreneurs that they attract and support. 

Village Capital – a seed-stage accelerator that runs programs for entrepreneurs in impact-oriented sectors – was the first to work with the Entrepreneurship Database Program, starting in 2013. Application and follow-up data have now been collected from fifteen different Village Capital programs. These data provide a unique opportunity to examine the performance of ventures accelerated by these different Village Capital programs compared to those that applied but were not selected.

This report is divided into two parts:

  • The first section reveals differences in venture performance among accelerated versus non-accelerated ventures based on one-year changes in revenue, employees, and investment. This information is then used to identify the highest and lowest performing Village Capital programs and presented to a panel of experts who suggest potential reasons for these differences. 
  • The second section tests these predictions using qualitative and quantitative research methods, revealing several key insights for Village Capital and other early-stage venture accelerator programs.   

This report is the first in a series of annual reports to be published on data emerging from the Global Accelerator Learning Initiative. For previous analysis on broader findings from the initiative click here.

Read the executive summary >

Read the full report >

Tags:  2016  Acceleration  ANDE publication  GALI 

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