Calling 305 entrepreneurs: The new head of Endeavor Miami wants to hear from you
Since landing in Miami six years ago, international entrepreneurship program Endeavor has sought to provide area startups with mentorship and investment opportunities, helping them take the next step in their growth trajectories and become full-fledged “scale-ups.”
Now, Miami’s chapter has a new face at its helm. Claudia Durán, a native of El Salvador, was appointed director of Endeavor Miami in June. She brings a variety of business experience to the role, including stints at beer giant SAB Miller, Taca International Airlines, Deutsche Bank and Ashoka, one of the world’s leading organizations supporting social entrepreneurs. Durán holds an MBA from Instituto de Empresa in Madrid and a Bachelor’s degree in Finance from Penn State University.
“As Endeavor Miami enters its next stage of growth. I’m thrilled about the path ahead under Claudia’s leadership,” said Endeavor Miami board member Matt Haggman. “Claudia brings a fresh perspective and a vision that is informed by a unique range of experiences, including her work in the private sector, social entrepreneurship, along with years spent in Miami and across Latin America. All of that will be so important as Endeavor Miami’s next chapter is written.”
The Miami Herald recently interviewed Durán via email to learn more about her background and her plans for Endeavor Miami.
Miami Herald: Claudia, what is the mission of Endeavor Miami?
Claudia Durán: Endeavor Miami’s mission has always been to lead the entrepreneurship movement in South Florida, by identifying, selecting and supporting high-impact entrepreneurs. Our main objective is to help them scale their businesses in order to drive the growth of our local economy and strengthen our entrepreneurial ecosystem.
MH: How do you plan to accomplish this mission?
CD: We accomplish this by strategically partnering with stakeholders that align with our mission and become part of our network. We constantly research and review candidates for our selection process; our referral program is also a key driver for our pipeline. Furthermore, we have developed a fantastic mentor network providing ongoing one-on-one support. Mentors are selected from Endeavor’s active global and local networks and are matched based on the entrepreneur’s goals, needs, and interests, to ensure we provide the best possible service.
Finally, we partner with universities and organizations from the public sector that contribute to the development of our local entrepreneurial ecosystem.
MH: Why did you want this role, and what is your personal vision for it?
CD: I come from a family of entrepreneurs; both my parents built and developed businesses in different industries. This was my main inspiration to start working with entrepreneurs. Throughout my career, I’ve had the opportunity to work with entrepreneurs and in an entrepreneurial setting. I had the amazing opportunity to lead Ashoka in Brazil, the largest global network of social entrepreneurs. After moving to Miami, I became involved with my family’s business in El Salvador, developing new business opportunities in the U.S. After these experiences, I felt I was ready to join a global organization that was helping entrepreneurs scale like Endeavor.
My vision for Endeavor Miami is twofold. On the one hand, we will continue to be a founder-centric organization that strives to provide the best services to our selected entrepreneurs, assisting them in every stage of their journey. Additionally, Endeavor Miami finds itself at an inflection point, and we’re ready to scale. As we continue to grow and partner with strategic stakeholders, I’d like to see us become “the great connector” in South Florida, connecting inspiring business leaders, corporations, entrepreneurs, community leaders and universities with each other to achieve our goal of catalyzing economic growth.
MH: What are the Miami area’s ongoing weaknesses when it comes to scaling up its businesses, and what are its strengths?
CD: Getting access to institutional funding is one of the challenges present in Miami. However, we have seen outstanding progress over the past couple of years as we have been seeing a lot of new organizations enter the market and strengthening their presence here. It is important to note that startups across South Florida have attracted more than $1.5 billion in venture capital funding in the first half of 2019, which is more than in all of 2018 combined. This will surely come into consideration for funds that are thinking about establishing an office in Miami.
Another challenge companies are struggling with is getting the right talent to scale their business. Endeavor Miami and other organizations in the ecosystem are starting to tackle this issue by partnering with universities in South Florida. We have seen an increasing interest from students who want to engage with the entrepreneurial ecosystem. We have also seen talent from other cities in the U.S. become attracted to what Miami has to offer.
For scaling businesses, Miami is a place that presents opportunities from many different perspectives. To start with, according to Endeavor Insight’s “Miami‘s Competitive Advantages in Entrepreneurship” report, Greater Miami ranks No. 7 compared with other metropolitan areas in the United States. What is more, the report mentions that during the last 10 years, Greater Miami’s population grew by more than 13 percent. The size of the market plays a huge role when entrepreneurs are evaluating where to scale their business.
Additionally, Miami is a hub for Latin America. This proximity to the region opens up the opportunity for entrepreneurs to enter a vast market that is craving innovation. Also, the fact that there are no state taxes in Florida and the great quality of life are other strengths of the Miami market that help with attracting and retaining talent.
MH: What are one or two specific items you have on your agenda to accomplish before the end of the year?
CD: There are two main initiatives that we are developing that are specifically tied to the challenges that we have identified in the South Florida entrepreneurial ecosystem. One of them is the Mentor Investor Program, which directly tackles the struggle that companies have when seeking institutional funding in the region. The other one is the Talent Program which we are developing within Endeavor Miami to help companies recruit the right talent to help them scale their business. Both of these initiatives will be piloted this year, and fully launched Q1 of 2020.
CLAUDIA DURÁN
Title: Director, Endeavor Miami
Age: 38
Education: MBA from Instituto de Empresa in Madrid; Bachelor’s in finance from Penn State University
Prior work experience: SAB Miller, Taca International Airlines, Deutsche Bank, Ashoka
This story was originally published October 21, 2019 at 6:00 AM.
