WALLDORF, Germany and DAVOS, Switzerland, Jan. 24, 2013 /PRNewswire/ -- SAP AG (NYSE: SAP) today announced an initial three-year, EUR 2 million commitment to Endeavor Global, Endeavor Brazil and India's National Entrepreneurship Network (NEN), organizations with a comprehensive focus on high-impact entrepreneurs. As part of a new emerging entrepreneurs initiative, SAP and its partners will help accelerate job creation and responsible and sustainable business growth for emerging entrepreneurs, who will be selected via the Endeavor and NEN networks. With an initial focus on Brazil and India, SAP and its partners plan to expand into additional emerging markets.
"Today's entrepreneurs are the bedrock of tomorrow's economy," said Bill McDermott, co-CEO, SAP. "We believe in the ' Power of Small,' and the vital role that the private sector plays in helping small businesses and entrepreneurs. Technology has already helped them to become more resilient to market changes with innovative business models and efficient operations; it is at the heart and soul of their business. The task is now to identify and support small businesses leaders that have all the ingredients to execute their magic growth formula, accelerate innovation, and create jobs for the common good. With this initiative, SAP is making a clear commitment to invest in their long-term future by providing talent, technology and capital."
Selected companies will have a proven business model, a focus on innovation and societal impact and a propensity to scale using technology. Selected entrepreneurs will receive access to high-potential employee volunteers and mentors and technology support from SAP, as well as innovation grants from SAP Foundation, a corporate advised fund at Silicon Valley Community Foundation. Ultimately, the joint initiative will facilitate the growth and development of innovative companies that will help transform their communities.