Breaking the Mold: Fun Conversation with Endeavor on Scaling Innovation Beyond Silicon Valley

The future of innovation is global. We discuss it here.

First off: for those celebrating Happy Halloween and Diwali!

As the world of venture capital and entrepreneurship matures, new paradigms for innovation are emerging—and they’re coming from places far beyond Silicon Valley’s borders. I enjoyed doing this podcast with my friend Pat Alex from Endeavor – the global startup ecosystem nonprofit - on The Enthusiast.

I wanted to share three reflections from our discussion on scaling startups across the emerging startup ecosystems.  

Key Takeaway 1: Innovating for Longevity, Not Just Scale

A significant theme in our conversation was the notion that growth should be inextricably tied to longevity. Founders in emerging markets are often more focused on creating resilient, adaptable models that survive volatility—whether economic, political, or environmental. Even when adapting a Silicon Valley model to local challenges and navigating regulatory landscapes, startups are taking a different approach.

They are Camels. They focus on enduring impact – which contrasts with the traditional “growth-at-all-costs” model. For global founders, building for longevity involves deep local adaptation and, often, operating within constraints that Silicon Valley companies rarely encounter. This approach is starting to shift how venture capitalists view “success” beyond rapid scaling, encouraging more nuanced measures of value.

From a full page issue in The Economist, to life size statues at startup conferences, or epinomiously named funds, The Camel is becoming the standard model for startups globally. 

Key Takeaway 2: Talent Is the Ultimate Resource—Not Just in High-Tech Hubs

We discussed that while access to capital can be a significant differentiator, talent is increasingly the ultimate competitive advantage.

This is not just a cost differential (which alone is a huge deal – ask any founder building teams in the Midwest in the US or in emerging markets). What’s more impactful over the long-term can also be longevity of staff. For example, from developing robust training programs (including a partnership with a local university), Shopify has built a culture that attracts and retains top talent—even when Silicon Valley’s gravitational pull remains strong. As an anecdotal entirely non-data-driven aside (and a double-edged sword on this point), I am always surprised by how few Shopify spin-out founders I see, relative to other public decacorns of similar scale and impact.

This to me underscores a key point. Yes Silicon Valley can be an advantage, and certainly today is for certain sectors like AI. But so can building in emerging ecosystems, with local loyal, talented talent pools.

Key Takeaway 3: Localized Solutions Scale Globally

One of my favorite parts of the conversation re “glocalization.” An under-appreciated fact is that many of the top public market technology companies aren’t N of 1. They are localizations of global themes, across ecommerce, financial services, healthcare etc. For example, NuBank is the leading neobank in the world, but replicates some of Capital One’s playbook. SEA and Mercado Libre are the top technology companies by marketcap in Latam and SEA respectably, and both Amazon-style businesses.

From addressing a specific localized pain point, e.g., financial inclusion, logistics challenges, access to healthcare, with a proven model, they are, in essence, crafting solutions that can transcend borders.

For VCs, this is counter to Silicon Valley’s conventional wisdom that the next wave of innovation may look less like a single global app and more like a network of regionally inspired solutions that prioritize depth over breadth. By investing in locally grounded, globally relevant ideas, venture capital has the potential to tap into entirely new growth paths. I’m of course also talking our book Out-Innovate that inspired the thesis for Fluent Ventures.

The key takeaway: There Is No “One-Size-Fits-All” Anymore

The entrepreneurial spirit is borderless, but the playbooks for success are as diverse as the regions they emerge from. This is of course quite close to my heart, and my book.

What else would you have included?

Also if you’d rather not listen to me and Pat, here is a podcast on the same transcript by two AI avatars :-)