Portrait of young businesswoman working with laptop at coworking
In the race towards a vibrant, diverse, and inclusive tech ecosystem, Miami is setting its sights on a vision that bridges the gap between cultural acceptance, access to capital, and innovation. Now Dell (DELL -0.36%) for Startups and Florida Power & Light Company along with Endeavor Miami will center its efforts on Black-led businesses based in Florida. Due to this South Florida is tapping the growing recognition of the untapped potential of Black founders and the city’s unique cultural fabric that fosters diversity and acceptance.
The Breakdown You Need To Know:
Venture capital dollars to Black startup founders fell more than 50% in 2022, according to Crunchbase. In general, Black-founded startups in the U.S. have struggled to gain anything above 1.1% of the venture market in the U.S. for the last several years, an estimated $2.3 billion of a total $215.9 billion. CultureBanx reported that this is where the newest cohort of EndeavorLAB for Black-led startups can play a major role scaling businesses to empower local entrepreneurs with high-caliber resources and services, enabling accelerated growth.
“Endeavor Miami is proud to present its latest EndeavorLAB cohort, with a specific focus on Black-led companies in Florida. This initiative draws knowledge and methodology from Endeavor’s global network, providing local Black entrepreneurs with the resources they need for rapid growth,” said Claudia Duran, Managing Director of Endeavor Miami.
Building Black-led Startups:
With a projected collective revenue of $4.5 million by the end of 2023, which represents a 100% growth since 2022, this EndeavorLAB cohort of home-grown Black-led businesses is poised to make a significant impact in the Florida startup scene and beyond.
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Despite being a hotbed for innovation, South Florida has been grappling with an unfortunate reality, a persistent funding gap for Black founders in venture capital. The tech sector, although growing faster than other industry sectors, has been struggling to bridge this disparity.
What’s Next:
Accelerating Black-led startups in South Florida is not just a matter of diversity and inclusion but also a strategic move to spur economic growth. South Florida’s received a recent designation as one of 31 Tech Hubs by the Biden-Harris administration reflects the region’s potential as a global leader in innovation. As part of this initiative, South Florida can apply for $50 million to $75 million in “phase two” funding.
