Needs in Miami’s Ecosystem
Miami’s ecosystem has developed over the past few years, but there are still needs in the community. You can say that a lot of the work that has been done, and is current being done, are seeds being planted so Miami can truly flourish. When thinking about tech startups and venture capital, we think about places like Silicon Valley, New York, and even Austin, but Miami isn’t quite there…yet.
500 Startups has an admirable approach to Miami: Develop the ecosystem — invest resources and support, invest money later. This is done through their bootcamps, investor trainings, and hallmark growth accelerator program. I think this is valuable for founders and startups because there is a misconception around entrepreneurship, that it must be something innate (think “entrepreneurial spirit” or “natural born leader”). But, I do think there is a shift in the entrepreneurship community where people are beginning to understand that these concepts are teachable and repeatable, hence innovation centers opening across college campuses and cities alike.
However, there is one thing that ALL startups have in common… they all need capital. Whether they are bootstrapping, borrowing from family and friends, or on the journey to Venture Capital — startups are finding ways to grow and scale their startups. When chatting with a local founder, she said, “Miami is a great place to start out, maybe get a seed round [of funding]… but when looking for Series A, I’ve had to look elsewhere.” There are still gaps in the ecosystem that more key players, like investment funds, angels, and VCs, can fill.
As I mentioned in my last blog post, there are huge disparities in where Venture Capital is usually invested. The average person on the receiving end of VC does not look like your everyday, Miami local. The accelerators and other ecosystem players in Miami understand that and have implemented programs specifically promoting diversity and inclusion for women and racial/ethnic minorities. I think that in order for Miami’s ecosystem to peak the way we’re all betting on… it needs to gauge investors who are committed to supporting diverse founders and the beautiful city that is Miami.
