Strengths in Miami’s Ecosystem
When people first hear “Miami,” they often think about cafecito, beaches, and a diverse population. What some may not know, is that Miami is a growing hub for tech startups, entrepreneurship, and innovation. Miami has a unique demographic; when driving through downtown or calle ocho you can expect to see a variety of restaurants and shops. This is one of the greatest strengths of Miami’s entrepreneurial ecosystem; it’s diversity in population and thought, and more specifically, it’s ties to Latin America.
When referring to Miami’s ecosystem, it’s important to have a well-rounded perspective of everything that plays a part of it. In the last decade, Miami has developed it’s real estate market, it’s art scene, and it’s community as a whole. These factors have set the stage for what is soon to be a thriving city for tech and entrepreneurs, especially ones who are underrepresented. The city began to leverage it’s resources and find ways to recruit new talent, as well as investing in the talent that is already here. Florida International University (FIU), University of Miami (UM), and Miami Dade College (MDC) have all implemented “innovation centers” and other resources on their campuses to support tech and entrepreneurship students better.
Before 500 Startups launched it’s location in Miami, other accelerators and centers began to set the foundation for the ecosystem. Some notable ones are Refresh Miami, Endeavor, and Wyncode. The funding for programs like these came from a variety of organizations, including 500 Startups’ Miami’s own anchor partners: The Knight Foundation and Miami Downtown Development Authority (DDA). All of these key players have allowed for successful startups in South Florida, including a few unicorns.
Miami’s accelerators and programs have found ways to connect and support Latin American (LATAM) startups as well. 500 Startups’ Miami’s programs are marketed to LATAM and generally have founders in attendance traveling from Brazil, Colombia, Mexico, and more. This has also allowed for startups that specifically appeal to the Latin American market. For example, Fanatiz is a sports streaming service to watch live and on demand games, like futbol/soccer which are extremely popular in LATAM. Fanatiz was apart of 500 Startups’ Miami’s first batch of it’s growth accelerator program.
It’s important that Miami continues to leverage it’s Latinx population and the advantages of being connected to Latin America. As I chatted with a Miami-based Latina founder last week, she told me that less than 2% of Venture Capital funding goes to women, and less than 1% of it goes to Latina and Black women. I can say that I’ve seen Miami’s incubators and accelerators supporting marginalized groups, and I hope to see the industry follow the path that it is paving.
