Funding will Support Endeavor Miami’s EndeavorLAB Program to Propel South Florida’s Entrepreneurial Landscape Into a New Era of Innovation and Growth
Miami, FL, January 17, 2024—Endeavor Miami has received a $500,000 commitment from JPMorgan Chase to support EndeavorLAB, a program for underrepresented startup founders in South Florida aimed at helping them scale their businesses through digital transformation. The two-year investment, part of JPMorgan Chase’s five-year, $10 million commitment to Tech Equity Miami announced in 2022, underscores a shared focus on supporting underrepresented startups, particularly those founded by Latinx, Black, and Female Founders.
Entrepreneurs selected to be part of EndeavorLAB will access many resources, including mentorship from industry veterans, educational workshops, and a supportive peer network. The program will culminate in a pitch presentation, offering founders a platform to showcase their ventures to local stakeholders and potential investors. With this investment, Endeavor Miami aims to reach 250 local founders by 2025, helping to build a more resilient and inclusive entrepreneurial community in South Florida.
“The partnership between JPMorgan Chase and Endeavor Miami will help drive innovation and inclusivity in South Florida’s entrepreneurial community,” stated Claudia Durán, Managing Director of Endeavor Miami. “This extends beyond an economic investment – it cultivates a diverse and dynamic ecosystem that elevates underrepresented founders. At Endeavor Miami, we aim to build a more robust, inclusive, and equitable entrepreneurial landscape in South Florida.”
In addition, the commitment will finance EndeavorLAB and a series of community-building events such as the Endeavor Miami Summit, Bootcamp, and Pitch Competition. These events will provide broader access to critical knowledge and resources to support innovation and growth within South Florida’s diverse tech landscape.
Endeavor Insight’s research titled Miami’s Competitive Advantages in Entrepreneurship identified that scaleup companies are critical to developing local economies because they generate 70% of jobs once they hit moderate scale. However, this research also revealed that 60% of startups in Miami were struggling, and only 1% employed 50 or more people after five years of operation. EndeavorLAB was created to address the urgent need to bridge the startup-to-scaleup gap with effective support systems.
“Small businesses are the fabric of our economy and the lifeblood of our shared city. Our goal through this commitment is to help more of Miami’s underrepresented entrepreneurs reach their full business potential,” said Maria Escorcia, Southeast Region Executive for Global Philanthropy at JPMorgan Chase. “We believe opportunities for success should be accessible to all and look forward to helping the participants of the EndeavorLAB program succeed.”
With this significant investment, Endeavor Miami is poised to become pivotal in nurturing and expanding South Florida’s tech ecosystem, especially for underrepresented entrepreneurs. The collective efforts with JPMorgan Chase and the Tech Equity Miami consortium are geared towards creating a tech industry in South Florida that thrives in innovation and champions diversity and inclusivity. Moving forward, Endeavor Miami remains dedicated to being a beacon of innovation and support, nurturing a thriving community of diverse entrepreneurs who are the heart of South Florida’s vibrant future.
About Endeavor Miami:
Endeavor’s Miami affiliate was established in 2013, with the support of the John S. and James L. Knight Foundation, as the first U.S. affiliate of the global Endeavor organization. Miami’s Endeavor Entrepreneurs generated over $900M+ in revenues and employed over 6,000 individuals in 2023. With the addition of its newest companies, the affiliate currently supports 35 companies and 60 Endeavor Entrepreneurs.