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The agreement with Endeavor will undoubtedly contribute to creating a positive impact in Miami’s entrepreneurial community.
Miami, June 1, 2018 – Today, Endeavor Miami – the first U.S. affiliate of the global organization supporting entrepreneurship – announced that it will sign an agreement with the City of Miami to become Endeavor Miami’s Multiplier Partner, with the joint-objective of creating not only new jobs, but also higher quality jobs across different industries, attracting new talent and fostering local economic wealth.
Following the approval of the funds by city commissioners on May 10, the city will donate a total of $100,000 this year; the John S. and James L. Knight Foundation will match the investment with another $100,000. The city’s investment is expected to scale-up Miami’s entrepreneurial community, increasing the number of Endeavor Entrepreneurs, as well as to drive growth on the number of jobs generated by their companies and the quality of these jobs.
“One of my key objectives as Mayor of the City of Miami is to create new economic growth opportunities for the city,” said Mayor Francis Suarez. “The agreement with Endeavor will undoubtedly contribute to creating a positive impact in Miami’s entrepreneurial community, as it will increase increase the growth of scale-ups which are needed and attract a pool of new talent in the city.”
Through the selection and program services, Endeavor will support entrepreneurs to accelerate their growth through access of seasoned mentors, capital and talent. Endeavor Miami will also work closely with city authorities to foster a connection between Endeavor’s entrepreneurs and the younger generation from different high schools and universities across the city, to foster talent development. The city’s funds will go directly to supporting Local Selection Panels in the city to attract more Miami entrepreneurs for Endeavor, as well as hosting local events to inspire the next generation of entrepreneurs in Miami.
According to the Kauffman Foundation’s Index, Miami ranks at the top in new start-up activity, yet places second to last in companies that scale. To solidify Miami’s position as an entrepreneurial hub, it is essential to demonstrate that these companies can scale, which is the core of the Endeavor model. The funds from the partnership will be used to further accelerate the impact of Endeavor Miami, enhancing its selection and program services, as well as increasing the talent pipeline.
In addition to the City of Miami’s funding, Knight Foundation will invest $100,000 this year to fund Endeavor Miami’s Ecosystem Mapping Report. To be released later this year in celebration with Endeavor Miami’s 5th Anniversary, the report, in partnership with Knight Foundation, will present comprehensive research conducted by Endeavor Global over the course of three months on the state of the Miami entrepreneurial ecosystem.
The new investment adds to Knight Foundation’s previous funding, which supported the launch of Endeavor Miami in September 2013.
“Growing an innovation ecosystem requires cross-sector collaboration and a united effort to leverage opportunities and fill gaps,” said Raul Moas, Knight Foundation program director for Miami. “This new partnership will allow Endeavor Miami to work side-by-side with the city and local entrepreneurs to continue to build Miami’s potential as a place where high-growth, high-impact businesses can thrive.”
“We are excited to partner with the City of Miami, which will help us further accelerate the impact that we have had within our community,” said Laura Maydón, Managing Director of Endeavor Miami. “As Endeavor Miami enters its fifth year, we believe this contribution from the City of Miami recognizes the importance of fostering entrepreneurship to continue driving the growth of Miami as a world class city by increasing Miami’s visibility as a key entrepreneurial hub. Knight Foundation’s support in funding the research on our ecosystem, developed by Endeavor through its work in entrepreneurial ecosystems around the world, will give us greater insight on where to focus our resources to continue accelerating scale-ups in Miami.”
Endeavor Miami companies are significantly impacting the economy of South Florida and contributing to the transformation of the city into a global economic hub.
Since its launch in 2013, Endeavor Miami has supported 21 South Florida companies and 37entrepreneurs, introducing them to Endeavor’s global network of business leaders and investors. The companies have generated more than $130 million in revenue and more than 1,600 jobs, while averaging a 45% revenue growth since their selection. In addition, The Miami Herald recently honored the organization as a 2018 Miami Start-Up Champion.
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