Venture Miami, an office within the City of Miami focused on economic development, tech, and innovation, will be powering Endeavor Miami’s upcoming EndeavorLAB cohort for women founders through a $50,000 grant.
MIAMI, FL – March 31st, 2023 – Endeavor Miami, an affiliate of the global Endeavor organization that supports high-growth entrepreneurship, announced that Venture Miami (City of Miami) will be powering the 10th edition of EndeavorLAB, a cohort-based initiative to support underrepresented founders in Florida in building a foundation for scale, with a $50,000 grant. In collaboration with Venture Miami, the upcoming cohort will support rapidly growing women-led companies based in Miami who have found product-market-fit and are generating at least $50K in annual revenues.
The heavyweight partnership with the City of Miami is a full circle moment for Endeavor Miami, which has been a key player in the Miami entrepreneurial ecosystem since its opening in 2013. In 2019, the City of Miami offered a grant to Endeavor Miami to launch EndeavorLAB, a unique initiative in the market for its support of minority-led businesses based in Florida. The debut cohort was also in support of women, and in the three years since its inception, EndeavorLAB has gone on to support 74 companies led by 90 founders. In recent years, the City of Miami has launched its own entrepreneur support arm, named Venture Miami. Venture Miami’s mandate is to improve the City’s standard of living through the creation of jobs, support for innovation, increase in wealth, and overall improvement in quality of life.
“The City of Miami is committed to supporting women entrepreneurs and helping them succeed,” said Mayor Francis Suarez. “EndeavorLAB provides an unparalleled opportunity for women-led companies in Florida to gain access to the resources and support they need to scale their businesses and make a meaningful impact in our community.”
According to a recent study by Pitchbook, women-led startups received only 2.1% of venture capital funding in 2022. While gender disparity in investment is not a new trend, research shows that companies with more gender-diverse leadership teams perform better and are more profitable than those without. As such, supporting women founders is not only essential for addressing gender inequity in the business world in itself, but it also benefits the economy as a whole.
Although founders do not receive funding directly from EndeavorLAB, the cohort aims to equip women-led companies with the right tools and skills to grow their ventures and to be successful in the fundraising process if they so choose. In supporting more companies to dream big and scale faster, more jobs and wealth are created in a given market, thereby fostering local economic growth and creating the inspiring entrepreneurial stories of tomorrow.
“We’re thrilled to partner with The City of Miami once more to empower women entrepreneurs and help them reach their full potential – drive innovation, create jobs, and boost economic growth in our region.” said Claudia Duran, Managing Director of Endeavor Miami. “EndeavorLAB is a game-changer for entrepreneurs in Florida.”
EndeavorLAB reflects Endeavor’s mission as an organization and leverages the knowledge and best-in-class services and tools used to support entrepreneurs in the network. Through EndeavorLAB, Endeavor and The City of Miami will support local early-stage companies with a market-tested business model to build their foundations for scale through access to seasoned mentors, workshops, and exclusive content.
“EndeavorLAB is more than just an initiative, it’s a community of like-minded entrepreneurs, mentors, and investors who are dedicated to helping companies led by underrepresented founders scale their growth,” explained Rebecca Negro Rocha, Manager of Cohort Initiatives at Endeavor Miami.
Miami’s startup ecosystem is thriving, with numerous success stories in industries ranging from healthcare to fintech to logistics. The city’s unique blend of talent, culture, and geographic proximity to Latin America and the Caribbean make it an ideal location for entrepreneurs looking to scale their ventures and make a global impact.
The following requirements are needed to apply:
- The entrepreneur must be a founder or co-founder.
- The company must be based in Miami. Companies elsewhere in Florida are welcomed to apply, but preference will be given to those based in Miami.
- The company must have product-market fit.
- The company must be generating between $50K and $500K in annual revenue.
- All industries are welcome to apply as long as the solution is not service-based.
The EndeavorLAB cohort for women-led companies powered by Venture Miami (City of Miami) is now accepting applications until May 21st, 2023. Applications may be submitted at https://mailchi.mp/endeavor/endeavorlab.
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 $800M in revenues and employed over 5,000 individuals in 2022. With the addition of its newest companies, the affiliate currently supports 25 companies and 41 entrepreneurs, such as Momentus Surgical, NovoPayment, and Tissini. Learn more about Endeavor Miami at https://endeavormiami.org/.