VentureSouth, a large Southeast-based early-stage investment firm, recently announced it will launch its Jacksonville chapter by sponsoring a venture competition in March.
The Jacksonville Venture Competition on March 7-8 will be the largest entrepreneurial celebration in Jacksonville since One Spark nearly 10 years ago, the group said in a statement.
The purpose of the event is to enrich the local economy and community by bridging the gap that exists between investors and entrepreneurs. To achieve that goal, the group aims to bring together thought leaders, investors and start-up companies.
“Jacksonville has been on our radar for quite a while," said Charlie Banks, co-founder and managing director of VentureSouth. "Not only is there a significant collective of wealth here, there is a tremendous amount of energy around the entrepreneurship ecosystem.”
The fund invests in businesses based in the Southeastern U.S. that are seeking $250,000 to $2 million for a 15% to 35% equity stake. Other chapters include Charlotte, Asheville and Raleigh in North Carolina; Charleston and Hilton Head in South Carolina; and Richmond, Virginia.
As well as connecting investors and startups, the organization also focuses on training investors, with a curriculum that covers everything from term sheets to exit strategies.
The JVC will be held at JAX Chamber’s new Open Innovation Center at the Jacksonville Regional Transportation Center in LaVilla.
The event will be surrounded by investor education curriculum for corporate venture participants, breakfast seminars, happy hours, dinners and hospitality at TPC Sawgrass. This event will serve as a two-day educational and networking event to catalyze the formation of a new and robust investor/start-up community on the First Coast and award the distinguished start-up with its spot in VentureSouth’s investment process. This event is geared toward individual angel investors, early-stage start-ups and the Jacksonville business community.
“We see this competition as a way to inspire change in Jacksonville," said Matthew Chang, the event organizer for the JVC and CEO of Chang Industrials. "We’d love to see our local start-ups and entrepreneurs well supported from an investor community.”
VentureSouth, JAX Chamber, Jacksonville Business Journal, Jacksonville University and Chang Industrial will serve as the founding members of this event. Jacksonville University will be developing executive education to support corporate venture in local companies.
