Orlando and Tampa Bay-based startup supporters have entered the next chapter of their partnership to boost startup investing throughout the Interstate 4 corridor.
Orlando-based StarterStudio and Tampa Bay Wave built "Upsurge Florida" in 2018 after receiving a grant from the Economic Development Administration. While the organization initially hosted small events throughout Orlando, Sarasota, Tampa and St. Petersburg, the founders found themselves at a crossroads post-coronavirus.
"What happened in 2020 certainly stalled our ability to [host events], and it came to a rapid end," said Lilian Myers, executive director at StarterStudio. "So, as we looked to restart and reinvigorate, we came up with the notion to do a livestream event where we took prospective investors, or the investor-curious, inside the minds of professional investors."
In what Myers describes as a 'Shark Tank' meets 'Masked Singer' event, three startups will "pitch" to investors while being livestreamed to the audience. The audience will be able to weigh in on whether they would invest in the company before the founders reveal if their original pitches received any real-life investment.
It's a fun twist on a traditional panel or presentation-type event, but Linda Olson, CEO and founder of the Tampa Bay Wave, hopes it goes beyond entertainment.
"A lot of what Upsurge Florida is trying to do is demystify early-stage investing," she said. "As Floridians, you hear politicians and business leaders talk about how they want to change us from the 'Sunshine State' to the 'Innovation State,' but if the state doesn't solve the state capital gap, we won’t achieve that vision for ourselves. And we have all the ingredients here; that's the frustrating part, it's not like Florida lacks capital."
The event will be held virtually on June 30, featuring Home Lending Pal and Bacarai, both based in Orlando, and Tampa-based Wedzee. While many events are returning to an in-person format, Olson and Myers believe a virtual setup is still a way to reach a wider audience.
"There will never be a replacement for in-person events, but if we can use this to stimulate much deeper interest before that in-person meeting, then it allows us to make that in-person meetup more valuable," Myers said. "It can allow people to then know what they want to ask and hear, and it's not something that doesn’t have any reference or interest."
The two entities have long worked across the I-4 corridor to boost investment in both regions but believe others have begun following suit, particularly in the last year as interest has ramped up in Florida in general.
"I think there's more coming — you have to take the long-term view of bringing these folks into the Florida ecosystem," Olson said. "By placing those bets on startups, that alone is creating more investment activity in the ecosystem. And that will help the region and startups outside of Florida see where a volume of investment activity is happening."
You can learn more about the event here.
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