Florida International University is teaming with the city of Miami and JPMorgan Chase to empower female founders of color.
The university received a $150,000 grant from JPMorgan Chase (NYSE: JPM) to create the Venture Miami Opportunity Program within FIU's Office and Engagement, a new program that offers intensive management and leadership training to participants. The first cohort will kick off with 20 women business owners who are Black, indigenous or people of color.
“Miami is the new hub for technology and innovation, with new businesses and organizations making their way to South Florida daily,” said Caryn Lavernia, assistant VP of the FIU Office of Engagement. “We are making strides to ensure our communities are being represented and supported in this new Miami tech wave."
The Venture Miami Opportunity Program will train founders in four key areas: talent, technology, social networking and access to capital. Cohort members will have the opportunity to showcase their ideas at the MiamiTech Conference, a hybrid in-person and virtual conference organized by FIU and the City of Miami.
Startups led by female founders historically raise disproportionately less than ventures led by their male peers.
In 2020, companies with all-female founding teams received just 2.4% of the capital raised by U.S. startups in 2020, down from 3.4% the year before, according to Crunchbase, a platform that tracks tech investments. The share is even lower when you account for businesses led by female founders of color.
And it's not just startup founders. Only 4% of U.S. tech industry roles are held by Black, indigenous and other women of color, FIU reports.
The university wants to leverage its partnership with Venture Miami, an initiative launched by Miami Mayor Francis Suarez devoted to building the city's tech sector, to connect cohort members with venture capital and other opportunities.
“Our vision to create a Miami tech hub continues to gain light because of partnerships like these as we develop the future of Venture Miami,” Suarez said in a statement.
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