One of the tech sector's premier startup accelerators will bring its programming to South Florida.
Miami will be one of the first U.S. cities to host a new Techstars accelerator for diverse founders. The remote-first program, powered by an $80 million investment from J.P. Morgan Chase, is focused on bringing more funding and support to entrepreneurs from Black, Hispanic, indigenous and other underrepresented backgrounds.
The Boulder, Colorado company on Monday launched a call for applications from Miami-area founders. The accelerator is also seeking applicants from Atlanta, Chicago, Detroit and Washington, D.C. , and plans to kick off programs in Los Angeles, New Orleans, New York and Oakland, California in 2023.
Techstars Managing Director Andres Barreto will lead the Miami program. He said Techstars is recruiting startups at any stage that do business in the U.S., Canada and Latin America.
"[Miami's] diversity yields an entrepreneurial talent pool not generally seen on the broader tech and venture capital ecosystem," he said. "There is a massive opportunity in funding and scaling companies led by founders from diverse backgrounds."
The lion's share of venture funding for U.S. tech firms has traditionally been directed to companies led by white, male founders. Black founders received just 1.2% of all venture capital funding that went to startups in the first half of 2021, while Hispanic-led ventures attracted 2%.
Techstars reports 27% of its portfolio companies are led by chief executives who identify as Black, Hispanic, indigenous, middle eastern or North African.
“The data and experience show founders from diverse communities and backgrounds represent an untapped market with tremendous financial upside for investors, the entrepreneurs, and the communities they operate in," Techstars CEO Mäelle Gavet said.
South Florida founders can apply for the Miami program until May 11.
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