Miami-Dade County raised $9 million in seed funding for an initiative that will provide grants to businesses focused on solving some of the community's biggest challenges.
Mayor Daniella Levine Cava said the county directed $3 million to the creation of the nonprofit Miami-Dade Innovation Authority during her State of the County speech on Wednesday night. The John S. and James L. Knight Foundation and Citadel CEO Ken Griffin each pledged $3 million to the nonprofit, which will support startups working to address obstacles in housing, transit, health care and climate change.
"This work will advance innovation, entrepreneurship and economic growth in South Florida," Griffin said in a statement.
The legislation authorizing the county’s grant to the Innovation Authority will go before the Board of County Commissioners for approval in March.
Lack of affordable housing, limited public transit and the looming threat of sea level rise are among the most pressing issues facing residents and businesses in Miami-Dade County. Supporters hope the formation of the Miami Dade Innovation Authority will position the area as a prime destination for businesses that want to pilot new technologies and scale with the help of local government.
Levine Cava is particularly focused on positioning the county as a hub for emerging climate technology startups. Last year, she announced multiple partnerships and initiatives to build sustainable businesses in the Miami area, including funding for Blue Action Lab, an ocean tech accelerator building solutions for coastal and ocean resilience.
"We are flipping the way government does business by inviting businesses to pilot their innovations with us,” Levine Cava said. “We’re saying to entrepreneurs everywhere that we’re open for business, and we’re inviting the private sector to join us as we unlock more streamlined, more cost-effective solutions to big public sector problems."
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