Venture Miami awarded a $50,000 grant to Endeavor Miami to power the next cohort of EndeavorLab, an initiative that offers training and mentorship to underrepresented startup founders in Florida.
The cohort will focus on supporting women founders who lead businesses that generate between $50,000 and $500,000 in annual revenue. Qualifying startups can operate in any industry as long as their product is not service-based.
An office within the City of Miami, Venture Miami is focused on driving entrepreneurship and creating jobs in the city
“We’re thrilled to partner with the City of Miami once more to empower women entrepreneurs and help them reach their full potential -- drive innovation, create jobs, and boost economic growth in our region," said Claudia Duran, managing director of Endeavor Miami.
EndeavorLab supports early-stage founders with skills training, networking and mentorship to help startups raise money, scale their ventures and contribute to the region's growing tech sector. The organization is accepting applications for its next cohort until May 21.
Startups founded by women receive far less investor funding than businesses started by their male peers. According to data from Pitchbook, women-led startups received just 2% of U.S. venture capital funding in 2022, even though research suggests businesses with gender-diverse leadership teams tend to more profitable.
Data shows mixed-gender founding teams are more likely to secure funding than businesses led by an all-women team. During the first three quarters of 2022, South Florida companies with mixed-gender founders secured $564 million across 51 deals, compared to $32 million across 15 deals for startups with only women founders.
With more than 10,000 tech businesses, South Florida's tech economy had a $26.4 billion economic impact in 2022, according to an analysis from trade association CompTIA.
The tri-county area boasts one of the nation's most diverse innovation sectors, with 26% of all tech jobs held by women. Hispanic employees represented 27% of the region's tech workforce and Black employees made up 11%.
Endeavor Miami is the first U.S. affiliate of Endeavor, a global nonprofit that has advised and helped scale more than 1,000 businesses in 37 markets across the world. EndeavorLab alone has supported 74 companies led by 90 founders since its launch in 2019. In addition to women founders, EndeavorLab's previous cohorts have focused on growing Black-led startups and climate tech ventures.
"EndeavorLAB provides an unparalleled opportunity for women-led companies in Florida to gain access to the resources and support they need to scale their businesses and make a meaningful impact in our community," Miami Mayor Francis Suarez said in a statement.
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