The Miami-Dade Innovation Authority is getting serious about seaweed.
So serious, in fact, that it is offering $100,000 equity investments to startups that find sustainable uses for sargassum, a type of seaweed that tends to accumulate on Florida beaches from April to October.
Created this year by the office of Mayor Daniella Levine Cava, the Innovation Authority launched to support equitable and sustainable economic growth in Miami's technology sector. To do that, the county is partnering with private and philanthropic partners to invest in startups focused on solving problems in areas that affect the daily lives of local residents.
The initiative is backed by $9 million in seed funding pledged by the county, the John S. and James L. Knight Foundation and Citadel CEO Ken Griffin.
The Innovation Authority will fund at least three early to growth stage tech startups developing solutions to process and reuse sargassum in an environmentally friendly way.
That will also help solve a major problem for the county, which spent more than $4.2 million on sargassum cleanup in 2022 alone.
"While this naturally occurring event can disrupt our beautiful beaches, we are committed to finding environmentally friendly solutions to mitigate its impact and protect the wildlife that depend on its shelter,” Mayor Cava said in a statement.
Large mats of the seaweed release toxic-smelling hydrogen sulfide gas and can cause breathing difficulties when decomposed. That's bad news for the local tourism industry, which relies on travelers who come to South Florida to relax on its famous beaches.
Sargassum made headlines this year after scientists projected a giant mass of the seaweed would hit the Florida coast this summer. However, the University of South Florida recently reported the blob shrunk by 75% in June.
The Nature Conservancy in Florida, a global conservation organization, will collaborate with subject matter experts to select the winning companies. The winners of the $100,000 equity investment will be announced in December.
It's the first public challenge launched by the Innovation Authority, which aims to distribute at least $1 million annually to startups finding solutions to health care, affordable housing and sea level rise and more. While the organization prioritizes Florida companies, it will consider applications from companies and founders outside of the state.
The deadline to submit an application is Sept. 29.
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