A Tampa-based startup hub has received federal funding to launch the region’s first program focused on Latinx entrepreneurs.
The Tampa Bay Wave announced on Friday that it received $500,000 in federal funding for the launch of the new program. The funding was largely championed by U.S. Rep. Kathy Castor and one of her 15 community projects submitted by Castor to the House of Representatives appropriations committee.
“The infusion of these funds will jumpstart the work of so many important priorities, and I am grateful to all of the local partners who put time and effort into helping me successfully advocate for these funds,” Castor said in a statement. “Working together, we will ensure that every Tampa Bay neighbor has the opportunity to grow and thrive across our community. I am proud that these community projects will help tackle the rising cost of living, educate the next generation, and create good-paying jobs that lift our community.”
The funding will create the “LatinTech Accelerator” within the Wave, focused on startups that are 51% owned, controlled and operated by people of Latin heritage. The program, like several of the Wave’s other accelerator programs, will have companies receive coaching, mentoring and networking and culminate in a “Demo Day,” where founders pitch their companies to a room of local investors.
“This program will fill a critical gap in Florida’s startup ecosystem by helping a demographically important but under-represented segment of tech entrepreneurs here and across the U.S.,” said Linda Olson, founder and CEO of the Tampa Bay Wave, in a statement. “Given Tampa Bay Wave’s long history of promoting diversity and equity in our region’s tech startup ecosystem, we know this funding can help us make a meaningful difference in the growth and success of Latin-owned startups.”
The Wave expects to open applications for the LatinTech program in the third quarter and begin the cohort toward the end of Q3 or early Q4.
LatinTech joins the Wave’s TechDiversity, TechWomen Rising, FinTech|X and CyberTech|X programs that already exist within the Wave. Since the Wave’s inception more than a decade ago, the nonprofit has helped more than 450 startups raise over $650 million in capital.
According to Crunchbase data, Latinx founders received roughly 2.1% of venture capital’s available funding in 2021.
“This [program] will generate an economy that benefits everyone, regardless of their race, ethnicity or gender,” said Cesar Hernandez, president of the Tampa Bay Latin Chamber and lobbyist for the LatinTech initiative. “This is a historic opportunity to recognize and celebrate the rich Latin heritage of Tampa Bay and Florida.”
