In a commitment to foster innovation in the soaring Miami tech ecosystem, JPMorgan Chase has promised a substantial $500,000 in funding to Endeavor Miami’s transformative program, EndeavorLAB. The resounding support of the financial giant is not just a boost for the organization but also a strategic move to empower other underrepresented startup founders in South Florida, particularly those led by Latinx, Black, and female entrepreneurs.
This latest investment announcement showcases JPMorgan Chase’s impressive track record of supporting Miami-Dade organizations through the Tech Equity Miami Initiative, where four $500,000 grants were awarded last year. The first U.S. affiliate of the global Endeavor network, Endeavor Miami, was the recipient of a two-year commitment that aims to propel the entrepreneurship organization’s mission- to facilitate digital transformation for startups in the region.
This collaboration between JPMorgan Chase and Endeavor Miami reflects a shared vision of nurturing underrepresented founders. This vision perfectly aligns with the goal of the broader Tech Equity Miami initiative to harness the potential of technology to boost socioeconomic mobility. With a generous five-year, $10 million commitment, JPMorgan Chase looks to foster a more inclusive entrepreneurial landscape in South Florida.
EndeavorLAB, the center of this collaboration, is an initiative to support early-stage underrepresented founders by offering resources including mentorship from industry veterans, educational workshops, and a robust peer support network. As part of this transformative program, selected entrepreneurs will culminate their journey with a demo day where they will be presenting their ventures to local stakeholders and potential investors.
This impressive flow of funds anticipates a significant impact on Endeavor Miami’s goals to reach 250 local founders by 2025. The organization’s decade-long commitment to supporting entrepreneurs has yielded positive results as affiliated companies have generated $900 million in revenue and already employed over 6,000 individuals in 2023.
As a response to closing the glaring gap between the startup-to-scaleup, the EndeavorLAB program is already making strides in supporting underrepresented founders. The program, introduced in 2020 with an emphasis on empowering female founders, has expanded to include cohorts dedicated to Black and Latinx founders. More than 150 Florida-based companies have benefited from EndeavorLAB and its Scaleup program as of last fall.
Claudia Duran, Managing Director of Endeavor Miami, emphasized the broader impact of the collaboration, stating, “The partnership between JPMorgan Chase and Endeavor Miami will help drive innovation and inclusivity in South Florida’s entrepreneurial community.” The goal extends beyond mere economic investment, fostering a dynamic ecosystem that elevates underrepresented founders.
Endeavor Insight’s research emphasizes the significant role that scaleup companies play in local economies, responsible for generating 70% of jobs once they attain a moderate scale. However, 60% of startups continue to struggle, and only 1% employing 50 or more people after five years of operation. Miami’s entrepreneurial landscape has multiple challenges.
Maria Escorcia, Southeast Region Executive for Global Philanthropy at JPMorgan Chase, highlighted the need to support underrepresented entrepreneurs, stating, “Our goal through this commitment is to help more of Miami’s underrepresented entrepreneurs reach their full business potential.”
This collaboration is part of a broader initiative by JPMorgan Chase, which has already deployed $2 million to Tech Equity Miami through $500,000 grants to BrainStation, CodePath, Rebrand Cities, and YWCA of South Florida. Dedicated to driving sustainable impact in the Miami ecosystem, the bank has also partnered with Techstars for accelerator programs, underlining its.
Andrew Lane, a JPMorgan Market Executive, described this move as, “We are really committed to helping drive sustainable, real impact in the Miami ecosystem – helping founders achieve their definition of success.” With this strategic partnership, the financial giant has inched closer to its vision of fostering positive change and propelling Miami’s tech community to new heights.
