FIU, Miami mayor’s new effort has one goal: get large checks to minority women biz founders
As part of a push to broaden Miami tech’s diversity, Miami Mayor Francis Suarez’s Venture Miami group is partnering with Florida International University to recruit female, minority-owned startups and connect them with investor networks.
The purpose is straightforward, said Kenasha Paul, Venture Miami’s newly appointed opportunity director: Sign deals and cut checks for underrepresented founders of technology firms.
“We’re connecting founders to funders, and making sure that a disenfranchised community is able to get access to this funding,” Paul said.
The program was officially launched in August with a $150,000 grant from JPMorgan Chase and Paul was appointed earlier this month. The plan is to enroll 10 eligible founders per group.
The program’s goals are ambitious: to increase the annual recurring revenue of each business within 18 months, and to prepare for major investment rounds which often can be at least $1 million. The 14-week curriculum will include up to six hours of programming a week, as well as one-on-one or small-group mentoring sessions with advisers.
“The goal is for the program’s board of advisers to form part of a deal-making crew with these founders, and for both to really get to know each other over 14 weeks,” said Caryn Lavernia, assistant vice president in FIU’s Office of Engagement. She said she could not reveal the names of the adviser board.
In a statement, Suarez said: “We are excited to welcome Kenasha Paul, a Miami-born lawyer, leader and innovator to our Venture Miami team via our novel partnership with FIU. We are enthused that Kenasha will be working to build and support a cohort of female founders of color access capital, mentors and the right networks to scale their ventures in our Miami.”
The deadline for the first group is Monday, Dec. 27. More information on the program can be found at engagement.fiu.edu/coalitions/venture-miami-opportunity-program/.
This story was originally published December 20, 2021 at 4:24 PM.
