The Miami Tech industry has been expanding and the city with its denizens are beginning to finally realize how big it truly is becoming.
Black business owners are forging their own paths to success. Their goals are similar to those of other digital entrepreneurs, but they are more urgent: to build generational wealth while uplifting and strengthening Black and Brown communities through innovation,
“I am leaning on the resources that I already have, and the relationships and resources that I do know work,” said Dani Spikes, founder of BeLoved Box, a monthly subscription self-care and beauty box company, which has now reached seven-figure sales numbers since its founding in 2016.
The Orlando Sentinel does a deep dive into how the Miami culture is adjusting to this new technological immigration.
Link: https://www.orlandosentinel.com/news/florida/os-ne-black-entrepreneurs-in-miami-feel-bypassed-by-the-tech-boom-20211121-ej35m7mfnzgxrfmjasbojwkqpy-story.html
Frederick Akpoghene, the founder of JéGO Technologies, Inc., a Black-owned designer, and manufacturer of autonomous vehicles, including self-driving pods that connect consumers with services and products on the go, will launch a crowdfunding campaign on Start Engine for micro investors to invest on the same level as venture capitalists. JéGO also provides a smartphone platform where users can choose businesses that provide high-demand services like Flu Testing, COVID testing, IV therapy, and other local businesses, all of which can be delivered to their consumers utilizing the driverless JéGO pods, a moving vehicle for change.
BlackEnterprise leads the way with Akpoghene a man who has his eyes on the future.
Starting a business is a heavy endeavor that many that begin don’t see to the end as it is difficult if you are African American, Latino, or Hispanic. JPMorgan Chase has set aside low-cost loans for minority-owned firms in addition to the standard alternatives and sources of finance. The steps provided by PostNewsGroup will help mature your business into where you want it to be.
Postnewsgroup link: https://www.postnewsgroup.com/starting-and-scaling-a-small-business-as-a-minority-entrepreneur/
A big part of any process when pitching your company is the ceremonious “Pitch Deck”. It can make or break your startup. VCs, see thousands if not more in their careers so making your standout is not only a daunting task but a seemingly impossible one.
So what is the answer to how to build an unforgettable deck? Well, the answer is simple. In an article done expertly by TechCrunch. Learn how to make your deck above a dozen better than the rest.
TechCrunch has provided a winning formula that can’t be ignored.
Link: https://techcrunch.com/2021/10/28/crafting-a-pitch-deck-that-cant-be-ignored/
Companies are finding it increasingly difficult to fill their staff with capable and creative workers, but this is especially true for those with technical abilities. Non-tech companies have raised their demand for these workers, even as tech behemoths like Facebook and Amazon want to hire thousands of them. To fill these positions at a time when highly-skilled people have numerous options, think about what skill sets are important, and make your organization more desirable to highly desirable employees.
In order to overcome these difficulties, there are steps that your company can take in order to avoid the pitfalls of an uninspired team and form a more productive business.
HBR has provided a means so that you won’t run into the problem.
Link: https://hbr.org/2021/11/how-to-attract-top-tech-talent
Self-described as the Nation’s first student-led venture capital fund. The Roberto C. Goizueta Center for Entrepreneurship and Innovation at Emory University’s Goizueta Business School has developed and officially announced the new fund. The goal of the fund is to provide money only to Black, Latino, and Native American entrepreneurs across the country. The funding vehicle comes as a growing number of organizations have begun new attempts to fight structural racial inequities in the nation’s corporate environment since early last year. It is necessary to take action. According to a press release, the fund was founded after students saw a gap in venture capital funding, with underrepresented minority founders obtaining less than 3% of venture capital investment in the United States.
Their research found that in Black, Latino, and Native American populations, persistent low wealth means fewer opportunities for personal or friends-and-family investment for companies. Furthermore, Black businesses face a roughly 20% greater incidence of loan rejection than white entrepreneurs.
Only 1% of VC-backed founders are African-American, and less than 2% are Latino. Furthermore, Black entrepreneurs frequently fail to secure venture capital funding.
The Goizueta Business School facilitated the creation of the new $1 million fund, which will allow students to research hundreds of minority entrepreneurs and decide if the investment can be offered. The first investments from the fund ranging from $5,000 to $50,000 are expected to occur in 2022.
Plans call for students to source between 100 and 200 companies each year and conduct due diligence. The fund will make investment recommendations to the Peachtree Investment Committee, consisting of Goizueta faculty, staff, and alumni According to reports, the fund will invest in companies that have at least one Black, Latino, or Native American founder. In addition, a founder must own a majority of the company’s stock.
When you are a new founder you are undoubtedly getting hit with so much it all may be a little intimidating. For those of you who do not like an enterprise, there are so many decisions to make. One of the big things to know is the difference between an Incubator and an Accelerator.
Typically, startup accelerators work with founders for a certain period of time – usually three to six months – to ‘accelerate’ their growth and assist in the development of a firm that is investment-ready and scalable.
First, let’s talk about an Incubator. An Incubator is where a founder works with others, be they other entrepreneurs or otherwise in networking their idea and developing it into a market-ready and investable ready business. Incubators also differ as they tend to focus on specific geographical locations. An Incubator is similar to an Accelerator as entrepreneurs can gain access to industry experts who can provide guidance and training, as well as networking possibilities with other startups in the program, through incubators.
An Accelerator differs in that they provide or a new company with resources be they monetary or otherwise. But they are extremely competitive and accept only less than 10% of applicants. Things to consider when joining are “are you expanding slowly” or fastly and “are you willing to move”? Startup accelerators typically work with founders for a certain period of time – usually three to six months – to ‘accelerate’ their growth and assist in the development of a firm that is investment-ready and expandable.
These are the differences for any founder to know and the information needed to succeed.
