MIAMI– JP Morgan Chase made the program available EndeavorLAB, from Endeavor Miami, $500,000 with the purpose of promoting the work of entrepreneurs in underrepresented sectors in South Florida through digital transformation.
The two-year investment, part of JPMorgan Chase’s five-year, $10 million commitment to Tech Equity Miami announced in 2022, highlights both organizations’ shared focus on supporting entrepreneurial companies from underrepresented sectors.
Those selected to be part of EndeavorLAB They will have access to numerous resources, mentorship from veteran industry professionals, educational workshops, and a peer support network.
The program will culminate with a pitch session, giving founders the opportunity to showcase their companies to local entities and potential investors. With this investment, Endeavor Miami will support 250 local entrepreneurs by 2025, contributing to building a more inclusive entrepreneurial community in South Florida.
The innovation
“The alliance between JPMorgan Chase and Endeavor Miami will help drive innovation in the South Florida business community,” said Claudia Durán, CEO of Endeavor Miami.
“This goes beyond an economic investment, as it cultivates a diverse, dynamic and robust ecosystem that promotes entrepreneurs from underrepresented sectors,” he added.
Endeavor’s Miami affiliate was established in 2013, with support from the John S. and James L. Knight Foundation, as the first U.S. affiliate of the global Endeavor organization.
Miami Endeavor Entrepreneurs generated more than $900 million in revenue and employed more than 6,000 people in 2023. With the addition of its latest companies to the Endeavor network, the affiliate currently supports 35 corporations and 60 Endeavor Entrepreneurs.
Additionally, the commitment will fund EndeavorLAB and a series of community development events such as the Endeavor Miami Summit, a Bootcamp, and the Pitch Competition. These events will provide broader access to critical knowledge and resources to support innovation and growth within South Florida’s diverse technology landscape.
The small business
Endeavor Insight research titled “Miami’s Competitive Advantages in Entrepreneurship” identified that entrepreneurial businesses develop local economies, generating 70% of jobs once they reach moderate scale.
Despite this, research reveals that 60% of startups in Miami face difficulties, and only 1% manage to employ 50 or more people after five years of operation. EndeavorLAB was created to address the urgent need to bridge the gap between Startup and ScaleUp through effective support systems.
“Small businesses are the fabric of our economy and the soul of the city we all share. Our goal, through this commitment, is to help more entrepreneurs from underrepresented sectors of Miami reach their full business potential,” said María Escorcia, Southeast Regional Executive for Global Philanthropy at JPMorgan Chase.
“We believe that opportunities for success should be accessible to everyone and we look forward to helping EndeavorLAB program participants achieve success,” Escorcia said.
The JPMorgan Chase initiative and the Tech Equity Miami consortium contribute to the development of a technology industry in South Florida that thrives on innovation. Looking to the future, and with this strategic alliance, Endeavor Miami reinforces its position as an innovative benchmark in South Florida.
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