Miami’s Only Black Tech Hub Launches Founder Competition With $1M Prize
Miami’s only Black Tech Hub, The Source, has announced the launch of a regional startup competition that will set the winner on track to win a $1 million investment. The tech center was founded by music executive Ted Lucas and venture capitalist Hilmon Sorey, an organization committed to supporting underserved founders as they expand their startups.
The Source focuses on local entrepreneurs who plan to keep their business in South Florida as a means of maintaining talent in the area and building a long-term tech ecosystem, as stated by Miami Inno.
“We’re building more than a pitch event,” Lucas said in a press release sent to POCIT. “We’re building a launchpad for Miami founders to reach the world stage.”
Startup Pitch Accelerator Regional Competition
The Black Tech Hub has created the Startup Pitch Accelerator Regional Competition, also known as SPARC South Florida. The competition provides early-stage startup founders with the opportunity to pitch their ideas to a group of 50 venture capitalists and angel investors in July.
Finalists will participate in a demo day and pitch event in August, where a winner will be selected. The winner will advance to pitch at the Startup World Cup in San Francisco in October, where they will compete for $1 million in capital and strategic support.
SPARC finalists will also receive access to The Source’s business incubator in downtown Miami, as well as strategic mentorship from local technology and entertainment leaders who can help their startups grow and thrive.
Miami’s growing tech sector
The source aims to build wealth across local communities, including Liberty City, Little Haiti, and Overtown, by empowering entrepreneurs who wish to remain in South Florida.
“We know that we have diverse people here with the knowledge and skills to solve problems,” Sorey said. “One of the beauties of living in capitalistic economy is if you are putting forth a solution to a problem, there is capital to be found.”
Image: Robert Diaz, Eyekon Media
