City Hubs for Entrepreneurship Series: Miami, Florida / 15
Successful Programs from Other Cities Can Help Address Local Challenges. Endeavor Insight worked with local stakeholders to identify successful programs from other cities that can complement the Endeavor model and existing local programs to help address Miami’s challenges. The following four initiatives are drawn from previous Endeavor Insight research on ecosystem best practices in more than 100 cities across the world. We recommend that these programs be duplicated in Miami as independent efforts or through incorporation into existing initiatives to accelerate the development of the local entrepreneurship ecosystem.
Early-Stage Investment Training Workshop (Angel Resources Institute) The Angel Resources Institute (ARI), a non-profit dedicated to supporting early-stage investing, conducts one to two day training programs in cities across the world for active and potential angel investors, as well as entrepreneurs who plan to raise angel or series A financing. The staff at ARI develops content for each event, working with input from local angel investors. Attendees at ARI events receive instruction on the investment process, valuation, term sheets, the post-investment relationship, and due diligence. Some sessions are attended jointly by entrepreneurs and potential investors, while others are taught separately to each group. Invited attendees should include experienced entrepreneurs from groups like Young Presidents’ Organization and Entrepreneurs’ Organization, who are ready to start investing in other local companies and, in doing so, participate in the final step of the ecosystem growth cycle. 21
Job Fair for Entrepreneurial Companies (NYC Startup Job Fair) The NYC Startup Job Fair connects job seekers with entrepreneurial firms in New York City. It hosts events semi-annually and it facilitates additional connections via an online job board. Entrepreneurial companies are accepted based on the following criteria: 1) quality, quantity, and sustainability of jobs offered; 2) level of funding and current number of employees; and 3) media presence and other qualitative factors. During a recent event in New York, the NYC Startup Job fair connected approximately 1,000 potential employees to 80 companies. One hundred jobs were filled through this process. Though the event is branded as a program for startups, it also serves scaleup businesses, such as Gilt Groupe and ZocDoc, which increases the program’s ability to support entrepreneurs at the second step of the ecosystem growth cycle. 22
Entrepreneurship Mentor of the Year Award (Monosson Prize) The Adolf F. Monosson Prize for Entrepreneurship Mentoring celebrates individuals and organizations that have made significant contributions to young entrepreneurs in the Boston area via mentoring. The prize is awarded annually by the Martin Trust Center for Entrepreneurship at MIT. Nominations for the award are collected from local investors, entrepreneurs, and other stakeholders. A committee from the Martin Trust Center evaluates each nomination, and the prize is awarded at a large entrepreneurship awards dinner. The following day, a press release announces the winner of the prize to the media. Past recipients mention the award prominently in their official bios and on their websites. 23
Local Awards for High-Growth Companies (The Dallas 100) The Dallas 100 is an annual list of the fastest-growing companies in Dallas, Texas that promotes successful entrepreneurs as role models. Though many cities have lists or awards for prominent local businesses, the Dallas 100 is unique. Its rankings are based on companies’ growth rates and it promotes its results very effectively. Companies included on the list are recognized at an annual awards celebration attended by over 1,100 executives, investors, university leaders, government officials, and journalists. Companies listed on the Dallas 100 are also featured in a publication of the event’s media partner and receive invitations to participate in events with government leaders and other organizations that wish to engage with high-growth entrepreneurs. Companies on the list also highlight this accomplishment prominently in their marketing materials. 24
A Platform to Accelerate the Development of Local Entrepreneurship Ecosystems | Case: Miami, Florida