The Miami Herald
WWR Article Summary (tl;dr) “500 Startups” not only offers capital but support services to thousands of entrepreneurs in more than 60 countries. In a nutshell, it teaches entrepreneurs how to take their ideas to fruition, start a company and succeed.
A perfect tech marriage has just been created in our own back yard.
We always hear how Miami is packed full of young entrepreneurs with startup ideas, but needing cash to turn them into reality.
500 Startups is here to help.
A deep-pocketed Silicon Valley fund has announced that it will put down roots in Miami, offering a financial leg-up to our burgeoning tech community.
For 500 Startups to choose Miami as its first East Coast branch is something to crow about. The fund has invested $400 million in startup companies such as Credit Karma, Twilio and SendGrid. And 500 Startups is not totally new to Miami — it has been holding programs and events here, including a PreMoney conference.
Fund leaders recognized the benefit of being in Miami because of its importance as an international financial and logistics hub.
And fortunately, local leaders saw the benefit of luring such a fund to the area — and threw money at the quest.
Miami’s Downtown Development Authority will kick in a total of $300,000 to bring 500 Startups to the heart of downtown.
The company will occupy 7,200 square feet at the property owned by local coworking company mindwarehouse.
What is the hidden benefit of having a money machine move into our area? Miami’s best and brightest tech players can stay put. That can help cap the local brain drain to the West Coast and elsewhere.
The fund has not yet decided how much it plans to spend on Miami companies and initiatives, but as part of the grant agreement, 500 Startups and the DDA have pledged that 40 percent of the companies the firm supports from its Miami office goes to local ventures, the Miami Herald reported.