MIAMI — Sept. 21, 2018 — The John S. and James L. Knight Foundation today announced $2 million in funding to Endeavor Miami, the first U.S. affiliate of Endeavor, a global leader in building communities of high-impact entrepreneurs and innovators. Endeavor Miami identifies and supports promising entrepreneurs through educational, mentoring and funding opportunities.
Today’s grant goes directly to the local Miami office on its fifth year in operation. To date, Endeavor Miami has supported 23 active companies and 42 entrepreneurs across industries in South Florida. Endeavor Miami’s entrepreneurs have generated close to $150 million in revenues and 1,800 jobs.
In January 2013, Endeavor Global, a leader in cultivating successful scale-ups, received a $2 million investment from Knight Foundation to launch its first U.S. affiliate in Miami, leading the way for further U.S. expansion in Atlanta; Detroit; Louisville, Ky.; and most recently, Puerto Rico.
The announcement was made at Endeavor Miami’s inaugural ScaleUp Summit, an event celebrating the organization’s five-year progress of promoting high-impact entrepreneurship in South Florida.
“In a short period of time, Miami entrepreneurs have built a connected community of idea makers who are contributing to the city’s growth. The result: Miami is transforming into a hub – not only of tourism, real estate and hemispheric trade – but for innovation and technology. Endeavor has been part of this journey, giving promising entrepreneurs a platform for success on a global scale. With partners like Endeavor, we’ve built momentum and continue to grow,” said Alberto Ibargüen, Knight Foundation president, who announced the investment at Endeavor Miami’s ScaleUP Summit today.
“As we celebrate our milestone of the fifth anniversary, it is really meaningful to count on Knight’s continued support. Knight’s grant will be key to deliver our strategic goals for the next five years to double our portfolio companies, which we expect will translate into three times the revenues and jobs generated by our Endeavor Miami companies in South Florida,” said Laura Maydón, managing director at Endeavor Miami.
To date, Endeavor, a global organization with presence in 32 markets has screened more than 55,000 entrepreneurs and selected more than 1,600 individuals, leading over 1,000 high-growth companies around the world. These high-impact entrepreneurs are selected for their ability to drive innovation, produce role models and drive economic growth and job creation. The selection process is rigorous, as they must obtain a global panel’s unanimous vote.
Following the selection process, Endeavor Entrepreneurs receive:
- Access to mentors and a volunteer advisory board of local business leaders
- Access to institutional investors when they’re looking for capital
- Access to talent and services from partners like EY, Bain and top MBA schools
- Invitations to exclusive educational programs, including executive courses at both Stanford’s Graduate School of Business and Harvard Business School
The success of the Endeavor model has been recognized by numerous global organizations and has been documented in two Harvard Business School case studies.
“The continued commitment from Knight Foundation is a very exciting opportunity for us and the entrepreneurship community," said Danny Echavarria, Endeavor Miami board co-chair. "It allows us to continue our efforts to help scale companies in Miami, leading to a boost in the economy and an increase in job creation."
Knight Foundation’s support of Endeavor Miami forms part of its strategy to foster entrepreneurship in South Florida and establish the city as a place where ideas are built and scaled. Since 2012, Knight has made more than 200 investments totaling more than $25 million in entrepreneurship initiatives across Miami.
“Connecting our city with Endeavor’s global network was a natural fit that has led to impressive progress over the last five years. Endeavor entrepreneurs have scaled Miami-made ideas, capitalizing on the city’s assets and helping to fuel development in our innovative ecosystem, while adding to economic growth. We hope to continue to build on these achievements,” said Raul Moas, Knight Foundation program director for Miami.
The new $2 million investment will be distributed over a five-year period and aims to be a catalyzing force for the local entrepreneurial community. The funding will support Endeavor’s efforts to assist six to eight entrepreneurs per year through 2023.
About Endeavor Miami
Endeavor Miami launched in September 2013 with the support of the John S. and James L. Knight Foundation as the first U.S. affiliate of Endeavor Global. To date, Endeavor Miami’s entrepreneurs generated close to $150 million in revenues and 1,800 jobs in South Florida. With the addition of its newest companies, the affiliate currently supports 21 companies and 37 entrepreneurs.
About the John S. and James L. Knight Foundation
Knight Foundation is a national foundation with strong local roots. We invest in journalism, in the arts, and in the success of cities where brothers John S. and James L. Knight once published newspapers. Our goal is to foster informed and engaged communities, which we believe are essential for a healthy democracy. For more, visit kf.org.
Anusha Alikhan, Director of Communications, John S. and James L. Knight Foundation, 305-908-2646, [email protected]
Andrea Torres, Marketing Manager, Endeavor Miami, 305-401-6016, [email protected]
Image (top): Miami cityscape, used under CC0 Creative Commons from Pixabay.