Endeavor Insight, with support from the Knight Foundation, recently released the first publication in its “City Hubs for Entrepreneurship Series”, explaining the results of an analysis on the opportunities and obstacles to Miami’s growing entrepreneurship ecosystem. The analysis was based on data collected from more than 100 early-stage and growth-stage companies, as well as interviews and focus groups with entrepreneurs, investors and policymakers. The report found a clear and demonstrable need for Endeavor’s work in the region where entrepreneurship is quickly on the rise but still facing many critical challenges. As Endeavor’s first U.S. affiliate, the Miami office was established in September 2013 with support from the Knight Foundation and a managing board composed of some of the city’s top investors and business leaders.
In the report, Endeavor found that that the central challenge for local entrepreneurship was that many companies were starting up, but very few were growing to become medium or large firms. A recent report from the Ewing Marion Kauffman Foundation demonstrated that Miami had the highest rate of new business formation among the 15 largest U.S. metropolitan areas in 2012. However, since 2000, the number of large businesses in the area has declined by more than 20 percent. Endeavor’s own research found that the city’s entrepreneurial community reported a variety of strengths to working in Miami, including a high quality of life, vibrant culture, and an accessible customer base. The challenges to scalable growth however, including a lack of expert talent, mentorship and opportunities for capital, are where Endeavor’s work looks to add the most value. The success of the Miami affiliate thus far has led to the selection of its first entrepreneurs, Roger Duarte and Sam Gorenstein of My Ceviche and Jesus Rodriguez of KidoZen, at the 51st International Selection Panel in Dubai.