Incubate Miami Receives $25,000 Grant From Miami Downtown Development Authority

Grant will support Incubate Miami's efforts to foster innovation and growth of emerging technology-based companies in downtown Miami. End Quote

Miami, FL (1888PressRelease) October 26, 2010 - As part of its mission to support business growth in downtown, The Miami Downtown Development Authority's board of directors passed a resolution authorizing a $25,000 grant for Incubate Miami, a 12,000-square-foot technology incubator located in the central business district. The grant falls within the scope of the DDA's Downtown Miami Master Plan, which includes specific recommendations to enhance downtown's position as the business and cultural epicenter of the Americas by growing and attracting business enterprises that will add jobs, vitality, and residents to downtown.

The grant approval comes after a review of the targeted industries by the DDA Economic Development & Technology Program Committee, which concluded that the development of technology-based industries is key to a robust, forward-thinking, and strategically positioned economy in downtown Miami.

Incubate Miami, a public/private partnership between Digiport and The Enterprise Development Corporation of South Florida (EDC), supports emerging science and technology companies in Miami, with the goal of creating a vibrant innovation-based economy that will attract capital investment and new jobs. The Incubate Miami concept was conceived by Marc Billings, owner and CEO of Digiport, as he sought to expand the base of technology innovation in the downtown Miami business district. Incubate Miami provides multiple layers of support for entrepreneurs with the goal of accelerating the growth of startup companies and developing a vibrant technology-based community that creates high-skilled, high-wage jobs in industries that drive the global economy. EDC, which has been assisting science and technology startups throughout South Florida since 1994, operates a similar facility in the Florida Atlantic Research & Development Park in Boca Raton.

"The Miami DDA recognizes that downtown Miami is in a unique position to become a global center for innovation and the technology industry," said Alyce Robertson, executive director of the Miami Downtown Development Authority. "We have all of the ingredients in place: an educated residential base, thriving business district, and affordable local universities graduating bright minds who are eager to enter the field. The DDA is eager to support Incubate Miami's mission to foster new technology enterprises that will invest in downtown Miami over the long-term. This economic development initiative will diversify our economy, create jobs and produce homegrown companies in downtown Miami."

Incubate Miami and the EDC also offer technical and business assistance to technology-based companies. Since its opening in April 2010, Incubate Miami has assisted more than 75 technology businesses, adding to downtown's appeal to technology companies that are choosing where to base their headquarters.

"Similar to the technology renaissances that took place in cities like San Francisco, Denver, and Austin, Texas, downtown Miami is ripe to emerge as a budding technology hub," said Marc Billings, owner and CEO of Digiport. "Incubate Miami currently has five companies in our downtown incubator, with 70% of these expected to raise the required capital to begin hiring by the close of the year."

EDC Executive Director Jane Teague adds that since its launch in April 2010, Incubate Miami has attracted more than 400 attendees to downtown through special events and educational workshops to showcase new businesses and recruit new technology firms to the downtown area.

"This grant from the Miami Downtown Development Authority will allow us to continue to provide technical and business assistance to start-ups, as well as build awareness and enthusiasm to attract more investment and innovation to downtown Miami," said Teague.

The grant will also be used to allow Incubate Miami and the EDC to provide policy and advocacy support to the Miami DDA on best practices, legislation, and available grant funding that would assist in the growth of technology industries downtown, as well as also support the development of a Technology Advisory Group in partnership with the Miami DDA and technology-based organizations within the district.

As part of the efforts, Incubate Miami will host "Startup Weekend" November 19 to 21 in downtown Miami. Startup Weekend is a global project that brings together a highly motivated group of entrepreneurs, venture capitalists, software engineers and developers, and others to a 54-hour event that helps build communities, companies and projects. The following week, on November 30, Incubate Miami will hold a presentation day in honor of its first class of new business launches.

About the Miami DDA

The Miami Downtown Development Authority (DDA) is committed to improving the quality of life for businesses, employees, residents, and visitors in downtown Miami. As an independent agency of the City of Miami, the Miami DDA supports business growth, infrastructure improvements, and services for Downtown Miami residents and stakeholders. In addition to its programs and initiatives, the Miami DDA is partnering with the City and other government entities to strengthen Downtown Miami's position as an international center for commerce, culture, and tourism. Through its DWNTWN campaign, which sponsors programs such as free outdoor concerts and special networking events, the Miami DDA drives consumers young and old to the region with the goal of supporting existing businesses and transforming Downtown Miami into a thriving, 24-7 urban epicenter. The organization is governed by a 15-member board comprised of three public appointees and 12 downtown property owners, residents and/or workers. For more information about the Miami DDA and Downtown Miami, please visit www.MiamiDDA.com.

About Incubate Miami
Incubate Miami is a public/private partnership between Digiport www.digiport.com and The Enterprise Development Corporation of South Florida (EDC) www.edc-tech.org that supports emerging science and technology companies in Miami. Conceived of by Marc Billings, CEO of Digiport, Incubate Miami provides multiple layers of support for entrepreneurs. The mission is to accelerate the growth of startups and innovation and to develop a vibrant technology-based community that creates high-skill, high wage jobs in industries that drive the global economy. Participating in the project are the Miami Downtown Development Authority, GDB Miami, and management of the 200 Building property. Incubate Miami is located at 200 Southeast 1st Street, Suite 601, Miami, FL 33131. For more information call (786) 220-7145.

###

space

Other Related Press Releases