Tampa Bay Wave in coordination with the Tampa Bay Latin Chamber of Commerce, has announced $500,000 in new federal funding to launch the LatinTech Accelerator in Tampa Bay. This is a new business accelerator for founders of Latin heritage to build high-growth tech startups. The LatinTech Accelerator will fill a critical gap in Florida’s startup ecosystem, removing barriers for some of the most under-represented US entrepreneurs and making a lasting impact on our regional economy.
A lack of Latinos in tech
The LatinTech Accelerator will fill the gap of the growing disparity among Latino founders in tech. Technology is changing the way we work, live and learn and is an important driver for the U.S. economy. However, diversity gaps still exist across tech founders, especially among the Latino population. Although the U.S. Latino population is significant, it does not have comparable representation in the tech segment.
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Recent reports show that startups with a latino founder received just 2.1% of the nation’s venture capital funding in 2021. Another report from Bain detailed that, out of the top 500 venture capital and private equity deals in 2020, fewer than 1% involved a latino founder. Latinos remain highly underrepresented in the STEM workforce—making up only 8% of STEM workers, despite being the country’s second-largest ethnic group. This divide is even more direr for women, with Latinas only holding 2% of STEM jobs in the U.S. even though women comprise 28.8% of the U.S. tech workforce.
A LatinTech Accelerator in Tampa Bay
Through Wave’s accelerator programming, cohort companies will receive executive coaching, comprehensive mentoring from industry experts, strategic introductions, and preparation for investor meetings — all culminating in Demo Day. This is a unique opportunity for founders to present their visions to national and international investors, leaders, and press. To qualify for the LatinTech Accelerator, companies must be 51% owned, controlled and operated by people of Latin heritage.
Several of the 450 companies selected for Wave’s 30 prior accelerator cohorts have won national awards, including the Established “Startup of the Year” competition. They also received high profile media coverage in publications like Axios, Crunchbase, and Forbes. Collectively, these companies have raised over $650 million in investment capital since 2013.
Due to support of sponsors and supporters from both the public and private sectors, Wave’s accelerator programs are free to participants. Plus, as a nonprofit zero-equity accelerator, Wave never takes equity from the startups it supports.
“A rising tide lifts all boats, and Florida has the chance to cultivate a diverse and dynamic ecosystem unlike any other in the United States. This will generate an economy that benefits everyone, regardless of their race, ethnicity, or gender. There is no better ally in this effort than Congresswoman Castor and the team at Tampa Bay Wave,” said Cesar R. Hernandez, CEO of Omni Public and President of the Tampa Bay Latin Chamber and lobbyist on the initiative. “This is a historic opportunity to recognize and celebrate the rich Latin heritage of Tampa Bay and Florida.”
Wave’s new LatinTech Accelerator was one of 15 Community Projects submitted by U.S. Representative Kathy Castor to the U.S. House of Representatives Appropriations Committee that are being funded by the FY23 budget.
