PowerMoves, a nationwide initiative aimed at using new methods and innovative ideas to address obstacles that hinder minority entrepreneurship, launched Miami accelerator (PowerMoves.Miami) this past February. This is one of PowerMoves’ commitments to support colored entrepreneurs. Aimed at positioning New Orleans to be a regional hub for high-tech and high-growth entrepreneurs of color, the initiative, which first started as a program in 2014, has grown rapidly and its works has spread throughout the nation.
PowerMoves.NOLA has obtained 100 companies whose founders are people of color from 26 major cities within just one year of operation. And as a sign of its continued success, it has secured cumulative capital commitments exceeding $17 million.
This is the first time that PowerMoves had hosted its year-round programming outside of New Orleans. The event comprised various activities including boot camps, pitch competitions, fellowships and networking events.
Janelle R. Alexander, PowerMoves Miami’s managing director and former PowerMoves NOLA Entrepreneur In Residence, said, “With the help of the John S. and James L. Knight Foundation (a $1.2 million investment), we decided to launch a physical presence not just a three-day convening in Miami.”
Alexander is responsible for identifying talented entrepreneurs of color, mentoring them and boosting their programming abilities. Following the launch, she also added that, “Five or six companies will be chosen to participate in PowerMoves Miami. We will give them office space, guidance, mentorship, and access to networks.”
PowerMoves participants are offered a great deal of help from experienced entrepreneurs. This entails refining their business models, getting connected with mentors and advisers, and being given early-stage financial support to launch and expand their businesses.
Consequently, PowerMoves helps minority entrepreneurs overcome some of the biggest obstacles to entries by introducing them to the right people in the industry, and refining their networks.