Economy

In The Loop 305

IN THE LOOP 305 asks what it takes to actualize a creative economy in Miami?

 

IN THE LOOP 305 asks how can we promote more age, ethnic, and geographic diversity in the culture spaces of Miami?

 

IN THE LOOP 305 asks how we change our city by having the ability to influence change agents?

 

Goals:

* Support the creative industries.

* Reduce silos and support the policy changes needed to make Miami a friendlier city.

* Develop three core areas to initiate change - Civic engagement, Creative industries, Culture.

* Open committee structure with diverse group of consistently engaged taste-makers.

 

Building on the amazing work already happening throughout the city. In the Loop Miami, is an emergent organization seeking to revolutionize our city's creative economy. By advocating for new talent and businesses and holding educational events, we aim to make Miami a hub for collaboration, innovation, and culture.

 

Miami’s innovation economy is emerging at a great pace. Talent attraction and retention takes thriving neighborhoods, cultural inclusiveness and places where industries can intersect. Miami's cultural diversity is a strong asset, however, research shows it is the 7th most racially and 10th most economically segregated city.

 

Talent must be identified, silos reduced and opportunity created in these neighborhoods. Many neighborhoods in Miami need economy building opportunities and bridges must be built from the rising start up hubs into these communities. In The Loop is a program that encourages indigenous economy building across neighborhood and industry.

 

In The Loop 305 is a decentralized platform amplifying cultural taste-makers and the local creative class and connecting them to potential capital. In The Loop 305 is being built off of a successful city model in Boston, Future Boston Alliance.

 

Three areas of focus will create the In The Loop 305 platform: First, the ability to identify and build with the rising local creative class in Miami. Secondly, an accelerator program, serving creative entrepreneurs in all neighborhoods of Miami, and lastly an understanding of what local policies need to be in place to stimulate local economic development.

 

In The Loop 305 is a needed platform for an emerging Miami to encourage racial and cultural inclusion in developing the local economies in Miami.

 

Anchoring the model in the Life Is Art / Soul Of Miami community, In The Loop 305 plans to pilot a six month accelerator program. Adding these programs to the events and live programming presented by Life Is Art will ensure authentic community building.

 

Accelerate 305: A six month accelerator program aimed at the local creative class in Miami. The program has four components; a six month curriculum, monthly brown bags with successful entrepreneurs and angel investors, mentor speed dating and a pitch contest. A call for proposals is followed by a curation period, in which ITL305 chooses a select number of entrepreneurs and start-ups to include in the class. We take those local creative business ideas and help get them to market. This program will target people of color, women and working class entrepreneurs that otherwise may not have access to the capital to start a business.

 

Here is an example of the first quarter milestones we will set to get to us to launch accelerator and In The Loop 305 program.

 

Month 1:

Finalize advisory board, advisory board will meet monthly to guide the work of In The Loop and help raise additional funds.

Develop #Intheloop305 social media campaign.

Finalize Accelerator curriculum.

Community round-tables to continue to get community input.

Gain community-based partners for In The Loop 305

 

Month 2:

Secure teachers and mentors for the Accelerator, including venture capital and angel investors from Boston and Miami.

Secure space for Accelerator program.

3 public events promoting the accelerator program.

Create selection committee for accelerator.

Begin to build donor list through advisory board.

Officially launch #Intheloop305 social media campaign

 

Month 3:

Distribute the Accelerator application.

Host one community round-table discussion with a focus on changes needed to support the local creative economy.

Begin network mapping to ensure we are organizing in preexisting networks.

Host first fundraiser for major donors

 

Month 4:

Select Businesses for Accelerator.

Media push for Accelerator.

Host first class.

Host one community round-table discussion.

 

Months 5-9:

Monthly accelerator classes.

Monthly community round-table discussions

 

Month 10:

Graduate first class!

 

Part of what makes this model so attractive is its low cost. By design, at least 50% of the budget is in-kind, ensuring we have buy in from all aspects of the community we are serving. Minimal financial resources are needed to have the capacity to build this program. We will execute a business accelerator, begin to map and organize the local creative class, and include the most invisible in Miami into the current conversation of new economies.

1. Shift Future Boston’s Founder focus to Miami for one year.

1. In a year, Malia Lazu executes the accelerator program, evaluates program in real time and identifies potential donors to sustain program.

2. Hire local organizer to support the field activation of In The Loop.

3. Develop communication program, including #InTheLoop305.

Who are you?

Malia Lazu, founder of Future Boston Alliance, is an experienced social entrepreneur and philanthropic activist. James Echols & Annette Peikert are co-founders of Life Is Art, Soul Of Miami, and PhilanthroFest.

How does this project impact the issue you selected?

One of the greatest areas of need identified by the Our Miami research is in the ability for Miami-Dade residents to start and grow new businesses. This program brings together capital and ideas through education to create a platform for entrepreneurs to understand what investors are looking for and how to reach that. Because the investors themselves are part of the educational process, it creates more confidence in their investments, as well.

What data points from The Our Miami Report does your project address?

Miami-Dade Residents Can Start & Grow New Businesses . While Miami-Dade County may have a high rate of very recent start-up formation compared to the US and other major metros, without knowledge and capital, these start-ups fail at an alarmingly high rate. The high start-up to low capital ratio that exists in Miami is a sure recipe for a crash. In addition, the start-up economy, and certainly not the capital is not well distributed throughout Miami's residents.

Please give examples of your project's success.

Since its launch, Future Boston has motivated thousands to help Boston to become greater than the sum of its parts. Out of their classes, they have funded several new start-up businesses and provided critical education to numerous others.

Life Is Art / Soul Of Miami has been operating for six years. Through their programs, many thousands of Miamians have become more engaged in the community. Overall, they have produced over one-hundreds events of all types and sizes in South Florida.

Organization Name (or individuals name) Life Is Art / Soul Of Miami

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Idea No. 91