South Florida Tech HubSouth Florida Tech Hub

By Nikki Cabus

Endeavor Miami’s New Wave of Diverse Entrepreneurs with Spring 2024 ScaleUp Cohort

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Endeavor Miami, a pivotal force in the entrepreneurial landscape, is thrilled to introduce the Spring 2024 Endeavor ScaleUp cohort.

Endeavor Miami is part of the global Endeavor network established in Miami in 2013 with the support of the John S. and James L. Knight Foundation. The initiative aims to highlight 17 visionary founders leading 10 rapidly growing companies. As the first U.S. affiliate of the global Endeavor organization, Endeavor Miami is committed to identifying and supporting high-impact entrepreneurs who have the potential to transform industries and drive economic growth in Florida and beyond.

Endeavor Miami offers a unique mix of mentorship, access to capital, and an extensive network of industry leaders and peers, helping to catalyze the success of these entrepreneurs. The initiative fosters innovation and creates job opportunities within the region and worldwide.

The Spring 2024 cohort stands out for its diversity and innovative spirit. Notably, 53% of the participants are from underrepresented ethnic backgrounds, and 20% are women founders. These entrepreneurs demonstrate a strong commitment to South Florida, with 67% moving to the city in the last three years. This reinforces the region’s status as a burgeoning hub for innovation and entrepreneurship in the United States.

The cohort spans key sectors, including Fintech, Enterprise Software, Mobility & Supply Chain, and Healthcare, reflecting South Florida’s economy’s broad spectrum of innovation. These companies are at various stages of growth and have collectively seen a remarkable 250% growth rate. Their resilience and adaptability post-COVID underscore the potential for transformative impact on the local and global stages.

These entrepreneurs have raised over $35 million in funding, enabling expansion across the Americas and Europe. They collectively employ nearly 240 people and generated revenue of over $17 million in 2023. With plans to exceed $41 million in revenue this year, their success exemplifies the significant economic contributions they bring to the region. It highlights South Florida’s role as a critical launching point for ambitious companies poised for global influence.

Endeavor Miami is proud to support these exceptional entrepreneurs as they continue to scale their businesses, innovate within their industries, and contribute to the economic development of Florida and beyond. Endeavor is committed to being a platform for impact by amplifying these founders’ stories, sharing their successes, and inspiring the next generation of entrepreneurs.

Here is a full list of the Endeavor ScaleUp Cohort:

  • FIT:MATCH (Ft. Lauderdale, Broward County, South Florida) – Uses patented, 3D body-shape technology to match consumers with the garments that fit them best, eliminating guesswork and driving conversion and loyalty, while reducing returns. The technology has proven applications beyond retail, including healthcare, and sports science.
  • Haddy (St. Petersburg, Pinellas County, Tampa) – An applied additive manufacturing company transforming the furniture supply chain. It delivers durable, beautiful, and cost-efficient products, reshaping production through regional manufacturing and scalability.
  • Infinity Doctors (Miami, Miami-Dade County, South Florida) – An international “one-stop shop” health platform for enterprises’ customers and employees.
  • KashIO (Miami, Miami-Dade County, South Florida) – A platform as a service for digital payments and bill automation in LATAM. Their platform allows companies and institutions to automate their accounts payable and accounts receivable processes with Open Banking Technology in the cloud.
  • Koywe (Miami, Miami-Dade County, South Florida) – Building the best Payment Ecosystem for cross-border businesses in Latin America, allowing their customers to operate across markets in an easy, cheap and fast way.
  • KUSHAE (Boca Raton, Palm Beach County, South Florida)- The 1st & only women’s health brand developed by an OB/GYN, creating innovative and effective non-toxic topical & internal products for all stages of a woman’s life, from menstruation to menopause.
  • MagicLog (Miami, Miami-Dade County, South Florida) – A white-labeled platform designed to modernize and digitize the end-to-end customer experience of SME logistics providers, reducing operational costs and increasing new and retained sales revenue in weeks.
  • RealGrader (Miami, Miami-Dade County, South Florida) – Measures, manages and maximizes digital presence for real estate professionals. Their most popular product is the Instacard – The Digital Business Card, used by over 500,000 real estate agents.
  • Simplenight (Miami, Miami-Dade County, South Florida) – Enables hyper-personalized booking and ordering of anything, anywhere, anytime. Simplenight’s omnichannel platform for travel, lifestyle and more is utilizing generative AI and providing the booking digitalization and infrastructure to shape the future of commerce and data.
  • Spontivly (St. Petersburg, Pinellas County, Tampa) – A data analytics tool that integrates with a company’s suite of tools to allow for greater insights and efficiencies. Our goal is to make data easily accessible by empowering teams with simple data dashboards.

To learn more about Endeavor Miami, visit www.endeavormiami.org

By Nikki Cabus

Florida Atlantic’s Tech Runway announced its 13th cohort companies

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FAU Tech Runway® recently accepted 13 companies to participate in the 13th cohort of its Venture Program.

The Venture Program provides the most promising startups and talented entrepreneurs in South Florida with an opportunity to join a year-long program that offers resources from FAU’s Innovation and Business Development pipeline, entrepreneurial instruction, structured team-based mentoring, networking, marketing and capital-raising assistance, co-working space, events, intern support and other vital programs.

Companies accepted into the Venture Program must have strategic alignment with FAU’s research focus areas, including drone technologies; educational technologies; environmental science; marine science; ocean engineering; neuroscience; healthy aging; big data analytics; artificial intelligence; machine learning; cyber security; sensing; and smart systems.

The 13 companies in Venture Class 13 are:

  • Alumni Direct, LLC removes the noise from other networking platforms by bringing members into one centralized location. Alumni Direct makes it easy to network and connect in communities dedicated to a university, sport, Greek organization or business.
  • BiDR TV LLC represents a groundbreaking venture in the realm of e-commerce, seamlessly merging online and traditional retail experiences to redefine the consumer shopping journey with a laser focus on enhancing user satisfaction, safety and engagement.
  • BookMark’d is an AI college assistance platform that helps college students on campus find affordable college materials, academic advising for navigating course selection, and access to receive 24/7 AI tutoring for their exact course code.
  • ByeUni LLC is a website and app that is a cross between LinkedIn and crowdfunding. It allows college students and college-bound students to post and communicate with followers and to collect money/donations from them.
  • Digiagee is a digital agency via a smartphone that enables users to reach the right people with the right message in five minutes. It is custom ad alchemy and is AI/ML powered.
  • GrowFrom Inc. is the world’s first free platform for personal growth and development. On GrowFrom users can store goals and get useful tools to help stay focused on them throughout the week.
  • Hello Sunshine LLC: Take on Trades is building the new generation of trade workers through a new method of engaging trade companies with the young people who will comprise its future workforce.
  • Neurodiverse Educational Testing (N.E.T.) offers advanced AI-driven assessments for neurodiversity, facilitating early diagnosis and tailored support for children. N.E.T. enhances 504 education plans, empowering families and educators to address the unique needs of neurodiverse students.
  • Property Vue Media, LLC provides site documentation and management solutions using digital twin technology for the construction and utility sectors.
  • SDB_Automate provides software services that revolutionize ocean depth determination and navigation using satellite images and AI technology to enhance safety in navigation, support sustainable fishing practices, and improve water tourism.
  • Shorts IQ, Inc. is a short videos machine that customizes storytelling templates from performing videos based on brand and necessities.
  • Stone Pine Marketing and Productions LLC is a marketing agency with an in-house video production team. It tailors services specifically for the needs of nonprofits and offers discounted, affordable rates for these organizations.
  • Vektor Freight LLC is a logistics company that provides airline-like speed at the cost of ground transport. Through its network of relay points, combined with AI, it achieves “continuous flow trucking” that cuts truckload delivery times up to 50 percent.

Venture Class 13 participants join a robust community of fellow entrepreneurs, mentors, investors, instructors and top-level support professionals.

FAU Tech Runway® is a public-private partnership formed to incubate and accelerate early-stage technology-based companies, under the purview of FAU’s Division of Research . Applications for the next cycle of the Venture Program are now currently being accepted.

For more information on FAU Tech Runway®, visit techrunway.fau.edu.

By Nikki Cabus

Office Depot parent company signs new lease through 2033 amongst propsed redevelopment

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The joint venture of PEBB Enterprises and BH Group Miami continues to drive momentum at 6600 North Military Trail in Boca Raton with anchor tenant Office Depot signing a long-term lease agreement extending their headquarters at the property.

Almost one year after acquiring the three-buildings totaling 639,830-square-feet for $104 million in a partial sale-leaseback deal, BH Group and PEBB Enterprises are now joined by Miami-based Related Group. The trio is moving forward with plans for a mixed-use redevelopment at the nearly 29-acre site now called The Offices.

ODP Corporation, Office Depot’s parent company, amendeded the lease ensuring that the company’s global headquarters will remain in Boca Raton at 6600 North Military Trail until at least 2033. Previously leasing space spread out across all three towers, the ODP Corp. will now consolidate its headquarters the single central tower occupying 214,684-square-feet.

The propsed mixed-use redevelopment would replace the south tower with 500 multifamily units overlooking the Old Course Broken Sound golf course. Additionally,  the proposed project includes a 36,700-square-foot luxury gym, four retail and restaurant buildings, and two office buildings. The site already includes a fitness center, a cafeteria, an auditorium, many conference rooms and covered parking.

“Corporate office tenants are quickly catching on to the unique appeal of 6600 North Military Trail,” PEBB Chief Investment Officer Eric Hochman, CCIM said.

“Our extensive capital improvements plan for the property will only increase interest in the available office space. We are thrilled that ODP Corp. will continue to operate its corporate headquarters at the property for the foreseeable future.”

On Feb. 13, BH Group, PEBB and Related received an important city zoning ordinance from the Boca Raton City Council approving the planned mixed-use redevelopment. The partnership expects to complete the site plan city approval process during the fourth quarter of 2024.

In January, the partnership signed another lease for 20,388-square-feet of office space with renewable energy company MN8 Energy, one of the largest renewable energy producers in the United States serving large organizations with solar power generation, storage solutions & EV charging stations. Negotiations have begun for several other office spaces.

“In a changing office sector, tenants want to be in dynamic mixed-use environments,” Isaac Toledano of BH Group said. “We are poised to create a true town center for the area and bring Boca Raton new high-quality residences.”

For office leasing information at 6600 N. Military Trail, reach out to Adam Starr at astarr@pebbent.com, for retail, reach out to Jenny Schuemannjschuemann@pebbent.com. Rendering by Arcadis.

By Nikki Cabus

FAU Adams Center Director Wins Best Paper at National Conference

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Florida Atlantic University’s Director of the Adams Center for Entrepreneurship was awarded top honors at a national conference. 

Kevin Cox PH.D., Director of the Adams Center for Entrepreneurship at Florida Atlantic University‘s College of Business, along with Regina Thompson, Assistant Director of Strategic and Economic Initiatives in FAU’s Division of Research, won best conceptual paper for their research on prototype development at the “Forging Your Future Together” conference held by USASBE in January.

Founded in 1981, the United States Association for Small Business and Entrepreneurship (USASBE) is an inclusive community of educators, researchers, and entrepreneurs advancing entrepreneurship education through bold teaching, scholarship, and practice. Membership is open to all, as is attendance at USASBE’s hallmark annual conference. USASBE also publishes a peer-reviewed academic journal, Entrepreneurship Education & Pedagogy, and develops a variety of helpful resources and professional development opportunities for entrepreneurship educators as they create a positive impact.

Held January 10th – 14th in Birmingham, Alabama, the USASBE 2024: Forging the Future Together Conference aimed to shape and sharpen the dynamic discipline of entrepreneurship education through moulding effective pedagogy, recasting innovation, strengthening thought leadership. The world needs entrepreneurship education more than ever and the conference allowed attendees to share tools, technologies, and talents as they build community and forge the future together. Check out the conference program here.

Teachers share best practices, but also challenging existing paradigms of how entrepreneurship should be taught, to whom, and what ends. Researchers move the practice of entrepreneurship education forward and translating cutting-edge entrepreneurship research into teachable content. Program directors and practitioners complement classroom-based entrepreneurship education with practical immersion experiences in the broader entrepreneurship community.

The conference held their annual Excellence in Entrepreneurship Education Awards where Dr. Kevin Cox from Florida Atlantic Unversity’s Adams Center for Entrepreneurship accepted an award for Best Conceptual Paper. The paper, “Deconstructing the MVP: Fundamental Elements,” looks at practical applications for developing prototypes and the amount of resources that goes into it for start-up companies. The paper was coauthored by Jason Lortie, Sean DeRossett and Scott Kelly, all with Florida Gulf Coast University.

“I’m honored that the work my colleagues and I put into this research project focused on enhancing entrepreneurship theory and education related to prototype development was recognized by our expert peers and top entrepreneurship educators from around the country,” Dr. Kevin Cox said.

“This recognition also highlights our contributions to the development of new promising approaches for the future.”

Dr. Cox, who had been serving as the assistant director of the Adams Center for Entrepreneurship since 2016, stepped into the Director role in August 2023. He received his Ph.D. in business administration from Florida Atlantic University in 2016. His areas of research include entrepreneurship, new venture creation, and finance and social entrepreneurship. He is also the lead instructor at FAU’s Tech Runway New Venture Accelerator, a public-private partnership that helps accelerate tech development and start-up companies.

“We won Best Conceptual Research Paper at the #USASBE 2024 conference #forgingthefuture,” contributor Regina Thompson, M.B.A., wrote in a social media post.

“It was a great experience with a TON of brilliant entrepreneurial minds in one place. Very happy to have contributed with Kevin Cox, Jason Lortie, Scott Kelly, and Sean DeRossett.”

Working with both students andf the larger entrepreneurial community, Regina’s mission is two-fold. She aims to develop the best candidates for the workforce and entrepreneurship by engaging students in experiential learning opportunities, professional development programs and initiatives, and fostering corporate relationships. She accmplishes this by providing educational workshops, developing soft skills, and connecting community entrepreneurs and early stage startups with FAU resources that enhance our South Florida entrepreneurial ecosystem and promotes their success.

“Kevin Cox and colleagues’ winning this award at the conference highlights the contributions our FAU Management Programs faculty members are making in the field of entrepreneurship,” said Ethlyn Williams, Ph.D., department chair of Management Programs in the College of Business.

“Not only is our faculty advancing scholarship, but they are also providing students with innovative experiences in our entrepreneurship programs.”

To learn more about the Adams Center for Entrepreneurship and the work that Dr. Cox and his team are doing, visit www.business.fau.edu/centers/adams-center/about-the-adams-center/

By Nikki Cabus

Global Ventures at Florida Atlantic™ Welcomes Four New Recruits Into Second-Stage Incubator

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Global Ventures at Florida Atlantic™ is excited to announce the addition of four new company recruits. 

A leading international soft landing incubator based at the Research Park at Florida Atlantic in Boca Raton, Florida, Global Ventures provides support and resources to post-startup, or second-stage companies, that have established themselves in their industry and are ready to scale up to the next level of growth. They seek to assist technology-based companies with an interest in developing links to FAU that have achieved approximately $1 million in annual sales and employ at least six (6) people, as well as graduates of FAU Tech Runway®.

The new arrivals are:

  • Fenway Group, led by CEO Martin Santora. The Fenway Group crafts customized solutions that empower businesses to take charge of their digital transformation journey, giving students real world experiences as they go through their educational careers.
  • InfraSite, led by CEO Vitaliy Pereverzev, is revolutionizing the digital infrastructure landscape with innovative solutions that seamlessly integrate 5G, data centers and edge computing facilities into urban environments. Its innovative Smart Vault solution allows for the safe and sustainable placement of digital infrastructure practically anywhere.
  • Salus Water, led by president Marcelo Costa, is a company specialized in residential water filtration and purification systems. With a strong presence in the market, the company is recognized for offering cutting-edge technology and providing a comprehensive solution to ensure the quality of the water you and your family consume daily.
  • Signalic, LLC, led by founder & CEO Arash Andalib, is a biomedical tech venture dedicated to personalized pain management solutions using data-driven approaches, to reduce the number of individuals suffering pain or addicted to opioids.

The new recruits, who are poised to make a significant impact in their respective industries, were screened through Global Ventures’ thorough application process and were selected based on their innovative approaches, proven records, interest and ability to partner with Florida Atlantic University, as well as their potential for growth. The group includes companies from a variety of industries, including software technology, healthcare, and smart cities infrastructure. These entrepreneurs will have access to a range of resources, including mentorship, networking opportunities, and funding guidance as well as facilitated introductions to specialized Florida Atlantic faculty and students, to help them scale their businesses to become multi-million-dollar enterprises.

“We are thrilled to welcome these talented individuals and companies to our second-stage incubator program at the Research Park at Florida Atlantic,” said Ryan Lilly, Global Ventures Program Manager.

“Our goal is to provide a supportive and collaborative environment for these promising companies to thrive and succeed. We believe that their innovative approaches and track records hold significant potential for South Florida’s economic growth and make a significant impact in the business world. We are excited to be a part of their journey.”

A South Florida Tech Hub member, Fenway Group has been traveling back and forth from their headquarters in Texas for the past few years in an effort to learn about the South Florida community, forge local relationships and support regional tech talent efforts. Their move to open a South Florida office is a huge step for the company and an important resource for the South Florida tech community.

Fenway Group help companies tackle their most ambitious projects and build new capabilities. Analyze, architect, build and co-create. Their emphasis on delivering solutions entails serving clients with a purpose and fostering novel ideas and innovation. One of those deliver approaches is their FenwayPipeline™ for technology services integrated with a talent acquisition strategy where companies can incorporate next-generation technologists whose skills are specifically tailored to relevant technology stacks and environments.

The international soft landing, second-stage incubator program has a proven track record of success, with several of its alumni going on to long term partnerships at Florida Atlantic and retaining significant presences in the Research Park at FAU. With the addition of these new recruits, Global Ventures is confident that the program will continue to foster the growth and success of second stage businesses in South Florida. The incubator is committed to supporting and nurturing these entrepreneurs as they work towards building successful and sustainable businesses.

“Global Ventures and the Research Park at FAU are proud to welcome these new recruits to our second-stage incubator program and we look forward to facilitating their continued growth. The program is a testament to the thriving tech entrepreneurial ecosystem in South Florida and our commitment of the Research Park at FAU to support and foster the growth of innovative businesses,” stated Andrew Duffell, president of the Research Park at FAU.

Global Ventures at Florida Atlantic™ will host its annual open house on March 20th at 5:30 PM for the community to meet its entrepreneurs and learn more about their growing companies.

For more information about the Global Ventures at Florida Atlantic™ international second-stage incubator program, please visit www.ResearchParkFAU.com/Global-Ventures. Rare vacancies from 100 sq. ft. – 1,000 sq. ft. are on offer as a result of recent successful graduations.

By Nikki Cabus

Intel and DigitalBridge Launch Articul8, an Enterprise Generative AI Company

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Intel Corp. and DigitalBridge Group, Inc. announced the formation of Articul8 AI, Inc, an enterprise level geneartive AI company.

Articul8 AI, Inc. (Articul8) is an independent company offering enterprise customers a full-stack, vertically-optimized and secure generative artificial intelligence (GenAI) software platform. The platform delivers AI capabilities that keep customer data, training and inference within the enterprise security perimeter. The platform also provides customers the choice of cloud, on-prem or hybrid deployment.

“With its deep AI and HPC domain knowledge and enterprise-grade GenAI deployments, Articul8 is well positioned to deliver tangible business outcomes for Intel and our broader ecosystem of customers and partners. As Intel accelerates AI everywhere, we look forward to our continued collaboration with Articul8,” said Pat Gelsinger, Intel CEO.

Intel Corporation (Nasdaq: INTC; “Intel”) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, Intel aims to unleash the potential of data to transform business and society for the better.

Boca Raton-based DigitalBridge Ventures, the venture initiative of DigitalBridge Group, Inc. (NYSE: DBRG; “DigitalBridge”) , served as lead investor of Articul8. In addition, Intel, along with a syndicate of established venture investors, including Fin Capital, Mindset Ventures, Communitas Capital, GiantLeap Capital, GS Futures and Zain Group, has taken an equity stake in the company.

DigitalBridge is a leading global alternative asset manager dedicated to investing in digital infrastructure. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem, including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages $75 billion of infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, DigitalBridge has key offices in New York, Los Angeles, London, Luxembourg, and Singapore.

“Every global enterprise today is challenged to integrate GenAI capabilities into their workflows. Articul8 has built a scalable and easy-to-deploy GenAI software platform that is already enabling enterprises to unlock value from their proprietary data. We see GenAI as a pivotal force driving digital infrastructure, and we are pleased to collaborate with Intel to support Articul8’s growth,” said Marc Ganzi, DigitalBridge CEO.

Articul8 was created with intellectual property (IP) and technology developed at Intel, and both Intel and DigitalBridge will remain strategically aligned on go-to-market opportunities and collaborate on driving GenAI adoption in the enterprise.

Arun Subramaniyan, formerly vice president and general manager in Intel’s Data Center and AI Group, has assumed leadership of Articul8 as its CEO.

In a social media post, Arun writes, “It has been a phenomenal journey building a GenAI business and launching Articul8 AI. I am deeply grateful to Intel leadership and the broader Intel Corporation family for enabling us to be successful. I am also thankful for our strategic investors (DigitalBridge, Intel Capital, Fin Capital and others), partners, and customers who came together to make the launch possible. We look forward to delivering value to companies and even governments globally as we scale Articul8.”

Articul8 offers a turnkey GenAI software platform that delivers speed, security and cost-efficiency to help large enterprise customers operationalize and scale AI. The platform was launched and optimized on Intel hardware architectures, including Intel® Xeon® Scalable processors and Intel® Gaudi® accelerators, but will support a range of hybrid infrastructure alternatives. Following the technology’s early deployment at Boston Consulting Group (BCG), the team has scaled the platform to enterprise customers in industry segments requiring high levels of security and specialized domain knowledge, including financial services, aerospace, semiconductors and telecommunications.

“GenAI is at the forefront of our clients’ business strategy and needs. Our collaboration began nearly two years ago while the venture was still in the incubation stage at Intel. Since then, we have deployed Articul8 products for multiple clients seeking production-ready platforms with rapid time to market,” said Rich Lesser, Global Chair of BCG.

As an independent company supported by industry investment, Articul8 will be able to accelerate its go-to-market strategy and scale its product offerings for the broader GenAI ecosystem.

For more information about Articul8, visit www.articul8.ai.

By Nikki Cabus

ModMed Appoint Joe Harpaz to Co-CEO After 6 Years in Leadership

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Practice technology leader and EHR pioneer ModMed® announced today the appointment of Joe Harpaz to Co-CEO.

ModMed is transforming healthcare by placing doctors and patients at the center of care through an intelligent, specialty-specific cloud platform. With their electronic health records (EHR) and practice management (PM) systems, and patient engagement and revenue cycle management (RCM) services, the all-in-one solution empowers specialty medical practices by providing clinical, financial and operational software solutions. ModMed staff physicians help to develop products and services for allergy, dermatology, gastroenterology, OBGYN, ophthalmology, orthopedics, otolaryngology, pain management, plastic surgery, podiatry and urology practices, as well as ambulatory surgery centers.

Joe Harpaz is a seasoned leader steeped in technology and operational leadership experience who, since 2018, has served as President and Chief Operating Officer at ModMed responsible for helping the company execute against its revenue targets.

During his six years of leadership with ModeMed, he oversaw and implemented multiple strategic initiatives that transformed the company’s go-to-market approach and fueled year-over-year growth, including driving market share with the company’s expansion into new medical specialties and products, and through several key strategic acquisitions.

“I am honored and excited for the incredible opportunity to co-lead this next chapter of ModMed, and to continue to work with our executive leadership team to deliver sustainable value and results,” commented Joe Harpaz.

Working alongside ModMed Co-founder and Co-CEO Dan Cane, and Co-founder and Chief Medical and Strategy Officer Dr. Michael Sherling, Joe will continue to help shape the company’s vision and strategic direction.

“For some time Joe’s contribution and many successes at ModMed have gone beyond go-to-market strategy and operations,” said Co-CEO Dan Cane.

“With his depth of experience in operational excellence, his passion for serving customers, and his longstanding commitment to empowering those around him, we are so pleased to recognize him with this promotion, and are confident in Joe’s continued ability to drive growth and profitability.”

Joe previously worked at Thomson Reuters, where as Managing Director of the Corporate Market, he led the highest-growth business in the company with nearly $600 million in global revenues. Earlier in his career, Joe founded Immediatech and the GoFileRoom cloud workflow solution and was recognized as an industry innovator multiple times in Accounting Technology’s “40 Under 40.” Joe is also a well-known as an industry thought leader and a regular contributor to Forbes.com.

To learn more about ModMed, please visit www.modmed.com.

By Nikki Cabus

Tech is a Hot Topic at Capital Analytics fifth anniversary of Invest: Palm Beach

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On February 7th, Capital Analytics Associates, held the Invest: Palm Beach Conference highlighting insights and perspectives in the region’s business economy. 

Capital Analytics is an integrated media company that serves the needs of businesses, executives, investors and entrepreneurs through forging strategic connections and producing engaging, relevant and high-impact content. Their annual business reports have a global circulation and includes among its readers top executives working in real estate, finance, technology, trade and logistics, health, hospitality and others.

The report conducts a deep dive into the top economic sectors in the region, including real estate, construction, infrastructure, banking and finance, legal, healthcare, education and tourism. The publication is compiled from insights collected from more than 200 economic leaders, sector insiders, political leaders and heads of important institutions. It analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs and innovators.

Held at the luxurious boutique hotel, The Ben, on the waterfront of downtown West Palm Beach, Capital Analytics celebrated the official release of the fifth anniversary edition of Invest: Palm Beach with more than 200 business leaders in attendance. The discussions of the morning were pertaining to the key drivers impacting the present and future regional economy in Palm Beach County. The event included featured three panel discussions centered on the state of the economy, education and the future workforce, and transit-oriented development and transportation initiatives.

Panel 1: State of the Economy

Panelists included Andrew Duffel, President of Research Park at Florida Atlantic, Gary Lesser, Managing Attorney at Lesser, Lesser, Landy &Smith, PLLC, Kristin Turner, Senior Managing Director Palm Berach at RBC Wealth Management, and Carlos Diaz, Principal at Kaufman Rossin. The panel was moderated by Sandra Martin Ruiz, Regional Director at SBCD at Florida Atlantic. The panelists discussed how current trends will transform the makeup of Palm Beach’s economy and business.

The discussion focused on how quickly Palm Beach County’s business economy is transformaing. Discussions that once used to only include industries such as hospitality and healthcare now must include technology and overall innovation. Panelist Andrew Duffell spoke about the excitement across multiple industry sectors and some of the organizations doing important work in the booming technology space, supporting entreprenurship, and providing resources for research such as South Florida Tech Hub, 1909, and Research Park at FAU.

Andrew also spoke about the diversity of our region, easy access to Latin America, Europe and the Carribbean, and favorable business envoronment in South Florida. In the Invest: Palm Beach’s 5th Anniversay Edition, Andrew is quoted saying, “The population we have here in South Florida is key. We are completely diverse. No one group of anything or anyone dominated the demography of this region. That lends itself to curiousity and research. Anyone doing any kind of research, being sociologcal or clinical, wants and needs to be in South Florida in order to get a substantial cross section of the world’s profile.”

Through the Research Park‘s new international soft landings and second stage company development initiative, Global Ventures, second stage companies from around the world and United States will become profitable and sustainable companies that will positively impact South Florida’s economy.

For almost 40 years, the Research Park at Florida Atlantic University® has been home to technology companies and research-based organizations working to support scientific research at Florida Atlantic University with innovation and leadership. The Research Park aims to foster scientific research and technology-based development in Palm Beach and Broward counties and support the overall innovation across the South Florida region.

 

Panel 2: Prioritizing Education

Panelists included Valery Forbes, Dean of Charles E. Schmidt College of Science at FAU, Ralph Maurer, Head of School at Oxbridge Academy, and Linda Trethewey, Head of School at Rosarian Academy. The panel was moderated by Abby Lindenberg, President & CEO at Capital Analytics. The panelists discussed how Palm Beach County’s leaders are preparing students for the workforce of the future.

According to the 2024 randkking in niche.com, Palm Beach County boats some of the best private schools in the state of Florida including Donna Klein Jewish Academy (7th), Saint Andrew’s School (18th), Boca Prep International School (21st), The Benjamin School (22nd), Oxbridge Academy (23rd) and The King’s Academy (24th).

Exposing students to industries of interest, ensuring we train in transferrable skills, and helping our local talent understand the local opportunities avaiable to them here in the county and all around the region were topics of interest. The known issue of making sure companies are also paying competitive rates was also discussed as this leads to the brain drain in the region. Brain drain is when a large group of skilled workers leave an industry or an area causing the lack of important human capital. This is a silent killer that South Florida has faced for decades.

Each of the panelists spoke of the transfer of students from one school to another and the great relationship between each of the institutions from primary to higher education. A common theme was the quickly advancing tech industry and interjection of coding, artificial intelligence and general STEM education programs within the classrooms. Linda Threthewey spoke about the fact that she is preparing students who are going to be in the workforce in 2060 and with the advancements in technology, she has no idea what the workforce may look like then or the technical skills needed. Shje believes in the important of “critical thinking, digital and technological competency, entrepreneurial spirit” that will prepare these students to become future leaders.

According to the Florida Department of Education’s 2021 – 2022 Annual Report, of the 217,640 total PK-12 student enrollment in the 2021-22 school year, 27,981 (12.9%) were private school students and 189,659 (87.1%) were public school students. The district’s minority enrollments is approximately 70% with almost half of these students coming from underserved communities.

Although their is a desire and need for private school education through academies, charter schools, and college prepratory programs, the real need is for digital access within vulnerable communities, standard incorportated STEM education for all k-12 students, and enhanced STEM offerings for both teachers and students alike in the public school system. More collaborative efforts between governments, NGOs, and tech companies are needed to bring innovative solutions to areas lacking infrastructure. Household income set aside, we hope to see the Palm Beach County School District represented in future discussions knowing that a huge majority of the county’s students are receiving a public school education.

Invest: Palm Beach does have a feature article with Michael Burke, Superintendent for The School District of Palm Beach County where he addresses the high enrollments rates, learning loss and education gaps, teacher shortage, and even legislation and funding.

 

Panel 3: Moving Forward

Panelists included David Dech, Executive Director of Tri-Rail at South Florida Regional Transportation Authority, Jonathan Hopkins, Executive Director at WPB Mobility Coalition, Valerie Neilson, Executive Director at Palm Beach Transportation Planning Agency, and Todd Bonlarron, Assistant County Administrator of Palm Beach County. The panel was moderated by Ryan Gandolfo, Senior Editor at Capital Analytics. The panelists discussed transit-oriented development and infrastructure in Palm Beach County.

This was a very interesting and important discussion addressing the increased growth across the entire county including downtown areas, lack of affordable housing, and limited land for new home construction within the county. Cities in the western communities such as Wellington and the county’s newest city Westlake are experiencing an influx of new residents, but with sky-rocketing home prices, even these communities cannot meet the needs of all incoming new residents forcing residents to look north.

According to US News and World Report, Port St. Lucie, part of the Treasure Coast just north of Palm Beach County, is ranked as the 5th fastest-growing city for homebuyers in the United States. Although, the city does not have have the business economy needed to employ its residents keeping them local. In multiple reports, including the Florida Department of Economic Opportunity, has shared that over the past decade an average of 60% of workers who reside in St. Lucie County are employed outside the county with a huge majority traveling to Palm Beach County.

Both issues are causing longer drive times, congestion on the roads, a community dependent on cars, increased competition for those who live locally, and additional pollution in the area.

The introduction of Brightline was a very positive addition to the county’s transporation services between 2018 – 2023, but don’t address the needs of those living in the western communities, those coming from neighboring counties, and the underserved workforce who may need public transporation in order to get to work.

The panel discussed the lack of a Mobility Plan for connected and walkable cities like our sister counties to the south that give people access to jobs, healthcare, and other basic necessities and resources. They also brought up strategies and plans such as the Live Local Act, a comprehensive and far-reaching workforce housing initiative and the new Port St. Lucie Express, express buses from Port St. Lucie to the Intermodal Transit Center in West Palm Beach for as little as $3. All panelists agreed that education around the stigma of using public transportation is also necessary.

Todd Bonlarron educated the audience by stating, ” At the request of Commission Greg Weiss, Reltaed Companies, and others, the County Commission partnered with Related and going to Tallahassee to create some technology enhancements along the Okeechobee corridor. We’ve got about $3.5 million dollars in the state budget right now that we hope to bring back to help introduce some more of that advanced technology into our signalization here so that we can move buses, move cars a little more quickly and efficiently . . .”

He continued, “Investing in that technology and working together and looking at how we’re going to fund a lot of the big ideas that we have going forward.”

Technology was an important part of each of the morning’s panel discussions. Technology is changing. Change creates innovation. Let’s innovate together!

TOGETHER, we are #BuildingSoFlo!

Interested in checking out each of the panels for yourself? Panel 1 | Panel 2 | Panel 3

By Nikki Cabus

Research Park at Florida Atlantic Elects 2024 Officers; Vote Marks First Time an FAU President is Chair Since 1985

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The Research Park at Florida Atlantic University® is pleased to announce the election of Stacy Volnick, Ph.D., FAU President, and Imran Siddiqui, JD as chair and vice chair of the Florida Atlantic Research and Development Authority (the Authority), respectively, for 2024.

The Research Park at Florida Atlantic is governed by the seven-member Authority, an independent special district which supports and promotes research and development in affiliation with and related to Florida Atlantic. It fosters technology-based economic development in both Palm Beach and Broward counties. The Research Park at FAU is widely regarded as South Florida’s laboratory for new entrepreneurial ideas and technologies.

Established in 1985, Research Park at Florida Atlantic University® is a 70-acre destination for R&D companies and home to technology and research-based organizations working to support the research and development activities of Florida Atlantic University and to foster economic development and broaden the economic base of Broward and Palm Beach counties. The Research Park at FAU hosts Global Ventures, an international soft-landing center for second-stage technology companies and Florida Atlantic Tech Runway, a hub to accelerate technology development and incubate startup companies.

The Research Park at FAU is governed by the Florida Atlantic Research and Development Authority, an independent special district created by Palm Beach and Broward counties in partnership with Florida Atlantic University, organized under Chapter 159, Part V, Florida Statues. (www.research-park.org)

In their leadership roles, Chair Volnick and Vice Chair Siddiqui will work closely with the members of the Authority and executive management to continue the Research Park’s mission of promoting research and economic development in South Florida, and to complete the execution of the Research Park’s 2023-2025 strategic plan.

“The work of the Research Park at Florida Atlantic has a significant impact on both the University and its surrounding communities,” said Volnick. “I am proud to lead its governing authority this year as we continue to advance its mission for the benefit of our entire region.”

President Volnick became a member of the university’s administrative staff in 1991, advancing steadily through the ranks. In 2013, she became vice president for administrative affairs and chief administrative officer, and more recently, she was promoted to chief operating officer. A three-time alumna, she earned a doctorate and master’s degree in educational leadership from FAU’s College of Education, as well as a bachelor’s degree in communication from the Dorothy F. Schmidt College of Arts and Letters. Appropriately, her doctoral dissertation addressed the challenges facing women college presidents. Dr. Volnick joined the Authority in 2022.

Siddiqui, also a Florida Atlantic graduate, is a dynamic leader with a rich track record in law, civic engagement, higher education technology and public service. Most recently, he served as the Executive Director of Tech Equity Miami, leading a $100 million funding consortium dedicated to promoting equity in the tech industry. Before that role, he served as an Associate Vice President at Broward College where he launched Employment Solutions, a new division dedicated to corporate partnerships and job placement initiatives. Mr. Siddiqui was appointed to the Authority by Commissioner Marci Woodward and the Palm Beach County Commission in 2023.

“I am truly honored and humbled to accept the nomination for the position of Vice Chair at an exciting time not only for the Research Park but for Florida Atlantic University as a whole,” commented Imran Siddiqui. “Working under the leadership of our new chair, President Stacy Volnick is an exciting prospect, and I am eager to contribute to our shared vision for advancing research and development initiatives.”

Membership of the Authority is made up of private sector appointees by the Broward County Commission and the Palm Beach County Commission, each appointing three members. FAU’s president, or designee, rounds out the membership total of seven.

“We are thrilled to have President Volnick and Mr. Siddiqui step up and be elected to lead the Research Park at Florida Atlantic at this important time,” said Andrew Duffell, president of the Research Park. “Their leadership and expertise will be invaluable as we drive innovation and collaboration between the companies based in the Research Park and the research faculty and students at Florida Atlantic. I look forward to working with both of them to achieve our goals and support economic growth in our region.”

For more information about the Research Park at Florida Atlantic, visit www.Research-Park.org.

By Nikki Cabus

The Boca Raton Innovation Campus announces six new lease agreements

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CP Group, Florida’s largest office landlord and a prominent owner-operator of office properties throughout the Sunbelt, announced six new leasing agreements at Boca Raton Innovation Campus (BRiC) — its fast-growing, 1.7-million-square-foot technology and life sciences hub in Boca Raton, Florida.

Designed by Marcel Breuer, the campus was originally built in 1969 for IBM and is home to the invention of the first personal computer. The campus was acquired by CP Group in 2018 with the vision of building off BRiC’s history and evolving the campus into a science and technology hub. An ideal landing spot for companies with large footprints, BRiC is currently home to 18 national headquarters and 19 regional offices, including Kroger, Modernizing Medicine, Canon, and Bluegreen Vacations.

As the state’s largest single-office complex, BRiC has historically attracted companies with large footprints. However, throughout its renovation process, CP Group has pivoted its strategy to attract startups and growing companies seeking modern amenities and a holistic workplace ecosystem in the technology and life science spaces.

CP Group’s executed deals include four new tenants and two lease renewals, one with an expansion, all signed during the initial phase of the spec suites’ construction at BRiC. The four incoming tenants are relocating from other office locations within Boca Raton.

  • Engineering Express, a structural engineering firm.
  • Hollywood.com, an entertainment company. CBRE’s Will Morrison represented the tenant.
  • LandAirSea (LAS), a GPS tracking system manufacturer. Posh Realty’s Anthony Villagi represented the tenant.
  • MODE Architects, a full-service architecture and design firm
  • EdgeMed, a revenue cycle management platform for medical organizations, renewed its lease and signed for a new spec suite. Stagman Commercial Realty’s Jason Stagman represented the tenant.
  • Orchid Bay Financial Holdings, an investment firm, renewed its lease and expanded its footprint at the property to a new spec suite.

“LandAirSea is thrilled to be moving into our new home at BRiC. BRiC offers us a combination of amenities, convenience, and comfort that not only makes us excited but impresses our clients and, importantly, our new Florida employees. As we think about enrolling team members in the idea of coming ‘back to work,’ a big part of it is providing a safe, comfortable, and inspiring place for them to collaborate, create, and innovate,” said Greg Jacobson, CEO of LAS. “For us, there was nothing else that even came close to providing this environment, and new hires, vendors, and customers that are touring the facility are telling us we got it right.”

Jeff Kelly of CBRE represented the landlord in all six transactions. The tenants will begin occupying their respective spaces early this year, and construction on additional spec suites will start sometime in 2024.

The spec suites are part of CP Group’s portfolio-wide ‘worCPlaces’ flexible workspace offering. Within the “Spec Places” service offering, CP Group designs customized suites to meet the needs of companies seeking move-in ready, yet scalable, office environments for evolving teams.

“We are continuing to see an influx of cutting-edge companies flocking to South Florida in search of flexible, yet turnkey, workspaces to meet the needs of their employees,” said Michael Perrette, General Manager for BRiC. “BRiC is meeting this demand and sustaining the property’s legacy of innovation by cultivating state-of-the-art office environments with top-tier amenities that empower our tenants to lead their respective industries.”

The former IBM research and development facility is undergoing a $100 million capital improvement program to transform into an amenity-rich campus. BRiC completed many of these amenities last year, including an on-site wellness center run by Boca Raton Regional Hospital, coffee shop Java, an autonomous grab-and-go store called Bits, a revitalized dining hall, and flex space for events and presentations for up to 1,000 people, two fitness studios; on-site bike storage; and a parking garage with 1,300 spaces and a covered top deck with the flexibility to add solar panels. These renovations awarded BRiC South Florida Business Journal’s 2023 Structure Award for Best Reuse/Rehab Project. Further planned renovations include a new main entrance and porte-cochere with a secondary ring road and a STEAM (science, technology, engineering, art, and mathematics) lab, among others.

Other amenities currently available to BRiC’s office tenants include a fitness center; onsite daycare; outdoor courtyards; running and biking trails; and abundant displays of art as part of its Art on BRiC Walls program, including an NFT exhibit and “Rocket” — a 30-foot-tall, mirrored stainless-steel outdoor sculpture by artist Hubert Phipps.

CP Group also recently received approval from the City of Boca Raton to rezone BRiC for the development of a planned +/- 1,250 residential units; 125,000 square feet of retail, restaurants, grocery stores, and entertainment; a 150-room hotel; a 4,000-seat live concert venue; an accredited daycare and afterschool childcare center; and several parking garages. These rezoning permits allow BRiC to be open to the public seven days a week, and their new event and presentation hall is already slated to host large-scale meetings, galas, student testing, weddings, and even TedXBocaRaton.

BRiC’s mid-century modern aesthetic and superior location between two I-95 exits — adjacent to a Tri-Rail station and proximity to two major airports — offer ideal conditions for the complex to transform into a ‘town center’ integrated into the social fabric of Boca Raton.

Check out the Boca Raton Innovation Campus website here.

By Nikki Cabus

Guest Blog: Digital Transformation South Florida Style at TECHpalooza

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I was privileged to be invited to participate on a panel for the CIO Breakfast as part of the recent TECHpalooza event here in South Florida (Ft. Lauderdale to be exact). The panel was entitled, “The Future of the AI Revolution.”

I must admit I had modest hopes for the discussion taking place at the ungodly hour of 7am, but I was pleasantly surprised – not only with the sophistication and maturity of the state of digital transformation at the companies represented on the panel, but equally so by the companies represented in the audience.

Having lived in South Florida for almost 22 years now, I have come to accept that this isn’t Silicon Valley, Boston, Austin or any of the other hot tech markets. However, due to Covid, digital nomads and the hard work of local organizations like Tech Hub South Florida, that isn’t the case anymore.

There is a vibrant tech scene stretching from Miami, past Ft. Lauderdale and all the way up to Northern Palm Beach County – and even beyond.

Besides myself, on the panel was Michael Fowler, who is a VP and business unit CIO at Florida Power and Light (FPL), Sam Jaddi, SVP and CIO at ADT, Caroline Roche, VP and Senior Partner IBM’s Transformation Services, and Chad Simpson, the CIO for City Furniture. The panel was moderated by Colby Brannan and Lee Buchness, senior partners at Culture Partners.

Also not able to join us, and missed, were John Machado, the CTO of UKG and Tamecka Mckay, CIO of the City of Ft. Lauderdale. The audience had an equally impressive roster of well-known brands, as well as a good mix of consultants, smaller companies and startups.  All attendees were pre-approved and had to be a CIO or of the equivalent level to attend.

Though the discussion centered primarily around how the attendees were using AI or planned on using AI in their organizations, I was struck by the state-of-the-art technology that was being used almost universally across the board. These companies were almost all hybrid cloud users, shifting more and more of their infrastructure to the cloud.

To a person, they all were deep into DevOps and Cloud Native. Because several of them were in highly regulated industries, security and compliance processes were also very sophisticated. The level of digitization of these businesses was remarkable. ADT, for instance, is looking at how the smart home of the future will function and how they can be the hub of that. FPL is extremely forward thinking in communication with their customers via an app and being able to monitor their grid using every technology within their reach. Even City Furniture is digital first, with supply, shopping and delivery services all highly automated and digital.

We tend to think of our local companies, as just that – local. But hearing how they have transformed in the last few years and what their plans are to harness AI and other technologies to become the providers of tomorrow was extremely uplifting. The panel ran for near 90 minutes, as the standing room only audience would not let us off the stage.

Many members of the audience shared their own transformation stories with us. One interesting fact shared was that near 75% of the audience was already using gen AI in their business. Near 100% were well ahead on their digital transformation journeys. Another surprise for me was that their budgets for these initiatives were full speed ahead. I deal so much with tech tool vendors and venture backed companies that I have become used to hearing about budget cuts and delays on projects; but these participants whose companies are not generally thought of as “tech companies” were full speed ahead on their transformations.

We should remember that in the tech world. There is a big economy out there of companies doing exciting things around transformation. More than that, they are really jazzed about what else is coming down the pike and what that can mean as they seek to transform the very fabric of our day-to-day lives – not just in South Florida, but in the entire US and the world beyond that.

Shout out to the South Florida Tech Hub folks for putting on an amazing event.

 

Posted with permission from TechStrong Group and Digital CXO. Visit their website here.

By Nikki Cabus

Boca Raton-based New World Angels invests $700k in Miami’s Fuego dance shoes

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New World Angels (NWA), Florida’s premier structured angel investment group, announced that it completed an approximately $700,000 investment into Fuego, Inc., as part of a $2.5 million capital raise. The additional funding provides capital for Fuego to continue its successful new product development efforts and global expansion.

New World Angels (NWA) is a group of 100+ accredited, private investors, operators and entrepreneurs dedicated to providing equity capital and guidance to early-stage entrepreneurial companies, especially those with a strong presence in Florida. Members of NWA have extensive experience in founding, building, and managing companies in a wide variety of industries. NWA members are involved in the entrepreneurial communities from Miami to Melbourne on Florida’s east coast and from Naples to Orlando on Florida’s west coast. NWA has invested over $30 million in innovative start-ups. In addition to providing funding, NWA members make their expertise and resource networks available to portfolio companies to facilitate a company’s growth.

Fuego is a global, tech-enabled dance-inspired athleisure and lifestyle brand providing patented sneakers worn by dancers in 120 countries around the world. Its sole technology is engineered for dancing and spinning on any surface as well. It serves a large and growing market of people of all ages enjoying dancing across all formats, including Hip-Hop, Ballroom, Salsa, Dance fitness, Swing, Ballet, Jazz, and more.

Designed in collaboration with Jade Chynoweth, world-renowned dancer, actress and social media sensation, the Jade X Fuego show is eco-friendly sneaker features a raw Jade stone and a knit fabric texture made from recycled plastic water bottles. It’s the shoe that went viral and really put Fuego on the map.

The investment reflects NWA’s interest in supporting new business opportunities for exciting new consumer products, a driving force in economies throughout the world. Ken Wilkes, lead of the Consumer Products team at NWA, commented that “The investment in Fuego is a great example of our investment thesis. We focus on consumer product start-ups in-revenue experiencing strong growth and high customer satisfaction, with a focus on wellness, sports, and leisure.

He continued “Consumer products and services are quickly evolving with changes in tastes and preferences, providing abundant opportunities for new products and businesses. Speed to market is accelerating, adoption of new technologies is disrupting established Go-To-Market approaches and providing great efficiencies, and innovation is rampant. Focused product offerings and identifiable customer segments are good, getting personal is important, and providing for interconnectivity is value-added. Fuego is a great example.”

Ron Tarro, President of NWA, commented “We are excited to add Fuego to our portfolio, especially as it marks another NWA investment in this area of focus for our organization. We will continue to look for investment opportunities that allow NWA to leverage its deep well of member experience and talent to assess investments and guide our portfolio founders toward growth.”

Fuego CEO Kevin Weschler noted, “It was a pleasure to work with the NWA team, especially as they brought an understanding of our business and insights on meeting the challenges and opportunities of growth, including global expansion. We are delighted that Ken Wilkes will join our board as an observer and share his experience as we continue to grow our company domestically and abroad for the benefit of all of our stakeholders.”

Click here to learn more about Fuego.

By Nikki Cabus

ADT Officially Exits Residential Solar Business

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Boca Raton-based ADT Inc. (NYSE: ADT) announced it will be exiting its residential solar business.

The Company will remain focused on cash flow generation and capital-efficient growth within its core security and smart home business. As part of this continued focus, ADT is also advancing its capital allocation strategy, including a cash dividend increase and authorization of a new share repurchase program.

ADT is the most trusted brand in smart home and small business security providing safe, smart and sustainable solutions for people, homes and small businesses. Through innovative offerings, unrivaled safety and a premium customer experience, all delivered by the largest network of smart home security professionals in the U.S., the company empowers people to protect and connect to what matters most. For more information, visit www.adt.com.

“The decision to exit solar operations was made after careful deliberation, and we expect this strategic action to drive substantial operational and financial benefits to ADT,” said ADT Chairman, President and CEO, Jim DeVries. “We want to acknowledge and thank our employees, partners, and customers as we work through this transition.”

Solar Business Update

Over the first nine months of 2023, ADT’s core business exhibited strong performance, while the solar business faced challenges, including operational difficulties and macroeconomic headwinds causing deterioration of conditions industrywide. As a result of these challenges, the Solar segment generated an Adjusted EBITDA loss of $89 million during this period. Following the previously announced restructuring of its solar footprint and a detailed strategic review, ADT’s Board of Directors has approved the exit of this segment, which may include the transfer of components of the business to other parties.

The Company expects to incur certain one-time exit charges and cash expenditures with potential offsets from asset sales or reduced tax expenses. As previously disclosed, as of September 30, 2023, the goodwill balance for the Solar reporting unit was zero. At this time, the Company is still analyzing the estimated net amount or range of amounts expected to be incurred in connection with this plan.

Strong Cash Flowing Core Business Propelling Capital Allocation Update

Supported by ADT’s confidence in the strong cash flow generation of its core business, today the Company is also announcing the following:

  • Dividend Increase – The Company’s Board of Directors has declared a quarterly cash dividend of $0.055 per share, payable on April 4, 2024, to shareholders of record at the close of business on March 14, 2024. The quarterly dividend represents a 57% increase over the previous quarterly dividend.
  • Share Repurchase Authorization – The Company’s Board of Directors has authorized a $350 million share repurchase program. As the Company executes share repurchases, the Board will periodically review the remaining authorization as part of its capital allocation strategy.
  • Balance Sheet Fortification – Consistent with the plan from its third quarter earnings announcement, on December 29, 2023, the Company repaid $500 million of First Lien Senior Secured Notes due 2024, completing an overall 2023 reduction of ADT’s total debt by approximately $2 billion. Further, following two corporate rating upgrades in 2023, the Company improved borrowing costs and extended debt maturities and in 2024, will have only $150 million of maturities and amortization payments. The Company remains focused on achieving its targeted net leverage ratio of less than 3.0x.
  • Core Investment – On December 20, 2023, the Company closed on a strategic bulk purchase of approximately 57,000 customer accounts for $89 million cash with attractive returns. This portfolio of customers is concentrated in a few key geographies, all of which align with existing platforms, enabling strong economies of scale upon integration. This transaction was not included in prior cash flow guidance.

Fourth Quarter and Full Year 2023 Earnings Conference Call

More details and an update on the business will be provided when the Company releases its fourth quarter and full year 2023 results on February 28, 2024. Following the release, management will host a conference call at 10 a.m. ET to discuss the financial results and lead a question-and-answer session.

Participants may listen to a live webcast through the investor relations website at investor.adt.com. A replay of the webcast will be available on the website within 24 hours of the live event. Alternatively, participants may listen to the live call by dialing 1-404-975-4839 (domestic) or 1-833-470-1428 (international) and providing the access code 533961. An audio replay will be available for two weeks following the call and can be accessed by dialing 1-866-813-9403 (domestic) or 1-929-458-6194 (international) and providing the access code 375946.

By Nikki Cabus

Boca-based startup Guiltless to Go awarded funding on Entrepreneur Media Elevator Pitch reality show

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South Florida startup, Guiltess To Go, pitched their startup on the reality show Elevator Pitch and received funding from one of the prestigious investors. 

In each episode of the show, entrepreneurs are challenged to pitch their business to a panel of investors. If the team of investors like what they hear, the business owner is invited into the board room to see if they can strike a deal. The entrepreneurs can’t see the investors or their reactions as they pitch.

After each pitch, the investors each vote whether they want to hear more from that entrepreneur or not. If the investors likes what they hear, the elevator doors open to reveal the boardroom, and the business owner/executive is invited into the board room to discuss further and negotiate. Contestants have the chance to walk away with life-changing funding, mentorship from the smartest minds in business and a personal and brand-defining moment.

Founder, Lucie Allaire, made her 60 second pitch in an elevator to the prestigious panel of investors which included Kim Perell, Serial Entrepreneur and CEO of 100.co, Marc Randolph, Co-founder and first CEO of Netflix, and Logan Stout, Keynote Speaker and Best-Selling Author of Grit Factor. The board room of judges wanted to hear more.

Guiltless To Go is a technology company that has developed an ordering platform and app that makes healthy on-demand ordering easy. The app allows users to filter, search, and order from nearby grocery retailers and restaurants by diet types, ingredients, allergies, calories, and price for either pick up or delivery so users can “order smarter, eat healthier, and guilt-less”.

Powered by AI technology, Guiltless To Go curates its own set of menus from nearby restaurants, applying specifications and modifications to menu items to create a wider variety of less guilty, diet-friendly options. This way, users can stick to their dietary restrictions or lifestyles with less thinking, more time, and fewer distractions.

After her pitch and a round of intense questioning, Lucie thought she had missed the opportunity when all investors decided to pass for one reason or another with the common feedback being that the startup was still a little too early. Lucie had requested $500k for 7% of the company.

As she began to walk back to the elevator empty-handed, Lucie was called back into the board room by Netflix Co-founder March Randolph.

Marc told Lucie, “For a $500k investment for 7% of the company, you are just too early, but I think you’re close to being able to prove the premise so I’d be happy to write a check for $25k at the existing valuation.” To which Lucie responded, “Absolutely! Let’s do it.”

“As Marc pulled me back into the room my heart jumped with hope and anticipation of what he would say next…then as he proceeded to offer me a smaller check, I was elated to be getting any offer at all considering a minute earlier I thought I was leaving without a deal,” said Lucie.

And just like that, a deal was made. Congratulations, Guiltless To Go and South Florida Founder, Lucie Allaire.

To watch the Guiltless To Go pitch and learn more about how Lucie scored an investment, read her interview with Entrepreneur staff writer here

By Nikki Cabus

Climate Tech startup Blue Frontier hosts official ribbon cutting in new Boca Raton headquarters

Read Time 4 Minutes

On October 26th, Blue Frontier held their official Open House and Ribbon Cutting in their new Boca Raton headquarters.

Blue Frontier is revolutionizing air conditioning for commercial buildings. The company is the developer of patented solutions for hyper-efficient comfort space conditioning, low-cost energy storage, and smart IoT controls to aggregate its air conditioners as distributed energy resources for use as a Utility-Managed Virtual Power Plant.  Blue Frontier’s first product addresses the 5 through 10-ton commercial packaged rooftop air conditioner market with a drop-in replacement offered under an HVAC-as-a-Service subscription-based business model.

Through exclusive invites, guests in attendance included City of Boca officials, members of the Economic Development department, and other important members of the Clean Tech industry and local technology and innovation leaders. The event featured a ribbon-cutting ceremony, speeches from Blue Frontier CEO, Dr. Daniel Betts, and from Andrew Duffell, MBA, President of Research Park at FAU, a tour of our facility as well as drinks and hors d’oeuvres for all.

“When we were looking for a headquarter, Boca Raton was top in our list. Boca Raton is a beautiful and diverse city, which gives us access to an extraordinary, skilled, and highly educated labor pool. Also, Boca Raton is green and celebrates its natural environment. The beaches, trees, parks, and pathways keep us always in contact with our company’s most important stakeholder: our planet. We are lucky to be here,” stated Dr. Daniel Betts, CEO of Blue Frontier.

“We have been showcased in the Wall Street Journal, Fast Company, MIT Magazine, and Scientific American, amongst other national and international media outlets. Our unique, ultra-efficient, energy-saving technology has won several prestigious awards, and this is just the beginning of our commitment to “Make Heat Waves Go Away.”

Blue Frontier’s systems address every major issue associated with present-day air conditioning with a ground-breaking replacement for Packaged Rooftop Units that dominate the commercial buildings air conditioning market:  

  • Eliminates high Global Warming Potential (“GWP”) refrigerant with breakthrough liquid desiccant technology
  • Dramatically reduces AC electrical consumption by 50-90% depending on weather and usage
  • Eliminates peak electrical demand by integrating energy storage with a proprietary saltwater solution, which allows AC to intelligently store and use excess renewable energy
  • Enables early replacement of traditional ACs with HVAC-as-a-Service, a business model designed to speed market adoption by removing capital investment requirements

In August of 2022, Blue Frontier announced that it has raised a $20M Series A equity investment led by Bill Gates-founded Breakthrough Energy Ventures, or “BEV,”  2150 Urban Tech Sustainability Fund and VoLo Earth Ventures. Blue Frontier’s commercialization partner, Modern Niagara, also participated in the funding round. The Series A financing has accelerated Blue Frontier’s plans to bring its product to market, thereby helping to propel the company towards its goal of creating gigaton reductions in greenhouse gas emissions by decarbonizing building cooling.

Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise. BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050.

VoLo Earth Ventures seeks to accelerate the new energy economy by addressing the planet’s climate crisis at its roots and providing first-in funding and hands-on leadership to early-stage climate tech companies. VoLo Earth strives to grow, propagate, and capitalize on climate solutions with an intent to deliver superior investment returns and quantifiable carbon benefit.

Dr. Daniel Betts had commented, “We are delighted to receive the support of some of the highest-profile cleantech funds who share our vision of driving decarbonization both in the power grid and beyond – into the buildings where we live and work. Our partnership with these sustainable investors enables the immense global environmental impact of our technology – to bring affordable, efficient, sustainable air conditioning with low-cost energy storage to buildings around the world – and to reduce the cost to utilities of supplying carbon-free electricity for cooling.”

Jessica Del Vecchio, Economic Development Manager for the City of Boca Raton, stated, “We are so pleased to officially welcomed Blue Frontier, Inc. to their new HQ in the Park at Broken Sound in the beautiful city of Boca Raton. With their recent raise of $20MM from Breakthrough Energy Ventures (Bill Gates’ VC fund) this company’s technology is disrupting and revolutionizing the air conditioning industry. We’re lucky to have this clean tech company based in Boca Raton and congratulate them on their beautiful new space.”

To learn more about Blue Frontier, visit https://bluefrontierac.com/

 

 

1 2 3
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Florida Atlantic’s Tech Runway announced its 13th cohort companies
Office Depot parent company signs new lease through 2033 amongst propsed redevelopment
FAU Adams Center Director Wins Best Paper at National Conference
Global Ventures at Florida Atlantic™ Welcomes Four New Recruits Into Second-Stage Incubator
Intel and DigitalBridge Launch Articul8, an Enterprise Generative AI Company
ModMed Appoint Joe Harpaz to Co-CEO After 6 Years in Leadership
Tech is a Hot Topic at Capital Analytics fifth anniversary of Invest: Palm Beach
Research Park at Florida Atlantic Elects 2024 Officers; Vote Marks First Time an FAU President is Chair Since 1985
The Boca Raton Innovation Campus announces six new lease agreements
Guest Blog: Digital Transformation South Florida Style at TECHpalooza
Boca Raton-based New World Angels invests $700k in Miami’s Fuego dance shoes
ADT Officially Exits Residential Solar Business
Boca-based startup Guiltless to Go awarded funding on Entrepreneur Media Elevator Pitch reality show
Climate Tech startup Blue Frontier hosts official ribbon cutting in new Boca Raton headquarters