Stories of Technology, Innovation, & Entrepreneurship in the Southeast

From Miami, FL:

Lafayette Square announced that the Small Business Administration has approved the firm’s application for a Specialized Small Business Investment Company (SSBIC) license. SSBICs focus on providing financing to small business ventures owned and managed by historically underrepresented populations, specifically women, minorities, and veterans.

The SSBIC license provides a new source of leverage in addition to the SBIC license that Lafayette Square received last year and a recently announced revolver with ING Capital LLC. The revolver features an innovative pricing structure that adjusts the interest rate based on the achievement of certain key performance indicators aligned with Lafayette Square’s 2030 goals, which focus on working-class people and places. Together, these leverage sources provide Lafayette Square with access to lower-cost and longer-duration capital relative to its peers. Moreover, by directly investing in women, minority, and veteran-owned businesses through the SSBIC license, the firm further strengthens its commitment to supporting entrepreneurs who are often overlooked by traditional investment firms.

“We intentionally align ourselves with government organizations like the SBA that are dedicated to creating jobs and delivering economic mobility to working-class people and places,” said Damien Dwin, Founder and Chief Executive Officer of Lafayette Square. “This license approval brings us closer to achieving our 2030 goals to support 100,000 working-class jobs, invest 50 percent of our capital in working-class places, and curate benefits for 50 percent of our portfolio companies.”

From Springdale, AR:

StartupNWA, an initiative of the Northwest Arkansas Council, is accepting applications for its October 2024 VC Immersions series. Scheduled for October 29-30, this series connects start-ups with leading venture capitalists to secure early stage funding, gain access to mentorship and build relationships. As the first and only initiative of its kind in the nation, the series aims to bridge the gap between investors and emerging startups, fostering innovation and growth in underserved markets.

“The VC Immersions series is poised to reshape the venture capital landscape by expanding opportunities beyond traditional coastal hubs,” said Serafina Lalany, Executive Director of StartupNWA. “With nearly 75 percent of venture capital (VC) concentrated in California, New York and Massachusetts, StartupNWA aims to open opportunities for early stage start-ups in Arkansas and the Heartland.”

Expanding from the successful February pilot event, the series will feature one-on-one pitch meetings between start-ups and visiting VC firms. The 30 confirmed firms represent more than $4 billion in assets under management, hailing from 11 states and Washington, DC. The full list can be found here.

From Palo Alto, CA but with Southeast Implications:

The Gordon and Betty Moore Foundation selected five aspiring inventors as the ninth cohort of Moore Inventor Fellows. This fellowship champions scientist-inventors who design groundbreaking tools and technologies — creative people poised to make substantial strides in scientific discovery, environmental conservation and patient care.

The fellowship was launched in 2016 to commemorate the 50^th anniversary of Moore’s Law, the groundbreaking prediction of exponential growth in computing power. The Moore Inventor Fellows program honors and embodies Gordon Moore’s enthusiasm for science and innovation. The foundation committed nearly $34 million by 2026 to support 50 Moore Inventor Fellows, selecting five fellows each year for 10 years, beginning in 2016. The aim is for these fellows to drive discoveries and advancements that will propel progress over the next 50 years.

This year’s fellows were selected from nearly 200 applications. Each scientist-inventor receives a total of $825,000 over three years to drive their invention forward, which includes $50,000 per year from their home institution as a commitment to these outstanding individuals.

Two of the five are from the Southeast.

• Dr. Saad Bhamla is an Associate Professor of Chemical and Biomolecular Engineering at the Georgia Institute of Technology whose frugal inventions could bring point-of-care diagnostics and modern medical tests to billions of people in remote and under-resourced areas of our planet.
• Dr. Ved Chirayath is the Vetlesen Professor of Earth Sciences and Aeronautical Engineering, University of Miami whose technology would allow for imaging through ocean waves to see marine wildlife, seafloor, and marine plastics from aircraft – and future spacecraft – much like telescopes observe the distant universe through our turbulent atmosphere.

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