JPMorgan Chase deploys $2 million to advance tech equity in Miami
Miami Foundation, CodePath, Rebrand Cities and YWCA of South Florida will each receive $500,000 to expand technology workforce training for job seekers and small businesses in Miami
February 8, 2023 (MIAMI)—Today, JPMorgan Chase announced the deployment of the first $2 million across four organizations to advance racial equity in the Miami tech sector. BrainStation, a program of Miami Foundation, CodePath, Rebrand Cities, and YWCA of South Florida working with gener8tor, will each receive $500,000 to empower underrepresented Miamians to enter and thrive in the tech industry through technology workforce training, career services and support for small businesses.
In 2022, JPMorgan Chase announced it was committing $10 million toward the $100 million Tech Equity Miami initiative to support greater inclusivity in Miami’s growing tech industry.
- BrainStation is building inclusive pathways into technology careers by offering 50 full-ride scholarships to underrepresented Miamians for their Software Engineering and UX Design programs.
- CodePath is reprogramming higher education to create a more diverse generation of software engineers, CTOs, and founders. In Miami, CodePath will expand its Pathways to Tech initiative at local universities, offering courses in web development and coding.
- Rebrand Cities will increase support for diverse founders in Miami by equipping them with the cutting-edge tools necessary to improve their digital footprint on the social web as well as digitize internal operations. The experiences will include web development and audit services, social media strategy, mentorship and exposure to AI and web3.
- YWCA of South Florida, working with gener8tor, will provide additional workforce training and employment under the Miami Digital Skilling in Action project to help ensure that Miami’s booming tech ecosystem is equitable and inclusive.
“The strong growth of the tech industry in Miami represents a powerful opportunity for the local economy,” said Doug Petno, CEO of Commercial Banking at JPMorgan Chase. “Our commitment is targeted to help more people and businesses obtain the skills, insight, network and support needed to be successful in this rapidly growing market.”
Recognizing Miami’s growing status as a global tech hub, Tech Equity Miami was launched last year with The Knight Foundation and aīre ventures to help remove barriers to entry for people of color in the tech industry and to create more opportunities for underrepresented youth and small businesses. To measure community impact, all Tech Equity Miami projects will contribute information and statistics to a public database that tracks progress towards the initiative’s outcomes and impact goals.
“As the tech industry in Miami continues to grow, we’re focused on breaking down barriers to bring in previously untapped talent and support a competitive, diverse local sector,” said Demetrios Marantis, Global Head of Corporate Responsibility at JPMorgan Chase. “We are proud to announce these first commitments that will help more Miamians participate in the tech revolution and, in turn, advance a more inclusive economy for all.”
This announcement affirms JPMorgan Chase’s commitment to helping historically underserved groups and emerging talent attain equal access to skills training and career opportunities. Support for Tech Equity Miami aims to not only power economic growth, but also to help set Miami’s tech ecosystem on a path to greater equity and inclusivity.
“As a result of this investment from JPMorgan Chase, hundreds of Miamians will gain skills for in-demand, high paying careers in tech. In addition, dozens of diverse-owned small businesses will have access to the resources and tools they need to make their businesses successful. It’s that simple,” said Leigh-Ann Buchanan, president of aīre ventures. “This special partnership between Tech Equity Miami, JPMorgan Chase and the beneficiaries of designated projects demonstrates the power of investment to grow and strengthen not only an industry, but a city.”
Support for Tech Equity Miami is part of JPMorgan Chase’s $30 billion racial equity commitment, which aims to help close the racial wealth gap and drive economic inclusion by providing more opportunities for homeownership, access to affordable housing, entrepreneurship and bolstering financial health.
JPMorgan Chase has been doing business in Miami and South Florida for more than 45 years and employs more than 2,400 people locally. The bank serves more than 1.7 million customers and 278,000 small businesses across South Florida.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $292 billion in stockholders’ equity as of December 31, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com