A consortium of funders including JPMorgan Chase, the John S. and James L. Knight Foundation, the Miami Foundation, and aīre ventures has announced the launch of Tech Equity Miami, which will deploy $100 million in philanthropic funding over the next five years to advance equity in Miami through technology.

With additional support from Miami-Dade County, the consortium, which has already raised more than $55 million in commitments, will support endeavors that remove entry barriers into the tech industry and will create opportunities for underrepresented groups, including young people and small businesses. To measure community impact, all projects that receive a Tech Equity Miami designation will contribute information and statistics to a public database that tracks progress toward the initiative’s outcomes and impact goals.

According to a report from the Brookings Institution and LinkedIn, Miami’s evolution into a global technology hub is accelerating, with a 30 percent increase in the net flow of workers in the software and IT sector who moved to the region in the last year. Similarly, enrollment in tech-related programs at Florida International University and Miami Dade College is experiencing double-digit year-over-year growth.

To capitalize on such advances, the initiative aims to boost internet access to 100,000 Miami-Dade County households, support on-ramps for 25,000 underrepresented students and workers into tech opportunities and experiences, provide at least 1,000 micro-businesses with digital transformation training and technology solutions, and enhance digital exposure and literacy for 50,000 families from underserved countries.

“Tech Equity Miami is a promise to bring the power of the tech sector to all who call Miami home,” said Miami Foundation president and CEO Rebecca Fishman Lipsey. “We all stand in lockstep launching initiatives to bring tech opportunities to every corner of greater Miami. $100 million is inevitable if we all stand together.”

(Photo credit: Getty Images/JFM Design)