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OPINION: Could Summit be connective tissue that removes silos?

Marco Santana
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OPINION: Could Summit be connective tissue that removes silos?

Central Florida’s VR/AR Association chapter might have unlocked on Thursday something that has been a missing piece of the Orlando tech industry’s recent surge in momentum.

As I popped my head in and out of sessions all day, I watched as leaders from the region sat on panels sharing expertise in widely disparate industries that all had tech in common.

Healthcare. Entertainment. Education.

It was enough variety to make my head spin.

Last week, we shared that local tech people were excited because the summit would give audiences – local and otherwise – a glimpse at what this community has to offer.

I will take that one step further: the summit could become the connective tissue that Orlando has needed to really grow the tech community exponentially and perhaps knock down some silos.

Look, there is nothing new in this column when it comes to our region’s expertise.

Health tech led by some healthcare industry giants.

A gaming community that has grown around Iron Galaxy and Electronic Arts, along with an EA-led gaming school.

A tech workforce worth claiming as our own that would give us a leg up when it comes to building companies in emerging technologies like, well, VR/AR.

Supportive startup community through initiatives like Starter Studio and Startup Weekend that tries to seed our future tech leaders.

Understand that this list only RIGHT NOW is getting to the defense industry-sized elephant in the community.

But what we should take from the Summit is what is possible when you put all of that together in one room.

As a tech and a business reporter for more than a decade, the word “serendipity” takes on new meaning.

It’s the idea that sometimes really good things happen by chance encounters.

But I have also thought for years that the beauty of tech ecosystems is that they create their own serendipity with these gatherings.

So, there is no doubt in my mind that people who had never met finally did so at the summit or the tech expo the next day.

It’s also likely that some of these will turn into new business ideas or new customer-vendor relationships sometime soon – if it hasn’t already.

Just listening to the conversations at lunch makes me confident that this will happen.

Informally, I have been comparing Orlando’s tech ecosystem to others across the state and regions I had covered tech in before on a semi-regular basis. It just happens when you are immersed, no pun intended.

Every time, it returned to the fact that I saw great things happening here but in silos.

If we can capture the energy of the Summit and target these silos with specific invitations, we can start to break down some of the silos and see how the tech ecosystem might take off like a rocket ship.

Oh yeah, have I mentioned space yet?

4Q4: Four Questions For … Taj Adhav, Leasecake

Marco Santana
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4Q4: Four Questions For … Taj Adhav, Leasecake

It wasn’t long after a stint in a Palo Alto, Calif., incubator with what was then a small, fresh Orlando startup Leasecake that Taj Adhav noticed something different this time around in business.

Adhav was about five years removed from one of Orlando’s most-successful tech exits ever, the $125 million acquisition by Google of Channel Intelligence, where Adhav was employee No. 8.

At the time, venture capitalists were firmly on the side of: “If we invest, you must move to Silicon Valley.” Ever since, however, that script has flipped.

“They said, ‘Go out to wherever you came from and build your company – investors will find you,'” he said.

They were right: Leasecake announced this week a $10 million extended Series A funding round led by Las Olas Venture Capital in Fort Lauderdale and PeakSpan Capital in New York.

“There’s now many capital sources in so many verticals and stages who believe in you, but they do need to find you,” Adhav said. “Please learn the market, because remember, they’re shopping for you too.”

We caught up with our old pal Adhav, whom we met when Leasecake was just a couple of days old, having just come out of a Startup Weekend in 2017.

Can you explain the feeling when you land this kind of investment?

It doesn’t just feel “good,” it feels empowering. I’m always inspired by those who believe in us. When you surround yourself with people smarter than yourself, who believe in what you started, it’s also humbling. Our team is made up of wonderful people of all skills and backgrounds. Some people remain outsiders along the way but support us and they, understandably, have their lives and sit on the sidelines and watch. There’s absolutely nothing wrong with that! But our team is simply fantastic. They chose to join us from the beginning, recognizing that one simple idea can transform businesses to reduce risks and protect their hard-won locations, building their dreams, their empire and legacy, not just in North America, but globally. It reaffirms our team’s belief in why they joined me. Let’s face it, they made a bet, much like I made a bet on a basic question, “If everyone in business leases or owns a location, where’s the app for that?” We’re all astounded that after several years of founding Leasecake, there are multi-billion dollar organizations still on spreadsheets. That is until they see Leasecake and say, “Where have you been all my life?”

What has building Leasecake been like in the last couple of years?

We operated out of a small bungalow in Winter Park for some time. Yes. It was humbling just as the pandemic hit, and despite all the nay-sayers – “Taj, the market is going to crash, get ready!” – we saw the opposite. We grew, and grew. Companies from all over signed up. All types of business operators came on board and paid for our services in advance. It was perfect timing, because our team also needed to see the market start buying despite what the world was going through. It continued to validate our business model – we had 4.5 FTE’s for quite some time! I look back and treasure those days, as we learned so much listening to the market.

What is your take on Orlando tech, as someone who has been involved a while?

The talent pool and capital is 100 times better than it ever has been in Central Florida. Early investors bet on jockeys, the horses, and then the entire race, if I can use the analogy. The world has changed, and I encourage creators, inventors and entrepreneurs to be fearless. There’s now many capital sources in so many verticals and stages who believe in you, but they do need to find you – please learn the market, because remember, they’re shopping for you too! It takes humility and sheer will. Not everyone is cut out for it, but believe in yourself – and remember that ideas are better when shared. Share your ideas freely – they’ll get stronger. Keep your mind open to the “Impossible Opportunities,” and then have the discipline to focus, win a key customer base with product-market fit, build a team who trusts in each other and execute. The scariest part is that it sounds so easy.

What are some important elements of seeking investment?

Three things: Humility, ferocious curiosity and willpower. Always. Stay humble, learn, and always ask for advice. Never ask for money. Iterate your idea, take feedback, stay humble, ask questions, learn, pitch, ask for advice, iterate, take feedback. See the pattern? And failure is always welcome – if you learn from it.

If you want to be the smartest person in any room, chances are you won’t get the backing. And please be very selective with whom you invite as a capital partner.

I recall telling a VERY large investor, “You’re not ready for us and not the right fit.” I’ll never divulge who it was, but their reaction was telling, cementing my decision. Remember from above, investors initially bet on jockeys – those they trust with their money. They believe in you – it’s humbling. It’s your job to earn their trust, and continue to build on it. If you choose your investors well, they’ll help you beyond just money, they’ll open doors to take you to the next level you never even saw. These things will happen when you realize that you choose who will invest in you, too! And only if you ask for their advice.

Orlando Science Center hosts eclipse viewing party

Marco Santana
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Orlando Science Center hosts eclipse viewing party

The Orlando Science Center, naturally, was the place to be in Central Florida during the recent solar eclipse.

The facility sold solar eclipse viewing glasses along with a day’s admission on Monday, handing them out while hosting a series of workshops and events to teach its visitors.

Although Orlando was not in the “path of totality,” the region could see a 60 percent eclipse from 1:46 p.m. to 4:17 p.m.

The peak was at 3:03 p.m.

A 101-style workshop kicked off the day at the Science Center answering the question: “What is a solar eclipse?”

NASA experts then hosted a live stream that visitors could view at the Center’s café and Dr. Dare’s Lab had a full day of experiments.

In addition, the local hosts of the podcast “Are We There Yet?” were on hand, gathering questions for an astronaut that could be featured on a future broadcast.

You can see some photos of the day below.

All photos below by Roberto Gonzalez Photography for the Orlando Science Center.

National SBA names VEI best community partner in state

Marco Santana
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National SBA names VEI best community partner in state

Are you a military veteran in need of a partner to build your small tech business?

Well, in Central Florida, you have one of the best, according to the U.S. Small Business Administration.

The Veterans Entrepreneurship Initiative was named Community Partner of the Year in northern Florida – and the entire state – by the SBA last week.

“Our goal has always been to help build our economy by giving veterans the tools they need to start and grow businesses throughout the state, creating thousands of jobs,” says Rafael Caamano, VEI’s executive director. “We are so honored to have this organization recognize the work our team has been doing for so many years.”

The VEI has been planning its 10th anniversary celebration next month.

“This year, we’ve seen an incredibly competitive field of nominees, each demonstrating the vital role small businesses play in job creation and economic growth in our region,’ SBA North Florida District Director Jonel Hein said in a release. ‘Our winners exemplify not just entrepreneurial excellence but also a deep commitment to strengthening our community through significant employment opportunities.”

Here are some milestones for VEI, which provides one-on-one coaching, seminars and intensive cohorts focus on key skills for entrepreneurs:

  • VEI launches out of University of Central Florida in 2013.
  • Goes independent in 2018.
  • More than 500 jobs with combined wages of $36.4 million in 2022 alone.
  • Total economic impact in 2022: $106.3 million.

VEI will celebrate its 10th anniversary on May 9 at the Veterans Business Summit.

Orlando summit to showcase city’s immersive tech leadership

Marco Santana
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Orlando summit to showcase city’s immersive tech leadership

A two-day summit in Orlando will be a flex of the region’s strength in immersive technologies as much as it will be a place for the city’s tech community to gather, industry leaders said this week.

The VR/AR Association’s Central Florida contingent will bring its second Immersive Technology Summit to Full Sail University on Thursday and Friday.

Among the industries it will showcase are medical tech, digital twins and education technology.

“Orlando’s rise as a center for immersive tech presents a unique opportunity to assess its impact and potential,” said Innovate Orlando CEO David Adelson, who will lead a discussion about how immersive tech creates new opportunities for growth in Central Florida. “Panels like these serve to quantify this impact by gathering experts who can provide insights, data, and perspectives on the industry’s growth trajectory and its implications for the local economy.”

YOU CAN FIND TICKETS TO THE SUMMIT AND THE AGENDA HERE

Leaning into our strengths

Orlando’s business community industry has leaned into its strength in technology ever since the city emerged from the coronavirus pandemic.

Events like the VRARA summit offer periodic check-ins for executives and experts who generally build on their own.

In addition, the events offer an opportunity to invite people from outside of the community to check out what’s happening here.

For example, San Francisco-based mixed reality expert Amy Peck will return as a keynote speaker.

That the event is happening shortly after programs from outside of Orlando like Plug and Play and RevRoad announced plans to launch here is significant, too, UCF Business Incubator Program director of programs and operations Carol Ann Dykes said.

“We have all been watching this (growth) happen slowly and build over time,” she said. “We have always been saying, ‘We’re almost there.’ The seeds that so many people have planted over the last decade in this community and worked so hard to plant externally have all started to come together here in this community.”

Is there such a thing as ‘perfect timing?’

The timing of the summit just happens to be perfect, said John Cunningham, the VRARA’s Orlando-based chief operating officer.

“We are at this inflection point where the industry needs these immersive technologies and we happen to have a solid group of capabilities that the companies need to leverage,” he said. “VRARA focuses on connecting people around technology. It’s not just about the tech but getting people in the business to connect to each other.”

The summit will bring officials from high-profile companies like HTC, Varjo and Magic Leap into Central Florida.

The idea is to make connections so that local business leaders, who will make up the vast majority of speakers and presenters, can have face time with them.

“They are coming to collaborate with leading local companies,” Cunningham said.

Among those singled out by Cunningham is 302 Interactive, a company building interactive experiences in downtown Orlando using emerging technologies, including virtual and augmented reality.

“Central Florida has been a great environment for us to build,” said CEO Kyle Morrand, who will lead sessions on immersive tech in entertainment. “The region has taken strides in becoming this central point for emerging technology that builds upon our long history in innovation that dates back to even before Walt Disney World launched and grew here. So, it makes sense to have this summit here.”

By spending two days with multiple tracks focused on specific industries, it can quantify the capabilities that exist in Central Florida, Dykes said.

“If you don’t understand the emerging technologies we have here, you can’t do economic development here effectively,” she said. “You can’t articulate a value proposition to bring companies here and you can’t support them if they are already here.”

That they happen to be some of the hottest industries in technology today is just a bonus, she said.

“This is who we are.”

Orlando edtech startup lands funding round for its training platform

Marco Santana
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Orlando edtech startup lands funding round for its training platform

An Orlando edtech startup closed a $2 million seed funding round to bolster it’s AI-based course development technology.

PETE Learning will use the money to build more awareness of its learning platform. PETE Learning was cofounded by Stax Payments cofounder Jacques Fu.

Fu told OTN that he wanted PETE to serve as an example to others who build in Central Florida.

“It’s humbling. I am happy that I’m able to strengthen my ties to the Orlando community,” he said in an interview. “I’m thrilled to be an example. When you build a great company here, you can exit, invest locally and keep seeing the community grow.”

PETE enables organizations to provide personalized learning to a workforce using artificial intelligence. The range of courses vary by need, covering anything from onboarding to compliance, technical skills and more.

The platform also tracks a user’s progress.

What the investor is saying

“We’ve been thoroughly impressed with the sophistication of the PETE technical solution and the track record of this management team,” said Cofounders Capital Founding Partner David Gardner, in a press release. “The potential for AI to dramatically disrupt the corporate education space is something we have been following closely, and we have found the right tech and team to back in this space.”

Cofounders Capital, which is based in Cary, N.C., led the round, with angel investors from around Orlando also contributing.

A successful tech community often includes exited entrepreneurs spinning off and building new companies.

PETE becomes the latest example of that in Orlando.

Fu had been on the founding team that launched Fattmerchant, which became Stax.

Luis Garcia, former VP of Emerging Technologies at Full Sail University and founding executive of its online degree programs, said the investment from Cofounders Capital is more than just a financial play.

“Their extensive knowledge and experience in the (business-to-business, software-as-a-service) sector will drive us forward, refining our strategies and accelerating our growth trajectory,” he said in the release, calling the news “pivotal” for the company.

PETE launched in June. It has since been adopted as a training platform by Crummer Graduate School of Business at Rollins College, among others.

Magic Gaming punches 1st NBA 2K League postseason ticket

Marco Santana
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Magic Gaming punches 1st NBA 2K League postseason ticket

There is more than one basketball team in town heading to the postseason.

As the NBA’s Orlando Magic jostle for position in the postseason, its gaming division, known as Magic Gaming, has already punched its ticket.

On the back of a point guard living up to his nickname, Joshua “unguardable” Hunter, Magic Gaming got hot this weekend.

The result was a run that ended with a championship in NBA 2K League’s SWITCH tournament.

The win brings with it $30,000. Magic Gaming’s point total for this year has earned a first-round bye in the postseason of the league’s 3v3 season.

NBA 2K League’s format in 2024 calls for a 3v3 and 5v5 season.

“It’s a great feeling to win for the Magic,” said Hunter, who was named tournament MVP. “Being able to win for the Magic has always been a goal of mine since I got here. We finally got the job done.”

Original 17 franchise

Magic Gaming was one of the NBA 2K League’s original 17 franchises in 2018. This is the first time the team has won a tournament that included all NBA 2K League franchises.

On their way to the title, Magic Gaming rattled off wins against NBA 2K League teams representing the Portland Trailblazers, Charlotte Hornets and Detroit Pistons.

They then took out a special bid team made up of non-NBA 2K League players before defeating the overall No. 2 seed Los Angeles Lakers Gaming and finishing it all off with a sweep of T-Wolves Gaming.

“I truly believe the Orlando Magic is one of the best organizations in all of sports,” Magic Gaming Head Coach Jonah Edwards said. “We are an organization that deserves to win. It is incredibly humbling. It’s so awesome to win for them as much as anything else.”

After the Lakers took Magic Gaming to a tiebreaker in the best of 5 series format, Orlando’s squad made relatively quick work of T-wolves Gaming.

They swept the final match 3-0, winning the games to 21 by an average of 10 points. The Magic came into the 32 team tournament as a 9 seed while the T-wolves were seeded at No. 18.

“We knew we were the better team,” said Ashton “LowKeyGodLike” Agredano. “We just had to lock in and trust each other; and we won.”

Worth AI announces partnership with consumer credit giant Equifax

Marco Santana
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Worth AI announces partnership with consumer credit giant Equifax

A brother-sister duo that produced one of Orlando’s highest-profile tech businesses in recent memory is off to a flying start with their next startup.

Worth AI cofounders Suneera Madhani and Sal Rehmetullah announced a strategic partnership Friday with Equifax. The Atlanta-based consumer credit reporting giant is one of the three largest in the world.

The partnership will make Equifax data on millions of U.S. businesses available to Worth AI. Worth uses artificial intelligence to produce more accurate risk assessments, quicker decisions and more standardized business credit scores assessing underwriting and risk management. The platform launches July 9.

“There is a sigh of relief but now the real work begins,” Rehmetullah told Orlando Tech News on Friday. “Like anything else, we need to go deliver on that promise.”

Orlando Mayor Buddy Dyer, after reading a proclamation from the city, reminded those in attendance that the duo’s previous company started grew from a small startup 10 years ago to a unicorn-level company.

“In those same 10 years, our city has gone from an up-and-coming innovative ecosystem to becoming the MetaCenter of the Metaverse,” he said.

Madhani and Rehmetullah famously built their previous business Stax nee Fattmerchant to unicorn status in Orlando. Last month, they announced Worth AI.

“We love solving problems and this is a huge problem that we had in our space and it’s important to solve,” Madhani said.

In a statement released earlier in the day, Madhani said teaming with companies like Equifax will help Worth become make a bigger impact.

“Aligning Equifax’s data solutions with the Worth AI platform will speed the process of securing unbiased lines of credit for businesses that are equitable,” she said.

Statistics show that large banks approve less than 20 percent of small business loan applications. Worth AI aims to improve that number through AI technology that expands the factors used to calculate credit scores, resulting in a new metric: The Worth Score.

Equifax Senior VP Partnerships Melinda McBride said in Orlando on Friday that she was impressed by the enthusiasm she saw from the tech community. Equifax partnered with Worth because the company felt their data could contribute to the startup’s journey, she said.

“When you are tackling hard problems, it’s great to have a community behind you,” she said. “Small business is the engine and lifeblood of the economy.”

“Joining forces with Equifax enables us to take advantage of the highly credible and reliable data the company is known for,” Rehmetullah said. “We are extremely confident our new offering will improve the credit climate for small businesses by providing creditors with the accurate, reliable and insightful data they need to make informed decisions and minimize risk.”

Orlando Economic Partnership President and CEO Tim Giuliani said Madhani and Rehmetullah’s success could have a ripple effect on the community.

“Successful tech companies have an ability to spark new tech companies,” he said. “It’s a fantastic example of founders that take advantage of the resources we have here and succeed.”

As Madhani and Rehmetullah started to explore their next idea, they landed on equity in business loans.

Although they spent time between businesses, Madhani said there was rarely a doubt they would return.

“There is a reason why there is serial entrepreneurship,” Madhani said. “We love solving problems and this is a huge problem that we had in our space … to drive true financial equity for all. We’re on a mission to go solve that.”

Plug and Play accelerators launch in Orange, Osceola

Marco Santana
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Plug and Play accelerators launch in Orange, Osceola

A Silicon Valley-based accelerator program launched two Central Florida locations in the last week, indicating its belief in the region as a potential technology hub.

Plug and Play Tech Center, which operates dozens of accelerators around the world, announced on Tuesday that it would operate a cohort of smart cities-based companies from Orange County.

The announcement came six days after a similar announcement of a sensor-based cohort in Kissimmee.

Plug and Play CEO Saeed Amidi on Tuesday put it bluntly as he addressed the crowd of educators, business owners and political leaders at University of Central Florida.

“There are a lot of rich, retired people in Florida,” he said. “I want to mobilize all of them to help (the) startups we will be accelerating. Not only giving them advice but also giving them money and mentoring them to be successful.”

Plug and Play’s arrival

Plug and Play Tech Center has been connecting large corporations with startups through industry-specific programming since 2006.

Among its high-profile successful investments are PayPal, Honey, Soundhound and Dropbox.

Amidi estimated that the three-month accelerator program in Orange County could boost up to 50 companies a year.

University of Central Florida President Alexander Cartwright said building strength in an ecosystem sometimes comes down to a numbers game.

Plug and Play is expected to take a look at as many as 250 businesses over five years.

“This makes it easier for them to know the strategies they should follow to get the resources they need,” he said. “It’s not just about teaching them how to do it but it’s also about finding the funding. That is huge.”

Anecdotally, small businesses in this region that are built around funding tend to struggle in the important period just after initial funding rounds. The result is many companies don’t have the chance to grow.

The Plug and Play program aims to address that funding gap.

However, beyond that, it’s a matter of exposing young companies to networks that Amidi and others have built up through decades of investments.

Osceola County’s sensor play

In Osceola County, the arrival of Plug and Play pushes forward a momentum that has been growing in recent years as local leaders advocate for diversification of its economy beyond tourism and agriculture.

Early this year, for example, the National Science Foundation awarded the region $16 million as one of 10 innovation engines in the country. The grant program could eventually reach $160 million if the region meets certain benchmarks.

Osceola County Manager Don Fisher said Thursday the next step in what is becoming an ever-evolving gameplan for the growth of the 500-acre NeoCity campus is outside funds.

“Plug and Play is the world-class leader when it comes to startups and venture capitalists,” he said. “That’s what they are going to bring to NeoCity to bring it to the next level and into the future.”

The NeoCity campus’ Master Plan revolves around strategies for innovation that focuses on sustainable development, economic growth and job creation in the region.

Plug and Play now becomes part of that, Fisher said.

“You need to start on what’s next,” he said. “And what’s next is private investment. (That means) working with Plug and Play and Saeed to get an expansion to the fabrication facility outside of these doors with private sector investment, not public.”

A growing Orlando presence

In Orlando, Amidi said Plug and Play’s presence will grow over time.

“We want to become part of the fabric of the community,” he said. “We want to help the younger and older entrepreneur build their dream and connect them to funding and corporations. And not only U.S. corporations but corporations all over the world to offer their products and services.”

“He’s committed to how to bring investment in from other places,” Cartwright said. “How do you get venture capital into Florida? When you have someone that is so connected who can vouch for us and say, ‘You need to come to Florida and invest in those companies,’ there is so much credibility to that.”

“He’s done it, he’s lived it and people are going to believe it.”

Orlando cybersecurity firm donates app downloads to seniors

Marco Santana
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Orlando cybersecurity firm donates app downloads to seniors

An Orlando tech company has partnered with a local resource for seniors to protect that vulnerable age group from cyber threats.

Perez Technology Group donated 5,000 downloads of its cybersecurity app CyberFence to the Central Florida-based Senior Resource Alliance.

The move encourages seniors to take cybersecurity seriously while navigating their own “digital landscape,” said Karla Radka, SRA president and CEO.

“Embracing technology is key to our mission of allowing seniors to age independently and safely,” she said. “But as seniors grow their digital presence, it puts them at greater risk of cyber threats.”

The Alliance has 5,000 app licenses to distribute to seniors in Orange, Osceola, Seminole and Brevard counties this spring.

Seniors, their caregivers and family should apply AT THIS LINK.

The Internet Crime Complaint Center reported that 88,000 people aged 60-plus lost $3.1 billion to Internet fraud in 2022.

Experts believe that number should grow as more seniors use the Internet and social media use increases.

Perez Technology Group CEO Carlos Perez said

Attacks “are getting more sophisticated with the advent of artificial intelligence,” he said.

The CyberFence app blocks cyber threats and encrypts data and information, providing a level of security for its users.

Perez Technology Group created CyberFence for enterprise and small businesses to combat cyberattacks.

However, everyday users will also benefit, Perez said.

“We are incredibly proud that we can help to protect our community’s seniors, and we value our partnership with Senior Resource Alliance,” he said.

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