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VEI’s first cohort industry, location and partner no accident

Marco Santana
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VEI’s first cohort industry, location and partner no accident

LAKE NONA — Ricardo Garcia says it’s no accident that the Veteran Entrepreneurship Initiative’s first cohort for its just announced tech business accelerator program will focus on health tech.

After all, the veteran-centric program has its home in Lake Nona’s Medical City area, a region that has quickly become known for its research, business and programming based in health-related technologies.

“All the potential mentors, resources that we can really leverage to empower our innovation is right here,” he said. “We aligned with some of their focus areas, too. AI in healthcare, neurotech, digital health. There are additional resources here startups can leverage.”

The VEI used its annual business summit Thursday to announce the SPEAR Accelerator, a new effort to support veteran-led tech companies and entrepreneurs with resources, mentorship and a guided curriculum for growth. VEI has helped more than 600 veteran businesses since its inception in 2013.

Applications for the first group of businesses will open in July but the VEI’s board wanted to use the momentum of the summit to launch.

The accelerator will launch in partnership with Johns Hopkins’ Center for Bioengineering Innovation and Design, thanks to an introduction made by the Department of Veteran Affairs.

An official there recommended connecting with Adler Archer, the Center’s managing director.

“He’s just as passionate as we are,” Garcia said of the U.S. Air Force veteran. “So, it just kind of clicked and all came together.”

Archer said Johns Hopkins workforce has thousands of veterans and active-duty military on staff. That resulted in an almost natural partnership, he said.

“There is already an affinity and appreciation for veteran service,” Adler said in an interview. “Then, just seeing the opportunities in health tech and being aware that the military and veteran populations are unique. Who better to support something like this than Johns Hopkins?”

Across the U.S., military veterans own more than 1.7 million businesses.

When they launch, they bring with them a natural ability to create and to serve the community, two traits fortified in the military, Archer said.

“It’s a continuation of that service with our own ventures,” he said. “So, having other people who know where you’re coming from and they can help you get where you’re going, I think that’s hugely important. The VEI is a great resource for that.”

The agency’s SPEAR Accelerator will focus on early stage, veteran-led tech companies.

Each cohort will focus upon a specific industry, with healthcare being the first.

The program’s curriculum will start in February and run through May, when the graduates will be features during VEI’s annual summit.

“It has been an incredible journey to get to this point,” Garcia said. “It was always our vision to do something bigger, something that had a greater impact in the community.”

The path of an entrepreneur can often be filled with adversity. However, Garcia, a U.S. Air Force veteran, said, veterans learn in training how to deal with those obstacles and overcome challenges.

“Resilience and adaptability,” he said. “Being able to adapt quickly, embrace failure and adjust. That’s what distinguishes veterans.”

VEI launches tech accelerator for veteran-owned businesses

Marco Santana
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VEI launches tech accelerator for veteran-owned businesses

LAKE NONA — An Orlando group that focuses on helping veterans navigate the business landscape has partnered with Johns Hopkins University to create an accelerator for veterans who run tech companies.

Veterans Entrepreneurship Initiative’s SPEAR accelerator will offer mentoring, curriculum and other resources.

The announcement was made at VEI’s Veteran Business Summit at the Guidewell Innovation Center in Lake Nona.

“This is a tremendous opportunity to scale businesses by working with one of the best healthcare institutions in the country, VEI cofounder and U.S. Air Force veteran Ricardo Garcia said in a press release. “Veterans are uniquely equipped to lead and innovate, having faced some of the toughest challenges imaginable and SPEAR Accelerator will teach them how to harness these capabilities, helping transform their ideas into highly successful ventures.”

Interested parties can apply for the accelerator starting in July with the first class expected to start in February. The first cohort will focus on healthcare-related businesses.

VEI has helped more than 600 veteran businesses since its inception in 2013.

Garcia said the transition from the military was difficult until he discovered what he considers his new mission: helping veteran entrepreneurs.

In the military, he said, he was “part of a greater purpose. Oftentimes, I think a lot of the reasons a lot of veterans struggle with the transition (out of the military) is because we long for (the camaraderie). That is ingrained within us.”

At the summit, VEI cofounder Rafael Caamaño said the event exists to connect veterans and help them on their journey.

“I ask that you make sure that you take something away from today, whether it’s a new contact, a new friend, a strategic partner or some knowledge,” he said during introductory remarks.

Johns Hopkins’ Center for Bioengineering Innovation and Design managing director Adler Archer said he saw firsthand the military-developed resilience and grit while serving in the U.S. Air Force.

“I have a profound appreciation for the capabilities of veterans, he said.

Four business groups land tech grants in Orlando

Marco Santana
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Four business groups land tech grants in Orlando

A grant program meant to expand the city’s reputation as a tech hub and fuel its talent pipeline in the space announced the four 2024 recipients on Wednesday.

Indienomicon, Tech Sassy Girlz, Orlando Devs and the Veterans Entrepreneurship Initiative will each receive grants of $16,250.

“This year’s recipients reflect the importance of inclusion and representation in the tech community and impact various audiences and stakeholders,” Orlando Mayor Buddy Dyer said at a luncheon at City Hall. “Our community-driven tech organizations play an important role in Orlando and will be even more important as we move forward.”

The program is a collaboration between the City of Orlando, Innovate Orlando and Orlando Tech Community.

For the recipients, the extra money allows them to launch new programs, support existing ones or build connections.

“Beyond the funds, this gives us an opportunity to work with the city of Orlando and the Orlando tech community,” said Ricardo Garcia, cofounder and director of programs for the Veterans Entrepreneurship Initiative. “We are thrilled to be recognized. It’s a big milestone we targeted when we launched (last year).”

The tech grant program required organizations to have had at least one year of programming, a regional draw and 10 percent match of funding.

Orlando Devs Vice President Caitlin Augustin said the grant will allow the organization to provide, among other things, stipends for attendees at their events that could help offset childcare costs.

“It will allow individuals who often cannot participate a chance to fully engage,” she said.

The grant will support Indienomicon’s series of game jams, which bring people together to build video games and tech-based products that support several industries, including space, military and healthcare, often in a single weekend.

“Having a program that supports us like this has a trickle-down effect to hundreds if not thousands of people,” Indienomicon organizer Kunal Patel said after the presentations. “This is a practical way we can build events where you will rub shoulders with people in those important industries. There are a lot of people out there who have ideas and who are innovative.”

Judges for the grants included Paul Sohl of Florida High Tech Corridor, Orlando tech community leaders Donna Mackenzie of LM3 and Dawn Haynes of StarterStudio, Daniel Perez of Crummer Center and consultant Amy Beaird.

Veterans business summit continues organizer’s mission to serve

Marco Santana
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Veterans business summit continues organizer’s mission to serve

For Ricardo Garcia, helping set up a summit last year to bring veterans who owned businesses together was more than an exercise in providing entrepreneurs resources.

It was also a way that the U.S. Air Force veteran could continue on his mission to serve.

“We want to help veterans leverage the skills they have learned in the military but in a business setting,” said Garcia, who spent time in Afghanistan in 2008 in support of Operation: Enduring Freedom. “It’s sometimes hard to find support and the VEI fills that role. My new mission and purpose is to help veterans find their own new mission.”

The Veterans Entrepreneurship Initiative’s summit returns for its second year at 1 p.m. Thursday at GuideWell Innovation Center in Lake Nona.

The event will include panels of veterans who have successfully launched businesses, along with education for entrepreneurs.

“This is about fostering collaboration among the community,” Garcia said.

Ricardo Garcia

Garcia expects veteran entrepreneurs from as far away as the northeast United States and Austin, Texas, to attend.

Last year, the event drew more than 200.

That number, which Garcia expects to be surpassed this year, included established entrepreneurs, those looking to start their first business and everything in between.

“We want to inspire the next generation of veteran entrepreneurs,” he said.

The VEI’s board consists of Garcia, Rebecca Dobo and Rafael Camaaña.

Catalyst of homegrown companies I Entrepreneurship Center Management Certificate I Certified Facilitator I Certified B

U.S. Census data in 2021 showed that veterans owned more than 300,000 businesses in the U.S.

Those businesses employed more than 3.3 million workers and contributed $180 million in annual wages.

Central Florida has become a hub of veteran entrepreneurship because of its robust military ecosystem.

Entrepreneurship and Service

The connections between entrepreneurship and military training become clear when considered individually.

Leadership.

Attention to detail.

Teamwork.

Adaptability.

The skills that military training focuses on are also the skills business owners need to survive the challenge of entrepreneurship.

“This is about being a part of something much bigger than me,” Garcia said. “The military is all about an unsurpassed level of camaraderie. I know that anybody to the left or right of me while in action had my back.”

“You have to be resilient to any situation and be able to adapt (in the military) because it’s a life-or-death situation,” he said. “Those traits translate really well to entrepreneurship.”

The Summit will also welcome U.S. Marine Corps veteran Dr. Theresa Larson and DJ and local Orlando personality Carlos Navarro as keynote speakers.

You can learn more about who to expect at the summit’s website.

Here is a DIRECT LINK TO TICKETS.

Dynasty-level wins for UCF’s cybersecurity team continue

Marco Santana
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Dynasty-level wins for UCF’s cybersecurity team continue

University of Central Florida outlasted 197 other cybersecurity teams to win its sixth national championship last week.

The Collegiate Cybersecurity Competition Team, part of Hack@UCF, defeated nine other regional winners at the finals in San Antonio.

In a press release, professor and team coach Tom Nedorost praised his team’s performance.

“It’s an undeniable fact that UCF has the best cyber program, best students and best coaches in the nation,” he said.

The National Collegiate Cyber Defense Competition consists of 10 regional competitions across the country, with the winners of each competing in the national finals.

The event drew more than 2,100 competitors and is considered one of the largest of its kind.

Through these competitions, students gain skills and real-world experiences that make them highly attractive to potential employers.

“The scenario we developed for this elite group of students is very realistic,” said Dwayne Williams, director of the NCCDC. “The primary challenge this year is securing large amounts of personally identifiable information across different industries and states, but also dealing with a company acquisition while being targeted by bad actors. These unique challenges and hands-on experiences help each of these teams prepare for the real-world scenarios they will face after graduation.”

UCF’s Cruz-Neira named to AWE inaugural Hall of Fame class

Marco Santana
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UCF’s Cruz-Neira named to AWE inaugural Hall of Fame class

A virtual reality pioneer who is now a professor at the University of Central Florida landed a spot in Augmented World Expo’s first-ever Hall of Fame class.

Carolina Cruz-Neira landed on the list alongside other pioneers including the person who coined the term “augmented reality” in the 1990s, the so-called “grandfather of VR” and a Disney Imagineer.

Cruz-Neira helped develop an immersive system that became a staple in virtual reality systems and hardware in 1992. The Cave Automatic Virtual Environment, also known as “The CAVE,” consists of projection screens on the front, side and floor along with a tracking system.

She also created the Human-Computer Interaction program at Iowa State University during her storied career.

According to an online bio, her former students have continued research work in virtual reality at Unity Labs, Intel, Google, DreamWorks and Sony Pictures Imageworks, among others.

Cruz-Neira joined the UCF faculty in the College of Engineering and Computer Science in 2019.

The AWE’s XR Hall of Fame honors “the pioneers whose monumental contributions have shaped and propelled the XR industry forward.”

To see the full inaugural class, CLICK HERE.

Plug and Play announces 1st batch of smart city startups

Marco Santana
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Plug and Play announces 1st batch of smart city startups

Plug and Play Orlando on Thursday announced its inaugural class of startup that will go through its 12-week accelerator program.

The cohort will focus on smart cities-related companies from across the nation. Final presentations will be held on July 31 in Orlando.

The inaugural class includes several industries, including mobility, sustainability, energy, construction and automation.

“We are thrilled to welcome this inaugural batch of startups to Orlando as we foster innovation in Smart Cities here in Central Florida,” said Allison Chandler, Program Manager of Plug and Play Orlando, in a blog post.

Here is the list along with a short description of what the company does. You can expect further coverage on Orlando Tech News.

Mighty Buildings (California) – Delivers technology to develop low-cost, sustainable housing.

  • Dispel (New York) – Builds network-level moving target defenses that helps secure remote access to control systems.
  • Infranergy (Florida) – Smart, AI-powered software platform for energy optimization This company harnesses and monetizes solar and storage assets for businesses.
  • Exodigo (California) – A technology innovator combining the power of proprietary advances in 3D imaging, sensors and artificial intelligence.
  • FLUIX (Florida) – Enterprise AI software that saves critical infrastructure on energy costs, time, and resources.
  • Connected Wise (Orlando) – Transportation safety and connectivity with AI-driven innovation.
  • Capacitech Energy (Orlando) – Enhances battery and renewable energy infrastructure through patented energy storage products.
  • Precision Periodic (Orlando) – Next-generation mining, refining, and wastewater treatment.
  • Voxel (California) – A site visibility solution that enhances existing security cameras with computer vision AI software to automatically identify safety hazards.
  • Sapient Industries (Pennsylvania) – Tacklign facility energy data challenges to optimize energy, sustainability, and equipment health.
  • VANTIQ (Orlando) – A software development and deployment platform that enables companies to digitize their business.
  • NESTRE (Orlando) – Neuro-Strength Company that provides mental and cognitive strength training and solutions.
  • Enline (Portugal) – A real-time predictive digital twin platform for transmission line assets.
  • HAAS Alert (Illinois) – Delivers real-time emergency alerts to drivers using C-V2X technologies.

For more on Plug and Play Orlando, visit https://www.plugandplaytechcenter.com/orlando/.

Maitland cybersecurity firm raises $115 million in Series D

Marco Santana
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Maitland cybersecurity firm raises $115 million in Series D

MAITLAND – A cybersecurity firm here has raised $115 million in Series D funding, providing a capital injection that will lead to more hiring and build out of its security products.

ThreatLocker already employs around 400 in offices across the globe with the majority being at its headquarters in Maitland. That number has doubled in the past year and is expected to double once more during the next two years.

The company owns a suite of enterprise-level cybersecurity products and has more than 45,000 clients worldwide.

At its Maitland office, which was once home to the video game giant Electronic Arts, ThreatLocker’s workforce constantly monitors threats, houses its sales staff and responds to customer service calls almost instantly.

“To be able to raise $115 million is really powerful,” CEO Danny Jenkins said at the company’s office on Wednesday.

The money will allow ThreatLocker to increase its visibility and evolve the technology behind its security products.

The business represents the third that Jenkins has launched.

While he had a plan and has executed on it, he said he really couldn’t comprehend what would happen if the business took off.

Now it has.

“I don’t know if you ever really expect it to happen,” he said. “But we just kept moving past the next barrier. The goal was to change market opinion on how security should be done. That was the initial goal and what we focused on.”

The round for ThreatLocker was led by General Atlantic, an existing investor in the company, with participation from several others including StepStone Group and D.E. Shaw.

How UCF incubator helped radio DJ-turned-entrepreneur thrive

Marco Santana
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How UCF incubator helped radio DJ-turned-entrepreneur thrive

Robert Catron points to a specific moment in his career that led to what has become a 20-year entrepreneurial journey.

As a rock station DJ in Virginia Beach, he was the only person who understood software extensively.

So, it was only natural that in the early days of the Internet, he maintained the station’s website. At the time, DJs had to remain on air until their replacement arrived.

Robert Catron

One night, well, the replacement did not arrive. The reason?

“He was at a concert in D.C. about four hours away,” Catron recalled, laughing. “I don’t know if it was legit or not but, either way, it was a failure of communication of some kind.”

The incident sparked an idea in Catron, who had been exploring this brand-new thing called the Internet, hoping to build a business around it somehow.

With the mix-up fresh in his mind, he whipped up a scheduling application that allowed the crew to check from anywhere who was scheduled and who was not.

Now, 20-plus years later, WorkSchedule.Net recently launched its 9th version, counting clients like CNN among its customers.

“They’re the ones doing the scheduling,” Catron said. “We just provide the tool for them to schedule their employees.”

Catron admits that, on its surface, scheduling isn’t exactly a super-exciting field. But he said sometimes utility is more important than excitement.

It’s a simple, but flexible, tool. Within the platform, employees can perform specific tasks like check-in, punch into an online clock, request time off and other functions.

The software takes care of the rest, ensuring that employees don’t go over hours and helping figure out the best schedule for those who are in the system.

One example is if someone calls out of a shift, the software immediately finds who is available to work the shift without eclipsing their allotment of hours.

“Instead of getting the call that, ‘Hey, I can’t come in because I’m at a Jethro Tull concert,’ the software helps provide alternatives instantly,” he said.

As the company’s revenue grew – from a mere $500 in Year 1 – Catron became involved in the UCF Business Incubation Program in 2010.

By 2013, he had hired several interns, who helped him discover that WorkSchedule.net had been priced at one-third of what the rest of the market was at.

So, Catron tripled his prices and used the money to bring on the interns full-time.

“I had a real company,” he said. “Joining the incubator was a pivotal point.”

“It’s been about connections,” he added. “Consultants, advisers, mentors, just a great network of people I can give my questions to and get advice.”

Catron has plans to evolve the software in the near future, exploring strategies to incorporate deeper artificial intelligence and other emerging technologies.

But, for now, it’s about keeping clients safe and happy by migrating them to their most recent version.

“We have to keep up with the technology so we don’t allow that hacker in,” he said. “It’s unsexy stuff but it’s a big part of what we do.”

Tuesday 1ON1: Rehmetullah turns ‘Why leave Stax?’ into ‘Got snacks?’

Marco Santana
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Tuesday 1ON1: Rehmetullah turns ‘Why leave Stax?’ into ‘Got snacks?’

Perhaps it’s a bit harsh to call Sal Rehmetulah’s nieces “critics.”

But they asked the question many had on their mind when the Stax cofounder transitioned out of the company after helping build it to unicorn status alongside his sister Suneera Madhani.

“They were like, ‘Why would you ever do that?’” Rehmetullah recalled. “Stax was part of our DNA and identity. Now they are super excited about Worth.”

Worth AI, that is.

The new company uses artificial intelligence to produce more accurate risk assessments, quicker decisions and more standardized business credit scores by assessing underwriting and risk management.

Now, the critical questions from the nieces come in different forms.

“They’re asking, ‘Where’s the office? Will it have snacks? Why isn’t it there already and big?’” he says, with a laugh.

If the track record is anything to go off of, they won’t have to wait long.

In the second part of Orlando Tech News’ chat with Sal, we dive deeper into Worth and building a business with a sibling.

AFTER YOU READ THIS CHECK OUT PART ONE HERE

Did you ever manage to reflect and appreciate what you and Suneera did with Stax?

When you first go through it, you actually don’t know, right? We had to have a moment of pause to be able to reflect on this last time around, like, “We had a good run.” When it really started to kick in was when other people acknowledged it more than anything. When someone’s like, “Oh, man, I can’t believe you did X, Y, Z.” When we get invited to speak on this stage or that stage, we’re like, “Oh, this is real.” It’s still humbling. At the end of the day, we are still the same people at heart.

How does Worth AI benefit from that experience?

We have difficult conversations quicker than we historically have. We know what to avoid, too. We know the things that work, what to focus on and what not to focus on.

Where did the drive to tackle big problems come from?

We have always dreamed big. It’s in our DNA. We want to push, drive and be the best versions of ourselves we can be. Those things make up our character. There isn’t a day that goes by that we want to pinch ourselves and say, “Man, life’s really good.” But we are also the hardest workers you’ll meet. Whether it’s an investor, a past employee, current employee or a vendor partner, they will tell you that.

What about that aspirational personality?

Everyone in today’s day and age want to aspire to be something. I think back in the day, if I introduced myself as a 10-year-old, I’d tell you I wanted to be the starting point guard for the Dallas Mavericks. We all aspire for something but what’s really cool is we are starting to inspire a new generation to be entrepreneurs so that they can build businesses, make an impact on communities and leave something good behind.

What is your role in representation and entrepreneurship?

You don’t see a lot of people like us, you know? You don’t see, frankly, a woman as CEO like at Stax. You don’t see two Pakistani kids, Muslim-Americans doing this. You don’t see a brother-sister duo. That stuff really does inspire and push us. We are thrilled to be able to do that.

How much of that is also being an example to your nieces and nephews?

For my nieces and nephews and for all, all the kids and children out there, it’s just fun. Be able to have people know that they can do something different and build and leave an impact you know, that maybe they didn’t think that they could do based on general conformity as a society.

How, exactly, does Worth AI work?

Worth is available for enterprise customers. We bring in more than 1,100 data points in less than two minutes to be able to actually underwrite a full customer through generative AI. The digitization that happened in the small and medium business world combined largely with models and AI is what really makes this possible.

It’s an intersection of tech and a market.

A lot of people ask this question of like, “Well, why business credit scoring? Why has it never been done?” It’s hard and being able to do it all together in the speed that we’ve been able to do, and then we have our Worth score coming. So we want to empower all the small, medium sized businesses.  We’re excited for the Worth score to be live toward the end of Q2.

Did Stax ever consider leaving Orlando?

There were plenty of times that we thought about it. At the end of the day, somebody has to pioneer (a new tech scene here). But we also want the community to champion and support us. We have to support our own here. We want every person here to be a large customer, not just for banks and credit unions. Anybody that owns credit risk. So, anybody that has trade financing, supplier financing, we have a lot of large companies here.

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