2021

AnnualImpactReport

Starter Studio FL, Inc. (formerly Canvs) is a tax-exempt organizationunder section 501(c)(3) of the Internal Revenue Code. Per the IRS,

bequests, devises, transfers, and gifts are tax deductible.

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Introduction

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Alumni & Founder Stories

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Message from our Leaders

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Community Events

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Our Programs

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Diversity & Program Impact

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Partners & Sponsors

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With educational outposts throughout the region and a rich variety ofvirtual and hybrid programs, we support founders through all stages ofa startup. Along with boot camps for entrepreneurial explorers andaccelerator programs for idea, build, and seed stages of starting a techventure, we also offer tech founders coaches, mentors, and contacts forcustomers and funding. We prepare seed-ready starters to attractoutside capital even investing in eligible seed-stage acceleratorgraduates through our evergreen as a stimulus to economicdevelopment and high-wage jobs.

Our approach has met with great success beginning with our very firstclass, which lent to the success of one of Central Florida’s unicorns,payment processor Staxx, formerly Fattmerchant, led by SuneeraMadhani. From fintech to fitness technology, from sensors to Saassolutions, the products and services our starters have created have notonly produced hundreds of jobs and generated hundreds of millions inGDP, but also contributed to the revenue of other businesses in Floridaand beyond.

Many will recall StarterStudio’s origin story is that of ‘place’ – CentralFlorida’s first coworking and convening space. As the coworkingconcept exploded, that need was eventually met by the marketplace.So, with StarterStudio’s lease expiring, we decided as a board that weshould leave coworking in the capable hands of others and insteadfocus all our energy on high-value programming that produces greatcompanies. After doubling our program offerings in 2020 and 2021, wesay farewell to our home in the Church Street Exchange Building whereCanvs, and later StarterStudio, were established. Our new home, insideUCF’s Downtown Innovation District Incubator in the historic KressBuilding on Orange Avenue, will house our staff and provide meetingspace for program participants.

Even as we close the chapter on StarterStudio’s era as a place, wecontinue to expand our impact through the people who participate inour programs fulfilling the mission originally envisioned - to be anessential part of Central Florida’s tech ecosystem, preparing techstarters to succeed. After nearly 200 companies over six years, we lookto the future with great excitement for the work ahead as we continueto educate and nurture new tech startups that will contribute to theregion’s economy.

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NWe are Central Florida’s only 501(c)3 nonprofitorganization focused on accelerating tech andtech-enabled startups.

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We offer our heartfelt thanks to all those who have supportedStarterStudio and worked with us to fulfill our missionthroughout all the changes necessitated by COVID-19.

MESSAGE FROM OUR BOARD

We want each and every one of our sponsors, board members, mentors, coaches andentrepreneurs to know how valued they are as partners in our efforts to create an idealenvironment for tech startup founders in the heart of Florida’s I-4 Corridor.

You have all been part of our growth and evolution toward a distributed model ofeducating, coaching, connecting, and funding startups. That model was planned andunderway in the earliest days of 2020 but took on sudden urgency as the pandemicchanged everyone and everything beginning in March 2020. Fortunately, while manywere scrambling to refit the way they did business, we were simply able to lean into ouronline programming in a way that vastly expanded our impact.

Lastly, we are grateful to Interim Executive Director Lilian Myers, who served muchlonger than intended in order to see StarterStudio through this period of challengesshe never could have predicted when she took on the leadership role. She is one of aseries of experienced entrepreneurs and starters to lead StarterStudio since itsinception. Having guided the organization through this most recent period oftransition, Lilian is preparing to pass on the leadership of StarterStudio – now widelyrecognized as a key part of the region’s economic development engine – to a seasonednonprofit leader who will continue to innovate, attract investment, and further solidifyStarterStudio’s reputation in the tech startup world.

PhilZeman"

Incoming Board Chair

SVP, Community &Economic DevelopmentRelationship Manager,SouthState Bank

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IDEA STAGE

BUILD STAGE

SEED STAGE

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Our Seed Stage accelerator is tailored for companies that have the appropriate growth andscaling potential for venture capital investment. The focus of this mentor-driven acceleratorprogram is to scale quickly, drive customer traction, and become investment-ready. Thebackbone of the program is our original risk assessment tool, which helps the founders tracktheir progress in a range of areas that are crucial for investment consideration. Founders willfocus on risk and mitigation, founder development and philosophy, financial literacy,stakeholder and investor communication, and due diligence preparation, as well asoperations, scaling, and flawless execution.

Our StarterStudio Evergreen Fund allows us to support our Seed Stage founders and lowerthe risk for other investors. Each founder accepted to the Seed Stage program is eligible for$25,000, in the form of a convertible note, after meeting specific milestones established at thestart of the program. When the investment converts, it goes right back to the fund so that wecan then support another founder and their company.

In the Build Stage, founders learn how to build, sustain, and grow their business withoutreliance on venture capital funding and investment, but rather with a focus on customeracquisition. Build stage is commonly the most difficult (and overlooked) of the three phasesbut is often the make-or-breakpoint. Founders will focus on developing their Go-to-Marketstrategy, perfecting their pitch, creating business infrastructure, building company culture,and learning fundamentals of sales management, insurances and liability, key performanceindicators (KPIs), and funding options and sources.

This 10-week accelerator helps entrepreneurs validate and test their business ideas, developcrucial customer discovery skills, and build a sustainable business plan. During this once-a-week evening program, founders explore the true value proposition of their offering,messaging and channels. They learn about studying their competition, validating theirmarket, developing a customer pitch, and exploring revenue, costs, and pricing. By the end ofthe program, teams should have a Minimum Viable Product (MVP) – a version of their productthat they can put in the hands of pilot customers.

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With our move into virtualization, we’ve been able to double the numberof programs offered annually to serve more of Central Florida. Inaddition, we have begun offering our programs to a broader audience bypartnering with regional incubators, coworking spaces, and citygovernments to create StarterStudio outposts throughout the region. Incollaboration with our outpost partners, we’ve been able to uplift morefounders by meeting them where they are. Our outpost partners includeGroundswell, Embry Riddle Aeronautical University, and Haines City.

Following years of success in the delivery ofaccelerator programs, StarterStudio launched a newstrategy for growth and expansion to ensure evengreater impact across the region.

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ACCELERATORS7 COMPANIES65+117% INCREASEFROM LAST YEAR

+75% INCREASEFROM LAST YEAR

'20- '21 PROGRAM PARTICIPANTS

COMPANIESSUPPORTED

181

76%STILL OPERATING

TOTAL PROGRAM PARTICIPANTS

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2013 2014 2015 2016 2017 2018 2019 2020 2021

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Since our inception in 2013, we've run 27accelerators and deployed over $1 M ofseed funding from our evergreen seedfund to help tech founders start, scale,and stay in Central Florida.

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IMPACT

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WOMEN FOUNDERS34%MINORITY FOUNDERS52%

VETERAN5%OVER 4015%

PARTICIPANT DIVERSITY *CUMULATIVE

27%49%

12%27%

ACCELERATORS OVER THE YEARS

IDEA STAGE

BUILD STAGE

SEED STAGE

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*SELF IDENTIFIED DIVERSITY METRICS

LGBTQ+2% 8%

Even in the face of adversity, our alumni have made strides by closinginvestment rounds, winning game-changing grants and customers, andeven being acquired. Here just a few of those accomplishments amongStarterStudio alumni in the past year!

StarterStudio is extremely proud of our Starters, theircontinued success, and the impact they make onour ecosystem and local community.

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$3.5M HOME LENDING PALSEED COHORT 5

$80K SEA THREADZIDEA COHORT 15

$50K COLLEGE THRIVERBUILD COHORT 2

$150K FLAIRR LABSSEED COHORT 6

$1.2M VIEWSTUB SEED COHORT 4

$3.2M STATUSPHERESEED COHORT 2

UNICORN STAXX (FORMERLY FATTMERCHANT)IDEA COHORT 3

SHOFLOWIDEA COHORT 1 ACQUIRED

$1.5M SPACED VENTURESSEED COHORT 5

TRUECOACH (FITBOT) IDEA COHORT 3 ACQUIRED

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In 2010, Home Lending Pal co-founder Steve Better was a consumer loan underwriter forWells Fargo tasked with reviewing applications for loan modifications. Through his careeras an underwriter, Better began to see the process as broken, inefficient, and time-consuming. He and co-founder Bryan Young used their experiences in the industry tocreate Home Lending Pal, which is focused on solving problems for borrowers.

With a commitment to fair-lending practices, Home Lending Pal uses artificial intelligenceand distributed ledger technology to turn a complex home research and originationprocess into an easy online shopping experience for both qualified and unqualifiedborrowers.

As co-founder & COO of Home Lending Pal, Better said his firm’s technology “reducesorigination friction for qualified borrowers and allows personalized roadmaps forunqualified borrowers to become qualified.”

In this way, Home Lending Pal not only simplifies the loan process but also helps open thedoor to borrowers working to build their credit.

“Financial inclusion must start with equal access, borrower data empowerment, andpersonalized education without sales pressure,” Better said.

To date, Home Lending Pal has raised $3.5 million for its digital mortgage-advisingplatform powered by AI and blockchain. Home Lending Pal plans to demonstrate the nextphase to the Consumer Financial Protection Bureau and then release it to the public forconsumer use and feedback by the end of 2021.

BRYAN YOUNG SEED COHORT 5

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A self-proclaimed space geek, Aaron Burnett plans to retire to a sustainable Martian colonyin the next 30 years. To make his dream a reality, he has founded a company to supportspace tech startups in their mission to revolutionize the industry. His crowdfundingplatform, Spaced Ventures, is the leading equity crowdfunding portal dedicated solely tospace. The company addresses the funding gap for early-stage space companies and givesthe public the ability to invest as little as $100 into emerging space startups.

Since launching in 2020 and becoming a FINRA Funding Portal Member, Spaced Ventureshas gained incredible traction and has mobilized one of the largest communities of spaceinvestors on the planet. The company has already received over 100 applications fromspace startups looking to raise capital and attracted 1,700 potential investors through itsonline registration.

After opening the platform to the public in September 2021, three space companies havealready received over $600,000 in commitments from Spaced Ventures' investors with anaverage individual investment of over $2,300.

Thanks to a successful seed round, the company can pump more than $1 million into hiringand further development of its crowdfunding portal. Spaced Ventures will double to 10employees in the next three months, with plans to employ 20 people by October 2022,Burnett said.

AARON BURNETTSEED COHORT 5

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Statusphere works with power-middle influencers, shipping monthly curated boxes ofhigh-end products to social media influencers in exchange for sharing photos of theproducts with their followers. Brands work with Statusphere to scale their word-of-mouthmarketing, matching influencers with brands each month and selecting which ones theywant to work with in exchange for posting.

Starting in her apartment, Wiley packed Statusphere’s first subscription boxes and shippedthem herself. Following her graduation from StarterStudio's Seed Stage accelerator, Wileycaught the attention of Silicon Valley entrepreneur Jason Calacanis. The venture capitalistadvised her to “get the hell out of Orlando,” but Wiley had faith that her idea would thrivein Central Florida’s vibrant business ecosystem. She stayed put and over the past five yearshas exponentially grown Statusphere's services, attracting giant brands such as Sephora,Conair, and OPI.

With over 50 employees today, Wiley has transformed her one-woman startup into aninfluencer marketing juggernaut. She is now setting the trend for brand-influencercollaborations industry-wide. Statusphere is proof that a startup can grow and thrive farfrom Silicon Valley.

“To be honest, I don’t know if I would have fully made the jump if StarterStudiodidn’t exist because it really gave you that support and family to help you learn,”Wiley said. “I remember finally saying I am going to go for this and apply toStarterStudio, and if I get in, then I am going to try and do this.”

KRISTEN WILEYSEED COHORT 2

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Drive-in Pitch NightWhen the pandemic forced StarterStudio to cancel a series of pitchnights set to begin in April 2020, we teamed up with Project Orlando andrecorded pitches from a group of promising local startups to introducethem to supporters and investors through a fun, new drive-in format.Funded in part by the City of Orlando, the event in the Vanguard parkinglot provided talented founders a way to showcase their startups:GoGoPowerJuice, HKeeper, She Plays, SimBlocks.io, Home Lending Pal,Pink Lotus Technology, and Spaced Ventures. Attendees watchedcompanies’ pitches from the safety of their cars and listened on theirradios, submitting questions via text and voting on their favorite pitch.Home Lending Pal was the audience's top pick and through the eventwas introduced to Blue Wave Partners, who eventually closed aninvestment round with the company.

Upsurge Investor ShowcaseIn partnership with Tampa Bay Wave and the U.S. EconomicDevelopment Administration, StarterStudio launched the Upsurgeinitiative to encourage new or traditional investors to venture into theworld of tech startup investing. We launched a podcast, Inside the Mindof the Investor, featuring interviews with local startups and investors toeducate the community on what some of Florida’s top angel investorgroups look for when making investment choices. Through a “SharkTank” style event, we peeled back the curtain to show how early-stageinvesting really works by sharing startups’ pre-investment pitches andallowing the live audience to hear investors’ questions and due diligencediscussions. The event ultimately connected audience members to localinvestment groups to encourage the deployment of more capital in theregion.

EY Orlando Women’s SeriesStarterStudio collaborated with EY to inspire entrepreneurship educationin a three-part learning opportunity for women. This Women’s Seriesprovided an early-stage ideation jump-start, helping women startersrefine ideas, hone their business models, and move their venturesforward. We also engaged local women tech leaders in sharing theirfounders’ stories to encourage others to step into their power and lead.Each session closed with a panel of female business leaders sharing theirreal-world experiences and explaining how they made the pivot toentrepreneurship or into a position of leadership.

StarterStudio is able to help tech founders becauseof partners and sponsors within our ecosystem. C

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Graduates

Pitch Nights

Drive In Pitch Night

Upsurge Podcast

Groundswell Kickoff

Virtual Accelerators

Graduates

We thank you for your continued support

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Thank you to our Sponsors & Partners

C O N T A C T Starter Studio FL INC

(407) 378-4150www.StarterStudio.orginfo@StarterStudio.org@StarterStudio

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