Block Dojo Miami is launching on May 6, a once-in-a-lifetime blockchain startup opportunity
Just the other day I noticed a LinkedIn post by Patrick Thompson, my friend and CoinGeek contributor who now works full time as the Vice President of the Miami Block Dojo Deal Flow Department. His happy post stated that 2022 was a good year for Block Dojo and confirmed that the first Miami cohort would start on May 6, 2023.
Just wait until Block Dojo Miami opens up with Cohort One on May 6th đź‘€
— Patrick Thompson 🦍 (@CryptoAmerican) 22 December 2022
Being a huge fan of Thompson and the entire Block Dojo team, I wanted to kick off 2023 with some excitement for our readers by sharing the news from the best blockchain technology startup incubator around. Let’s hear from Thompson himself about what cooks in Miami, what he looks for in a founder, and why this is a once-in-a-lifetime opportunity for South Florida startups.
Becky Liggero: Happy New Year, Patrick. Looks like this is going to be a big year for you and the Block Dojo Miami team! Could you start by elaborating on why 2022 was such a good year for Block Dojo as a whole, as shared in your LinkedIn post?
Patrick Thompson: In 2022, Block Dojo achieved a lot and exceeded the goals we set ourselves in many areas. I really have to give credit to Block Dojo London here because they did a lot of the heavy lifting before Block Dojo (Miami) came into being around September 2022.
A few highlights are that the Dojo surpassed ÂŁ22m ($26m) of new start-up equity valuation, we had over 300 applicants apply to the first three cohorts of the program and the highlight that I’m probably most excited about is that the Dojo is starting to have a network effect; in the sense that our alumni (startups that went through the program) start to have success, which leads to other startups and investors having conversations with them about their business journey and how they did it. And all of them credit Block Dojo with getting their businesses to where they are today. This has created a very positive feedback loop that gives me confidence that 2023 will be an even better year for Block Dojo.
Becky Liggero: Yes! I love it! Well, we already know that you have an office in Miami opening in 2023. When will this take place and what details can you share?
Patrick Thompson: We are opening our Miami office on May 6th, which is the start date of our very first cohort; we have already accepted four companies into the cohort and the capacity for each cohort is ten companies, so six more lucky ones still have the opportunity to be part of the life-changing program that is Block Dojo, all they need to do is have a strong business idea and apply here.
Becky Liggero: What a fantastic opportunity for a startup. So what role do you play in all this?
Patrick Thompson: At Block Dojo (Miami) I am the vice president of the deal flow department.
Day to day I look at a ridiculous number of pitch decks, have conversations with startups about their business model/ideas, and create, develop and execute strategies or plans that result in more teams applying to the block dojo, more mentors and advisors who want to be part of our program, and more investors getting excited about investor lunches and investor exhibitions.
In many cases, I am the first point of contact people interested in joining the Dojo or helping the Dojo or its startups talk to.
Becky Liggero: Sounds like this is a fantastic role for you! We at CoinGeek, especially Charles Miller, have spent a lot of time with Block Dojo London. Can you clarify the relationship between Block Dojo Miami and Block Dojo London?
Patrick Thompson: Block Dojo London was the very first office/program that Block Dojo launched. For that reason, there are quite a few elements in the program where the London office acts as a blueprint. For example, the curriculum for our Miami program takes a lot of inspiration from the London program.
In addition to sharing the same founder (Craig Massey) and the same chairman (James Marchant), we also share a few resources between offices. We are constantly communicating with our UK colleagues, sharing information about what we find working well, what we see not working, what we need to implement, what we need to remove etc. Because there is a good chance that if one of the offices finds a process , operation or resource as useful, the other office will experience the same benefits if they implement it as well.
Becky Liggero: I love that you want to work closely with London. So why did Block Dojo decide on Miami as the location for its second hub?
Patrick Thompson: Miami was a place that had a lot of gravity that drew us in; our research showed us that $2.8 billion in venture funding came out of Florida in 2021; that Florida experienced significant population growth (15%) in recent years, and that 30% of these newcomers came from the technology sector and technology hubs such as San Francisco and New York.
In addition, we learned that Florida has over 500,000 accredited investors and that many cities, as well as the mayor of Miami (Francis Suarez), are blockchain-friendly and often offer support and incentives for tech startups.
These elements pretty much create the perfect storm for a business like Block Dojo that provides startups with the resources they need to build a successful business and thrive, such as capital, potential hires, mentors and advisors, and more.
Becky Liggero: That’s great to hear, and with the South Florida Citadel right around the corner, you’ll be in good company! So for all the startups out there considering applying to your program, what do you want to see in a startup founder and team?
Patrick Thompson: It’s definitely not one size fits all, and there are always anomalies, but startups in a good position to succeed usually have some features in common.
Typically, teams with both a CEO and a CTO are the strongest candidates. In the arena we operate in, having a software developer is mandatory, so coming to the table with your engineer already in place will make your business journey a little easier.
When there is a CEO/CTO duo in place, the team has usually created an MVP, which will also put them ahead of the pack; with an MVP in place, they can enter a beta testing phase and get market feedback at a faster rate that will ultimately validate the startup’s platform or service or tell them they need to pivot.
Becky Liggero: Awesome tips, thanks. Before we sign off, can you tell us why you decided to transition to a startup incubator program in the blockchain space and what excites you about this opportunity?
Patrick Thompson: I joined Block Dojo because it is currently the best way to make a positive impact in the digital resource world and “traditional” business verticals.
In the blockchain world – or any business vertical really – there are a lot of armchair philosophers… people who tell you what the space or industry should look like or what changes are needed in the industry to make it more successful, but their contributions end at color commentary they give. Block Dojo is the exact opposite of that. The block dojo is all action. We don’t just have the philosophy of what a business should do to grow exponentially and acquire customers. We have the experience and help our startups implement to make it a reality.
As my colleague/CEO Kevin Jackson over in London says, “we take startups from soup to nuts, the whole seven courses” when they come in the door, they’re very early stage, and then through our 12-week program give them the resources and make the introductions that significantly increase their chance of success in the (business) world for which they have created a solution.
Becky Liggero: As I said before, what an amazing opportunity for both South Florida startups and for you, Patrick! Looking forward to seeing you at the London Blockchain Conference with an update, and keep up the good work!
Watch: Meet the new batch of Block Dojo founders
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