Newsletter 7.11.2024

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Happy Thursday! This is Masterminds Tampa Bay, the startup newsletter that's more addictive than a game of Snake on your old Nokia phone.

Here’s what we’ve got for you this week:

• This unique bakery shop opened it’s doors in Lakeland

• New York supplement company moves to Tampa Bay

• Pinellas is going electric thanks to this $28 Million gift

• Businesses in Tampa Bay aren’t having a great time at the moment

FEATURED

Bandidas Founders Launch Unique Latin-Themed Bakery in Lakeland

After years of development, Gabriella and Giovanna Favilli-Vigoreaux opened Bandidas, a Latin-themed bakery in Lakeland. Despite initial setbacks, including a failed retail space deal, their perseverance led them to a new location.

The duo spent over two years at the Catapult Lakeland incubator, honing their business skills. Bandidas offers a variety of treats like focaccia sandwiches and guava cream cheese cakes. Self-funded and inspired by their diverse backgrounds, they create a unique, ever-changing menu that reflects their experiences and travels.

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MOVES

New York Manufacturer Relocates Headquarters to Pinellas County

SMP Nutra, a New York-based supplement manufacturing company, is relocating its headquarters to Largo, Florida. They have leased over 100,000 square feet of industrial space at 12333 Enterprise Blvd.

The new site, featuring extensive warehouse and office space, will allow for growth and expansion. SMP Nutra plans to employ over 100 people, including executives moving from New York and new local hires. The move is driven by Florida's business-friendly environment and labor market, according to SMP owner Steve Milano.

ACQUISITIONS

Pinellas County Receives $28 Million for Electric Buses

Pinellas County's public transit system is set to get a $28 million boost from President Joe Biden’s administration to electrify its fleet. The funding will allow the Pinellas Suncoast Transit Authority (PSTA) to purchase 12 electric buses, four diesel hybrids, 12 charging stations, and associated equipment.

This investment will help replace old diesel buses, reducing emissions and improving transportation in the area. PSTA CEO Brad Miller and Congresswoman Kathy Castor played key roles in securing the grant, which aims to tackle climate change and support local workforce development.

MEME STREET

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MONEY

Tampa Bay Small Businesses Struggle with Losses and Revenue Decrease

According to the Federal Reserve Bank's 2023 small business credit survey, 44% of small businesses in Tampa Bay reported operating at a loss, nearly 10% higher than the national rate. Additionally, 46% of these businesses experienced a decrease in revenue over the previous 12 months, compared to 39% nationally.

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