A local business opportunity program helps SOURCD enter the global tech industry
By Natalia Clement
With innovation on the rise in Miami, Vishaja Boedjawan saw an opportunity for her procurement company to be part of the city’s growing tech ecosystem. She just needed a little help. So, she looked to Venture Miami, the City of Miami’s economic development office. They invited Boedjawan to join the FIU-Venture Miami Opportunity Program, a 14-week course at Florida International University that provides support and resources for female business owners of color in South Florida.
Boedjawan is the CEO of SOURCD, a procurement sourcing solution for businesses in CARICOM countries that she founded in 2021. CARICOM, which stands for Caribbean Community, is an intergovernmental organization that unites 15 member countries through economics and culture. Within those 15 countries is Suriname, Boedjawan’s home country. There, she saw that small and medium-sized businesses didn’t have a standard procurement process for raw materials. She identified operational challenges in her family’s steel manufacturing business largely due to raw material shortages and supply chain delays caused by having a single supplier. Now, SOURCD provides businesses in Suriname with multiple supplier options that go through a rigorous sourcing process, acting as the logistics middleman.
“We want to help streamline supply chain sourcing and management processes from end to end, from the minute they have a request for a product until it gets to their warehouse,” Boedjawan says. For instance, during the pandemic, Suriname was suffering from medical oxygen shortages. SOURCD stepped in and helped source oxygen cylinders, oxygen masks, and other related healthcare equipment.
The company currently works with businesses in CARICOM member states in the manufacturing, healthcare, agriculture, maritime, and food processing industries. Its gross revenue last year topped just $120,000 but is projected to grow fivefold in 2023. SOURCD’s procurement platform is still in development. Boedjawan is looking to raise $1 million for software development, new hires, marketing, and sales. The expected deliverable date for the completed platform is Q1 of 2024.
Boedjawan, a financial consultant, had no prior experience in the tech industry. But after she joined last year’s cohort of business owners in the FIU-Venture Miami Opportunity Program, she was able to develop her idea of turning SOURCD into a procurement software platform. “I didn’t believe this would work because I was scared of doing that first step,” Boedjawan says. “[The program] really pushed me to go through with this. They made me believe it was the right time to implement it. I was probably going to wait another three to four years.”
According to Boedjawan, the FIU-Venture Miami program is “the whole package” for business owners and startups. The curriculum consists of networking opportunities, one-on-one mentoring, public speaking and pitching, and assistance from the Florida Small Business Development Center. As a naturally shy person, Boedjawan values the professional and personal growth she went through. “I had trouble reaching out to people and networking, but the team really brought out the best in me,” she says.
Boedjawan took the knowledge and experience she gained and partnered with Silicon Dorp, a foundation that aims to create an innovation ecosystem that will “integrate the best in Suriname culturally, biodiversity-wise, and technologically.” She plans on expanding the company’s services to Guyana and Trinidad this year. “I would like SOURCD to be part of [Miami’s] evolving innovation ecosystem while also establishing its presence in the CARICOM countries,” the CEO says. “Basically, acting as a bridge between Miami and CARICOM.”
