Venture capital company florida8/14/2023 We at Las Olas VC are seeing tremendous opportunities in the Florida market and believe that with proper infrastructure and support, the market will only continue to improve. ReloQuest, another LOVC portfolio company based in Weston, is now the go-to technology solution for corporate relocation managers. For example, our portfolio company CarePredict, based in Plantation, is revolutionizing the elder care market with their Tempo platform. There are many emerging startup companies in Florida that we are excited about. Dania Beach-based ’s sale to PetsMart for $3.3B is a big step in the right direction, and an emerging sign that tech companies can be successful locally. To date there are not enough local success stories - companies achieving large exits and realized returns for their investors - that truly attract more companies, talent, and investment dollars. Without several more funds, focusing on each stage of a company’s life cycle, Florida will remain a tough place to successfully scale a company. Companies face a hard choice of trying to raise funding outside of the state or scrape together enough small angel checks to stay afloat. All Florida entrepreneurs quickly realize that while there is plenty of angel investment money to get them off the ground, there is almost nowhere local to turn for their next round. One of the principal factors that led us to start Las Olas Venture Capital in Florida was the lack of professionally-run venture funds based in the state. Most notably, companies like Magic Leap, Modernizing Medicine, and others are drawing in marquee investors and hundreds of millions in investment - but not from Florida investors. Some new companies are bucking this trend. To large investors in Silicon Valley and elsewhere, Florida is still the “farm team” compared to the “major leagues” of California. The state receives less than 1% of global venture capital dollars. So far, Florida has yet to seriously capture the eye of venture capitalists. While Florida has done an excellent job in creating an environment that encourages entrepreneurial ideas to germinate, much remains to be done in creating a genuine ecosystem that will encourage more of these startups to reach their full potential. The reason for this discrepancy is obvious when you ask any entrepreneur - there are not enough professional investors at each funding stage to support a high-growth business in Florida. Other Florida metros fare a bit better, with Jacksonville, Tampa, and Orlando all placing higher on the list. for scaling startups, defined as growing beyond 50 employees and $2 million in revenue within 10 years. However, that same Kauffman Foundation report goes on to say that Miami is also second-to-last in the U.S. metro area for new startups being created, with Florida being the third fastest growing startup state overall. According to 2017 edition of the Kauffman Foundation Index of Startup Activity, Miami is the number one fastest growing U.S. The local startup community is growing rapidly and becoming better organized. Members of these groups are pouring millions in investment into new startup companies every year. There is growing awareness of angel investing thanks to local groups like AGP Miami, New World Angels, Florida Angel Nexus and the Tamiami Angel Fund. Record numbers of people are moving to Florida from major tech industry hubs like New York, California and Boston. By any measure, the Sunshine State is filled with smart capable people and a tremendous amount of capital. In addition to creating high-growth businesses and new jobs, a flourishing entrepreneurial ecosystem has an exponential effect on the local economy.įlorida has many of these ingredients in abundance already. The fundamental ingredients of a successful startup are experienced entrepreneurs with new ideas, great people to join the team, investment capital, support from mentors and peers, and strong team of advisors - sophisticated lawyers and accountants are essential. The key role of entrepreneurs is to bring together resources for success. Mark Volchek, Founding Partner, Las Olas Venture Capital Why? And what will change this?Įntrepreneurship and VC Investing in Florida – Ready for Lift-Off And yet Florida still receives less than 1% of global venture capital dollars. venture capital scene right now, with the state being the third fastest growing startup state overall and Miami the number one fastest growing U.S. Mark Volchek, Founding Partner of Las Olas Venture Capital, speaks about entrepreneurship and VC Investing in Floridaįlorida is one of the most exciting stories on the U.S.
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