Local angel and VC networks are important because they track the market and will often partner with investors from Silicon Valley or other areas. Once more funding networks form — or outside networks put offices here — others will follow.
“There should be 20 angel groups," said Cappello. “If that happens, the funds start to compete for deal flow and that makes it a sellers market, an entrepreneurs market.”
Peter Kellner co-founded the global nonprofit Endeavor that accelerates entrepreneurship in emerging markets. He also founded Richmond Global, a venture fund investing in early-stage software technology, in 1999, now with offices in Miami Lakes, New York and San Francisco. Though the fund invests around the world, some of its biggest holdings right now are in Asia, Kellner said. He succumbed to Miami’s lifestyle attractions and moved here from New York six months ago.
“We’re hoping to do something in venture and technology in South Florida so I have been learning as much as I can since getting to town,” Kellner said. “I’m quite aware what is happening in South Florida, I think it is wonderful, I think it is timely. It’s an exciting time.”
He believes once Miami shows it has a few “big wins,” the venture money will follow.
“Capital formation is not something you should worry about ... It begins with identifying those high-potential entrepreneurs and getting a handful of them to scale, and if we can do that, every thing else is going to fall into place.”
Follow Nancy Dahlberg on Twitter, @ndahlberg