The Entrepreneurial Migration to South Florida & More💥The VCF Newsletter
Can you believe it’s almost Thanksgiving?! This year has flown by and we are so grateful to you, our loyal readers and VCF members, for continuing to support the growth of this community. Investors- this week we have a call to action for you- check out Miami. And no, not just because Art Basel is coming up but as your new investment pipeline. The highlight of this week’s newsletter is a study on the Entrepreneurial Migration to South Florida, conducted by Endeavor for the last 3 years, and you won’t want to miss it.
What to expect:
🤑 The Capital Corner: Calling All VCs to Give South Florida a Second Look
📅 Programming: Recap on Endeavor Coworking Day, Spread the Word on Partner Events
💁♂️💁♀️ Investor Community Spotlight: Submit for the next newsletter!
👩🏾💻 10 VC Roles
🔊Call to action
🤑The Capital Corner
📣Calling All VCs to Give South Florida a Second Look📣
A Study on the Entrepreneurial Migration to South Florida by Endeavor
The tech industry in South Florida has experienced a boom in recent years. Miami alone has attracted over 17,000 tech jobs in the last 5 years, with 5,166 added in 2022. To gain a better understanding of entrepreneur migration, Endeavor identified over 300 firms, surveyed 50 migrant entrepreneurs, and conducted over 30 interviews with entrepreneurs and stakeholders in South Florida.
The research delves into the impact that migrating entrepreneurs have had, the reasons why South Florida has become an attractive destination for entrepreneurship, the advantages of migration, the challenges, and recommendations. The objective of this research is to contribute to the joint efforts of the ecosystem's actors in consolidating a robust entrepreneurial ecosystem.
Summary of key sections below:
Migration Pathways: The study identified four main pathways for entrepreneurial migration: CEO migration, domestic migration, foreign founders, and international expansion. Notably, the most common type of migrant is domestic, comprising 34% of mapped companies.
Demographics of Migrants:
Most migrants are male (88%) with over 15 years of work experience.
The average age at founding is 34 years, which is older than global entrepreneurial ecosystems.
Migrants are less likely to have a STEM background compared to the overall college-educated population of Miami.
Reasons for Migration:
Personal reasons (76%) slightly outweigh business reasons (71%) for moving to South Florida.
Top business reasons include connectivity to Latin America, networking opportunities, taxes, and regulation.
Top personal reasons include quality of life and diversity.
Advantages as a South Florida Migrant:
Access to American and Latin American markets is a significant advantage.
A self-sustaining support culture has developed, with 43% mentoring or investing in local entrepreneurs.
The region offers an emerging startup funding ecosystem with high non-traditional investor participation.
Challenges as a South Florida Migrant:
Cost of living is a major obstacle for 41% of respondents.
Access to tech talent is a challenge, particularly due to a relative lack of STEM talent in the area.
Visas and immigration pose significant obstacles for international entrepreneurs.
Increase connectivity within the local entrepreneurial ecosystem.
Invest in talent development at local, domestic, and international levels.
Support founders and talent from underrepresented backgrounds to ensure diverse representation among South Florida migrants.
Check out the full report below and share it with your networks!
LaFamilia Miami Breakfast & Coworking Day at Endeavor, Brought by Cooley
Yesterday, LaFamilia, in collaboration with Endeavor Miami, hosted an enriching event that brought together over 20 local founders and investors for a day of connection, knowledge-sharing, and networking. The morning commenced with a warm breakfast and introductions, creating an inviting atmosphere for collaboration. During a productive co-working session, Cooley led an engaging discussion and AMA session, addressing pertinent legal topics encountered by both founders and investors.
A highlight of the day was Cooley's exciting announcement of their launch in the Miami market, seamlessly paving the way for the next segment. Endeavor took the stage, presenting their insightful study on Entrepreneurial Migration to South Florida. This session emphasized the significance of tracking the ecosystem's success to unveil the true potential of South Florida as a burgeoning startup and investment hub.
A heartfelt thank you to Endeavor Miami for graciously hosting LaFamilia at their offices, and to our esteemed partners at Cooley for their unwavering support and sponsorship. Special appreciation goes to our gracious hosts, Valerie Lopez and Juan Manuel Barrero, for making the event memorable and impactful.💛
📣 Spread the Word
Endeavor ScaleUp Demo Day
Join Endeavor at their ScaleUp Demo Day on Thursday, November 30th, at Future of Cities in Miami! This dynamic group of ten rapidly scaling companies collectively employ over 288 people and have raised more than $37M in external capital. Register to attend here!
EndeavorLab Closing Event
The EndeavorLAB for Black Founders, powered by Dell for Startups and FPL (Florida Power & Light Company), Closing Event will take place on December 5th!
With a projected collective revenue of $4.5M by the end of 2023, representing 100% growth since 2022, this collective of home-grown businesses is poised to make a significant impact in the Florida startup scene and beyond. Register to attend!
EndeavorLab Applications: Latinx Cohort
EndeavorLAB supports underrepresented founders in Florida in building a foundation for scale. Applications for our Latinx Cohort are now open.
Deadline: Sunday, January 21st, 11:59pm ET.
You can learn more and apply here!
Lima Tech Week
Attention all those interested in the Peruvian tech ecosystem...
We are thrilled to amplify this announcement: Lima Tech Week will make its debut at the end of this month, uniting tech founders, investors, and operators for the very first time- spread the word about this event! Check out the full agenda, and RSVP below!
🔦Partner Spotlight- Cooley
We’re grateful to Cooley for their continued support of our mission. As a primarily volunteer-led organization, support from valued partners like Cooley enables us to create a powerful impact for Latines in the ecosystem and continue to catalyze opportunities for our community.
If you’re interested in partnering with us on upcoming initiatives, reach out to us at [email protected]!
💁♂️💁♀️Investor Community Spotlight
Are you in a fund that’s raising? Do you want to nominate someone? Do you want yourself to be featured? Do you have a big announcement you want to share? You’ve come to the right place. This section of the newsletter is especially for elevating and celebrating our community🎉.
Nominate someone below!
👩🏾💻10 VC Roles
Analyst/Associate, Trust Ventures (Remote/Austin)
Partner, Andreesen Horowitz (Menlo Park)
Associate, Curie Bio (Remote)
Investor Relations Manager, Playground Capital (Palo Alto)
VC Analyst, Johnson & Johnson (Boston)
Senior VC Associate, Cybernetix Ventures (Boston)
VC Analyst, Pivotal Life Science (SF)
VC Associate, ICONIQ (SF)
Associate, General Atlantic (NYC)
Senior VC Associate, Temasek (SF)
🔊Call to Action: Follow LFF
Now that LFF is official, go ahead and follow us on our new LinkedIn page and help us propel this mission forward.