Photo of downtown Miami by Michael Bolden.
While the formula for building a great tech company remains a mystery, investment capital is definitely an important ingredient. The fact that most startups don’t qualify for traditional sources of funding makes early-stage investors a key component in any ecosystem.
Technology advancements have made the costs of developing a tech company lower than ever and have provided opportunities to scale beyond our wildest imaginations. Think of companies like Uber or Google valued at $40 billion each in less than five years. These trends have taken the investment community by storm.
Knight Foundation has been a transformational force in Miami becoming a tech hub by connecting and cultivating entrepreneurs. We’re starting to see the first success stories, with Mako exiting at $1.65 billion, .CO exiting at $109 million, OpenEnglish raising capital at a valuation of over $350 million, MagicLeap raising $542 million at a $1 billion-plus valuation. And yet, this is the tip of the iceberg. At Accelerated Growth Partners, we’ve made six seed investments and are closing three more. Every day we’ve been surprised by the quantity and quality of companies being built in our backyard.