Over the years, Miami has become a highly attractive market for Colombian startups, due to its dynamism and its investment ecosystem. In fact, according to a Startup Genome report, this city is in the top 10 emerging innovation centers in the world. For example, according to PitchBook, the Miami ecosystem doubled its number of annual deals in three years, from 2019 to 2022, and remained strong in the first quarter of 2023, nearly matching Washington, DC’s number of deals. which has obtained double the commitments and almost double the funds in the last three years.
(Miami, the best investment opportunity for Colombians).
Even for some entrepreneurs and experts on the subject, due to its outstanding investment in blockchain technologies, artificial intelligence, ‘edtech’ and others, Miami has the potential to succeed to Silicon Valley and congregate a robust portfolio of startups, from countries in the region such as Mexico, Brazil, Chile, Colombia, among others.
“Miami is a market that has challenging complexities and dynamics for startups. For this reason, Colombian and Latin American entrepreneurs who wish to expand their projects and take advantage of the enormous growth potential that the city is offering need a trusted guide to navigate this exciting journey.”says Lavinia Meliti, founder and CEO of LavimCo, a consulting company specialized in supporting startups to establish their presence in such a dynamic business environment.
What recommendations should an entrepreneur take into account so that their innovations have a clear roadmap on their way to the competitive scene in Miami? Meliti lays out four key elements:
1. Discover your differential value, and be part of the 10% of startups that are on the path to success: In a saturated market like that of startups, it is crucial to show your differentiated value and stand out from the crowd, using innovative strategies and a deep understanding of local challenges and opportunities. By effectively differentiating yourself, you can attract customers, investors, and strategic partners who recognize your distinctive value.
2. Connect with experts and take advantage of their knowledge: Success in this universe is not achieved in isolation. Lean on mentors and experienced professionals who have already overcome the challenges of the Miami start-up ecosystem, and leverage their networks and experience to accelerate your progress.
3. Be strategic when choosing companies to partner with. One truth remains constant: The growth of a company is the result of strong relationships and strategic collaborations. These carefully selected alliances can provide you with access to resources, expertise, and networks of key contacts. This will allow you to make the most of synergies and multiply the chances of success in your entrepreneurial journey.
4. Build a strong pitch and put yourself in the shoes of investors, before knocking on the door: As Latin American entrepreneurs set foot in this thriving market, access to capital is undoubtedly the biggest hurdle. Each stage and time of raising capital has its peculiarities, and it is important to differentiate and understand them. This will allow you to define the correct strategy to have a conversation on par with potential investors. Thus, you will be able to structure a more persuasive speech, focused on the key elements that your audience wants to hear.
(The man whose house was left inside a luxurious construction in Miami).
“Miami is a challenging ecosystem with a universe of opportunities for Colombian and regional startups. Starting a business in an unfamiliar environment can create uncertainty and fear, but it is precisely overcoming these obstacles that will allow you to make the most of what this vibrant ecosystem has to offer.”Meliti concludes.