Santiago Ulloa Discusses Miami’s Funding Conundrum with South Florida Business Journal
October 1, 2019
South Florida is currently home to more startups values at $1 billion or more, known as unicorns, than ever before. But despite the record-setting number of successful start-ups, early-stage ventures have declined. Why? This is largely due to the Miami area’s current funding conundrum.
As home to three of the country’s ten wealthiest zip codes, including the number one spot in Miami Beach’s Fischer Island, at first glance it seems like South Florida is ripe for many potential startup investors. However, this is not the case. While there is a massive amount of personal wealth flowing through South Florida, these potential investors favor reliable investments such as real estate over the risky world of Miami-based startup investments.
In order to better understand why investors are hesitant to invest in startups in the area, South Florida Business Journal recently spoke with WE Family Offices Founder and Managing Partner Santiago Ulloa.
“South Florida is not on their radar yet,” says Ulloa. Instead, he explains how his clients at WE Family Offices who are funding disruptive ventures for their attractive, relatively quick returns typically look to New York and Silicon Valley markets to place their investments. As a result, clients may need to be educated and exposed to the local startup community in order for them to utilize South Florida startups as a potential means of diversification for their wealth.