November 20, 2014
Despite the chilly weather, Miami’s tech community gathered last night at The Stage Miami to be part of Tech Cocktail’s Speaker Sessions with Ed Boland of Scout Ventures and Melody McCloskey of StyleSeat.
Ed Boland, Principal of Scout Ventures, took the stage early on to talk about Scout Ventures’ move to Miami.
“The more I got immersed [in the tech scene], I realized that what is happening would change South Florida. It will change our city from a service based economy to a knowledge based economy,” explained Boland.
The move signals the growth of a local investment infrastructure, which is a step towards building a sustainable community.
“Venture capital is an incredibly under-allocated asset class here in Miami. We are telling the story of why people should invest here in Miami,” says Boland.”What we find here in Miami is a high net worth community that is using an investment strategy that is probably geared towards markets 5 and 10 years ago. So the more we have this conversation, the more capital we can unlock in South Florida.”
As to their plans in Miami’s local tech community, Boland highlighted what makes Scout Ventures unique: they allow all of their LPs to participate with co-investment in any deals, provided there is room. This means they have more access to high net worth individuals. This is an interesting approach because it allows the firm to advise these high net worth individuals to invest locally. They become local venture consigliere.
Scout Ventures typically invests $50,000 to $500,000 in emerging companies, between their Angel and Series A financing rounds. Boland told audiences that they will be announcing their first local investment early next year.
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