Andrew Steele

Summary: Keith Rabois, managing director of Khosla Ventures, is on a mission to turn Miami into the next Silicon Valley and has been actively promoting the city as a tech hub. Despite some challenges and opposition, Rabois remains optimistic about Miami's potential and the growth of its tech ecosystem. Key takeaways: Keith Rabois is determined to make Miami the next Silicon Valley and has seen progress with a growing number of seed investments in the city. Khosla Ventures, where Rabois works, has made multiple investments in Miami, including one into a startup aiming to "reinvent education." Rabois continues to split his time between Miami and San Francisco, but believes that Miami offers a better quality of life and potential for building a thriving tech community. Counter arguments: Some big name investors, such as Andreessen Horowitz, have pulled out of Miami, suggesting that the city does not offer the same opportunities as other established tech hubs. Miami still has a relatively small share of total U.S. seed investments (2.6%-3.5%) which may indicate a lack of resources and opportunities compared to other cities. #venturecapital

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Summary: Andreessen Horowitz (a16z) has closed its satellite office in Miami Beach, just two years into a five-year lease. This decision comes as Miami's venture investments have dwindled and a16z's plans for global outposts did not go as expected. Key takeaways: A16z's closure of its Miami Beach office is a blow to its plans of expanding to global outposts and builds relationships with founders. Miami's venture investments have decreased significantly and the area has struggled to retain entrepreneurial talent. This decision by A16z highlights the challenges startups and investors face when trying to expand to new locations. Counter arguments: Miami's struggles with retaining talent and venture investments may not be the sole reason for A16z's closure. There could have been other factors at play. A16z's plans for global outposts may still be successful in other cities despite the closure in Miami Beach. #venturecapital #vc #venture

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Interesting story and highlights the flagging VC ecosystem in Miami. Bloomberg: When Andreessen Horowitz opened an outpost in Miami Beach, the $43 billion venture capital giant bolstered the region’s ambitions of becoming a tropical tech mecca. Two years and a crypto meltdown later, that office has been quietly shuttered . . . The departure underscores the potential weakness of Miami’s staying power after the city lured a rush of finance and tech companies in recent years. Shortly after Andreessen Horowitz said it was opening the office, Miami’s crypto dreams began to crumble with the implosion of Sam Bankman-Fried’s FTX . . . Venture capital money flowing to Miami has flagged since 2022. Miami-based companies brought in $400 million in the second quarter, compared with $5.5 billion for 2022 as a whole, according to PitchBook data. By contrast, the artificial intelligence boom has given San Francisco even more of an edge as a tech capital. In the second quarter, companies in the Bay Area got $18.7 billion in venture capital funding . . . #miami #commercialrealestate #office #markets #investing #florida

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Miami F1 did not disappoint, with all sorts of legendary entertainers, investors, and even scientists descending on Miami to see who could throw the best party of the week. I was fortunate to receive an invite to a party on the legendary 180-foot Gene Chaser, the support vessel for the floating laboratory, Gene Machine, which carries all the toys. The owner, best known for his contributions to next-generation DNA sequencing, was a fascinating person to meet and get to know. This yacht was the fastest in the marina, equipped with four Caterpillar engines reaching a top speed of 22 knots. It was also the most traveled last year, visiting places like Antarctica and Singapore. Fun Fact: This boat isn’t allowed in St. Barts because the intense heat from its exhaust could melt other yachts. My favorite part was trying out all the hardware, especially the first-ever portable brain MRI that will soon be going into space. This was probably my favorite event of the entire weekend. https://lnkd.in/eRF6Z7RN For specs on the boat, click on the link here: https://lnkd.in/eP7bnYtr #MiamiF1Experience #GeneChaserYacht  #NextGenSequencing #PrivateInvestmentLuxury #FamilyOfficeEvents #SuperyachtScience  #InnovativeInvestors  #LuxuryAtSea  #TechOnDeck #AdventureYachting

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A lot of investors have been asking me what the major industries are in the Venture Miami Built in Miami Startup Program. Here's the industry breakdown across 214 new South Florida startups. TLDR: The South Florida startups are pretty diverse across industries. Here's the largest categories in order: - 16.2% AI & Machine Learning - 14.2% EdTech - 12.2% Healthcare - 8.5% Marketing & Sales Tech - 8.1% FinTech - 7.4% Sustainability - 6.1% Travel & Hospitality - 6.1% E-Commerce The smallest category: Cybersecurity at 1.2% There's an additional 50 startups that didn't complete the survey in time but we'll get that info updated by Demo Day June 20th. #BuiltinMiami

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Summary: Techstars, a startup accelerator, announces layoffs and the end of its J.P. Morgan-backed AdvancingCities program. This is part of a larger restructuring effort, with the organization's focus shifting towards better supporting diverse founders. Key takeaways: The AdvancingCities program, which aimed to back diverse founders, saw the launch of accelerator programs in various cities across the U.S. J.P. Morgan, the program's sponsor, did not commit to continuing support, leading to its ultimate shutdown. Techstars CEO David Cohen acknowledges the organization's over-expansion and shifts focus towards better supporting founders. Counter arguments: Some in the investment community criticized Techstars' focus on scaling, which could have contributed to its layoffs and restructuring. Techstars did not comment on the situation further, leaving open the potential for speculation and differing opinions. #venturecapital #vc #venture #tech

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The SomosVC 2023 Annual Report is out! Key findings of the report include: 👉 79% of venture funds over $100 in AUM have no Latino/a investment professionals at all. 👉 Latino/a's represent only 1.6% of all investment professionals at funds over $100M in AUM 💪 Latino/a led firms are more likely to invest in diverse founders - 48% of portfolio company founders identify as underrepresented people of color. 💪 Latino/a-led firms in the SomosVC community have played a pivotal role in job creation, with investments leading to an estimated 51,612 new jobs. Learn more about the report in this Axios piece! https://lnkd.in/e4d58sNd

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I'm proud to announce the Techstars NYC Fall 2024 cohort, which features startups in a range of industries, including Cybersecurity, AI, Fintech, HealthTech, LegalTech, HRtech, Gaming, and Augmented Reality. These companies were selected from thousands of applicants through a rigorous application, interview, and diligence process. We are excited about their accomplishments over the next few months and beyond. The Fall 2024 class includes: Basil Streamlined talent planning, management, and payments for creative and marketing teams in a single platform. Buildstash Automated archival and easy management of builds, simplifying the way app and game developers manage and share their builds. Conduit High-impact marketing videos for game developers using metadata, scalable designs, and AI. Dobbie Helps e-commerce brands reduce OPEX and achieve profitability quicker with an AI operating system, that automates marketing and operations. Hatchproof The Retention Solution for building aligned, engaged, and thriving teams. LendAPI A digital product builder and high-performance decision engine for banks to launch products in hours rather than months. NimblemindAI Enrich clinical datasets with risk scores and billing data, unlocking non-clinical revenue for healthcare organizations. OB2.AI Detect and respond to cyber threats in seconds.  Ozeki Technologies Software to automate negotiations for your business. Skyglass The software suite for filmmakers of the future. Our AI-powered app makes it easy for content creators to produce Hollywood-grade visual effects with just an iPhone. Triton Triton’s automated system synthesizes operating and financial data on private companies from fragmented online sources to help investors make better investment decisions. #givefirst #techstars #builtinnyc #techstarsnyc

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In this episode of "This Week in Startups," hosted by David Weisburd and featuring Jamie Rhode, CFA, Matthew Mulvey, and Jason Calacanis, the discussion covers the resurgence of venture capital distributions, Sequoia Capital's liquidity strategies, and the impact of economic conditions on VC funds. Dive into the insights on how venture capital firms are navigating current market conditions and the strategies they are adopting to stay ahead. Catch the full episode on YouTube to understand the dynamic landscape of venture capital investments and emerging trends. https://lnkd.in/eaRHvjeD #Venture #VentureCapital #VC

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Thrilled to share: Jay Estefani C. of m]x[v has been recognized by NYC founders as a top founder- focused investor! Forum Ventures recently invited founders to nominate investors who've been pivotal in their entrepreneurial journey, emphasizing a founder-centric approach. Our deepest gratitude goes to: - Forum Ventures for championing a founder-first venture ecosystem - The visionary founders who took the time to nominate - All recognized investors for their unwavering support through highs and lows This recognition underscores our commitment to fostering symbiotic founder-investor relationships. It's about more than capital—it's about partnership, mentorship, and shared success. To building a venture landscape where founders and investors thrive together. Nick Adams - Differential Ventures, Lisa Burton O'Toole, PhD - Hearst Lab, Richard Odior - Zeal Capital Partners, Alex Hornick - Purple Sage Ventures, Lauren Reeves - MGV, Ashley Ryder - Vamos Ventures, Jeremy Kagan - Textbook Ventures, Jesse Middleton - Flybridge, Stephan Cizmar - Lorimer Ventures, Vivin Hegde - Zacua Ventures, Iynna Halilou - The MBA Fund, Owen Willis- Opal Ventures, Jeffrey Silverman - Laconia Capital Group, Shashi Srikantan - Level Up Ventures, Rachel ten Brink - Red Bike Capital, Moshe Bellows- Maccabee Ventures, Wyeth Coulter - Point72 Ventures, Claire Goldsmith- BoxGroup, Eric Ong - Lightbank, Adam G. - 640 Oxford, Ilan Abehassera - Origins Ventures, Megan Ruan - GoldHouse Ventures, Charles Hudson - Precursor Ventures, and Jenny Fielding - Everywhere Ventures #VentureCapital #FounderSupport #NYCTech #StartupEcosystem

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Summary: This article discusses various venture capital news, including insights and analysis of VC firms, trends in investments, and the impact of technology on the industry. Key takeaways: The article mentions that Insight Partners is potentially raising over $10 billion for its 13th fund, and OpenAI may be altering its complex corporate structure. There is a growing trend of Silicon Valley companies following China's lead and a discussion of how VC Mike Moritz believes the pace of work in tech companies should be "furious." Y Combinator is expanding the number of cohorts it runs, a new decentralized music streaming service called Tune.FM is introduced, and there is discussion about startups working on addressing climate change. Counter arguments: There may be concerns about the potential drawbacks of following China's lead, and the idea of a "furious" pace of work may raise questions about work-life balance and company culture. Some may argue that expanding the number of cohorts may lead to a decrease in the quality or effectiveness of Y Combinator's program. The article does not mention potential challenges or limitations facing the new decentralized music streaming service or startups working on climate change solutions. #venture #venturecapital #vc

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On May 2, 2024 REFASHIOND Ventures: The Industrial Transformation Fund convened people from around the world for Supply Chain & Industrial Transformation: The Next Generation (Silicon Valley 2024) at the JP Morgan Chase Palo Alto Technology Center in Palo Alto, CA. Lisa Morales-Hellebo and I want to extend our deep gratitude and appreciation to Melanie Hilton, Michelle Covey, Jess Urriola, Amy Reiter, and Vivian Tai from GS1 US for sponsoring that event, and our other event on May 3 in San Francisco. In this clip from Thursday, May 2, Melanie, Senior Vice President, Community Engagement at GS1 US tells our guests about GS1 US and welcomes them to the gathering. Our Investment Thesis: REFASHIOND Ventures: The Industrial Transformation Fund invests in early stage startups refashioning legacy industries through Data & AI, Advanced Materials, Advanced Manufacturing, & Next Generation Supply Chains; Defensible through economic moats. About GS1 US; GS1 US® helps companies power their supply chains to deliver safe, consistent, authentic, and trusted experiences. Best known as the recognized source for UPC barcodes, GS1 is a not-for-profit, global data standards organization that creates the common language that helps companies and their trading partners identify, capture, and share trusted data that links their physical and digital supply chains. Millions of businesses around the world power commerce with GS1 Standards. More than 300,000 members across 25 industries turn to GS1 US® for help with improving operations, addressing today’s industry challenges and changing market conditions, and positioning their businesses for tomorrow by leveraging GS1 Standards. #SCITSV2024

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When is the right time for startups to consider going public? In this clip, Yassaman Salas, Partner, Global head of Medical Device at Goldman Sachs, explores the appropriate stage for companies to consider an IPO. She highlights how this decision should shape strategic planning early on and emphasizes the importance of revenue predictability in demonstrating readiness for an IPO. This discussion from #LSIEurope23, ‘Behind the Buyout: Navigating Strategic Partnerships & M&As From Both Sides of the Table’, gives a behind-the-scenes look at M&As and partnerships, explores strategies from both buyer and seller viewpoints, and shares real-world experiences to demystify the complexities of M&As. The full video recording of this panel featuring Ken Nelson, Nate Harrington, Kevin Rocco, Yassaman Salas, and Biren Mehta is available on our website and YouTube channel. Want to see more content like this? Registration and applications to present are open for LSI Europe ‘24 this September 16th - 20th at the Penha Longa Resort, in Portugal. Secure your spot today to ensure you get the best rate and secure a hotel room onsite.

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Summary: The article reflects on the changes in the venture capital industry over the past 20 years, as seen through the lens of Uncork Capital's 20th anniversary celebration. Key takeaways: The industry has become significantly larger over the years, with billions of dollars being invested in startups compared to only millions. The rules and norms around VC practices have also shifted, with more flexibility for VCs to invest their own money and back competing companies. Board seats, once seen as valuable investments, are now viewed as potentially hindering a company's growth, with some VCs choosing not to take them. Counter arguments: Some argue that VCs have a fiduciary duty to be actively involved in board meetings and help companies, making the trend of not taking board seats questionable. There is also the concern that founders have limited control over their company's choices, and may have to accept funding from VCs with competing investments. #venturecapital #vc #startups

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This is an insightful article from Fortune on fund manager activities in the Miami area. I had forgotten that mega $40 billion+ AUM venture capital fund manager Andreessen Horowitz opened up a Miami office amidst the historic South Florida hype era in 2022. It looks like the office was closed in May 2024 as the space was seldom utilized. This seems to be the case for many of the venture capital (and overall private markets) fund managers who came to Miami in the #hype era. Generally speaking, on the limited days I have been in the Miami area, many people I have reached out to at fund management firms are often traveling or not in the area, so this low occupancy seems to be the case across the board. As much as I love Miami and it's latin vibe and cultural diversity - it is nowhere close to replacing #NYC or the SF Bay Area, but I am encouraged in its increasingly developing role as a place for RIAs/Wealth Managers and family offices that are developing their investment activities in private markets and alternative assets overall. #alternativeassets #miami #southflorida #privatemarkets #fundmanagers #familyoffices #capitalmarkets #a16z #venturecapital #fundmanagers

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Impactful Biz, Ops & Investment Roles at Early Startups & VCs: • Chief of Staff to Ex. Head of Product at Google • Founding GTM at the most YC product used by other YC companies in the past four years • Chief of Staff to a Partner at a Top-Tier VC Fund • Head of Platform of a NY State Backed Accelerator • Investment Associate at a Seed Stage Fund Investing in Category-Defining Companies • Partner at a Defense-Focused VC Fund • Chief Revenue Officer of a New Space Company in El Segundo • Venture Capital Analyst at a fund investing in overlooked geographies • Investment Associate at a Spirit-Focused Fund • Strategy & Ops Lead at a Company Focused on Helping Improve Autism • Senior Product Manager at a Company Focused on Building Shopify for Content Creators • Program Manager for a Space Security Company • Open-ended Investment Position at a Top-Tier Accelerator • Biz & Ops Lead for One of the Most Loved Digital Consumer Products 💸 All companies are well-funded and backed by top-tier investors. ⬇ You can find links to the roles above, plus many more, in the comments.

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🌟 Exciting Times for Miami's Startup Scene! 🌟 The Miami startup ecosystem is buzzing with energy and innovation, rapidly becoming a global tech hub. 🌴✨ Over the past few years, we've seen an influx of talent, capital, and groundbreaking ideas making their way to our vibrant city. 🔍 Key Highlights: Investment Surge: In 2023, Miami saw nearly $2 billion in venture capital, focusing on fintech, climate tech, and AI startups. Strategic Location: Miami's unique position as a gateway to Latin America provides unparalleled access to the market and capital, enhancing understanding of the Latino market in the US. Cultural Diversity: Miami's vibrant Latino culture drives innovation. With major media networks like Telemundo headquartered here, the city is a hub for Latino entrepreneurship and creativity. 💡 Challenges Ahead: The local startup scene could benefit from more robust support networks and business development centers like those in Berkeley, Stanford, Austin, NYC, and San Francisco. However, this presents a golden opportunity for entrepreneurs focused on serving underrepresented and financially underserved Latino communities in the US. 🌍💪 🌱 Opportunities for Growth: IM Financial Supportive Environment: Local initiatives and government support are creating a fertile ground for startups to thrive. Community Focus: Growing emphasis on startups addressing the needs of the Latino community, providing essential financial education and services. Let's continue to build on this momentum and make Miami not just a great place to live, but a leading hub for innovation and entrepreneurship! 🚀🌆 #MiamiTech #StartupLife #Innovation #LatinoStartups #Entrepreneurship #TechHubs #VentureCapital #Fintech #ClimateTech #AI #MiamiBusiness You can download a complete impact report here, thanks to Melissa Medina and eMerge Americas https://lnkd.in/eNV8RnGB

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“Venture distribution cycles have elongated to the point that LPs now risk a decade of negative cash-flow on many of their VC relationships. That's not sustainable for institutions with large spend requirements, such as a university endowment.” A lack of liquidity in VC is proving to be a major issue for some endowments. There are plenty of medium sized endowments who went full in on the Yale model, but have a lot more concentration risk due to size. That’s a tough game to play when you have required outflows. https://lnkd.in/ewkhEDSi

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Today's guest on Business Podcast by Roohi is the first repeat guest on the podcast Had a super interesting discussion with Juan Abundes: Solo GP at Aito Capital In this podcast we cover: 1. GP’s leaving to start their own funds 2. Creative ways of liquidity Thanks to Ana Maury Aguilar for making the intro to Juan! Link to listen to the episode- in the replies

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