Where are the investors? While that has been a common refrain in South Florida’s startup community, it is becoming a little easier to find them.
That’s because many are offering “office hours,” open coffees, dinners or other ways to give startups a chance to meet them and begin building a relationship -- before pitching for dollars.
On Wednesday, nine investors and mentors came together to host Miami's first Godfather Day, a daylong session put on by Fourth Estate and Hacks/Hackers Miami, for six entrepreneur teams in news and media innovation. The session was a two-way conversation that allowed company founders and the mentors the opportunity to ask "off the record" questions to help get these startups to the next level.
The Godfathers/Godmothers who participated were: Jeff Brown of Fourth Estate and Honey Tree Holdings; Jon Cole of New World Angels and Locke Lorde; Alex de Carvalho of Knight Innovator in Residence at FIU; Dan Grech of Hacks/Hackers Miami; Franc Nemanic, angel investor; Mike O’Donnell of Startup Biz; Sally Outlaw of Peerbackers; Sid Sawhney of Thesis Ventures; and Ben Wirz of the Knight Foundation’s Enterprise Fund.
Startups that participated were: Rise Miami News of Miami, Jurnid of Miami, ModernCoalition, from Kansas City, WeKount of Palm Beach County; TechCetetera of Fort Lauderdale and New Tropic of Miami.
Each entrepreneur team received nearly one hour with the entire group at one time. For entrepreneurs, it was an opportunity to sit down with investors in an informal setting and have a conversation to help investors better understand the founder and the business, said Brown. It also gave founders “a safe space and a safe dry run” to ask candid questions of the investors and receive feedback, said Outlaw.
For the investors and mentors in the John S. and James L. Knight Foundation boardroom, where the event was held, it was not only a chance to build potential deal flow down the road but also an opportunity to give back to the startup community and an efficient way to spoonfeed entrepreneurs access to experts. “Ninety percent of the time they think they need money but what they really need is advice,” Wirz said. Grech and de Carvalho added that it was an opportunity to spark and support media innovation, which has been building in the past year.
Brown has also run UpPitch sessions, informal dinners that matched a couple of entrepreneurs with an investor interested in their industries. He said the Godfather Days like the one on Wednesday will continue, at least quarterly.