1 00:00:13.320 --> 00:00:15.210 Johny Fernandez: Patrick Woloveck is one of the founding 2 00:00:15.210 --> 00:00:17.430 members of Vendorterm in New York City. 3 00:00:17.480 --> 00:00:20.360 Patrick Woloveck: Basically, companies can come to Vendorterm 4 00:00:20.390 --> 00:00:24.860 with an invoice, get paid cash upfront, and then we'll wait 5 00:00:24.860 --> 00:00:29.390 that 30, 60, 90 days, whatever it might be to get paid from the 6 00:00:29.390 --> 00:00:31.220 buyers of those startups. 7 00:00:31.260 --> 00:00:33.690 Johny Fernandez: He says that the city's expensive costs and 8 00:00:33.690 --> 00:00:36.900 changes were the driving factor of him moving the company's 9 00:00:36.900 --> 00:00:40.650 office to Miami, a place that is welcoming tech companies with 10 00:00:40.650 --> 00:00:41.610 open arms. 11 00:00:41.730 --> 00:00:45.060 Patrick Woloveck: We see Miami as an emerging market, a market 12 00:00:45.090 --> 00:00:49.860 that is really picking up in terms of overall activity. And 13 00:00:50.160 --> 00:00:53.280 we're super bullish on it. So we want to establish a presence 14 00:00:53.280 --> 00:00:55.620 there almost as a mini hub. 15 00:00:55.620 --> 00:00:55.840 Johny Fernandez: Earlier this year, Miami's mayor announced 16 00:00:55.840 --> 00:00:57.250 that dozens of firms have already decided to make Miami 17 00:00:57.280 --> 00:01:04.390 their home. That decision will bring 1000s of jobs to the Miami 18 00:01:04.390 --> 00:01:07.390 area. And many executives we spoke with say that the decision 19 00:01:07.390 --> 00:01:09.760 will benefit them and they aren't looking back. 20 00:01:10.950 --> 00:01:19.530 mayor's response of, how can I help? grabbed the attention of 21 00:01:19.530 --> 00:01:22.890 the tech community and started the conversation of moving to 22 00:01:22.890 --> 00:01:23.670 the Magic City. 23 00:01:23.760 --> 00:01:25.680 Mayor Suarez: We just want to capitalize on that we want to 24 00:01:25.680 --> 00:01:29.400 make sure that we attract all the best talent that we can from 25 00:01:29.400 --> 00:01:31.980 both New York and Silicon Valley, because we feel that the 26 00:01:31.980 --> 00:01:35.640 confluence of that migration coming to Miami is going to 27 00:01:35.640 --> 00:01:38.250 create and propel us to be a city that is one of the most 28 00:01:38.250 --> 00:01:41.310 exciting and best cities on the planet. And frankly, that's what 29 00:01:41.310 --> 00:01:41.880 our goal is. 30 00:01:41.960 --> 00:01:44.270 Johny Fernandez: In Miami, we caught up with Michael Martocci, 31 00:01:44.540 --> 00:01:45.890 the founder of Swagup. 32 00:01:46.010 --> 00:01:47.750 Michael Martocci: We just kind of give companies a one stop 33 00:01:47.750 --> 00:01:50.960 shop from end to end to find the best items, design them for 34 00:01:50.960 --> 00:01:55.010 them, handle storage, shipping global logistics, and integrate 35 00:01:55.010 --> 00:01:56.000 into their workflows. 36 00:01:56.150 --> 00:01:58.490 Johny Fernandez: Martocci says his business quickly grew from 37 00:01:58.490 --> 00:02:02.090 his parents house in 2018, to a warehouse outside of New York 38 00:02:02.120 --> 00:02:05.660 City just last year, but the tug to head to South Florida was 39 00:02:05.660 --> 00:02:06.410 irresistible. 40 00:02:06.440 --> 00:02:08.360 Michael Martocci: We've hired about four people in Miami since 41 00:02:08.360 --> 00:02:10.730 I got here full time in September. And we're trying to 42 00:02:10.730 --> 00:02:13.640 like really get ingrained into the ecosystem here, especially 43 00:02:13.640 --> 00:02:16.370 from like a tech standpoint, hiring some tech developers and 44 00:02:16.370 --> 00:02:19.910 designers down here. But I love Miami so far. 45 00:02:19.970 --> 00:02:22.400 Johny Fernandez: He says Miami's active local government helped 46 00:02:22.400 --> 00:02:25.400 him when he moved. It's something he's not used to. 47 00:02:25.430 --> 00:02:27.860 Michael Martocci: What I've told people here is that in New 48 00:02:27.860 --> 00:02:30.560 Jersey, and especially in San Francisco, but even in New 49 00:02:30.560 --> 00:02:33.470 Jersey, they just take the businesses there for granted. 50 00:02:33.500 --> 00:02:36.140 You know, they think that oh, you're like in our jurisdiction 51 00:02:36.140 --> 00:02:39.590 and we have this control and power over you and instead of 52 00:02:39.590 --> 00:02:42.440 like hey, how can we empower you and support you so that because 53 00:02:42.440 --> 00:02:44.300 of the value that you bring to our community. 54 00:02:44.330 --> 00:02:45.920 Johny Fernandez: While the excitement for this tech 55 00:02:45.920 --> 00:02:48.950 movement is spreading across the Magic City, there are some 56 00:02:48.950 --> 00:02:53.510 concerns, Justin Leto and Larry Bassuk own Idea Financial, a 57 00:02:53.510 --> 00:02:57.560 digital lending company in Miami. Both have over a decade 58 00:02:57.560 --> 00:03:00.470 of business ownership in Miami. Local government here they 59 00:03:00.470 --> 00:03:04.370 welcome a lot of these tech businesses with open arms. You 60 00:03:04.370 --> 00:03:06.920 know, they're saying that they'll assist a lot of these 61 00:03:06.920 --> 00:03:10.490 businesses, help them transition into coming here. When you guys 62 00:03:10.490 --> 00:03:12.140 hear that, what are your thoughts? 63 00:03:12.200 --> 00:03:14.450 Justin Leto: One of the concerns that I think a lot of local 64 00:03:14.480 --> 00:03:17.180 folks here have is that the people will come down here 65 00:03:17.180 --> 00:03:19.790 temporarily from whether it's New York or San Francisco, 66 00:03:19.970 --> 00:03:22.760 thinking this will be home, they'll set up shop temporarily. 67 00:03:22.760 --> 00:03:25.010 And then when things go back to normal, they'll get up and go 68 00:03:25.010 --> 00:03:27.980 back home, or they won't set up their roots fully here in this 69 00:03:27.980 --> 00:03:30.890 city. So we hope that if they do they recognize the needs of 70 00:03:30.890 --> 00:03:33.800 Miami as a young city, and they really contribute not just to 71 00:03:33.800 --> 00:03:36.320 their own businesses, but to the city as a whole to make this 72 00:03:36.320 --> 00:03:38.060 place better for all the folks that live here. 73 00:03:38.060 --> 00:03:39.710 Johny Fernandez: The business owners shared with me their 74 00:03:39.710 --> 00:03:42.890 success, but want to make sure everyone benefits from the new 75 00:03:42.890 --> 00:03:43.400 movement. 76 00:03:43.850 --> 00:03:46.640 Larry Bassuk: I think it's a widely known fact that we're 77 00:03:46.700 --> 00:03:51.020 over reliant upon tourism, and we're very concentrated on real 78 00:03:51.020 --> 00:03:54.260 estate as well. So I think for the future of Miami, it's 79 00:03:54.260 --> 00:03:58.070 absolutely necessary that we diversify our economy. And we 80 00:03:58.070 --> 00:04:01.430 very much support the mayor's efforts right now. To be very 81 00:04:01.430 --> 00:04:03.770 focused on that initiative. It's the smart way to go. 82 00:04:03.860 --> 00:04:05.870 Johny Fernandez: Their advice for new business owners heading 83 00:04:05.870 --> 00:04:06.560 to Miami. 84 00:04:06.770 --> 00:04:09.170 Larry Bassuk: I would tell first and foremost people who are 85 00:04:09.170 --> 00:04:11.840 considering moving their businesses down here, don't 86 00:04:11.840 --> 00:04:15.080 think twice. Come down here because you can achieve your 87 00:04:15.080 --> 00:04:18.440 goals with hard work with some luck but with the right people 88 00:04:18.560 --> 00:04:20.600 and with the right environment that exists out here and that 89 00:04:20.600 --> 00:04:23.570 right energy that it's hard to define but when you come down 90 00:04:23.570 --> 00:04:24.590 here, you feel it. 91 00:04:24.660 --> 00:04:27.750 Johny Fernandez: Laura Gonzalez-Estefani is the CEO of 92 00:04:27.750 --> 00:04:31.380 Venture City. The Miami based nonprofit focuses on helping 93 00:04:31.380 --> 00:04:35.130 tech companies grow like Leto and Bassuk, she believes in 94 00:04:35.130 --> 00:04:37.590 having companies establish roots in Miami. 95 00:04:37.710 --> 00:04:40.290 Laura Gonzalez-Estefani: I want to kind of like break a myth. I 96 00:04:40.290 --> 00:04:45.030 love people used to say even before I came to Miami that 97 00:04:45.030 --> 00:04:49.560 there was not enough tech in Miami and that is so untrue. I 98 00:04:49.560 --> 00:04:52.530 think that the problem was at the amazing universities that we 99 00:04:52.530 --> 00:04:56.100 have in Miami, we're not able to retain the times in Miami 100 00:04:56.100 --> 00:05:00.570 because Miami wasn't generating that kind of jobs in tech, to 101 00:05:00.570 --> 00:05:05.190 get the talent at home, right? Now, with all these explosion 102 00:05:05.190 --> 00:05:07.860 now that everybody has understood that you no longer 103 00:05:07.860 --> 00:05:11.850 need to be in San Francisco in New York or in some other places 104 00:05:11.850 --> 00:05:15.030 within the even in Boston in some other places within the US, 105 00:05:15.030 --> 00:05:18.630 you can stay in Miami, you can work for a company in Miami and 106 00:05:18.630 --> 00:05:20.490 get the salary that you deserve. 107 00:05:20.640 --> 00:05:23.190 Johny Fernandez: Miami's mayor says he's working on making sure 108 00:05:23.190 --> 00:05:26.280 everyone can benefit from the change. What would you say to 109 00:05:26.400 --> 00:05:30.060 any small business owner or small business lender merchant 110 00:05:30.060 --> 00:05:34.620 cash advance that is in another state, but is considering moving 111 00:05:34.620 --> 00:05:37.260 to Miami whether it's in the fintech world or just a small 112 00:05:37.260 --> 00:05:38.370 business? What would you say to them? 113 00:05:38.400 --> 00:05:40.772 Mayor Suarez: I would say that that they should move. The 114 00:05:40.827 --> 00:05:43.862 question shouldn't be after hearing this, you know, why 115 00:05:43.917 --> 00:05:47.227 should you move to Miami? The question should be why haven't 116 00:05:47.283 --> 00:05:50.593 you already moved to Miami? I think the the, you know, Miami 117 00:05:50.648 --> 00:05:53.959 has been a financial powerhouse for many decades. And now we 118 00:05:54.014 --> 00:05:57.324 have an opportunity to be a financial tech powerhouse. And I 119 00:05:57.379 --> 00:06:00.745 think that's important because every single industry is being 120 00:06:00.800 --> 00:06:03.890 revolutionized by tech, but finance in particular, where 121 00:06:03.945 --> 00:06:06.980 you're going to have digital tools, as a small business 122 00:06:07.035 --> 00:06:10.345 owner, as someone who which will give you access to the same 123 00:06:10.400 --> 00:06:13.932 tools that you would have if you were a major business owner, or 124 00:06:13.987 --> 00:06:16.470 had a major banking relationships and I think 125 00:06:16.525 --> 00:06:19.670 democratization of financial assets, is something that is 126 00:06:19.725 --> 00:06:23.256 going to change and allow for a lot of upward mobility and a lot 127 00:06:23.311 --> 00:06:24.360 of wealth creation. 128 00:06:24.570 --> 00:06:26.571 Johny Fernandez: Back in New York, Woloveck says the 129 00:06:26.629 --> 00:06:30.690 transition to relocate to Miami will be a game changer for his company. 130 00:06:30.900 --> 00:06:34.033 Patrick Woloveck: My relocation there is to meet as many people, 131 00:06:34.101 --> 00:06:38.189 investors, founders, anyone in the startup ecosystem and I'm 132 00:06:38.257 --> 00:06:42.548 super excited about I think the opportunities there that really 133 00:06:42.617 --> 00:06:46.500 Mayor Suarez has spearheaded over the past couple months. 134 00:06:46.950 --> 00:06:50.220 Johny Fernandez: In Miami, I'm Johny Fernandez with deBanked News.