EVQLV had everything Tamiami Angel Funds investors were seeking: a foothold in the life sciences industry to diversify its portfolio, a tech-based company capable of rapid scaling and a trendy AI engine.
Another bonus: The business is based in Miami, which aligns with the preferences of Naples-based Tamiami Angel Funds—the largest and most active angel fund in Florida, with five funds and nearly $33 million in investments over the past decade. Ideally, these investors want to support ventures within the state.
If the business were closer to home, it would be even better.
“We prefer to invest in Southwest Florida over anywhere else in the state of Florida,” said Tamiami Angel Funds Chairman Timothy J. Cartwright. However, “we find that Southwest Florida still lacks some important components to really be an entrepreneurial or innovation hotspot.”
One such component that’s missing is a research university or institute, such as Mayo Clinic in Jacksonville or Kennedy Space Center in Melbourne, Cartwright noted. The closest comparison he made is The Water School at Florida Gulf Coast University.
“As it starts to get more recognized and generates grants and research, maybe there will be some pretty cool water technologies, conservation or purification [efforts] that come out of it, but that’s one thing this region lacks compared to other regions,” Cartwright said.
Timothy J. Cartwright
Cartwright also pointed out that the region lacks a strong technology development environment similar to Silicon Valley. Despite this, tech companies do emerge from the area. Recently, Tamiami Angel investors entered an agreement with Bonita Springs-based financial technology business ConnexPay.
And, Cartwright said, “I see great promise in the region.”
This promise is partly due to the FGCU Daveler & Kauanui School of Entrepreneurship, where students can acquire start-up skills. Participants in the school’s Runway Program can even secure seed funding in a Shark Tank-style setting, with Tamiami Angels participating in the judging process.
The link between what Cartwright referred to as the “incredible entrepreneurial energy in Southwest Florida” and “business knowledge of semi-retired people that move down here” can also be advantageous for aspiring executives.
“If you could team a very motivated and persistent young entrepreneur with the right kind of technology and [teach them] how to solve big business problems, market internationally and build an executive team and combine that with capital from the Tamiami Angel Funds, you start to think about how special this place could be, which could attract more entrepreneurs,” Cartwright said.
The Small Business Development Center at FGCU and local SCORE chapters are two places young innovators can connect with seasoned executives. Other informal mentor-type relationships can be built via chamber meetings and more. Professionals can even match on the pickleball court, Cartwright mused, as Florida ranked second of the top 10 states with the most places to play the sport, according to the online pickleball community Pickleheads.
These relationships may help entrepreneurs learn to become more adaptable in their endeavors. A coachable CEO is something Tamiami Angel Funds also considers.
That’s what ultimately led the group to invest $500,000 in EVQLV after initially turning the company down due to its original business model. Cartwright said angel investors advised EVQLV CEO Andrew Satz to make some changes. When they learned that Satz implemented the advice and secured more customers as a result, EVQLV became the right fit.
“Partnering with Tamiami Angel Fund has provided EVQLV with far more than just capital. Their strategic insights and mentorship have been invaluable, helping us accelerate our growth even before they officially became an investor,” Satz said.
Tamiami Angel Funds invests in an average of six to 10 businesses per year, about half of which are in Florida, Cartwright said. Tamiami Angel Funds is a double-bottom-line investor, meaning the first bottom line is return of investment; the second is some additional feel-good benefit. So, a start-up in question has to meet both criteria, which sometimes leads to investments outside the area.
“Since we’re ROI-focused as our first bottom line, if the company is in Ohio versus Florida and the Ohio company has a better, more coachable CEO, has more revenue and a patent, we’re going to invest in that company and not the Florida-based company,” Cartwright said.
