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oundtable:
Key attractions Leading investment advisers discuss the factors attracting capital to Tampa Bay, the impact technology is having on how business is done and the challenges the wealth management industry is facing in the current environment.
Marc Blumenthal CEO Florida Funders
What is the key to attracting more venture capital into the Tampa Bay region? Ultimately, it’s about the number and quality of companies. While it is directionally accurate to say 2% of US venture capital is invested in Florida, the reality is different because a massive amount of money comes from sources like family offices and other investment vehicles, that oftentimes do not necessarily get rolled up in those reports. Seventy percent of all the dollars that are invested in venture capital happen in four cities: San Francisco, Silicon Valley, Boston, and New York. The figures are skewed by the bigger investments. Florida is the third-largest state by population. It is the third or second, in terms of the number of accredited investors, surpassing New York. We are the 17th-largest economy in the world, with a population of 21 million people. I will be so bold as to predict that, looking toward 2030, Florida will be well into the double-digits in terms of venture capital investment. How would you describe Tampa Bay’s startup culture and ecosystem? Exceptional. A lot of people who come to the Synapse Summit are astounded by phenomenal resources such as Embarc Collective, the University of South Florida, University of Tampa, Tampa Bay Wave, Synapse or Florida Funders. There is a tremendous depth of opportunity of customers for most businesses. PwC’s office here is the second-largest in the United States. When you combine the resources with our welcoming and supportive culture, you end up with an ideal place to build your business, life and career. 108 | Invest: Tampa Bay 2020 | BANKING & FINANCE
Tyler Iller
Senior Vice President & Director of Client Advisory - Florida First American Bank
What makes the Tampa Bay market different? Tampa Bay is neither a seasonal market nor a snowbird market – it usually stays active year-round, similar to Orlando and a few other Florida markets. On a grand scale, however, this is different than most national markets. When we look at the overall population growth and new households that are moving into Florida, there is a good percentage, I believe around 5%, that are coming specifically into Tampa Bay. This is a significant number. There are also many diversified industries in this region, which is due to the entrepreneurial spirit in the area. A lot of accelerators are starting to open up all around Tampa to promote new companies coming in, which creates a very exciting atmosphere. All of this is beneficial for the banking sector. What does increased competion mean for the banking sector? Bringing in more competition to the region is not necessarily better for every financial institution, but I believe it is better for the consumer to have more options. Our SBA lending products, business and commercial banking offerings, and wealth management team enables us to stand out among the competition. On that same note, our midtier size enables us to get to know and understand our clients, their needs and goals, allotting us a better chance to make a difference in their lives. As a bank focused on midmarket business, we have the ability to compete with larger institutions by offering similar products, while simultaneously focusing on specialized products that larger institutions have moved away from.
