Invest: Miami speaks with John Padgett, Chief Experience & Innovation Officer, Carnival Corporation

 

The cruise industry has become the fastest-growing part of the global vacation sector. South Florida, and Miami in particular has reaped huge dividends as travelers from around the world descend on the region to enjoy what we have to offer. In an effort to create even more reasons for consumers to consider ocean vacations, Carnival Corporation has been developing the cruising’s next major transformation. The One Cruise Experience Access Network (OCEAN), creates the opportunity to deliver ever more personalized and memorable experiences to cruisers, through original, authentic broadcast content and our amazing vacation experiences. The centerpiece of OCEAN is a device called the Ocean Medallion. It can be worn or carried and provides the means to amazing personalized experiences based on a guest’s location, their personal preferences and cruise history. The Ocean Medallion leverages the internet of things to create a stress-free time filled with the things holidaymakers enjoy, personalized to their own tastes. The medallion changes everything about the cruise vacation experience by enhancing how our crew interacts with our guests in innovative ways with a focus on making the most of their vacation experience. Medallion Class vacations debut in November 2017 onboard the Regal Princess cruises departing Fort. Lauderdale, followed by the Royal Princess and Caribbean Princess, which will begin offering Medallion Class voyages in early 2018. Looking further ahead, Princess will transform all of the vessels in its feet to Medallion Class ships in coming years. And we as a corporation plan to expand the innovation to additional cruise brands in the future at a pace and schedule that makes sense for our guests, shareholders and operations teams. This is an extraordinary innovation that will not only change what consumers expect from the guest experience in the cruise industry, but in the broader vacation sector, with applications in other industries.

 

 

Invest: Miami speaks with Howard Herring, President, New World Symphony

 

The New World Symphony (NWS) – America’s Orchestral Academy, began as an idea in the late 1980’s as a fresh approach to music education. It is a fellowship program that selects 87 talented graduates of distinguished music schools and conservatories for three years of study. The curriculum is based on the aspirations of each individual player and the faculty assessment of the future of the art form. Alumni of the New World Symphony are members of orchestras across the U.S. and in Europe, South America and Asia. The New World Center is an educational facility designed to engage indoor and outdoor audiences in the heart of Miami Beach. Its outdoor projection wall – an outward-facing expression of NWS’ institutional goal of engaging a broad public – has created instant community, attracting audiences that regularly assemble outdoors for New World Symphony concerts, weekly films, Art Basel Miami Beach video art and other cultural content. As part of New World Symphony’s practical curriculum, fellows are designing performance and engagement strategies to attract multiple audiences. Millennials are a specific target audience. They have come of age in a digital and visual environment. Fellows use social media and visual elements to make the musical experience more powerful. New World’s community programs, such as MusicLab and Side-by-Side, are investing in Miami’s youth, helping to position them for bright futures, while simultaneously giving fellows firsthand experience with mentorship. NWS fellows partner with local programs that have flourished based on the vision and hard work of their leaders. Two prime examples are the Miami Northwestern Senior High School band program and the Miami Music Project. The mission in the beginning is the same today – to prepare post-graduate music students to be leaders. Just now in Miami, donors are becoming investors in art forms and institutions, realizing the work of artists and institutions has direct impact on the economic sustainability and social viability of the community. New World is seeking philanthropic partners who are interested in building a city of the future.

Brickell’s Expanding Luxury Hospitality Offerings

Brickell’s Expanding Luxury Hospitality Offerings

Invest: Miami speaks with Thomas Medding, Senior Vice President, sbe and SLS Brickell

December 2016

What were the main factors behind the decision of investing in Brickell?

Firstly, this project helped us partner with The Related Group, which is extremely important here in Miami and are amazing partners to have. Second, Brickell itself is an amazing location. It has been very intriguing to us all because we could just see the potential ad up-and-coming investments. Across the country, sbe is known for is investments in revitalization of locations. Where other people have backed off, we have always pioneered. Lastly, this is a project that allows us to move into the residential segment.

 

The first time the company does a residential project is in Miami, What were the main factors behind this decision?

The space of the residences and the workplace is usually too far away from where everything else happens. We wanted to bring the luxury boutique filed to the residence and, this way, allow the condos to share all the wonderful amenities of the hotels. We can delivery 360-degree services to the residence. For example, we offer preferred reservations to all our hotels’ restaurants, full access to the beach and special tickets to events.

What is the uniqueness of Miami as an investment destination in comparison to the other markets you are present in? What are its main opportunities and challenges?

The main opportunity in Miami is its proximity to other countries and the fact that is growing very fast. If you look back 12 years, for example, you would see that if the inventory grew, the demand for such inventory also grew, although with a lag of a few months. Also, in the past four years, Miami has become not only a secondary city but rather it has gained the potential to become a primary city on its own very soon, if it is not already one. The main challenge is the scarcity of qualified personnel. However, if you invest carefully and continuously on human capital, as well as put effort on choosing and retaining the right people, this can be solved.

 

With more and more hotels opening up in Miami and Airbnb becoming more widespread, how is competition affecting the market?

I think Airbnb fulfills a need. And while there is a market for it, it is not for everybody. Unfortunately, there are no numbers to rely on.,however, it is evident that they have taken a significant chunk out of the hotel market. The way we address it is through our offerings. Airbnb rentals don’t have access to the amenities we can offer. Also, there is a safety aspect, although this last issue could be solved with proper regulation. Speaking of competition amongst hotels in general, is has been very standard. We all compete against each other and it has never been a problem as long as there are no price wars because, at the end of the day, no one wins when that sort of competition is unleashed. In a highly competitive market such as this one is where you can see the advantages of having full integrated services in hotels such as ours, because it has a much more competitive structure.

 

 

To find out more:

http://slshotels.com/brickell/?utm_source=bing&utm_medium=cpc&utm_campaign=brand

Crowdfunomics: When Social Media Meetings Finance

Crowdfunomics: When Social Media Meetings Finance

Invest: Miami speaks to Sherwood Neiss, Partner, Crowdfund Capital Advisors

Business partners Jason Best, Sherwood Neiss and Zak Cassady-Dorion knew they were against the odds when lawyers told them it was impossible to change a law.
In 2010, the three entrepreneurs had realized that the law didn’t allow small and medium-sized businesses to raise capital through crowdfunding as a result of an outdated system set in place by the Securities Act of 1933 and other laws. These laws did not allow entrepreneurs to raise money from friends and family who were not rich nor did they allow entrepreneurs to use the Internet, social media or any form of technology that we use today to help facilitate fund raising.

But, as Best recounted during a 2013 TED talk, he and his partners didn’t listen to the naysayers: “Entrepreneurs are naive. Entrepreneurs do things that are supposed to be impossible. They do things they’re not supposed to do.”

The trio set out to make the impossible become possible and change the system. Eventually, their ideas for a new framework that accommodated the nation’s modern, web-based entrepreneurial landscape eventually became the JOBS Act (Jumpstart Our Business Startups), which was signed into law by President Barack Obama.

Today, Best and Neiss are the principals of Crowdfund Capital Advisors, which are partners with the State Department’s Global Entrepreneurship Program and The World Bank. The company advises organizations on how to use crowdfunding to create an environment where jobs creation and entrepreneurship flourishes. They travel the globe reaching governments, multilateral organizations and regulators in more than 40 countries to make crowdfund investment work for them. Many are familiar with the basics of crowdfunding due to the success of websites such as Kickstarter, but Best and Neiss elevate investors’ knowledge, informing them of the new types of crowdfunding as well as the law’s recently passed titles.

Invest: Miami sat down with Neiss to discuss the titles of the JOBS Act as well as Miami’s crowdfunding potential.

INVEST: MIAMI: Tell us about the differences between the three crowdfunding JOBS Act titles.

SHERWOOD NEISS: When the JOBS Act passed in 2012, it introduced online fundraising for entrepreneurs and online investing for retail investors. First was, Title II that allowed businesses to raise capital online from accredited investors. Subsequent to that, Title IV went live that allows businesses to go to both accredited and nonaccredited investors for capital and can raise up to $50 million online. And finally with Title III, startups are now able to raise up to $1 million on debt and equity crowdfunding platforms as long as they are registered with the Securities and Exchange Commission. This will allow retail investors and entrepreneurs to expand their horizons and invest in endeavors they want to support. It’s important for entrepreneurs to understand all the provisions to determine which is right for you and your business. For instance, Title IV is good for larger companies as the process is more complicated and there’s more documentation. Smaller business may fail on Title IV because it is too expensive and time consuming. Think of these 3 types of crowdfunding like different tools in a toolbox. Sometimes you need a hammer, sometimes a screwdriver and sometimes a wrench. Pick the right tool for your specific funding situation.

I:M: What does the data you are tracking show about what makes a successful campaign?

NEISS: Crowdfunomics is a new phenomenon today. It combines social media with finance. Crowdfund Capital Advisors (CCA) has developed a formula based on feedback from both successful and unsuccessful campaigns, giving us the ability to tell you exactly what makes a successful campaign or not. An important part of crowdfunding is, of course, the actual crowd. Social networks formed through real life and internet networking are the new sources of capital, and 80 percent of the capital raised is coming from these 1st and 2nd degree connections –it’s many small investments that make one big investment. Next is the communication that takes place between prospective investors and the company. This includes the video that sells the company’s vision, the team and the need and use of capital. It must be short, to the point, and compelling. Also entrepreneurs need to be interacting with prospective investors online during the fundraising process. If they fail to communication their chances of funding success diminishes. And finally is the structure under which you are raising capital. You need to match the corporate structure and the type of security to the needs of your investors. If you fail to get this right, then you will most likely not get funded. Corporate structures and security types need to be easily understood.

I:M: Tell us more about your partnership with Venture Hive. Do you have any other partnerships here in Miami?

NEISS: Now that the JOBS Act titles passed, education and training become the next most critical step. While experienced entrepreneurs, we are not experts in education, and so it becomes essential to partner with those entities that have educational expertise. Venture Hive, lead by Susan Amat, was the natural partner given their platform of turning our content into training models. Venture Hive’s programs are hands-on and interactive and give entrepreneurs the tools to understand the different crowdfunding platform available to them through the new JOBS Act titles.

I:M: Miami talks about being the next Silicon Valley, but it still has quite a way to go, especially on the investor side. How does crowdfunding help Miami achieve its goals?

NEISS: Miami has a lot of people with a lot of money who are looking for interesting investment opportunities, but it is true that the crowdfunding and startup ecosystem is still emerging. The opportunity is huge for Miami: Miami has the ability to be the U.S.’s next success story, and while eMerge brings us recognition, it should only be considered the tip of the iceberg: Miami needs strong actions from our political leaders, including training programs, conferences, events and media coverage as well as compelling incentives to start and keep your business here.

To learn more about Capitalfund Capital Advisors visit thier website: www.CrowdfundCapitalAdvisors.com

Growing dimension

How the legal industry is evolving in a dynamic, post-recession economy

Cesar Alvarez Senior Chairman – Greenberg Traurig, LLP

How has the notion of “legal expertise” evolved since the Great Recession?

The legal industry is quickly changing and the value an attorney provides is more than about knowledge of legal statutes. The focus has to be on understanding a client’s business and how to solve problems—not just legal ones. The problems a client may encounter will have many facets, and a good attorney should always seek to serve as the quarterback. You want to become the first person the client consults to strategize on finding a solution. This flexible and dynamic approach is what attorneys today need in order to be competitive.

 

Given these trends, how do you see the legal industry changing in the medium term?

Technology has been the most disruptive factor shaping the legal industry. It starts with setting the expectations that clients have of our ability to provide immediate answers and also serves as an invaluable source of information. As technology evolves, it also presents new business opportunities as our clients face concerns about cybersecurity, white collar defense and related regulatory investigations.

These new challenges are touching everyone, including government, financial institutions, retailers, internet merchants, major corporations and consumers. Looking forward, we will be deploying our efforts to engage clients in these areas, where we have tremendous expertise.

How can you utilize technology to help drive change in the legal industry?

With more than 1,950 lawyers around the world, every attorney at Greenberg Traurig has a unique knowledge base. We need to better access that knowledge base in real time to meet the demands of clients looking for instant answers to solve their problems. We can learn from the Uber model how to utilize technology to instantly match a client with the right attorneys and expertise. Exactly what that is going to look like, I don’t know yet. But we can’t simply tweak the old model. We have to adapt our linear way of thinking to create a new non-linear approach that will work well into the future.

In crafting a growth strategy for a “big law” firm like Greenberg Traurig, what must be considered?

In 2015, Greenberg Traurig saw significant expansion, adding about 150 attorneys to our rosters and boosting our international capabilities. We opened a new office in Berlin, and grew our Warsaw and Mexico City offices, along with additional and important expansion throughout our existing U.S. offices. But it’s not just about growth for growth’s sake. We only look to add lawyers if it’s strategic growth that adds additional quality expertise and resources that align with our existing platform. For instance, hiring a specialist in a niche area, like complex real estate tax law would be leveraging and allow us to more comprehensively service our clients. For a firm our size, two and two must always add up to more than four.

Proud tradition

How a long-standing legacy of victory becomes an asset for growth in a new era

Tom Garfinkel President & CEO – Miami Dolphins

What are the key components of the Miami Dolphins’ growth strategy for the medium term?

Our goal is to honor the proud winning tradition of the Dolphins and bring the team to a place where it is competing for championships every year. We celebrated our 50th season in 2015. For a part of that time, we were the only professional sports franchise in Florida and we had a lot of success. Because of that history, the team has a deeply emotional and meaningful connection with its fans, who are passionate and loyal. From a business strategy standpoint, we want to respect the passion of those supporters and find new ways to en- gage with them and enhance their experiences with the Dolphins. We are looking at the end-to-end experience, from concessions, security protocols, even bath- room conditions, and are measuring everything to try to set benchmarks and bring about improvements. Additionally, we are looking at new ways to open the dialogue with fans and make their voices more meaningful. We could presume to know what they want, but I find it’s a lot easier and more effective to simply ask them.

The Sun Life Stadium is a landmark infrastructure in the city. What is the strategic vision to grow its impact?

While the stadium is part of the Dolphins brand, our vi- sion is for the stadium to become a global entertainment destination that will host the biggest events in the world, including football. To reach this goal, we’ve invested more than $450 million in renovations, which included moving seats closer to the field and building new seating products and exclusive clubs that create a unique luxury experience. Over half of the tickets sold for the Jay Z and Beyoncé concert in 2014 were bought with credit cards from outside South Florida, indicating that people were coming from out of the area, so we know we can be a destination for big events that reach far beyond our region. We have plans to host more international soccer games and festivals and become a competitive venue to host football championships and hopefully even the World Cup. Finally, we are taking advantage of the fact that Miami is a global curator for culture by improving food offerings and curating artists from around the world to display their work at the stadium.

What are some of the challenges of operating a major league sports team in this market?

Miami offers many opportunities for leisure, whether it’s the beach, art events, music or other sports. Because of this, we have a lot of competition relative to other markets where entertainment options are more limited. However, this also means that we have a tremendous opportunity to engage consumers by creating a variety of experiences using the stadium.

Unique flavor

How the internationalization of basketball and Miami mutually reinforce each other

Chris Bosh Player – The HEAT Group

Basketball has become an increasingly international sport. How have you experienced this as a player?

The evolution of technology has made the world smaller. The ability for the NBA to promote and broadcast games all around the world has definitely made a difference in making the sport more popular. I have been to Italy, Germany and many different parts of Europe, and nearly everywhere I go I get recognized. Not only that, but I hear people telling me, “Go HEAT!” They also tell me that they love Miami, or that they have always wanted to come here.

Why do you think that people around the world have this reaction to Miami?

Miami has its own unique flavor. When I think of Miami, I think glamour. I think electricity—the neon signs every- where, the electric pink and blue of the skies and also the energy of the place. There is the touristy side to Miami, but people are not just relaxing here all the time. They come here to play but also to work hard. There is that East Coast drive here. It’s not just a beach town. It’s a town full of ambitious people. It’s the best of both worlds.

How has living in Miami shaped you professionally, particularly in your development as an entrepreneur?

I’ve learned the most from meeting so many different types of people. Every businessperson, it seems, has been to Miami. Miami is also the Gateway to South America, and anyone who wants to do business there, or who is from there and wants to do business in the U.S., comes to Miami. One factor that is important to succeed in this area is being able to speak Spanish, which I have started to learn. This has helped me to connect with our Spanish-speaking fans, which are a very important group. The fact that so many international businesspeople working in different industries—whether it’s real estate or technology—pass through here provides a really amazing opportunity. Just that factor alone allows you to really build relationships and talk to people from all around the world you wouldn’t normally be able to talk to.

What role do you think that sports, and in particular the Miami HEAT, play in promoting economic growth and business development in this market?

Miami is becoming a true global city. It has always been known as this, but I think the infrastructure now is catching on. More opportunities are opening up and people from all over the world are hearing about them and starting to come. Having arts, culture and a world-class team like the HEAT based here attracts more of those people. They can take their employees or clients to a HEAT game, enjoy some entertainment, have a good time—but also do business.

What does the Miami Open have to say about Miami?

Invest: Miami speaks to Adam Barrett, Director and IMG Executive Vice President

Each March, South Florida hosts the Miami Open in Crandon Park. Formerly the Sony Ericsson Open, the Association of Tennis Professionals (ATP) named the 31-year-old competition “Tournament of the Year” nine out of the last 13 years.

The 2015 tournament featured stars Novak Djokavic, Rafael Nadal, Andy Murray and Venus and Serena Williams. Over 300,000 people at- tend, and ticket prices rose 20 percent from 2014. Visitors enjoyed a beach volleyball tournament, a fashion show and “The Taste of the Open,” serving dishes from the world’s leading chefs. “The Miami Open emphasizes a range of high-quality food experience,” says Miami Open Director and IMG Executive Vice President Adam Barrett. “Whether you are getting a pretzel from a cart or enjoying a meal from one of three sit-down restaurants— of different styles and different levels—or having a drink from a champagne bar or a beer cart, there is something for everybody.” The 2016 tournament will continue its success from March 21 to April 3 with a “Kids’ Day” and a Duran Duran concert.

Lasting two weeks, the tournament generates over $380 million in economic impact, including 14,000 hotel rooms booked—equivalent to hosting the Super Bowl in Miami. Miami receives global exposure through 7,000 television hours broadcast to over 190 countries.

The tournament’s future may be in jeopardy as it lost an early 2016 court dispute regarding a $50-million expansion of Crandon Park. Though International Players’ Championship Inc. has an eight-year contract with the county, the tournament insists the agreement is invalid as it was contingent on upgraded facilities. Resolving the dispute depends on whether the National Parks Conservation Association approves the expansion. If unresolved, the tournament has proposed Orlando, Beijing and Dubai as alternate locations.

 

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