Why South Florida is emerging as a major hub for tech investment
South Florida is enjoying an unprecedented tech boom, as entrepreneurs and multinationals look towards establishing a new hub for innovation and collaboration. What accounts for this shift and are we really seeing the emergence of an investment destination on the East Coast to rival Silicon Valley?
Miami has always showcased its diverse culture and nightlife. With beaches and bars and beautiful people galore, the ‘capital of Latin America’ is a well-established destination to let loose and have fun.
While this reputation has made Miami rich, generating over $1.5bn in tourism tax annually, the city – and South Florida more widely – has traditionally felt a long distance, both physically and culturally, from the tech hubs found on the Pacific west coast.
However, with the pandemic disrupting traditional enterprise models, Miami is suddenly the buzz location for tech investment. Over the past 18 months, hundreds of companies, from cryptocurrency to digital marketing, have set up shop. Last year, the city witnessed more than $970m in venture funding, up from just $135m in 2016.
It is a trend extending beyond the city limits and across South Florida, with new and established tech businesses also being drawn in increasing numbers to Broward and Palm Beach counties, attracted by a large array of investors, support groups, accelerator programmes and a burgeoning talent pool.