A passionate conversation on the Miami startup scene began on Twitter last month after a Bay Area venture capitalist tweeted: “How about we move Silicon Valley to Miami?” and Miami Mayor Francis Suárez responded: “How can I help you?”
Miami Boosters have long made Magic City the next hub for tech startups. Now, a year after the start of the Covid-19 era, its playground has become more attractive given the widespread adoption of remote working and the new appreciation of outdoor living spaces. Of course, the favorable tax climate – Florida has no personal income tax – and the mild winter climate have long attracted newcomers, as has its enviable position as a gateway to America. Latin and dazzling nightlife. Now, several high profile newcomers are cre ating renewed enthusiasm for Miami’s startup ecosystem. Here’s what startup leaders are talking about:
New movements
Notable recent moves to Miami include Blackstone Group and Goldman Sachs, both with offices there, as well as investor Keith Rabois, general partner at Founders Fund, who has held senior positions at PayPal, Linkedin and Square, and Jonathan Oringer, founder and executive. Chairman of Shutterstock. “Let’s face it, closeness creates familiarity,” said Leigh-Ann Buchanan, president and CEO of Venture Cafe Miami, a nonprofit that connects innovators. Trust, access and relationships with high-growth startups can arise from there, he says.
A year ago, the biggest challenge facing Miami startups was convincing engineers and developers to move there. More than ever: Local startups are welcoming remote workers more than ever, and remote workers love them too. Boatsetter, based in Fort Lauderdale, a boat rental market, recently doubled its workforce as it left her office, freeing up funds according to Jaclyn Baumgartner, CEO and co-founder.
At the time of the pandemic, applicants were more open than ever to relocate to Miami, says Andrew Parker, CEO of Papa, a Miami startup that brings together seniors and families with helpers. Dad recently signed a lease for a non-traditional office in the emerging city of Brickell, designed for collaboration rather than on the go, that has a “mini-New York” feel where people can go to work. Due to the pandemic, “it is much smaller than it would have been,” Parker says. Maxeme Tuchman, CEO and co-founder of Caribu, a video-sharing platform for gaming events, says she’s always hired the remote, but sees the city more appealing than ever. “R. A lot of people have seen what it is like to be locked in a cold place, ”said Tuchman, who lived in San Francisco. When winter hit the rest of the country, the calls came, Buchanan says. “I got pings from my friends in Chicago, in the Bay Area, asking where there was a good place to rent,” he says.
South Florida has been hailed as a growing tech economy from time to time in the past, says Adam Garfield, CEO and co-founder of SpeedETab, a marketing and delivery service provider for restaurants, but the place still had no foundation. . solid to back up. . Does he have legs behind now? I think it absolutely is, ”he said. The Miami-Fort Lauderdale-Pompano Beach area ranked 16th in the United States for the volume and value of venture capital transactions. According to the data, 135 stores and a billion dollars were invested in the last year until the beginning of December. Tone Book, a Seattle-based financial data and soHeaven32ware company. Bruno Lulinski, Chief Investment Officer at Miami Angels, sees “exponential growth” for the Miami startup ecosystem in 2021, especially for local businesses. And soon to downtown Miami: the Flagler District, a revitalized neighborhood that attracts startups, arts and culture, billionaire Moishe Mana from developer of Mana Tech technology center.
However, local guides also try to tone down any hype. “It’s really important that we are careful when it comes to blurring the line between venture capitalists moving to South Florida and real dollar investments in local startups,” said Maria Domínguez. , site manager for CIC Miami, a collaborating laboratory and a corporate division. Success, he says, depends on the engagement of newcomers to Miami and its diverse population. Businesses that have made Miami their home will benefit from diverse consumer and talent markets. According to a 2018 census, more than half of the city’s residents were born outside of the United States. “Miami looks like most cities will be in the next five to ten years,” Buchanan says. “If you build a business for the future, America’s future is in Miami.”
Major community players are taking action to shape the texture of the future tech scene. They launched a manifesto in January to promote the inclusion of the tech startup ecosystem. In a recent town hall, Michelle Abbs, CEO of Mana Tech, rejected the “New Bay Area” premise. “We are not reproducing anything else,” he said. “We are building something completely new and ambitious.”