Could you say Miami is the next Silicon Valley? When you think about startups, maybe Miam isn’t your first call, compared to New York, Boston or Silicon Valley which are more closely associated with entrepreneurial activity.
As the locals joke, Miami is the only foreign city Americans can visit without a passport since 53% of its 2.7 million inhabitants were born abroad. It’s no wonder that the first tech-focused conference uniting the U.S. and Latin America, eMerge America, is based in Miami.
According to the Kauffman Index, Miami is the second most entrepreneurial city in the U.S., and the number one metropolitan area in the U.S. in Latino entrepreneurship, according to the 2019 Global Startup Ecosystem Report, having the highest percentage of immigrant-owne)d businesses. ) The city is now home to 139 startups and companies on the Inc. 5000 lis)t, registering the highest startup density found in the U.S., at roughly 247.6 startups per 100,000 people. The 2019 Miami Tech Ecosystem Report demonstrates the strides made to grow Miami’s ecosystem, including where success is (right now is in Edtech and Life Sciences startups) and what work remains.
This increase in startup activity in South Florida has piqued the interest of programmers and investors. Two of the leading accelerators are 500 Startup, which opened a branch in Miami last year, offering regular events, workshops, and a three-month growth program. As well as TheVentureC)ity, a multi-industry fund targeting B2B/B2C product-based software companies founded a few years ago with the idea of offering Latin Americans and Europeans the opportunities they miss in Silicon Valley due to lack of contacts.
It seems that the time is right to build a technology company in South Florida, If you are thinking about investing in Miami, you should check out the updated Miami Startup Ecosystem Canvas, and the NextWeb’s guide to Miami’s startup ecosystem for Entrepreneurs.