When people think of tech hubs in America, they typically think of Silicon Valley, Boulder, or Venice Beach. But while these areas of traditional tech power remain strong today, their grip on the industry is starting to loosen.
Recently, Elon Musk announced that he was moving Tesla’s operations out of California to Texas. As other companies follow suit, there will be new cities in America that become tech powerhouses. One city that is looking to capitalize on this movement, led by an eager mayor, is Miami.
Miami isn’t traditionally viewed as a center of industry, but in recent years, Miami has experienced strong economic development.
According to miamigov.com, Miami was ranked fourth amongst U.S cities for economic growth over the past 5 years. This was based on seven metrics, including jobs created, GDP growth, and business growth rate. Clearly, Miami is a city that is up and coming on the industry front, but luring the tech industry to Miami will require more than just large economic growth.
The Mayor of Miami is aware of all that his city has to offer, and is its biggest advocate to tech companies.
In May of 2019, Miami hosted a start-up conference featuring Miami-based recording artist Pitbull, former AOL CEO Steve Case, and numerous other notable names to try and attract ventures into the city. Miami has a lot to offer businesses.
Aside from the city itself being stunning and a Latin-American cultural hub, Florida has no state income tax and a low corporate tax rate. The cost of living is pricey, but it is by no means on the level of places like San Jose, San Francisco, or New York City. Compared to New York and California, two states that have a lot of tech companies, it is much more financially feasible to start a business and live in Miami.
The Mayor of Miami is aware of all that his city has to offer, and is its biggest advocate to tech companies. Mayor Francis Suarez is extremely active on Twitter, where he is constantly courting businesses to move to Miami. He hosts consistent live events called Cafécito Tech Talks, where he brings on tech entrepreneurs who have made the transition to Miami.
His feed is filled with him interacting with start-up owners, inviting them to direct message him personally so they can move their operations to the sandy beaches of Miami. It seems as though his primary objective as the mayor of Miami is to bring in as much of the tech industry as possible and establish the city as a burgeoning hub.
With some of the shine coming off the traditional tech hubs, there is a ton of potential for Mayor Suarez to see his vision come to life. Spotify has already set up headquarters in Miami according to The Real Deal, and massive tech companies like Facebook and Apple also have a presence in the area. With a solid amount of available office space within the city, Suarez can court some of the giants of the tech industry to relocate to Miami, and continue his attempt at making Miami a new tech capital.
Miami is a city of luxury and beauty, with amazing restaurants, nightclubs, and stunning beaches. While already a cultural capital, Miami has a real opportunity to become a tech hotspot.
With COVID driving many businesses to reassess their desire to stay in the expensive and crowded markets of California and New York, Florida, and Miami, are extremely appealing. With low taxes, a mayor who wants to play ball, and a city that’s a great place to live, Miami has a significant chance to establish itself as a new tech hub.