Silicon Valley has long been known as the world’s tech hub, but Miami is emerging as a serious contender in the industry. With a vibrant cultural scene, a diverse community of entrepreneurs, and attractive incentives for startups, Miami’s tech scene is gaining momentum.
One major factor in Miami’s success is its location. Situated close to Latin America, the city serves as a gateway to this rapidly growing market. Miami’s large Spanish-speaking population and cultural ties to Latin America make it an ideal location for tech companies looking to expand into the region.
In addition to its location, Miami’s tech scene is benefitting from a range of incentives designed to attract and retain startups. The Miami Downtown Development Authority’s Incentive Program, for instance, is available to businesses that will relocate and hire at least ten new employees within a three-year period.
This has brought a number of startups to the area, transforming the city’s real estate industry. AI-based proptech startup TENNTS, for instance, has established its headquarters in the Miami Downtown district and received support from the Miami DDA.Miami’s focus on fintech, proptech, and health-tech startups has also attracted attention. Magic Leap, a leading provider of augmented reality technology, and CareCloud, a provider of cloud-based healthcare management solutions, are just two of the successful startups that call Miami home. That’s when Silicon Valley VC Delian Asparouhov tweeted, only partially in jest, “ok guys hear me out, what if we move silicon valley to miami?” and Mayor Francis Suarez tweeted in answer “How can I help?”
Their tweets went viral and since then tech founders and VCs including Asparouhov, an investor at Founders Fund, have flocked to South Florida, bringing their skills, network, and wealth along with them.
Atomic’s Jack Abraham was one of the first to arrive, months before the “How can I help?” tweet. He extended a seven-day vacation with friends into a month and a half last June, staying in various Airbnbs in different neighborhoods to get a sense of the city. Then, the inevitable happened: he moved there.Here’s a rundown of the must-know happenings in Miami new tech community, including exclusive interviews with the key players involved, as well as deep dives on the recent spat between Silicon Valley tech transplants and the city’s old guard.The two California-to-Florida transplants, Abraham and Rabois, have joined forces to launch a new startup, too. OpenStore is a company that will “provide instant liquidity to long-tail Shopify merchants,” Rabois told Insider in an exclusive interview. And more stealth startups are underway as VC money pours in.
SoftBank’s $100 million “Opportunity Fund,” which was established to support startups led by entrepreneurs of color, has also set up shop in Miami.While Silicon Valley still holds a number of advantages, including a larger pool of talent and resources, top-tier universities, and established tech giants, Miami’s tech scene is rapidly evolving. Its growing number of successful startups, high-profile investors, and vibrant cultural scene suggests that it could become a serious challenger to Silicon Valley’s tech dominance in the years to come.