The transformation of Miami’s technology landscape
Miami is changing, and its tech sector is playing a vital role in it. The tech startups are improving and bringing in billions of dollars, moreover, established national and global innovation companies are also pumping in money in Miami to benefit from its changing technology scene.
The widely used index by the economists, and tech industry, Kaufmann Index, has also ranked Miami as the number one city. The job numbers are steady in a town of 5.8 million people. This shows the potential of the city, and with many startups already heating up the environment, it is only a matter of time before it will become a globally recognized tech hub.
Many local startups have attracted the attention of national media due to the uniqueness of their concepts, and the growing number of partnerships, incubators, and organization is also boosting the development of Miami’s t innovation sector.
But to keep the transformation constant, some changes should be made. The city should embrace diversity, as Trabian Shorters explained in an op-ed. She asserted that including women, African Americans, Latinos, and Asians is necessary for Miami to become an international technology hub. The city also needs to offer additional support (like tax relaxation and other benefits) to the tech sector, if it wishes to attract entrepreneurs.
Companies like IBM and Motorola always had large campuses in the region and entered into strategic partnerships with local educational institutions, but it was not until a decade ago when the new lot of tech companies made their presence known nationally and internationally.
Officially, 500 Startups, an accelerator based in Silicon Valley, has opened its office in Miami, which shows the company’s confidence in the new breed of entrepreneurs. Besides, the tech companies of Miami are after developing innovation networks and investment potential, rather than going for big firms.
The living cost in Miami is low than other cities, and the city offers excellent opportunities in technology related to travel, logistics, hospitality, and transportation industries. Additionally, Latin Americans are not only investing in Miami’s real estate, but also in the risk-prone tech sector. All in all, it can be said that Miami’s tech sector is heating up, and the city has immense potential to become the next Silicon Valley.