"Miami’s pursuit of becoming what I call ‘the capital of capital’ is about not just financial capital, but also our rich ecosystem of human, social and cultural capital. It is clear that the confluence of these forms of capital will play a critical role in our Miami being definitive of what a competitive 21st century city can look like, where everyone is at the table of opportunity."
Miami’s sunny weather and low taxes made it an attractive option when many people switched to remote work, and the city is quickly evolving into a hot startup destination. In 2021, venture funding in Miami shot up to a record $5.6 billion, up from $940 million in 2013. In January 2021, Japanese conglomerate SoftBank announced plans to invest $100 million into Miami-based startups. It has since blown way past that number, pumping more than $250 million into the city’s startups.
To keep up with growing demand for tech talent and local interest in careers in tech, Miami Dade College (MDC) will use $15 million in grant funding from the John S. and James L. Knight Foundation and government partners to hire faculty members and launch programs in AI, data analytics, and cloud computing. The Knight Foundation also committed $17 million to Florida International University, the University of Miami, and CodePath to accelerate tech talent development. IBM's Global University Programs group is spending $10 million to prepare students for tech careers and is opening an AI Center at MDC.
eMerge Americas organizes an annual tech conference that anchors Miami Tech Week, as well as executive summits, pitch competitions, and other events. The Startup Studio, a program to help bridge the funding gap for minority founders, disburses $50,000 grants. Fintech KEO World raised $500 million in a debt financing round in February 2022, and HealthCare.com has raised $244 million over seven rounds, including a February 2022 $31.5 million Series C.
Ecosystem by the Numbers
Reasons to Move Your Startup to Miami
Access to Venture Capital
With its risk-friendly, pro-business atmosphere, Miami has become a fast-growing venture capital center. Dozens of venture capital funds have offices in the city, and Miami has added more than 20 venture capital funds in the past three years, including Softbank’s Latin American operations, Founders Fund, Atomic, and Andreessen Horowitz.
Florida levies no state income tax, making the overall tax burden in the state just 6.97%, the sixth-lowest in the U.S.
Selected Startup Organizations
Startup Genome Members
Key Ecosystem Players
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