Even though Miami is well known for its club scene, coast line and love for condo-building, a new distinction as a tech hub is now being mentioned in several quarters. Keen observers have noticed the startup scene stirring and this development is driven by several factors. One of the more obvious reasons has been the desire by many companies to tap into the ever expanding Latin American technology market, this has been further fuelled by the growing number of suave Latin American entrepreneurs who are keen on not only getting a foothold in this region but also driven with the desire to have what they call home grown solutions to the problems they may be facing.
Further to the above, if you are interested in setting up a tech business, here are 3 reasons to open your tech business in Miami.
Venture Capital Companies and Angel Investors are coming to Miami
Previously, startups’ getting funding in Miami was an uphill task; things seem to be looking up though if you keenly look at what is happening in the market space. With the entry of venture capitalists such as Scout Ventures, Krillion Ventures, Accelerated Growth Partners, Thesis Ventures, Enterprise Development Corporation, Tamiami Fund, Endeavor Miami and New World Angels, there is a steady flow of investors looking at Miami as a viable place to invest in.
The good tidings are already visible; recently a Virtual Reality startup company based in Dania Beach, aptly named Magic Leap did announce that it had received funding of $ 542 Million from big hitters such as Google, Qualcomm, Andreessen Horowitz, KPCB, Obvious Ventures and Legendary entertainment.
Another startup company based in Miami, RealConnex which is being fronted as the “Match.com of the real estate” has also attracted a lot of interest from local private investors. The site is already up and running, with its platform alone costing $2 million with investors already offering a whopping $1.5 billion, 70% of this coming from local investors. Getting investors is usually one of the most difficult goals for a start up to achieve, it makes sense to go where the Venture Capital and Angel investor companies are headed.
The Tech and Entrepreneurship Events Sector is Abuzz and Attracting Tech Gurus
A brief look at the events lined up specifically for the technology and entrepreneurship fraternity this fall and beyond does show the seriousness with which big players are looking at Miami. The free hackathon to be held at the SunLife Stadium from Oct. 25-26; the TigerDirects TechBash which is scheduled for Nov 7 at the Marlins Stadium with an expected 20,000 crowd, the two day Web Congress slated for Nov 13-14 at the James L. Knight Center and the SIME MIA, an event to be held from Dec 1-2 at the New World Symphony Center will also attract opinion shapers and global thought leaders from the technology world.
Getting an opportunity to share ideas, listen to people who have waded the storm and come out victorious from the other side is quite encouraging. The hackathons and teachathons featured in such meetings have been known to generate lots of new tech ideas.
Nonprofit Organizations and Universities Have Stepped Up their Game
Nonprofits such as the Florida Institute for Commercialization of Public Research and its investment arm, the Florida Technology Seed Capital Fund have upped their game in the recent past. They have established a fund program for early stage university spin outs and have in the past year funded several technologies coming out of the University of Miami such as Vigilant Biosciences, Biscayne Pharmaceuticals, Integene International and RxMP. T
he organization has noted with a lot of interest that universities in the larger Florida do produce a whopping $2 Billion a year on research alone and are keen on tapping on some of these research products and ideas. A place that’s awash with new ideas and spurning such amounts is obviously a good place to set up a tech business.