The nation’s startup community has experienced many changes, most notably stemming from the technology boom that has taken a grip over consumers and investors in recent years. Focused historically in key locations, it is just as of the last few years the once centralized startup hubs are dispersing into new states and cities. One example that took hold of the community was that of Austin, Texas where an influx of technology leaders and businesses started heading away from places like California’s Silicon Valley as they became too congested while also lacking the diversity of influence necessary to create the next big industry break. However, as Austin’s success in the technology community has skyrocketed with companies among the likes of Facebook, Google and Apple newly establishing roots in the area, the market is said to have hit a plateau when start-ups are considered.
This evaluation may come from the imminent characteristics of the community demands necessary to setup and foster new, untapped talent. If populations and the workforce become too saturated with known talent and business influence, it is hard for investors to compete and ultimately discover something new. “As a competitive sector, it is no wonder the ramp-up of locations trying to compete among the elite in the technology sphere is a long, often drawn out process with many challenges faced. Issues such as education, funding and the overall attraction bringing businesses in is one that not many locations have been able to conquered.” shares CEO of Western Rim Properties Marcus Hiles who has experienced entrepreneurial success in his Austin, Texas property development ventures. However, much like the start-up community itself is evolving, so are the places where they are located.
The city of Miami, Florida has been considered one of those areas investing in its future position as a technology hub. Operating as a leading city in the national economy, Miami has not been a place particularly well-known for its tech scene. But that is changing as more capital makes its way into the south beach city. Over the last decade private foundations run by some of the top industry leaders have made the bet on Miami becoming the next big opportunity. Organizations have stood behind tens of millions in investments to equip the city with co-working spaces, accelerators, community and national events that seek to attract interest and talent to the area while sparking sustainable job creation. These investments are also making their way into the promising startups of the area to stimulate their success.
The steps taken to not only build out infrastructure but also create the city as an alluring tech hub has been starting to show signs of success. A study done by The Miami-Dade Beacon Council reports a substantial increase in technology jobs in the area that has grown by 40% from the years of 2012-2017. This ramp-up is only predicted to continue as another 11% of jobs in the segment are expected to be created in the next four years alone. This comes in as having the fastest growth rate among the seven targeted industries evaluated by the Miami agency in the area.
These findings along with the growing pool of entrepreneurs from other startup hubs looking at the Miami area for its potential is creating a buzz that is only growing stronger as each year pasts. Although the city may not have hit its growth spurt yet, experts do agree the city is on a trajectory to become one of the nation’s next leading locations in the technology space.