Anyone who has been paying attention to the business climate in South Florida lately knows one thing: the technology sector in the region is booming. Since 2014, venture capitalists have sunk over $1 billion into South Florida startups. Just what is happening in Florida to drive this investment, and what can tech companies expect in the future?
What is drawing entrepreneurs and investors to South Florida?
When people outside the region hear “South Florida is the next Silicon Valley,” they often do a double-take. However, there are practical reasons why tech entrepreneurship and investments are booming here:
- Florida is easy to access from Europe and Central and South America. Technology is increasingly global, and this central location just makes sense for international business.
- Those international businesses are also drawn to Florida because of its vast diversity of cultures. Truly innovative companies know they cannot be homogenous.
- Florida’s tax structure and its absence of state and local income tax make it extremely appealing for new and existing businesses.
- The weather is appealing to people of all ages, backgrounds, and areas of expertise. Who would want to suffer through Northeastern winters?
The fertile business environment in South Florida has caught the attention of investors across the country and opened the gates to significant investment in the region’s technology firms.
South Florida knows how to brace for a “storm”
Any time a lot of money flows into a single sector, you hear about bubbles. Everyone remembers the tech bubble of the 90s and everyone also remembers the fallout from the bursting of that bubble. However, South Florida is in a unique position today. The crash of 2008 hit the area hard and investors in the region learned their lesson. Nobody is handing startups money and offering free reign like they did in the 90s. Instead, investors are far more stringent and discerning in their decision-making process, and they are demanding that startups show a viable business model before making venture investments.
Silicon Valley has a reputation for a free-for-all atmosphere where investors want to hitch their wagon to the next big thing. Investors in South Florida are certainly looking for something innovative and unique, but they approach with the long-game in mind. This tactic has built a unique bridge between “old money” investors and “new money” entrepreneurs, creating a landscape that is truly different from other tech hubs across the country.
Is your South Florida company ready for the “surge”? If you are a growing company looking to expand your tech workforce in the coming year, or if you are an existing company looking for top talent to help you innovate, the recruiters at CERS are ready to help you source, attract, hire, and retain the best and brightest in South Florida and beyond. Contact us today to learn more about how we can help move your business forward.
