The tech hub landscape is changing. While Silicon Valley has long been a leader in the technology space, other parts of the country are starting to make serious waves.
South Florida has been turning heads for several years, causing entrepreneurs and established companies alike to consider making the area the new home of their tech operations. Both Miami and Fort Lauderdale have seen a dramatic influx in new arrivals, positioning the region as an emerging tech stronghold.
But even with the increase in interest and the rising number of companies choosing South Florida, is the region genuinely positioned to become the next Silicon Valley? If you’re wondering why the tech sector is booming in the area and whether it will continue, here’s what you need to know.
A Growing Startup Ecosystem
Many startups look for two things when choosing a home for their company: affordability and capability. While Silicon Valley is well-renowned for its capabilities as a tech hub, affordability has long been an issue.
South Florida, on the other hand, is significantly more cost-effective. Tax rates and workforce costs are all lower in Miami, Fort Lauderdale, West Palm Beach and other cities that make up the south Florida region. As a result, it makes the area attractive to startups and Fortune 500 companies alike.
South Florida is also becoming increasingly capable of becoming the new home for thriving businesses. Infrastructure improvements (roads, highways) and a broader desire to accommodate tech-related growth are spurring an ecosystem that’s becoming more competitive with tech bastions over time.
Miami Mayor Courting Tech Giants
Rapid economic growth, particularly when looking to focus on specific segments, requires local government official support. Without buy-in from government leaders, cities may not make the adjustments that certain sectors need to thrive.
Miami Mayor Francis Suarez has decided that he wants South Florida to become a new technology mecca. The latest major push began after a tweet from Delian Asparouhov, a venture capitalist, caught Suarez’s attention. Asparouhov wrote, “ok guys hear me out, what if we move silicon valley to miami,” to which Suarez replied, “How can I help?”
Suarez has been courting technology companies that were increasingly becoming dissatisfied with the drawbacks of Silicon Valley, to include cost of living, high taxes and other challenges. He aims to promote South Florida – Miami, specifically – as a business-friendly destination poised to address tech companies’ needs, both big and small. Suarez even declared his intention to hire a technology officer for the City of Miami who can assist big tech firms with the location transition.
The Pandemic and Remote Work
The coronavirus pandemic was an eye-opener for large technical organizations who previously had doubts about the potential of remote work. Since telecommuting became mandatory due to COVID-19 shelter-in-place orders, businesses had little choice but to embrace the remote working paradigm. Companies soon realized how productive a workforce could be even if they weren’t reporting to the office.
Ultimately, this revelation opened a series of doors for employees and contractors alike. One of the biggest was related to broadening talent pools nationally. With remote work, where a professional lives becomes essentially irrelevant. As a result, companies can decide to make any city home without sacrificing their workforce quality. Employees, as well, can relocate to lower cost of living areas and enjoy taking home more of their income leading to increased quality of live in many cases.
All combined, this makes lower-cost, business-friendly regions like South Florida even more attractive. Existing companies can experience the benefits of choosing a rising tech hub without the typical strain associated with relocations. Their workforce can remain productive from anywhere, allowing them to shift into a more favorable home without undue hardship.
A Stellar Home for Tech Professionals
The technology sector growth relies on hiring strong technical professionals. Companies need great employees in order to thrive. A reasonable cost of living, solid wages, workforce-friendly tax rates, and improved work-life balance are all critical parts of the equation.
When it comes to South Florida, the area brings a lot to the table. Amazing year-round weather, beach access, and a slew of amenities mean the region has a lot to offer professionals when they aren’t working. Plus, no state income tax, competitive pay and benefits, and housing prices far below what you’ll find in Silicon Valley make the area more attractive to career-minded professionals looking for more than great opportunities.
Ultimately, South Florida is becoming a tech stronghold, attracting both companies and professionals to the area. If the growth continues, South Florida certainly has the potential to assert itself as the next Silicon Valley.
If you need to expand your technology workforce or are seeking out technology jobs in the South Florida area, On Cue Hire has the services you need to succeed. Contact On Cue Hire today.