According to Tech Crunch, Miami’s startup hub already ranks highly in the ‘nontraditional’ list, and in 2020 more big-name companies made the move.
But what makes Miami special?
Some people say it’s the great weather while others say it’s the favorable tax policies. We’ve done the hard work for you and come up with our list of three reasons why.
Firstly, Miami’s location is more in touch with the rest of the world than Silicon Valley.
Secondly, capital flows are centering around the Miami startup scene.
Finally, their Mayor, Francis Suarez. Want to know why we’ve chosen these reasons? Keep reading.
1.Miami’s Geographical Location Benefits Global Startups
Compared to Silicon Valley, Miami’s startup hub is better suited for creating global networks. With its proximity to Latin America and sharing a not-so-different timezone with London, communication across borders is much easier.
Though it’s not only about outwards investment, many global startups who want to target the Western Hemisphere are choosing Miami’s startup hub to do so. This is because while Silicon Valley is the major hub, its location isn’t conducive to international connections.
More entrepreneurs are now choosing to stay within the heart of the global investor and entrepreneur network with easy access to emerging markets. Being located in a city on the cusp of mature and emerging markets— and with a diverse population—Miami’s investors see potential in every corner.
2.National and International Capital Flows
With investors and entrepreneurs seeking to position themselves closer to global markets, Miami startups have seen increases in both national and international capital.
With well-known funds like Softbank dedicating $100 million to investing in Miami-based startups and total VC investment in 2020 reaching $2.2 billion in the city alone, more money is sure to follow. Couple this with the city being a tax-free haven and you can see why the city is set for growth.
But it’s not only about what’s coming into Miami’s startup scene. Due to the city’s proximity to Latin America, its also become a hub for emerging market investors.
3.Miami’s Mayor Francis Suarez
Mayor Francis Suarez has long been a proponent for bringing tech into Miami but the tipping point came from his tweet at the end of 2020. This has kicked growth into overdrive and has shown investors, startups, and VC firms that Miami’s startup hub is ready for them.
For the last decade, Suarez has been working on bringing tech companies to the city because he believes it will help bring higher-paying jobs for residents.
In the past, he hasn’t garnered too much attention, but since remote work has grown thanks to Covid-19, more people are on the lookout for cheaper rent, lower taxes, and some sunshine.
Since the Twitter conversation Suarez started, his marketing campaign continues to grow and he’s even partnered with a sleep startup.
Suarez partnered with Eight Sleep (now a Miami-based startup) who sells ‘smart’ mattresses that can gauge sleep quality and regulate temperature automatically. Here’s the kicker, any founders, investors, and employees who move to Miami in early 2021 can score themselves a 20% discount.
Above all, it seems like Suarez’s friendly demeanor and positive attitude are sealing the deal for many people interested in Miami startups.
Global Startups Equal a Global Audience
Thanks to technology it’s never been easier to connect with an audience on the other side of the world. Emerging markets such as Asia, Latin America, and Africa are gaining investor’s attention because of the potential upside to be had.
But, how can you ensure success outside the country that you’re familiar with?
Using a localization and translation service will ensure that your message is communicated clearly. Whether you need to prepare a pitch for international investors or to translate another country’s business laws, it’s of utmost importance that every word is correct.
Besides investors and laws, you also need to worry about your customers, since they’re the lifeblood of your company. By translating and localizing your marketing content, website, social media, and other customer-facing content, you ensure that they receive the best experience possible.
Don’t rely on Google to do your translating because although technology has improved in leaps and bounds, nothing beats fast, flawless, and niche specialized human-powered translations.