Is Miami the next tech hub?
The region is once again poises for greater influence and
impact through tech communities
Can Miami build a vibrant tech sector? This is a question that economists, advocates, academia and economic experts around South Florida are posing. And while the bandwagon is again on the roll and the local cheerleaders are speaking in favor of this sexy new (allegedly) opportunity, the realities of accomplishing such a bold and ambitious goal takes a lot more than fancy conferences, sexy slogans and organizational rank and file statements of support. It takes strong vision, a fluid, flexible song game, inclusiveness, synergy and money.
A new report says Miami has the potential to become the next Silicon Valley. But multiple factors stand in its way. Moody's says Miami has the potential to become the next Silicon Valley. But its rise could be thwarted by housing costs, as well as other mounting burdens on its residents. Yet, Miami already ranks among the world’s most prominent (nontraditional) startup hubs, and 2020 saw more big names in tech migrate to Florida.
Tech sector hype has come and gone of the past few decades. Most recently, Miami Mayor Francis Suarez has been spurring on the influx with an extremely popular Twitter campaign. It has raised the visibility and percieved excitement over a growiong tech sector. On the downside, his avid support for the Crypto industry took a downturn as the industry took a dive as well. Crypto markets recently took another bloodbath due to macroeconomic conditions around the world. The market is struggling to keep its 900 billion dollars valuation. Investors held a cautious position as they await US Fed's monetary policy outcomes amidst soaring inflation. But that hasn't slowed the Mayor down one bit and tech advocates see a promising future for the region on the horizon.
If there is a time for Miami to strike, it's now. The massive talent pool amounts to a talent opportunity that has been passed up before as other regions have successfully recruited the region's best and brightest, es[ecially when it comes to African_Amcerican talent. It's been called the brain drain. That also applies to local homegrown startups that have lacked the resources and advocacy needed to grow. Florida Economic Indicators for July 2022 include: Unemployment rate is 2.7 percent, down 0.1 percentage point from the previous month's rate and 0.8 percentage point below the national rate of 3.5 percent.
This series will look at the past, the present and the future of South Florida's tech sector and how it continues to evolve, morph, rise, fall and rise again. We'll explore the dynamics of the educational and other supportive communities as well as the effort to maximize the region's amazing diversity (or the lack thereof). We’ll also be vigilant about ensuring that the least represented communities and most underrepresented small businesses are included and the growth and evolution of the tech sector.
Even Artificial Intelligence fits into the examination of Miami's push to build a tech sector. ICYMI: Miami Dade College’s new AI Center is positioned to become a vital accessable hub for tech training. As you may expect, This inovative Center is a part of the larger, more complex MDC tech strategy aimed at growing to access to AI learning and applications.
Make no mistake about it, this is a tall order but one that a region like South Florida can reach with the above attributes and an informed community getting information from diverse media outlets like ours that not only inform and educate but also keeps and releases a scorecard as criteria for success or failure and the region's effort to build a strong and vibrant tech sector.