10 / City Hubs for Entrepreneurship Series: Miami, Florida
DIAGNOSTIC ASSESSMENT: MIAMI’S STRENGTHS Endeavor Insight identified four strengths of Miami’s entrepreneurship ecosystem. These strengths support the first three steps of the growth cycle. Each finding is based on interviews and surveys of stakeholders in Miami’s entrepreneurship community, and each has been confirmed in discussion groups with entrepreneurs, leading investors, and representatives from major local entrepreneurship organizations. A selection of quotations from stakeholder interviews and discussion groups is also presented to provide additional context.
Figure 6: Strengths within the Components of Miami’s Entrepreneurship Ecosystem. Growth Cycle Steps & Sub-Components (Areas with strengths highlighted in green.): 1
New entrepreneurs seek to build scalable companies in the local area
Entrepreneurs are able to grow their companies and reach scale
Successful entrepreneurs stay in the local area and remain engaged in the ecosystem
Successful entrepreneurs reinvest in the next generation
Local quality of life
Local quality of life
Inspiration & ambition to grow
Access to markets
Inspiration & ambition to reinvest
Angel & VC investing
Access to talent
Role model promotion
Access to finance
Other (e.g., serial entrepreneurship)
Source: Endeavor Insight analysis.
Local Quality of Life: Miami Can Attract Growth-Oriented Entrepreneurs. The first stage of the ecosystem growth cycle requires that entrepreneurs seek to build scalable companies in the local community. Miami has a unique advantage in this area. One-third of Miami-based entrepreneurs leading scaleup firms — growing companies with the potential to become large businesses, such as those listed on the Inc. 500 — identified in this study had never attended university or worked in Miami before founding or relocating their companies in the area. In fact, a recent study ranked Miami as one of the top ten municipalities for attracting founders of rapidly growing companies.16
One-third of Miami entrepreneurs at scaleup firms identified in this study had not worked or studied in the area.
“I actually started in Boston during my MBA and then my co-founder and I decided to move to Miami.” –Entrepreneur
“I am a typical Miamian. I grew up and went to school in Europe, started my first company outside of Florida and then moved here to start my second.” –Entrepreneur