City Hubs for Entrepreneurship Series: Miami, Florida / 11
Entrepreneurial Ability: Local Support for Entrepreneurs Has Increased Significantly in Recent Years. More than 12 investment firms, accelerators, and coworking spaces have launched or opened offices in Miami since 2009. Together, these organizations support hundreds of companies, with a strong emphasis on those in the startup phase. The rapid development of these investors and organizations provides support for entrepreneurs at the second stage of the ecosystem growth cycle and also indicates that significant change with Miami’s entrepreneurship ecosystem is possible in a short period of time.
More than 12 investment firms, accelerators, and coworking spaces have opened offices in Miami since 2009.
“We are seeing a lot of activity that wasn’t there just a few years ago in our entrepreneurship community.”
“We have a lot of challenges, but we’ve come very far as a community in just a few years.”
Access to Markets: Entrepreneurs Report That Customers and Suppliers Are Available in Miami. Companies that seek to grow into large firms need access to customers and markets. Few cities can compete with Miami’s ability to act as a global hub. The Miami International Airport hosts more international flights than any other single airport in the U.S., and the city’s port is one of the country’s largest.17 Consequently, over 60% of the entrepreneurs we interviewed at scaleup companies reported that access to customers was available or very available in the Miami area. Entrepreneurs frequently reported specific advantages for reaching Florida’s internal market and Latin America.
More than 60% of entrepreneurs at scaleup companies stated that customers were easily accessible in Miami.
“Miami is a great hub for wholesalers. South America is close by. There are a lot of vendors and activity at the port.”
“There are strong marketing and advertising businesses as well as businesses targeting Hispanic community, like Univision.”
Local Quality of Life: Scaleup Entrepreneurs Enjoy Living in Miami and Value the Amenities It Offers. The third stage of the ecosystem growth cycle requires that entrepreneurs choose to remain in their local community after they become successful so that they have the opportunity to reinvest their financial, intellectual, social, and cultural capital into the next generation of local entrepreneurs. Fortunately for Miami, growth-oriented scaleup entrepreneurs highly value the city’s culture and quality of life. Many of the most common reasons they gave for starting a business in Miami were those related to lifestyle, such as Miami’s culture, weather, and beaches.
Thirty-four percent of entrepreneurs at scaleup companies cited quality of life as a reason for starting a business in Miami.
“Miami is a paradise. I would not go anywhere else.” –Entrepreneur
“In Miami, I have great quality of life, great friends, and great weather. It’s a great place to raise a family.” –Entrepreneur