Welcome to Miami (Part II)
Miami, a city once dominated by the hospitality and tourism industry, is becoming a mecca for two of the most powerful industries in the United States: finance and tech. Banks and other financial institutions are looking beyond their traditional Manhattan hub, and tech companies — fed up with the deteriorating quality of life and exorbitant prices in the Bay Area — are moving away from the mothership of Silicon Valley. For the first time in Miami’s history, a growing community of investment and finance professionals is mingling with remote software engineers, start-up founders, and tech entrepreneurs. Each newcomer is lured by the city’s tropical climate, favorable tax structures, and business-friendly leaders — trends I explored in an earlier post.
As we look ahead to a post-pandemic landscape, I see Miami’s appeal only growing as it matures and rebrands as a cosmopolitan business hub. Here’s why:
From Spring Break To Equity Stake
Once the pinnacle of spring break destinations, Miami has now reformed to tamper its reputation as the wild child of Florida’s coastline. Law enforcement officers have long bemoaned the crowds of college students and other tourists drawn to the bars, nightclubs, and beachside hotels. While the city celebrates its fun-loving side, hard partying has also brought with it the banes of public intoxication, vandalism, and other criminal activity. Elected officials, eager to rebrand the region and attract a more sophisticated and professional demographic, have passed several ordinances to curb loud parties, restricted the sale of alcohol after 2 am, and increased police presence along Ocean Drive.
The thought is that if Miami cuts ties with its “spring breakers” past and markets itself as a city prime for work-life balance-loving tech workers, its roots as a tech capital will grow. Nothing would make Miami’s mayor, Francis Suarez, happier. In a 2020 tweet heard ’round the world, he immediately jumped into action and leaped on the opportunity to welcome transplants newly liberated by remote work policies and other COVID-induced conditions.
One particularly successful outreach strategy has been Suarez’s #CafecitoTalk, a casual and approachable engagement with both emerging and established tech entrepreneurs. I recently joined to discuss Introhive’s series C round. In these conversations, he interviews founders about their operations and plans to expand their business to the city of Miami, always with the gracious subtext of “How can we help?” It’s a genius way for Mayor Suarez to simultaneously stimulate the expansion of Miami tech companies and get to know these tech founders in person, an opportunity I hope to take advantage of in the coming months.
In his grandest vision, Mayor Suarez imagines Miami decades from now as a business, technology, and financial ecosystem that shares many of the same traits as its cousins in Manhattan and Silicon Valley but with a distinct beachy and global flair. It’s already well on its way: Suarez has appointed a VC-in-residence for the city, is investing parts of the City’s treasury in cryptocurrency, and is actively serving as a city ambassador to attract more new talent. This last effort will be his most crucial piece to cement the city’s success.
Next Steps: Develop Local Young Talent
Miami has had little trouble convincing executives and wealthy investors to its shores, but recent college graduates and young professionals must be the next target. To start, time and money need to be invested in Miami’s educational institutions like Florida International University, the University of Miami, and Miami-Dade College. This will help prepare young Floridians and new Miami residents to join a growing tech job sector. Focused out-of-state recruiting can also help increase Miami’s visibility for recent graduates, with the ultimate goal of having Miami join New York and San Francisco as the typical postgraduate job centers.
I was an early adopter, so to speak, of the Miami area. I came here in 2012 with the idea of leading my company Introhive, headquartered in Canada, remotely. I’m so pleased that the city of Miami welcomed me with open arms. A native Canadian committed to supporting the Atlantic region’s economy, the bulk of new Introhive employees will continue to be Canada-based. That said, I’m hoping that the talent influx to Miami means I’ll have more opportunities to make executive-level hires here and help mentor the burgeoning network of local tech professionals as they find their best roles.
In large part due to the reform efforts and outreach of Mayor Suarez, Miami’s economy is looking bright. It is time to capitalize on this momentum by investing in our educational institutions to ensure that Miami’s young local talent stays within the city limits as they launch their careers and that their peers follow (swim) suit. Mayor Suarez, fellow business leaders, and new grads: how can I help?
Jody Glidden is the founder and CEO of Introhive. Founded in 2012, Introhive is the fastest-growing B2B relationship intelligence service and data management platform. The company was recently recognized by Deloitte’s Fast 50 and Fast 500 Awards and was named the 2020 MarTech Breakthrough Award winner for best CRM Innovation Software.
