Do not be surprised to see Miami emerge as the next tech hot spot as the signs point to it. Entrepreneurs moving out from traditional tech hubs have now set their eyes on Miami, already renowned for its startup ecosystems, observes Eric Dalius, the brain behind many successful businesses. Miami has always been a hot destination for a diverse range of companies and welcomes anyone with enough entrepreneurial spirit to create the spark that makes their companies shine brightly.
The Miami administration misses no opportunity to capitalize on any business trends that it can spot early, as evident from how city mayor Francis Suarez started promoting the city as a tech hub in the making. Taking a cue from the interest shown by some high profile investors of tech companies moving to Miami, the mayor upped the ante to add a new feather in the cap.
The stage is ready for the big event
Optimism is palpable among startups that have noted the first moves by big investors, who are betting it big on Miami as the next tech destination despite its tech ecosystem not as robust as San Francisco. As some heavy-weight investors have now shown the way, it is only a matter of time that more investors and start founders would follow suit and boost the area’s tech scene. Miami had attracted $1 billion in venture funding in 2019, and by all accounts, the trend will only grow faster in the coming days.
Miami’s attraction for entrepreneurs
What attracts entrepreneurs to Miami that makes it one of the most coveted places in the US for setting up and relocating businesses? The city has its charms and offers excellent work-life balance opportunities, which most entrepreneurs look for but do not find many such places. The city is especially attractive to younger entrepreneurs who love to remain surrounded by hardworking people so that they can raise their performance bar and achieve higher growth. Entrepreneurs who want to make it big want to live in an environment that supports them to the hilt to overcome challenges and Miami never lets them down. Miami is the ground for high growth that drives entrepreneurs toward it, explains Eric J Dalius.
Tax free income
The vibrant city of Miami seems more attractive for businesses because the personal earnings are free from income tax. It is an excellent incentive for entrepreneurs who can aspire for a better life in Miami in a short time that would have taken years to achieve in other places after paying personal income tax. Moreover, Florida’s corporate taxes are as low as 5.5%, which is like the topping on the cake. Seeing their hard work pay back well and lots of resources available to boost the business prospects, big tech business owners find enough reasons to relocate to Miami.
The city mayor is busy promoting Miami as the next tech hub that meets the global challenges and is aggressively using social media to invite investments. We now wait to see how the efforts bear fruits.