Miami Tech Industry: Data & Insights
Associated more with ArtDeco architecture, sunny beaches, and tourism, Miami also struggles to get attention as a future tech hub in Florida and make the state one of the leading regional IT centers.
On the Miami tech scene, things are evolving fast enough not to realize what exactly it’s happening. For example, only in 2018, the city managed to get funding worth $1.3bn for its tech sector making it #8 on the best VC active in the US. But of course, it’s far from competing with Silicon Valley, where startups gained $23.8bn, or 34% out of the national total.
With all big companies and tech corporations involved in the tech US stage, Miami tech specialists are interested more in smaller companies, the most promising startups that will possibly bring them a brighter future than other cases. As a vote of confidence in Miami’s tech startup ecosystem, accelerators from the US invested in 2019 more than $400 million, in and promised growth in 2020, if not the pandemic.
On the other hand, the key to success is more than Miami’s addiction to VC, and experts say that the city has to invest more in research and talent - two major factors that can help the tech and IT development even faster for the region. So far, Miami invests only $564 million/year in university research and development, making it #43 in the US.
The tech average salary in Miami is only $66,000/year, which is lower than the national average by 4%, and considerably lower than other leading states and cities. This is also one of the reasons why the city cannot get enough skilled workers in the local tech sector, and as well does not seem attractive to other companies due to underdeveloped IT infrastructure.
However, the city’s tech scene is growing, and together with the local community, companies seem to establish a solid ground for improving their services and attracting more clients. Combined policies grant tech workers facilities such as real estate discounts, and performance bonuses meant to stimulate the sector and specifically young professionals interested in the city’s tech industry.
As of August 2023, there are 407+ IT companies from Miami registered and active on TechBehemoths.