San Francisco has long been the preferred city for tech companies. However, over time, the City of Brotherly Love has become increasingly saturated, which has taken a toll on its resources and livability. Increasing taxes, expensive rents, and lack of space are driving people away from the bay area, and companies are looking for newer destinations to establish operations.
With a global pandemic making life difficult everywhere, Miami has become the top choice for many tech companies, thanks to its tropical climate, diverse population, and lack of state income tax.
With business tycoons like Elon Musk (owner of Tesla Motors), Reddit co-founder Alexis Ohanian, and Shervin Pishevar vocalizing their love for Miami, the lure of the Magic City is becoming harder to resist every day.
Here are four reasons why Miami is emerging as the next tech hub:
Pathway to Latin American market
The Latin American customers of tech companies are not limited to the US. They are present in other nearby Latin American countries too. With Miami’s proximity to these neighboring countries, tech companies are better-positioned to gain insights into the community’s market demand.
Access to Europe and East coast markets
From a Miami-based office, tech companies can easily tap into the East Coast and European markets. The Miami international airport Miami makes it feasible for companies to capture new markets worldwide.
Miami has an abundance of untapped local talent that can be groomed to become part of a workforce that drives future technological advancements. With the right direction and mentorship, tech companies can leverage this significant talent pool in the coming years.
Lower overhead costs
Another substantial benefit that tech companies stand to gain from moving to Miami is a favorable taxation environment compared to San Francisco. Florida does not have a state income tax, which helps companies substantially reduce overhead costs. Because tech companies can easily work out smaller spaces, they only need an internet connection and cloud services to get started. Working from an affordable, single-bedroom flat can save your business a significant amount of money, making it economically viable.
With tech giants and venture capitalists investing more and more money in the state, we are now seeing the beginning of a new tech revolution in Florida. With new startups emerging every day and an increasing number of IT jobs, Miami is poised to become the latest tech hub in the coming years.
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