The Atlantic’s Startup City Miami yesterday announced a new report that revealed Miami has dramatically improved its ability to attract venture capital, ranking 16th highest among the 380-plus U.S. metro regions, raking in $300 million in the last year. The report was generated by The Martin Prosperity Institute and presented during yesterday’s summit, which explored the impact of urban tech in Miami.
“The most surprising finding is that South Florida and Miami are emerging as a tech hub,” said urban affairs expert Richard Florida during the event.
Nancy Dahlberg first reported the findings on The Starting Gate, which highlighted South Florida findings:
- Across the region, Boca Raton accounts for the largest share of venture capital, more than $120 million ($93 million went to a single company, OpenPeak, an enterprise software developer).
- Coconut Grove accounted for $65 million, Hollywood’s take was $30 million, and Miami Airport’s take was almost $40 million.
- Within Miami itself, Coconut Grove was the leading neighborhood, followed by the Airport, and then Miami Beach ($7 million), South Brickell ($3.6 million), Edgewater/Morningside ($1.9 million) and North Brickell/Downtown ($1.4 million).
Other interesting findings:
- Talent matters: Venture investment tracks the geography of talent, especially the percentage of adults who are college grads and the creative class.
- Eds and meds don’t matter for tech: While many states and cities have pinned their hopes on education and medical centers, our research finds little to no significant statistical associations between eds and meds employment and venture capital.
- Tolerance does matter: We find venture capital investment to be associated with several markers of the diversity of metros, including their shares of immigrants and gays
Read full report here.