It all started with a tweet.

“ok guys hear me out, what if we move silicon valley to miami,” posted a prominent Bay Area tech investor.

A few hours later, City of Miami Mayor Francis Suarez responded with a phrase that would become a refrain in the Miami tech movement. “How can I help?”

How can I help? https://t.co/hIC1k8ka1i

— Mayor Francis Suarez (@FrancisSuarez) December 5, 2020

These four words unleashed what Suarez now calls a “flymo” effect: a combination of “flywheel,” the idea of small wins creating unstoppably forward-moving momentum; and “FOMO,” or the fear of missing out.

Of course, tech is not new to South Florida. In the 1960s, IBM developed some of its earliest technologies in Boca Raton. Local innovator Manny Medina founded Terremark, which Verizon would eventually acquire for $2 billion, in the 1980s. Decacorn Chewy was launched in 2011.

But things changed during the pandemic. Florida’s climate, favorable tax rates, and overall high quality of life attracted roughly 900 people to our state every day. Mayor Suarez’s positioning of Miami made it a particular hotspot for technologists fleeing other states.

Miami Tech by the numbers

• Miami is ranked number 4 out of all US startup hubs.
• Miami is the fastest-growing tech hub for VC investment in the country and saw the biggest rise in deals across the 2020-22 period.
• Across Q1 2023, Miami’s deal count hit 72 – worth a total of $300 million.
• Miami doubled its deal count between 2019 and 2022.
• In 2022, Miami area companies pulled in $5.81 billion — up from $5.33B in 2021.
• Miami’s startup ecosystem is worth $36b.

Fintech is Miami’s largest tech sub-sector, capturing 41% of the funds flowing to local tech companies. Despite the crypto winter, web3 companies secured more VC dollars in 2022 than 2021: $965 million, up from $859 million. And emerging sectors such as proptech, climatetech, and edtech all continue to accelerate.

Building a culture of Miami tech

What can be attributed to these numbers? It’s all about the thriving culture driving our ecosystem’s growth.

Miami benefits from a wide range of angel networks including Rezilyent Capital, Seedfunders, and Black Miami Angels. International investors such as SoftBank, a16z, Founders Fund, Seven Seven Six, and IDC Ventures have a major presence in the Magic City. This is alongside local VCs as well – the likes of Fuel Venture Capital, 305 Ventures, and Las Olas Venture Capital.

Our ecosystem attracts major conferences, from eMerge Americas to Miami Hack Week to the Bitcoin Conference to Black Men Talk Tech. In part, this is thanks to the wide range of auxiliary networking opportunities for founders which include the weekly #MiamiTech Happy Hour and the monthly Brickell Tech Tuesday meetup, among many others. Accelerators also play an important role in advancing our local ecosystem, with Techstars, Endeavor, and Atomic all very active in Miami.

Mana Tech is proud to support the Miami tech community by building bridges between Miami and international tech ecosystems. Get in touch to learn more and get involved!

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Miami, a city historically known for its white sandy beaches and vibrant nightlife, is rapidly emerging as a new hub for technology startups, attracting numerous individuals and companies from both Silicon Valley and Latin America.

What factors are driving Florida’s Magic City tech boom and why are so many entities relocating here?

In this article, we will explore the reasons behind this phenomenon and how Miami is becoming a hub for technology companies.

A Glimpse into Miami’s Ecosystem

What makes the city a touchpoint for international tech startups?

Miami boasts a never-expanding ecosystem for startups, venture capital funds, accelerators, community events, and more, attracting entrepreneurs, investors, and tech talent alike.

An exciting opportunity exists here to bridge ecosystems across the Americas and launch innovative ideas.

• According to the 2023 Global Startup Ecosystem Report, Miami ranks among the top 30 global ecosystems, occupying the 23rd position, which represents a ten-position jump from the previous year. The city also ranks 15th globally for its performance and 20th in investments.
• Miami is the fourth-largest startup hub in the United States, preceded only by San Francisco, New York, and Los Angeles, with a valuation of $36 billion.
• The Venture Monitor report (Q1 2023) highlights Miami-Fort Lauderdale area startups attracting $300 million in venture capital through over 72 deals in just the first quarter of 2023.
• The fintech sector is the strongest in terms of venture capital. Of the total closed deals, 41% were directed to this sector. In fact, despite the slowdown in investments, particularly in the crypto area, web3 companies closed deals worth $965 million in 2022, surpassing 2021’s $859 million.
• Miami is home to 429 fintech startups and has an investment capital in cryptocurrencies amounting to $859 million.
• Startups based in the Miami metropolitan area received 71% of the venture capital invested in the state, as well as over 61% of the deals.
• Countless tech events fuel the ecosystem, including Miami Tech Month by eMerge Americas, Tech Beach, and the NFT BZL organized by Mana Tech.

Moishe Mana, Mana Common Founder & Chairman, speaks at Mana Tech event.

Why Miami Appeals to Companies

In some way, Miami has managed to connect the dots: talent, capital, organizations, and entrepreneurs. This combination is crucial for building diverse startup communities that drive innovation and create opportunities in Miami, Latin America, and beyond.

Growth Opportunities

In the words of Felice Gorordo, CEO of eMerge Americas, Miami ranks first in technology job growth nationwide. This, coupled with other factors, contributes to Miami’s boom.

Investor Interest

Currently, Miami is the fastest-growing venture capital hub. Although we have seen a slowdown in the number of investments due to the global recession, the ecosystem continues to attract investors willing to invest in the best tech companies in the area. This positions southern Florida just behind competitive hubs like Chicago, Denver, and Washington D.C.

Cost of Living

One of the predominant reasons behind the tech exodus from the Bay Area is the exorbitant prices per square meter in Silicon Valley, combined with the overall cost of living, such as access to gasoline, food, and entertainment.

On the other hand, in Miami, the average monthly utility expenses are 4.5% cheaper than the national average. In fact, according to Florida Governor Ron DeSantis, “(Florida) has the second-lowest per capita tax burden in the United States.”

According to the Miami-Dade Beacon Council, companies and individuals who settle in Miami can enjoy a series of tax benefits, such as no local corporate or personal income taxes and no state property or limited parnerships taxes.

Quality of Life

During the pandemic, allure grew. Silicon Valley workers relocated to the region due to flexible COVID-19 restrictions and lower taxes. With more remote work dynamics, Miami becomes an attractive place to settle.

Government Support

The commitment of Miami’s governmental authorities to the region’s development is truly remarkable. Mayor Francis Suarez, for example, not only promotes attractive measures for companies looking to establish themselves in the city, but also participates in countless tech events, fostering dialogue within the community.

On the other hand, among the initiatives carried out by the government, there is Venture Miami. This economic development office focused on technology and innovation within the City of Miami is on a mission to improve the city’s standard of living. How? By creating jobs and supporting innovation, therefore creating more opportunities for tech companies.

The ecosystem is also supported by the Miami-Dade Innovation Authority (MDIA). This nonprofit corporation, established in collaboration between the public and private sectors, focuses on promoting innovative solutions to address local challenges. This generates a more sustainable economic growth.

A Collaborative Ecosystem

Another factor in Miami’s tech hub growth is its expanding ecosystem and community. The city already has the support of angel investors like Rezilyent Capital, Seedfunders, and Black Angels Miami, as well as prominent international investors such as SoftBank, a16z, Founders Fund, Seven Seven Six, and IDC Ventures.

Accelerators Mana Tech, Techstars, Endeavor Miami, and Atomic VC also play a key role in the ecosystem, driving progress toward a more collaborative community focused on innovation.

Charly Esnal, Managing Director of Mana Tech, speaks at Mana Tech event.

Final Thoughts

How realistic is it to relocate Silicon Valley to South Florida? Personally, I believe that the point here is not to replace the historical tech hub of the Bay Area, but to build a new one that also serves as a gateway for international companies.

Miami has quickly become a hub for tech startups thanks to a combination of factors, including governmental support, an appealing cost of living, capital-raising opportunities, high-profile tech events, and a strategic location that facilitates connections with Latin America.

At Mana Tech, we contribute to the international business community’s expansion into the U.S. market through initiatives like Base Miami. Miami is emerging as a focal point for innovation and tech entrepreneurship in the Americas. Our goal is to establish a more collaborative ecosystem by providing physical spaces, programs, events, and ventures that foster connections and strengthen this promising entrepreneurial hub.

The post Is Miami the Next Innovation Hub in the Americas? appeared first on Mana Tech.

Born in 1856, Tesla was a Serbian-American inventor, electrical engineer, and physicist who made groundbreaking contributions to science and technology. He is best known for his work in electrical engineering, which has had a profound impact on modern life. After immigrating to the United States in 1884, Tesla began working for Thomas Edison, but their different approaches to generating and distributing electrical power led to a parting of ways. Tesla eventually established his own laboratory in New York City, where he made a series of innovative discoveries and inventions.

One of Tesla’s most famous inventions is the Tesla coil, a high-frequency transformer used in radio and television broadcasting. Tesla was also fascinated by circular designs and the phenomena of resonance and oscillation, which inspired the creation of the Mana Tech circles – Programs, Spaces, Events, and Ventures.

Rene Makela presents Moishe Mana with painting of Nikola Tesla

Tesla’s significant scientific and technological contributions are widely acknowledged and celebrated, and it’s why he has played a pivotal role in shaping Mana Tech’s vision. His work laid the foundation for many of the technological advances that have shaped the modern world, from the development of the internet to the widespread use of electric power. In recent years, Tesla has also become something of a cultural icon, with many people admiring his innovative spirit and his vision for a better future.

Stay up-to-date with Mana Tech’s latest developments and sign up for our newsletter here to discover what we have in store for the year ahead!

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ZUMA Miami Terrace View

Zuma

270 Biscayne Blvd Way

Riverside views and exquisite Japanese cuisine

Downtown Miami’s Zuma offers more than just a meal—it’s an experience. With its modern spin on Japanese izakaya, panoramic river views, and an atmosphere that oozes sophistication, it’s the go-to spot for a power lunch. Expect exquisite sushi, sashimi, and robata dishes that elevate any business meeting. 

Il Gabbiano Interior

Il Gabbiano

335 S Biscayne Blvd

Authentic Italian cuisine with stunning waterfront views

For those who appreciate the timeless appeal of Italian cuisine, Il Gabbiano is a must. Nestled along the Miami River, this restaurant pairs breathtaking waterfront views with a menu rich in authentic Italian flavors. From freshly made pasta to exquisite seafood, Il Gabbiano offers an elegant yet inviting atmosphere—optimal for serious conversations over a meal that’s anything but ordinary.

Boulud Sud Interior

Boulud Sud

255 Biscayne Blvd Way

Mediterranean-inspired cuisine with a modern twist

Boulud Sud transports you to the Mediterranean with a menu crafted by renowned chef Daniel Boulud. The light, airy dining room and vibrant Mediterranean dishes create an elegant yet laid-back atmosphere—just right for business lunches that balance flavor with finesse.

Lomo Saltado at Cacique Restaurant

Cacique Restaurant

112 W Flagler Street

Authentic Cuban Cuisine with a homestyle feel

For an authentic taste of Miami’s Cuban culture, Cacique Restaurant offers a warm and welcoming atmosphere that’s perfect for a more casual lunch. Known for its homestyle Cuban dishes, such as ropa vieja and arroz con pollo, this spot is ideal for investors who appreciate rich, authentic cuisine and a down-to-earth dining experience. The relaxed vibe makes it a great choice for informal yet meaningful discussions.

Main Dining Hall at Julia & Henry’s

Julia & Henry’s

200 E Flagler Street

Multi-level food hall with diverse culinary options

At Julia & Henry’s, diversity is on the menu. This lively food hall spans multiple floors, each offering a unique culinary experience, from sushi to gourmet burgers. It’s the perfect place to give your investors a taste of everything in a buzzing, energetic setting.

Cafe Motek Interior

Cafe Motek

36 NE 1st Street Suite 132

Mediterranean café with a focus on fresh, flavorful dishes

Tucked away in downtown Miami’s Diamond District, Cafe Motek serves up a Mediterranean café experience that’s both cozy and vibrant. With dishes like shakshuka, falafel, and shareable pita sandwiches, it’s a fantastic spot for a relaxed, informal meeting in a bright, welcoming setting.

For more insights into downtown Miami’s dining scene and neighborhood news, join our community at manacommon.com.

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The United States remains the destination market for most tech companies around the globe. While American innovation leads most of the world, recent history shows abundant new developments elsewhere, even in secondary and third-tier markets.

So, how does a founder with traction and growth in their domestic footprint successfully jump to the US market? For our purposes, “successfully” means generating revenue (and profits) as soon as possible while minimizing expenditures.

1. Link up with a credible partner

A credible strategic partner in the US is indispensable. Scams, especially international ones, are everywhere, and people are justifiably wary of them. Therefore, founders need someone to help mitigate that risk. The good news is that Miami hosts consulates for most countries, and a founder can typically get a referral from one of them.

2. Immerse yourself in an accelerator or incubator

Affiliate with an accelerator or incubator to help navigate the local ecosystem. Relationships are everything, and getting introduced to the right people for funding, distribution, presentation hosting, etc., is vital. One key point people often forget is that without customers, your business is simply an expensive hobby. You must meet people to generate customers, so building relationships is non-negotiable when it comes to growing your business.

3. Allocate funds for basic expenditures

Lastly (for now), make sure you have funds allocated for basic expenses to launch, as well as fees to pay potential strategic partners or consultants in the area. Introductory partners often charge retainer fees (some may take equity instead) because relationships are their product. It’s perfectly fair for them to charge for this.

Also, if you’re not paying someone to help you, usually you only get spare-time effort from them. Engaging someone on a commission-only basis – “Bring me leads/relationships and I’m happy to pay you” – only works (IF it works at all) briefly while enthusiasm is still high for your offering. However, that emotion erodes quickly, especially without immediate success. Since consultants also have bills to pay and usually multiple opportunities, they put their time where the potential return is greatest, or with a client who is paying them. Clearly-defined expectations and deliverables can limit confusion and frustration from unmet expectations when engaging with these consultants. However, the old axiom is usually true – “You get what you pay for.”

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Validating the customer problem and the solution happened a long time ago for you and your company. You identified a real problem in your home market. You built a solution. Your target customer was and is willing to pay for it and you have been growing ever since. It is easy to assume that this will work the same way when you come to the US. This is a dangerous assumption.

Heavily regulated markets like healthcare, financial services and education are just examples of what are likely to have significant differences that will require major adjustments to business models.

‍What do you recommend?

A saner approach when entering the market is to assume that the target customer, the customer problem and the required solution will vary from what you have seen in your home country. Revalidating the customer problem and the solution fit is an important step to take before you go all-in on sales and marketing.

The post Will the customer problem be the same in the US? appeared first on Mana Tech.

Most companies think they can enter the US by “partnering” their way to sales. This is almost never true – at least not in the beginning. The one who needs to figure out how to sell your product here is YOU. Once you have “cracked the code”, and only then, you might be able to find partners to sell it.

Partners will often “localize” the product, which might include preparing local language marketing, approval and other details of taking the product to market. For startups, this is mostly not a viable go-to-market.

What do you recommend?

The truth is, you will need to re-prove your value hypothesis and market fit, in the US, before you can get someone to take on your product and amplify your efforts to get it to market.What kind of proof is that? The best proof you can get is happy customers. Preferably a bunch. That means you will need to sell directly to customers first. At least until you have some solid reference accounts.

Unfortunately, there is no shortcut to doing that.

To get your product into the US market and get to a repeatable sales model, you need to plan on one or more founders coming to the US and doing 1 – 2 years of solid groundwork.

The post Why don’t I just partner with a sales company in the US? appeared first on Mana Tech.

Companies cannot outsource the job of figuring out the market and getting to a repeatable, profitable and scalable sales model. This will usually require the presence of one or two founders in the country. “Hiring a sales guy” before you figure out the market almost always goes wrong. The right people to figure out the market and the sales strategy are the founders. Sales guys – and channel partners – come later.

Some steps to consider:

• Figure out our ONE IDEAL CLIENT PROFILE (ICP)
• Figure out the SINGLE USE CASE we would focus on
• Proving that our ideal client demographic would pay
• Figuring out the best way to find and sell repeatedly to that one demographic
• Hiring one or two external sales people who are a good fit for that particular sales model (e.g. know the demographic, the industry dynamics, the business problem)
• Scaling that later with additional sales people

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