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Alexandra Wilkis Wilson, co-founder and managing partner, Clerisy
Where do you see Miami’s startup scene five years from now?
Miami’s startup scene has been growing and evolving over the past 5+ years thanks to local organizations supporting entrepreneurship including, but not limited to Endeavor Miami, The Knight Foundation, The Lab, Rokk3r Labs, eMerge Americas, Miami Angels and Wyncode. Many of Miami’s entrepreneurs, investors and startups have historically had ties to Latin America. I think going forward, the Miami tech scene will certainly continue to be a conduit to Latin America as it has been in the past. However, I predict more non-Latin American founders, investors, engineers and operators from cities like New York, LA and San Francisco, will also choose to build their businesses in Miami due to higher quality of life and more attractive tax rates. This dynamic will bring more relevant talent and a larger, more robust tech ecosystem to South Florida.
8 Miami-area investors assess America’s southernmost tech ecosystem There’s a lot of potential for this city, but Rome wasn’t built in a day
The exodus out of San Francisco and New York is making a big impact on Miami, a city that’s been steadily growing into a tech hub over the last 15 years. We’re seeing a “moment” in Miami, but many are hoping and working to turn it into a movement.
In late January, Softbank Group International announced a $100 fund directed at Miami’s exploding tech scene. As explained in this article, this is the latest validation that Miami is booming. Softbank Group Intl. told TechCrunch this ahead of his announcement. “Miami is quickly evolving to accommodate increasing demand as it becomes a growing startup destination. From emerging ‘elder tech’ to biotech, Miami is an attractive investment market that offers unique opportunities for immigrants and minorities to pursue entrepreneurship opportunities.”
SoftBank earmarks $100 million for Miami-based startups
Miami, an emerging startup hub, has a new check-writer in town: SoftBank. The Japanese multinational conglomerate announced plans today to invest $100 million, drawn from across its funds, into Miami-based startups. Notably, SoftBank’s $5 billion Latin America fund is headquartered in Miami, as well.
The initiative is led by SoftBank CEO Marcelo Claure. The fund will back companies who are in Miami or plan to move there.
A SoftBank check is somewhat of a Silicon Valley rite of passage, so the firm’s involvement in the scene will likely signal to others that the growth of Miami is something to be taken seriously. The tax-free haven is attracting swathes of investors and founders from around the country looking to join the growing scene. Relocators include Keith Rabois of Founders Fund, David Blumberg of Blumberg Capital, Chris Dixon of Andreessen Horowitz.
Extra Crunch roundup: Antitrust jitters, SPAC odyssey, white-hot IPOs, more
Some time ago, I gave up on the idea of finding a thread that connects each story in the weekly Extra Crunch roundup; there are no unified theories of technology news.
Watching Plaid and Visa sing “Let’s Call The Whole Thing Off” in harmony after the U.S. Department of Justice filed a lawsuit to block their deal wasn’t shocking. But I was surprised to find myself editing an interview Alex Wilhelm conducted with Plaid CEO Zach Perret the next day in which the executive said growing the company on its own is “once again” the correct strategy.