The possibility of turning Miami into the technological capital of Latin America arouses enthusiasm among local investors and entrepreneurs. Beyond these encouraging signs, the challenge is to create a stimulating environment that contributes to innovation.
When it comes to technological growth, Seattle, Boston and Austin are ahead of the curve, but can Miami become a kind of “Silicon Valley” with a Latin accent and tropical sun? The answer is yes. Not only could Miami be included in the list, but it could reach this state with personality and quite a bit of style.
From my point of view, Miami has some very unique features that could make it the new center of technological innovation. The most important of them all is, for historical and cultural reasons, its strong link with Latin America that has made it possible for many Latino entrepreneurs to find in Miami, an optimal terrain to develop their projects in a much friendlier environment for business.
For this reason, there are many interested in increasing the technological profile of the city. Business accelerator Venture Hive, company builder Rokk3rLabs and The Lab Miami are some of the players fueling the reigning optimism.
It is necessary to recognize that we are still in the early stages. Jerry Haar, director of the Pino Global Entrepreneurship Center at Florida International University, admits that one of Miami’s weakest points is that it lacks “flagships” that generate a start-up ecosystem. It’s important to remember the undeniable influence Google has had in Silicon Valley, Microsoft’s role in Seattle, and Dell’s importance to Austin.
Talent fosters talent
It seems clear that Miami’s future as a technology hub will depend on its ability to encourage the talent of Latin American entrepreneurs. If regions of the world, such as Estonia and Israel have stimulated the development of small start-ups that can then become major players in the digital age, we can expect that Latin America, driven by the qualities Miami has to offer, can achieve similar or even better results.
To achieve this goal, however, requires more than tax exemptions and capital availability. We have much to learn from Israel, which has become the country with the third largest number of companies listed on the Nasdaq (behind only the US and China). The incentives to achieve a culture of innovation and the generation of stimulating environments from its initial stages have been some of the keys to the rise of technology.
An encouraging horizon
Examples in Israel and Estonia allow us to be optimistic but, at the same time, force us to think about the responsibility of creating an environment that stimulates creativity.
On top of that, Miami can expect great advantages from its implicit status as a link between the United States and Latin American countries.
The prospect of Miami as a true incubator for start-ups is very promising. Beyond the essential efforts needed to strengthen the wave of innovative projects, the city is empowered by sufficient financial forces and, above all, by the push of an emerging region.
