The Miami metro — which spans Miami-Dade, Broward, and Palm Beach counties — aspires to become a hub for entrepreneurship and innovation, and it is making dramatic progress. According to research conducted by the Miami Urban Future Initiative, a joint effort of Florida International University’s College of Communication, Architecture and the Arts and the Creative Class Group, both venture capital investment and venture capital deals have increased more than threefold in the region since 2005.
According to a detailed analysis that we conducted with the Center for American Entrepreneurship’s Ian Hathaway, Miami generates more than 100 venture capital deals on average per year, up from just 25 a decade ago, ranking it 28th on that score in the world. And Miami attracts an average of $850 million per year in venture capital investment, 31st among global cities, up from $255 million a decade ago. Among American metros, Miami ranks 13th for venture capital investment and 15th for deals. Based on our assessment, Miami ranks in the third tier of the world’s leading startup hubs, alongside cities like Washington, D.C., Denver, Toronto, Amsterdam, and Hong Kong. In 2017, Miami ranked first on the Kauffman Foundation’s Index of Startup Activity, which gauges a region’s progress as a startup ecosystem.