Author: Rana Florida
Publisher: Huffington Post
Date: April 1, 2014
The second annual Start-Up City: Miami event, sponsored by The Atlantic, The Atlantic Cities, the Knight Foundation and the Creative Class Group convened venture capitalists, leading thinkers, and start-up founders yesterday to discuss entrepreneurialism and to share tips and expertise on successful startups.
Miami might seem a long way away from traditional start-up hubs like Silicon Valley, Silicon Alley, Route 128, Seattle, and Austin, but as a just-released report, “Startup City: The Urban Shift in Venture Capital and High Technology,” by Richard Florida and the Martin Prosperity Institute (MPI) at the University of Toronto’s Rotman School of Management, shows it is just the kind of urban location — diverse, lively, filled with old industrial buildings, leading edge art districts, and creative, adventurous people — where venture capital is increasingly being invested. Downtown San Francisco now attracts more investment than Silicon Valley proper; Miami and South Florida have doubled the amount of venture capital they attract over the past several years and now rank among the top 20 US metros for startup investment.
It’s an exciting time for entrepreneurs, but the fact remains that three-quarters of venture-backed firms in the U.S. don’t return investors’ capital, according to recent research by Shikhar Ghosh, a senior lecturer at Harvard Business School. Read more here.