This story was originally published by Refresh Miami, a WLRN News partner. Refresh Miami is the oldest and largest tech and startup community in Miami with over 16,000 members.
With major players like Palantir, Meta and Citadel shifting operations to Miami in recent years, it can seem like it’s the outsiders transforming South Florida into a tech hub that can compete with the likes of Silicon Valley, but this is a well-orchestrated outcome that’s been decades in the making.
“We’ve seen a massive influx of people coming from California, in large part because of the taxing structures,” said Stephanie Toothaker, land use attorney with a focus on government relations and chair of the Fort Lauderdale Downtown Development Authority. “And then you add great weather, great innovation and a business-friendly environment, and you’re going to continue to see that shift.”
Augmented reality company Magic Leap has been in the area since 2010, and Microsoft has held its Latin American and Caribbean operations there since 1994. First founded in California in 2000, Kaseya, a massive IT management and security software company for small and medium businesses, moved to Miami in 2016. It maintains a revenue of $2.5 billion and a workforce in the thousands, and more recently acquired new CEO Rania Succar, who relocated from the Bay Area.
“We hire a lot of early career talent,” noted Succar. “They come to Kaseya to get a growth path to strengthen their skills and employability, and then that becomes a springboard for the ecosystem. It deepens the talent population here.”
Besides private companies, Miami’s tech hub growth rests on public-private partnerships. Toothaker credits Florida’s generous public-private partnership (P3) statute for at least some of the region’s success. Evidence of this is the Nu Stadium, which David Beckham and Jorge Mas opened for the Inter Miami Football Club in 2026. “We got that stadium approved and built in 13 months, which is literally unheard of,” said Toothaker, who was involved in the approval process.
Miami saw record venture capital inflows of $5.3 billion in 2022, and while that number has moderately quelled in recent years (though statewide VC is on the rise), organizations like the Miami Downtown Development Authority and Miami Dade College are helping bolster private funding.
Toothaker sees government incentives that go beyond grants and loans, too. “It can be waiving of impact fees, free or significantly reduced land,” she said. “That’s where the government has a significant role in working with companies, and that’s what you’re seeing.”
Babak Ebrahimzadeh, who heads up South Florida real estate firm Gatsby Florida, has been behind major acquisitions like One Town Center, DiVosta Towers and 800 Brickell, the latter of which houses tenants like Kaseya. His latest project, The Modern at Palm Beach Gardens, reflects a broader “live, work, play” model, catering in part to firms leaving places like New York.
Florida’s 2023 Live Local Act is behind many of the “live, work, play” projects that Miami is seeing. Aimed at increasing the supply of affordable and workforce housing, it provides tax incentives, zoning overrides and funding mechanisms to encourage private developers to build affordable housing. Despite concerns from the public about issues like overdevelopment and loopholes, Toothaker is a fierce supporter of the legislation.
“The cost of housing is just through the roof, and in the tri-county area, Miami in particular, you’re seeing the ripple effects of that,” she said. “If people can’t afford to live where they work, they’re going to start leaving.”
And, Succar noted, it’s the people that make Miami as a tech hub possible. “Do the work to find the local teams, as opposed to being spread out where you and co-founders might be here, and then the rest of the team might be in other places,” she said. “It takes work, but there’s exceptional talent here, and then you get the benefit of a unique talent market.”
Like anywhere with a booming tech landscape, South Florida must face the challenge of compute power and energy needs, and Florida property is no cheap asset. “You want to bring the tech and the innovation, but you have to have the infrastructure to support it,” said Toothaker. Florida already has around 120 operational data centers and a hyperscale, AI-friendly buildout remains in the works, even at the dismay of many residents. Nonetheless, the state and its neighbors Georgia and Alabama seem determined to move forth on infrastructure projects.
Beyond the companies and talent who have relocated, of which Succar is admittedly part of, she credits homegrown startups and enterprises for getting Miami to where it is now. Clean energy startup Spearmint Energy, fintech platform Flex and even the long-standing AutoNation, America’s largest automotive retailer, all play a role.
“What I find so energizing is the determination and passion of the leaders here to invest in their community and to see it become a leader on the global stage,” she said. “There’s something about the city that attracts a population like that.”
Maybe that’s what really sets Miami apart from places like Mountain View, Austin and Seattle. It’s the ability to come in and be a part of shaping something bigger than yourself. Whereas Silicon Valley has long been molded, Miami is actively sculpting its fate.
“Tech leaders tend to play a bigger, more active role in shaping the identity of the city,” said Succar. “It’s an attractive component of the value proposition.”
Rachel Curry is a freelance journalist with a focus on tech, business and innovation. She frequently contributes to CNBC and Observer.
Refresh Miami welcomes locally relevant guest posts. Send your post idea to Nancy Dahlberg at nancy@refreshmiami.com.
