Miami isn't a global technology hub – yet – but it does rank among the globe's top emerging startup ecosystems.
That's according to Startup Genome's new 2021 Global Startup Ecosystem report. The organization analyzed data from 3 million companies across 280 metros across the world to determine which regions are home to the strongest startup communities.
Despite a turbulent year that saw many tech leaders exit California, Silicon Valley still came in at No. 1, based on an analysis of funding, talent, exits, market reach and other factors. London and New York City tied for No. 2, followed by Beijing, Boston and Los Angeles.
South Florida failed to make the cut for the world's best startup ecosystems. However, it did rank No. 10 on the study's list of Top 100 Emerging Ecosystems, which looks at funding, early-stage ventures and companies valued at $1 billion or more in up-and-coming tech markets.
The tri-county area's exclusion from the main list could be a problem of timing. The Startup Genome study analyzed data from 2018 to the first half of 2020, so it doesn't include the flood of fundings, expansions and business relocations that have occurred over the past year.
Other takeaways from the report:
- Miami-Dade, Broward and Palm Beach counties' startup ecosystem is valued at $17 billion, 61% more than the global average of $10.5 billion.
- South Florida startups raised a median seed round of $675,000 during the period studied, surpassing the global average of $494,000. Series A rounds came in at a median of $2.3 million, slightly below the global average of $2.7 million.
- The region was home to six businesses that were valued at $1 billion or more over the past decade. The study didn't name those enterprises, but they include Plantation-based Magic Leap and Miami-based Reef Technology.
- Software engineers in South Florida typically earn an annual salary fo $78,000. While that's more than the average global salary of $42,000, it's far less than what software engineers earn in other large U.S. metros with comparable costs of living, such as Silicon Valley ($119,000), New York City ($106,000) and Boston ($91,000).
- Life sciences is one of the Miami area's strongest tech subsectors. Medical tech ventures like Heru, an AI-powered platform to diagnose and correct vision problems, and Neocis, which makes robotics for dental surgeries, made waves with $30 million and $72 million financing rounds, respectively.
- Blockchain is another strong subsector. Startup Genome notes Miami is working toward establishing itself as a cryptocurrency hub after several ventures, including eToro and Blockchain.com, expanded to the city. Local leaders like Mayor Francis Suarez have been recruiting those businesses to the city in a quest to brand Miami as one of the cryptocurrency and blockchain capitals of the world.
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