It wasn’t too long ago that Miami, with all its sunshine and beauty, was primarily known for tourism and senior citizens. It was a place to vacation at or retire to, certainly not a hub of digital innovation. But over the course of a few transformative years, catalyzed by a raging pandemic and a surge in venture capital (VC), Miami is emerging as the nation’s new tech epicenter. Today, it is no longer just a pretty beach, it’s Silicon Beach.
The COVID-19 pandemic marked the turning point for Miami’s tech landscape. As remote work became the standard, the old boundaries holding tech workers to specific locations were lifted. Entrepreneurs began seeing Miami as more than just a vacation spot. The appeal wasn’t just aesthetic though, as Florida’s zero state income tax and business-friendly climate quickly gained attention among founders and investors.
For Nathanael Scheer, a sophomore at the University of Miami studying business technology, Miami’s fast-growing tech scene made it stand out among his college options.
“When I was deciding what colleges to choose from, one of the things I weighed heavily was the location of the school and how it could help me in the future,” Scheer explained. “Miami proved to be the best option for me, since I am someone who’s tech-driven and interested in the business world. Now, as a rising sophomore, I hope to work with one of the many companies driving the growth we are seeing in Miami.”
In December 2020, current Mayor Francis Suarez took notice of the trend and wanted to capitalize on it. Responding to a tweet that said, “Ok guys hear me out, what if we move Silicon Valley to Miami,” Suarez famously replied, “How can I help?” This simple response resonated with the business community who saw it as a warm welcome for entrepreneurs, venture capitalists and large tech companies to establish a presence here in Miami.
The movement of technology workers and companies to Miami continued to gain momentum rapidly since the pandemic. In 2022, Citadel, a global hedge fund, announced it would relocate its headquarters from Chicago to Miami. By the end of that summer, the city led the nation in tech job growth. Miami suddenly gained the interest of Amazon, Microsoft and several of the nation’s biggest firms.
The Magic City had another big win in early 2024 when Apple committed to building a 45,000 square-foot office right here in Coral Gables. Apple’s decision drew major headlines and contributed to an 18% year over year increase in tech jobs in Miami, outpacing the national average.
Venture capital followed the talent. In 2024, Miami attracted a record $4.6 billion in funding, vaulting it to fifth place nationwide for VC deals.
Another consequential element in Miami’s tech growth was its embrace of Crypto. Blockchain conferences, in addition to projects such as MiamiCoin, have resulted in some referring to Miami as the world’s crypto capital.
Peter Smith, the CEO and Co-founder of Blockchain.com, commented on his decision to move the company from New York to Miami.
“Miami was an easy choice for us,” he said. “It’s on the East Coast time zone. And more importantly, it’s probably the most excited city in the world about crypto right now.”
While promising, it is important to keep in mind that the volatility of digital currencies continues to raise concerns about long-term stability. As such, it is not yet clear whether Miami’s embrace of crypto will be worth the risk.
The message for UM students is simple. If you are interested in tech, opportunities may be closer than you realize. While the “Silicon Beach” evolution is still underway, Miami’s tech scene already offers promising opportunities when searching for internships and jobs.