TECH TRAIL
Daniella Levine Cava and Miami Mayor Francis Suarez responded to the aīre ventures diversity report. Levine Cava tweeted about it, and Suarez did not.
On his latest podcast, Eric Newcomer, a longtime Silicon Valley-based technology reporter who visited Miami during Art Week, said in his recent visit he could tell the conflicting camps, “existed in two total different universes which were not really required to reconcile.”
For the optimists, it comes down to the basic view: That there is a level playing field here, and that the opportunity is here for the taking. As prime tech promoter Suarez tweeted recently, “Don’t listen to the haters. If you want to think big, invest in your future, and create a life for your family, bring your talents to Miami!”
For the realists, it’s not so simple. They think
Since March 2020, the central bank has been buying tens of billions of dollars of U.S. government and mortgage-backed bonds each month in its those in power should consider placing demands on tech job creators to fill jobs with, and make investments in, people who reflect Miami’s great diversity. And that the movement may keep growing at the expense of a reasonable cost of living for those in the city outside it.
That leads to the other stubborn fact at play:
Local rents have climbed into the stratosphere during tech’s rapid expansion this year. According to data from real estate group Redfin, average residential rents in South Florida climbed 36% yearover-year as of October to an average of $2,891 — the fastest gain of any U.S. metropolitan area.
Even Miami-based real estate developer Jorge Pérez, founder, chairman and CEO of Related Group, remarked at Bloomberg’s recent “The New Miami Forum” that living costs were getting out of control.
“Miami rents are $4 a square foot,” he said. “How are people paying for this? It is not like incomes are increasing.”
Looking ahead, Newcomer, a close watcher of the tech industry, gave the Miami Herald his outsider perspective: “It will be interesting to see if there’s a techlash from locals next year or if people are happy to have new wealthy neighbors with strong opinions about how the city they live in should be run.”
By all appearances, Miami’s flourishing tech sector is here to stay. The numbers don’t lie: Miami is seeing faster growth among new tech workers than any other U.S. city, according to LinkedIn data compiled by Quartz.com. In fact, among all workers, the city is experiencing a greater number of them relocating here than any other city, new LinkedIn data show.
And Miami would not have gotten to this moment — one that most cities yearn for, especially during the pandemic — without optimism. With the boosters firmly in control of the burgeoning industry, those who lack enthusiasm for it are most likely going to be left behind.
HELPING MINORITY STARTUPS
eMerge Americas is partnering with City National Bank to boost Miami-based minorities in tech, a demographic that continues to fall behind amid the city’s broader boom.
The two companies laid out the details of their Startup Studio project announced at eMerge’s La Casa event during Art Week. The studio is a five-week program consisting of weekly webinars hosted by industry leaders covering topics such as effective fundraising strategies, how to grow and scale, and perfecting a business pitch.
The organizations will select 20 Florida-based early-stage startups with minority founders. At the conclusion of each weekly webinar, four startups will give 3-minute pitches; the top five startups chosen will participate in a closing event to receive a firstplace prize of a $25,000 grant, a second-place grant of $15,000, and a third-place prize of $10,000.
To apply to The Startup Studio, submit your application online at gust.com/ programs/cnb-startupstudio-2. The deadline for applications is Jan. 7, 2022.
LOOKING AT CRYPTO’S FUTURE
The newly created Economic Club of Miami, a members-only organization dedicated to producing events with thought leaders from around the world, hosted FTX founder Sam Bankman-Fried, former Trump White House adviser Anthony Scaramucci and Kathleen Breitman, creator of the Tezos blockchain, for a discussion of NFTs and the future of cryptocurrency. The event took place Dec. 4 at the Paramount Miami Worldcenter downtown.
“We were thrilled with the strength of turnout and interest especially during Art Basel week, and we look forward to an even more impressive set of events and speakers for 2022,” club co-founder Lourdes M. Castillo said in a statement.
ZOOM INVESTS IN WELLNESS
Wellness Coach, the mindfulness platform for employees created by the Miami-based husbandand-wife team of D and Julie Sharma, has received an undisclosed investment from Zoom. Wellness Coach was one of 13 companies chosen as part of the massive video conferencing company’s $100 million Zoom Apps Fund.
“The Zoom developer ecosystem continues to be critical for innovating how Zoom users connect, collaborate, and get more done together,” said Colin Born, head of Zoom Ventures, in a statement. “We’re extremely proud to fund these partners so they can continue to develop high-quality solutions that meet the evolving needs of Zoom users around the world.”
Rob Wile: 305-376-3203, @rjwile