In addition to the benefits offered by the city, entrepreneurs face certain challenges when they migrate. Emerging businesses require the tech factor to compete effectively in the market, so access to tech talent, and therefore STEM talent, becomes a necessity. Additionally, migration-related issues tend to be lengthy and costly.
For CEO migrants and international expanders, the biggest challenge was the cost of living, with 38% and 55% respectively stating it as a major obstacle. Meanwhile, 36% of domestic migrants viewed access to tech talent as a major challenge. On the other hand, foreign founders identified access to angel investors and early-stage venture capital as their primary challenges, with 50% and 60% respectively stating it as a major obstacle.
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💡 Use the following interactive tool to learn more about the challenges of the South Florida migrants.
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https://apption.co/embeds/bc7dcc46
- The cost of living. For 41% of those surveyed, owning their own office represents a major obstacle. Only 4% of entrepreneurs reported owning their own office.
- Tech talent. Access to talent is identified as a major obstacle, with 31% of respondents citing it as a concern. A lack of local tech talent has had the most severe impact on foreign entrepreneurs (38%) and domestic migrants (36%).
- Visas and immigration. According to a survey, 68% of non-American respondents identified visas and immigration as obstacles. The immigration process is both expensive and time-consuming.
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