By Endeavor Intelligence Unit

There are several reasons why South Florida has become a center of attraction due to certain relevant factors that have attracted many entrepreneurs and businesses to the region, leading to a larger concentration of venture capital funds, startups, tech talent, and multinationals than ever before. South Florida's great connection to Latin America, quality of life, weather, diversity of people, and tax benefits are also factors that have made it an attractive destination for entrepreneurial migration.

Claudia Duran

Managing Director, Endeavor Miami

“Miami has always been a vibrant city attracting many tourists, businesses and talent from around the world. In the past couple of years, we have seen a large influx of people moving to Miami and other cities in South Florida. There are many reasons for this migration, but I would say that the region’s geographic location, beautiful weather, diversity of people, tax benefits and vibrant energy are top of the list. It is becoming an important hub for founders wanting to enter the US market, especially from Latin America.

At Endeavor we are already feeling the positive change in the local entrepreneurial ecosystem, where there is a larger concentration of venture capital funds, startups, tech talent, and multinationals than ever before. Local and global media have highlighted the phenomenon of this entrepreneurial migration, yet its underlying reasons and its impact on the region have not been adequately investigated. For this reason, we thought it would be important to conduct this research and share the data and findings with the community at large. We could not be more excited to continue supporting founders in building their companies, and create a thriving community that continues to grow and attract successful entrepreneurs from around the world.”

The tech industry in South Florida has experienced a boom in recent years. Miami alone has attracted over 17,000 tech jobs in the last 5 years, with 5,166 added in 2022. To gain a better understanding of entrepreneur migration, Endeavor identified over 300 firms, surveyed 50 migrant entrepreneurs, and conducted over 30 interviews with entrepreneurs and stakeholders in South Florida.

Endeavor has identified four main pathways for entrepreneurial migration:

• CEO Migration: the CEO of a startup moved to South Florida while operating his/ her company remotely.
• Domestic Migration: an entrepreneur with a U.S.-based company moved to South Florida to operate his/her company in the region.
• Foreign Founders: a non-American moved to South Florida from outside of the U.S. to start a new business.
• International Expansion: an individual based abroad moved to South Florida with the aim of expanding his/her company’s operations in the U.S.

Endeavor conducted an investigation to analyze the migration phenomenon in South Florida. The research delves into the impact that migrating entrepreneurs have had, the reasons why South Florida has become an attractive destination for entrepreneurship, the advantages of migration, the challenges, and recommendations. The objective of this research is to contribute to the joint efforts of the ecosystem's actors in consolidating a robust entrepreneurial ecosystem.

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The Impact of Migrant Entrepreneurs on South Florida

Why South Florida

Advantages as a South Florida Migrant

Challenges as a South Florida Migrant

Recommendations

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