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Miami's EmergingTech Industry is Adding Firms, Jobs to Local Economy

by | Sep 12, 2015
Already a world-class city with the most banks south of New York, Miami has recently added another growing industry to its economy: technology.

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Barbara Tria
2015 Commercial President
MIAMI Association of Realtors®

Already a world-class city with the most banks south of New York, Miami has recently added another growing industry to its economy: technology. Thanks to increased demand from Latin American _rms and assistance from local tech accelerator and incubator groups, Miami is now home to numerous successful ventured-backed tech companies.

Miami-based high-tech _rms such asYellowPepper, a mobile virtual wallet startup, and Open English, a cutting-edge online English school, are not only adding jobs here, but they're diversifying a South Florida economy that has long been anchored by tourism and construction.

While not at the tech industry heights of Silicon Valley or Seattle, Miami can boast that it leads the Latin American digital landscape. Latin American _rms and government agencies, which have long done business in South Florida, feel comfortable using Miami for all their tech needs. Unlike other digital centers around the nation, Miami has the advantage of being home to more than 1,400 multinational corporations and 70 foreign trade of_ces. Miami is also America's most international city with 51 percent of residents being foreign born.

Latin America, which ranks among the highest social media users of any region in the world, has a growing demand for digital services, and Miami high-tech _rms likeYellowPepper are answering the call. YellowPepper, which runs a Latin American smart wallet app called Yepex, has more than 5 million customers and makes more than 30 million transactions a month in Latin America.

A successful tech hub needs venture capital and an educated digital employee base to support local start-ups. Last year, venture capitalists invested $651.6 million in Greater Miami start-ups. Miami's colleges and high schools are also committed to teaching local students the latest high-tech skills.

The continued growth of Miami's digital scene promises to not only grow local jobs, but spur more investment and commercial development.

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