It began with a response to a late-night question: “why do not we transfer Silicon Valley to Miami?” I tweeted again: “How can I assist?”
Few would have predicted that this straightforward alternate between an entrepreneur and an elected official would set off a broad and deep set of financial and coverage selections, sparking what we now name the “Miami motion.” Few would have foreseen the thrill and power that despatched a brand new era of expertise flocking to Miami. And few would have believed the tempo of financial transformation we have seen in Miami—and throughout Florida. We are able to now affirm that the Miami motion is greater than chatter.
As mayor, I’ve seen this motion develop exponentially into lots of of recent firms, hundreds of recent individuals and billions of {dollars} in new investments. Over simply the previous yr, 48 firms have signed new leases and 63 new-to-market corporations have anchored down in Miami, bringing with them greater than 7,000 jobs and including roughly $1billion in future wages to our native financial system.
We have seen the arrival of trade leaders like SoftBank, Blackstone and Silicon Valley Financial institution set up footprints and broaden operations. And I’ve seen the arrival of numerous younger, gifted entrepreneurs—a few of whom I’ve interviewed. They all the time ask me: “how can I assist construct a greater Miami?” Their arrival represents excess of simply an financial transformation for Miami; it represents long-sought recognition and revolution in entrepreneurship, training, enterprise and governance. New industries proceed to be created as we converse. It has been a win for buyers and a win for our residents. My job has been to seize that chance to make sure a tech-driven, high-value financial system for future generations of Miamians.
To supply some perspective, right this moment’s Miami is extra than simply the “gateway to the Americas.” It is now turning into the worldwide “capital of capital” for the Americas, rating as the highest metropolis for job development and the perfect metropolis for startup exercise over the past 5 years. We have additionally expanded our monetary providers footprint for each North American and Latin American monetary establishments, displacing New York and Mexico Metropolis.
This convergence of capital, expertise and expertise from all components of the Americas presents funding alternatives for entrepreneurs, buyers and companies. Miami has additionally actively and aggressively attracted new fintech industries together with the expertise that may propel America’s subsequent industrial resurgence.
We see the Miami motion as the primary half of a bigger American technological and industrial revolution that may appeal to and combine extra people, extra capital and extra progressive concepts that had been beforehand sidelined or penalized by the insurance policies and packages of different cities and states. And our aggressive tax insurance policies, good regulation and pragmatic strategy have already helped gasoline new companies and industries that profit our residents—making Miami the true driving drive of Florida’s financial enlargement.
Our metropolis has already turn into the testing floor for improvements that may outline the longer term. The talk over the function of cryptocurrency, for instance, is enjoying out within the Miami financial system as we converse. We imagine that cryptocurrency and using blockchain can open up the financial system to people and teams which were traditionally excluded or ignored by the free market and monetary establishments. We imagine that by utilizing expertise to entry the financial system, we will empower a brand new era of People to earn, save, make investments and personal the fruits of their work.
Our function as a authorities is to convey this new expertise into the proverbial sunshine so it turns into extra accessible, extra predictable and extra productive for many who select to take part. Miami has broadened entry to this new expertise within the type of a brand new digital coin referred to as MiamiCoin. MiamiCoin is the primary coin launched by CityCoins, altering the best way metropolis residents can interact their very own communities and fund main metropolis tasks with out placing tax {dollars} in danger. It is a new thought, nevertheless it’s a part of the method of innovation and enlargement of market entry that may profit our residents and strengthen our financial system.
From the mixing of a brand new technological class to the enlargement of fintech, medtech and greentech sectors, we imagine the Miami motion has the potential to function a brand new mannequin for the best way we as cities develop our financial system, broaden our companies and serve our residents. And Miami will proceed to pioneer new methods for everybody—from new residents to natives—to share within the imaginative and prescient of a metropolis that not solely lasts endlessly however works for everybody.
Francis X. Suarez is the mayor of Miami.
The views expressed on this article are the author’s personal.
