Miami is already a global destination and has built a tech-friendly ecosystem without the high taxes or crime of major California metros, and could replace Silicon Valley as the nation's tech hub if companies continue to flee the San Francisco Bay Area
Long before OpenAI ChatGPT release made advanced artificial intelligence a worldwide conversation, Miami had been quietly positioning itself to become a go-to destination for AI startups and other tech firms.
Now, Florida's largest metro is seeing that investment pay off as more companies flock to the business-friendly area to escape crime-riddled California tech hubs like San Francisco and before long, advocates believe, Miami could give Silicon Valley a run for its money.
Valentin Saitarli co-founded his artificial intelligence company, PRAI, with a fellow student while attending Stanford University in 2018. The team was one of the first to have access to OpenAI's technology back then, and recognized the impact generative AI would soon have across the globe.
But in 2021, Saitarli and his partner moved PRAI to Miami and haven't looked back. They chose Miami for multiple reasons: its weather, significantly lower taxes, safety, the way it cultivates business development, and its particular embrace of tech.
When PRAI moved to Miami, Saitarli said, the support was unbelievable, particularly from the city's Downtown Development Authority and the Business Innovation and Technology (BIT) Center at Miami Dade College (MDC).
As far as the business environment is concerned, he agrees Miami is on the rise and Silicon Valley is losing ground.
Saitarli spoke with FOX Business while he was in San Francisco to meet with investors, and said it was "really quite a depressing environment compared to Miami."
"SF it's lots of homeless, [with] human crap on the streets," ( literally ) the tech founder said of San Francisco. "It's insane in such a beautiful city." He added it's also insane that companies and residents pay so much in taxes and yet San Francisco is so neglected.
Saitarli said Miami is like a paradise comparatively speaking, because there are few homeless people, the energy is positive, people feel safe and economic development is a priority.
"Believe it or not, companies will move for a better lifestyle, for better opportunities when you have such tremendous support sooner or later," he said. "Maybe not this year, but maybe in two years Miami will talk a big amount of [Silicon Valley] investors out of this situation just because of the lifestyle."
It's been well-reported that residents are fleeing California for Florida, and that there is an ongoing exodus of businesses abandoning San Francisco for various reasons as the city struggles with rampant crime and homelessness amid a raging drug crisis.
The founder says there are over 2,146 tech companies in Miami right now, and the city is already establishing itself as a major hub for tech startups with 278% investment growth from 2020 to 2022. He says he knows of 30 or 40 Silicon Valley tech companies and venture capital firms that have also migrated to Miami.
Saitarli told FOX Business, "Yesterday, actually, another friend of mine called me who has a fintech startup in San Francisco, and he said, 'Hey, we're moving down with you.'"
Miami Luxury Real Estate - Florida Luxury Real Estate - Live Your Luxury - Kristine Farra - Gold Coast Real Estate - Gold Coast Exclusive - Ultra Luxury - High Net Worth - Sports Relocation - Executive Relocation
Stay up to date on the latest real estate trends.
For over 2 decades, we have been honored to represent our clients, and position them to maximize their real estate interests, throughout the dynamic real estate market! Contact Us by form or text 305-889-8400 for a more immediate response.