South Florida has tech talent. But are there enough experts to travel between startups, established companies, and public institutions to satisfy customers?
Last week, San Francisco-based Signalfire released a study of 18 U.S. metropolitan areas that found New York led the nation in attracting tech worker relocation in 2023. showed that. The Big Apple’s net margin was 3.5%. San Francisco was in last place, with a net decline of 3.7%.
In a study that tracked the movement of workers at the nation’s 10 largest technology companies by market capitalization, the Miami-Fort Lauderdale region ranked fifth with modest net profits. These included Amazon, Alphabet, and Met, as well as a variety of large private companies.
Asher Bantock, head of research at Signal Fire, acknowledged that more people move from New York to Florida than vice versa. But what about areas with large numbers of migrant tech workers? Not so much.
“There has been significant net migration from New York City to Miami, with 1.6 people moving to Miami for every person moving in the opposite direction,” Bantock said in an emailed statement to the South Florida Sun Sentinel. I moved,” he said. “Miami remains a relatively low destination for tech workers overall, ranking 15th among metro areas for tech workers in 2023. Startups in Miami Although the scene is overhyped, it is home to few companies with large employee populations that drive most corporate employment movements.
become attractive
Business development leaders in South Florida argue that the region has a growing number of technology workers and an improved ability to grow its workforce. Candidates can be trained locally from scratch or selected from elsewhere.
Last week, 10 years after hosting its first technology conference and trade show, Emerging Americas in Miami announced that its efforts have created more than 10,000 jobs in the sector over the past decade.
“Over the past decade or so, an independent study of eMerge Americas has been conducted by the Washington Economics Group,” Melissa Medina, the group’s CEO, said in a statement. “We’ve created more than 10,000 jobs in our state. Not only are these great jobs, but 81 percent of those jobs are high-paying, high-paying jobs.”
The group released its 2023 Venture Capital Insights Annual Report last month, showing that investment in new companies in South Florida and around the state remains very active. This, in turn, will lead to an increase in demand for workers.
Findings from the report include:
- The Florida-based company has raised approximately $3.5 billion in investments across 673 transactions.
- South Florida startups attracted $2.41 billion in investments across 393 deals.
- Startups in the Miami metropolitan area and the Fort Lauderdale metropolitan area secured 69% of Florida’s venture capital funding and accounted for 59% of total deals.
- South Florida’s climate technology sector has secured $263 million in 31 deals, making it one of the sectors that will see significant growth in activity in 2023.
- Funding for AI companies increased significantly, with 56 companies receiving investment, up from 26 in the first half of 2023.
- Miami ranks No. 7 in the nation for venture capital deals.
Given the continued strong support from investors for early-stage companies, those in the business development sector acknowledge that there is work to be done in the area of matching between workforce and employers.
Karina Duquesne, a Miami attorney and partner and technology and innovation practice leader at Caldera Law Firm, is a witness to a decade of technology evolution in South Florida.
“If you think about markets like New York, San Francisco, Boston and those larger economic hubs, we’re just getting started,” Duquesne said. She agreed that it’s important to focus on acquiring upper-tier talent, such as managers and other experienced professionals, not just entry-level employees.
The proliferation of new entrants from outside the city is pushing the limits of talent.
“Palm Beach County is emerging as a hotspot for young professionals seeking opportunities in technology,” Kelly Smallridge, president and CEO of the Palm Beach County Business Development Board, said in a statement. “It’s a big change from what it used to be,” he said. “However, with a record influx of companies relocating and expanding to the region, the surge in demand for talent is outpacing the available workforce.”
She said her organization is developing a “talent organization” strategy by “facilitating ongoing partnerships with local universities” to steadily develop a skilled workforce.
Smallridge also pointed to the “pressing issue of housing affordability,” and the Business Development Commission will work with the state’s Live Local Act to “strengthen housing supply and ease the burden on aspiring professionals.” He said he hopes the issue can be resolved through a county housing bond.
In Broward County, Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, the county’s economic development arm, said his agency last year He said he ran a “Fort Lauderdale to the Rescue” advertising campaign to attract technology workers from California, where the film is set. Layoffs by major corporations.
“Advertisement companies were worried that people would call me,” Swindell said jokingly. It’s unclear how many people saw the ad.
Swindell added that the Fort Lauderdale area’s status as Miami’s neighbor to the north is contributing to recruitment.
“Miami has done a good job with their brand and we are benefiting from that,” he said.
Still, he said it’s important to look inward to people back home.
Swindell encouraged students to start their careers in South Florida, saying, “We’re looking to develop ourselves so we don’t have to go anywhere else.” A big focus for us is nurturing existing talent. ”
Still, says John Wensveen, executive director of Alan B. Levan | His NSU Broward Innovation Center in Davie said “South Florida is not the most economically viable place to live” which is a factor “constraining the hiring process.”
“It’s something we’re working on and will probably be for quite some time,” Wensveen added. “There are more jobs than there are enough people.”
However, he noted that the gig economy filled with remote workers continues to grow. “It’s easier to find talent because it’s more accessible to more people.”
hire
Matthew Hagman, a former Knight Foundation program director who helped revitalize Miami’s startup industry more than a decade ago, says today’s job opportunities are deep and wide-ranging, which gives job seekers more confidence. said. He recently became Chief Strategic Initiatives Officer of a new national nonprofit called Right to Start, which champions entrepreneurship as a civic priority.
“Ten years ago, when you talked to people about coming here, they might have been excited about the job, but if the job didn’t work out, where would you go?” Hagman recalled. Ta. There is now a greater sense of security among workers willing to make changes.
Additionally, he said, the Miami region has far surpassed its traditional status as New York’s “sixth borough” and is now “connected to many more places.” At a recent dinner hosted by a local venture capital firm, Hagman said he looked around the table and saw visitors from South Korea, Israel, Italy, Argentina and Mexico.
Caseya, the Miami-based software maker best known for putting its name on the Miami Heat basketball team’s downtown arena, recently announced that it had 150 employees fired in a “performance-based layoff.” The desire to fill employees is due to the diversified environment.
Chief communications officer Xavier Gonzalez said in an email that the company is “actively filling all roles.”
Does the company believe that the necessary talent currently exists in South Florida?
“Of course,” he said. “We hired nearly 1,000 people in Miami last year alone, and we have nearly 2,000 employees here in South Florida. The talent pool here is great and will take us to the next level. We look forward to bringing on the right people.”
But he acknowledged that the hiring race is a competition.
“There’s always strong competition for top talent, no matter where you are,” Gonzalez said. “As SignalFire’s report suggests, South Florida is a rapidly growing region for technology talent, and we are excited and confident that many will find their way to Kaseya. ”