Blind, an anonymous professional network used by over 4 million people throughout the world, recently conducted a survey to look into a recent exodus from Silicon Valley. Participants in the survey included employees of Facebook, Apple, Google and Amazon. Of those within these specific businesses, 63% reported that tech innovators were leaving Silicon Valley and 66% of all tech professionals within the survey agreed.
Why are they leaving?
A big reason: more affordable housing. Housing in Silicon Valley is difficult to afford, making the move to a more reasonably priced location very promising. Add in the fact that more people are able to work remotely, and some tech industry innovators are thinking of leaving the area and working on their own side gigs somewhere else.
Where are they going?
Many are heading to South Florida. Miami in particular has proven a hot spot for many entrepreneurs looking for a fresh start. Why? A few of the key draws to this area include:
- Quality of life. The nation refers to Florida as the sunshine state for a reason. The ability to get outside and enjoy everything the coastline ahs to offer is a big draw.
- Diverse workforce. Entrepreneurs note that they were drawn to the state due to the mix of talent in Florida. This can provide new businesses with the work pool they need — whether looking for tech specialists or a labor-oriented workforce.
- Connection to Latin America. South Florida has a strong connection to Latin America and has ties to South America. Some entrepreneurs argue that it has also positioned itself as the state for businesses interested in making connections in Europe and throughout the world.
As such, venture capital and private equity firms could find a number of unique investment opportunities in South Florida. Before taking on these opportunities, it is wise to take steps to reduce exposure to liability. Moving to another state can mean adhering to a new set of regulations. A few proactive measures can help to address any potential issues and better ensure your business interests are poised for a successful transition to South Florida.