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Census Bureau, tells the story more clearly. Small businesses with less
than five employees represent 69% of Miami-Dade County’s business
establishments, 68% of Broward County’s, and 66% of Monroe
County’s. Businesses employing 5 to 9 employees represent an
additional 13% of businesses in Miami-Dade and Broward, and 16% of
Monroe County businesses. When businesses of 19 or less employees
are tallied together, these businesses represent approximately 90% of
the Region’s business establishments (Appendix II). The outsized
predominance of small businesses in the region underscores their
importance to the economy and need to continually work with small
businesses to support them with access to capital, technical assistance,
mentoring, and a trained workforce. In South Florida, 122,656
businesses with 19 employees or less employ 375,373 workers with an
annual payroll of $16.5 billion according to the 2019 County Business
Patterns report by the Census Bureau.
Numerous resources are available to the region’s small businesses
including the SFRPC’s successful small business revolving loans funds
including the $5.9 million CARES RLF capitalized by the U.S. EDA,
county economic development offices, South Florida’s Small Business
Development Centers (SBDC), and the region’s chambers of commerce
and economic development practitioners.
Innovation
At the heart of innovation is entrepreneurship and the Miami-Fort
Lauderdale metro area has been growing its base of companies. As
reported by Refresh Miami, Pitchbook recorded $2.8 billion in venture
capital investments across 191 deals for the first half of 2022 in the
Courtesy of Full Service Flower Boutique B2B/B2C, Miami-Dade County
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region. In 2021, the region had a record-breaking 285 deals for a total
of $5.33 billion of venture capital investment to South Florida
companies. Presently, the Miami metro ranks #10 for venture capital
dollars in the first half of the year.75 76 With significant nurturing of the
entrepreneurial ecosystem, the number of venture capital investments
into Greater Miami area businesses increased significantly since 2012
with 2021 and 2022 marking an exponential uptick in the flow of
venture capital to the Greater Miami region.77
During this time the number of people employed within the tech sector
has also significantly grown. An analysis of OES data from the Bureau
of Labor Statistics shows an almost 50% increase in the number of
workers employed in software occupations within the region since
2012, growing from roughly 37,000 workers in 2012 to approximately
54,000 workers in 2020.
According to CBRE which scored Tech Talent Markets in 2022, South
Florida ranked # 33 out of the top 50 by the number of tech talent
professionals in the U.S. and Canada ahead of Tampa (#34) and
Jacksonville (#46), and behind Orlando (#29).78 eMerge Americas is a
venture-based platform focused on transforming Miami into the tech
hub of the Americas and working at the forefront of building the South
Florida entrepreneurial and tech ecosystem. Data trends show
continued growth in South Florida’s tech ecosystem. The number of
tech workers in South Florida stood at 66,660 in 2021, up 11,100 or 8
percent from 201679.
The Innovation Intelligence Report, created by the Indiana Business
Research and provided by the U.S. EDA via STATSAMERICA,
provides a composite index of various inputs related to innovation.
The updated Innovation Index 3 (II3)80 analyzes five major index
categories: three based on innovation inputs (human capital and
knowledge creation, business dynamics, business profile) and two on
innovation outputs (employment and productivity, and economic
well-being).
“Innovation” is defined as putting “ideas into action with the result of
increasing firms’ compensation and profits. The Index creates a
measurable value and is assigned a ranking of low, moderate, or high
with a ranking that allows the region to compare itself to others.
https://knightfoundation.org/wp-content/uploads/2022/06/Miami-Tech-Assessment_Final_2022.pdf
https://knightfoundation.org/wp-content/uploads/2022/06/Miami-Tech-Assessment_Final_2022.pdf
67 | Page
The index contains values between 0 and 200 with a baseline of 100 for
the United States as a whole. A score above 100 is better when
compared to the nation. Likewise, a score under 100 is worse when
compared to the nation. The Innovation Index headline number
combines the five major indexes with each index weighted equally at
20 percent each. The index is based on a broad range of data such as
educational attainment, patents, knowledge creation, STEM education
and occupations, business formation, business expansion, venture
capital, foreign direct investment, industry cluster performance, gross
domestic product, residential broadband connectivity, and
compensation among other measures.
The South Florida region shows an overall “High” score on the
innovation index with an index value of 132, with individual county
values of 134.7 for Miami-Dade; 137.5 for Broward; and 126.3 for
Monroe. Of note, the region scored high in the categories of business
dynamics, business profiles as well as employment and productivity.
This Index is comprehensive and utilizes a multitude of data sources to
create its rankings.
In recent years Miami-Dade, Broward, and Palm Beach counties have
become burgeoning technology hubs. The South Florida region has
teamed up to demonstrate the power of the region in technology. The
South Florida Tech Gateway “Work in the Cloud, Live in the Sun”
campaign is an effort to solidify the region as a technology hub to
attract and retain talent, entrepreneurs, investors, and the support
system needed to sustain and grow an innovation economy. Led by
the Greater Fort Lauderdale Alliance, in partnership with the Beacon
Council and Business Development Board Palm Beach County, the
South Florida Tech Gateway brings visibility and support to the world
class technology companies that are increasingly locating in South
Florida. One of the region’s strategic advantages is Miami-Dade
County’s NAP of the Americas, one of the world’s few Tier-1 network
access points and a high-speed connection for data, voice and video
traffic throughout the Americas and Europe. Other data centers include