10 Cities That Could Be The Next Silicon Valley

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10 Cities That Could Be The Next Silicon Valley

The tech boom across the world has blossomed into an undeniable force, giving people a glimpse of what the future holds: a technologically-geared world. 38% of the United States’ workforce comes in th

Apr 16, 2015

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The tech boom across the world has blossomed into an undeniable force, giving people a glimpse of what the future holds: a technologically-geared world. 38% of the United States’ workforce comes in the professional and technical occupations, more than any other occupation. Every year, cities create hubs and give tax breaks to tech companies, trying to compete with the “birthplace of innovation,” Silicon Valley. Cities want a piece of the tech pie, and they will invest huge sums to attract tech companies, firms, and venture capitalists to their cities.

Software and hardware development are considered “advanced industries.” And while these 50 industries make up only 9% of the statewide workforce, they produce 17% of our gross domestic product, and they have created 65% of our new jobs. If a city wants to compete in the global marketplace, and remain afloat, it is imperative for them to adapt to the changing society of IT services, software and hardware development, the cloud, and online endeavors. This means giving techies an incentive to create their startups in your city. With startups comes funding, with funding comes jobs, and with jobs comes money for the company and the city they live in.

While Silicon Valley might be the mecca of the tech boom, there are many cities that are giving the bustling region a run for its money. Here are 10 companies that are on the cusp of becoming the next Silicon Valley.

10 Miami, FL

Like every state in the US, Florida was hit very hard by last decade’s Great Recession. Miami was able to make a rapid recovery, however, thanks to it being one of the country’s key “hedge cities”: cities that attract foreign investors who are seeking a US base of operations. Miami’s population rose 4.8 percent from 2010 to 2013, employment increased 2.9% in 2014, and real estate prices have remained low at $225,000.

These numbers have led to a burgeoning tech scene, where companies are locating in Miami to provide a US foothold to Latin American tech firms. For example, .CO Internet operates the top-level domain for Columbia, and venture capitalist-backed companies such as CareCloud (a healthcare IT provider), and KidoZen (a mobile app developer) have found great success.

Miami startups brought in $49.4 million in venture capitalist funding in 2014, and investment firms have acquired 19 tech startups since 2012, giving the city a great potential for tech and job growth.

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