Located six hours from the time zone of France, Miami (Florida) benefits from an air hub facing the two Americas, advantageous tax conditions – such as the absence of state taxes on income or VAT and charges employers much lower than in other metropolises on the east coast- as well as a pleasant climate. In recent years, it has won over a number of French entrepreneurs, but not necessarily those from the tech world.
In 2020, when the city obtains the French Tech label following many unsuccessful initiatives, the identification of these tech entrepreneurs is still complicated. Today, “there are 150 of us who see each other regularly at events such as French Tech Tuesday, where people come to network and pitch their project,” says Stanislas Coignard, president of the Florida chapter. Objective: “Attract French talent and capital to Miami, and vice versa!”
Les « French Tech capital days »
With other volunteers, he manages this community whose label, as for the eight others existing in the USA (Los Angeles, San Francisco, New York, Atlanta, Raleigh, Austin, Boston and Houston), is called upon to be renewed every three years. This label was thus extended at the beginning of February for the period from 2023 to 2025 and there are now 67 French Tech communities internationally, present in 52 countries.
But it is in Miami that the second edition of the French Tech capital days will take place on April 18 and 19, a major gathering of the North American network of French Tech America which had already had a small success in 2021. This time once more, each of the communities will be able to send its most promising startuppers – provided that they are already generating income – while being attentive to respecting the presence of 40% of women entrepreneurs . “We also have a partnership with the Aix-Marseille-Provence metropolis and France Digital, which will select entrepreneurs. Ten winners will be chosen following their pitch! », adds Stanislas Coignard.
“A faster recovery compared to New York and California”
Since the end of the pandemic, Miami has emerged as a new destination to set up your start-up. “Quite quickly, the State of Florida took the gamble of stopping confinement, wearing masks and not forcing anything on vaccination. This has allowed a faster recovery compared to New York and California, ”explains the president of French Tech Miami.
“In 18 months, Francis Suarez, the mayor of Miami wanted to make it ‘the capital of capital’ and also succeeded in encouraging startuppers, large tech companies and VCs (Venture Capital funds, editor’s note) to settle in the city. He even integrated a VC in residence (Melissa Krinzman of Krillion Ventures, editor’s note) to better connect the community. Soon, there will even be a ‘tech street’ in Downtown, founded by Moishe Mana, an entrepreneur who will notably host the French Tech Capital Days. »
Opportunities despite the rising cost of living
This dynamism of Miami around the world of tech gives rise each year to many opportunities in neighboring sectors: fintech with the reception of the next Bitcoin conference (May 18 to 20), health -due to the presence of many retirees in Florida-, tourism and ecology.
“Only downside: it has become more complicated and more expensive to settle there. With 300,000 new residents moving to Miami every year for the past three years, the price of real estate for purchase or rental has doubled,” warns Stanislas Coignard, who is also head of Fast Forward, an accelerator dedicated to French startuppers to help them get through critical phases before their first fundraising. “Health insurance for a family of four, for example, costs $25,000 a year. There are ways to make it tax-free, but you still need to have income. You have to be vigilant regarding the standard of living on site, which, if you don’t budget, can be the source of an unwanted return to France. »
