Tech companies are relocating to Florida. Florida has the 3rd largest population in the United States. Moreover, it is one of the world’s top 20 economies. Abundance of financial capital, top talent, and cultural diversity create perfect conditions for tech companies of all sizes. These include emerging start-ups to established enterprises.
“In general, now that there’s capital here in Florida and talent in terms of personnel, companies been more receptive [to relocating]….[w]e’ve seen a lot of deals looking to come here….”
Ryan Whittemore, chief investment officer at Florida Funders. Minneapolis rideshare tech startup Vugo will relocate to Florida after VC investment
Florida boasts year-round sunshine, pristine beaches, unrivaled range of outdoor activities, and world-class restaurants. Florida is the ultimate place for those who strive to attain a balanced lifestyle, while taking their companies to the new heights. The old adage of “you can’t have it all” does not apply in the Sunshine State.
Five Reasons to Move Businesses to Florida
- Taxes: Florida has the #1 best business tax climate in the Southeast. Business costs are low and there is no personal income tax.
- Workforce: Florida’s nearly 10 million strong workforce ranks among the nation’s most elite. Accordingly, organizations find every type of expertise here.
- Infrastructure: Florida offers world-class business amenities and infrastructure. For example, fiber-optic, gigabyte-speed connections connect Florida’s major and mid-sized metropolitan areas. Furthermore, we have 19 commercial service airports and a wide area of Class A office space.
- Connected: Florida is strategic economic hub for the America’s for international business. It’s multi-cultural, multi-lingual workforce services clients worldwide.
- Business Friendly: Florida invests heavily in education, streamlining regulations and reducing taxes. Targeted incentives encourage relocating corporate operations here. (ref)
Florida is a “purple” state and a melting pot of northeastern to South American influences. Moreover, Florida’s government is fiscally conservative. Its tax base continues to grow from the influx of successful entrepreneurs fleeing their home states. In contrast, proposed California income tax stacked on top of a 37% federal rate exceeds 57%. Certainly, business leaders are looking at Florida and its lack of state income tax.
Tech Companies Relocating to Florida Supported by Schools
Florida has three cornerstone universities forming Florida’s High Tech Corridor. In short, these schools collectively outperformed the three cornerstone universities in North Carolina’s historic Research Triangle. Specifically, Florida leads in number of patent applications filed and the number of patents issued. University of Central Florida, University of Florida, and University of South Florida anchor Florida’s High Tech Corridor. Duke University, North Carolina State University, and University of North Carolina at Chapel Hill form North Carolina’s Research Triangle.
Florida’s Prolific Patent Activity
Combined, the schools in Florida filed 1,170 patent applications since 2015. They received 508 patents in the same period. In comparison, the North Carolina schools filed 1,012 applications since 2015. They received 357 patents in the same period. To put these numbers into a comparison, the Corridor filed 16% more applications and received 42% more patents since 2015.
The Triangle is undoubtedly the more well-known research region. However, Florida’s Corridor makes an undeniably strong case as to why Florida is the new preeminent research region.