Miami 2024"The next phase for Miami will be an increase in exits"
Miami 2024
"The next phase for Miami will be an increase in exits"
eMerge Americas CEO, Melissa Medina, added: "There is tremendous investment growth in Miami." Serial entrepreneur Howard Lerman: "We need companies here that define a category in high-tech."
Transforming Miami into a Global Tech Hub panel
(Tomeriko)
In recent years, Miami has firmly established itself as a prominent hub for technology and venture capital. The journey to becoming a technological powerhouse was the focus of a panel discussion moderated by Yarden Rozanski from Calcalist at the Calcalist and Bank Leumi conference in Miami.
Melissa Medina, co-founder, CEO, and president of eMerge Americas, highlighted the city’s remarkable growth. "We are seeing significant increases in investments, talent migration to the city, and the support of a favorable tax environment. Equally important is Miami's business ecosystem, which actively encourages investment," Medina said. She noted that Miami now ranks fifth in the U.S. in terms of venture capital transaction volume and seventh in transaction value.
Medina added, "Miami's economy has reached a valuation of $1.7 trillion, driven by the continued expansion of the finance industry. I anticipate that the next phase will see a substantial rise in company exits." She also stressed the growing importance of artificial intelligence (AI) and quantum computing (QC) "to ensure that technology companies remain competitive."
Howard Lerman, founder and CEO of Roam and co-founder of Yext, offered a different outlook. "I’ve heard about the data on people moving to Miami, but what’s most important is for a founder to come here, invent something that doesn’t yet exist, create a product that people love, and sell it to tens of millions of people and businesses," he said.
Lerman argued that the defining characteristic of successful tech hubs, such as Silicon Valley, is their category-defining companies. "What makes Silicon Valley what it is are companies like Apple, Google, and Nvidia. This is what Miami needs to truly cement its place on the map."
He also emphasized the transformative nature of AI, calling it the most significant technological breakthrough of the century. "This isn’t just the most important innovation of the past 20 years—it’s the most important breakthrough of the century." Unlike other panelists, Lerman advocated for a decentralized workforce, made possible by technology like AI. "Today, you can work from anywhere. You can be located in Miami but employ AI agents elsewhere or assemble virtual teams around the world to work together seamlessly."
Garry Fatakhov, COO and co-founder of Siemplify, echoed the importance of AI for staying competitive. He attributed some hesitancy in the industry to adopt AI to a lack of confidence, which he linked to ego-driven resistance. "Adopting artificial intelligence is crucial for companies to remain competitive. Businesses that leverage AI can create products at a lower cost, giving them a significant advantage over those that don’t adopt these technologies," Fatakhov stated.
He pointed out that AI’s efficiency enables companies to operate effectively with fewer employees. Drawing on his own experience, he shared, "AI has shown me that we can achieve the same results with fewer people due to its efficiency."
Fatakhov concluded that "the decision to adopt artificial intelligence should be strategic, not tactical. Integrating AI early in a company’s development is critical to maximizing its potential."
Watch the full discussion in the video above.
