In principle, diversity is Miami's greatest strength. It is a key driver of innovation and is a competitive advantage as global markets become more important. The United States is going through a demographic shift that Miami has already made, but realizing that potential takes an equitable distribution of resources.
Today, access to capital is deeply unequal. Nationwide, the amount of venture funding going to Black startup founders accounted for 1.3 percent in 2021, and in the first half of 2022 the level was 1.2 percent, according to TechCrunch. While Miami-based organizations are among the national leaders in efforts to change that, there is clearly a lot more to do. Increasing access to funding is the top priority of respondents to the first survey designed to measure racial equity, diversity, and inclusion in South Florida’s tech/innovation/entrepreneurship ecosystem.
The United States is on its way to becoming a majority non-white country by the 2040s. Greater Miami is already there, and as such, it has the opportunity to be the model of a truly diverse, innovation ecosystem – a competitive advantage.
Successful Black, Hispanic, Non-Asian, and LGBTQ+ founders open the way for the next generation of founders by providing networks and access to funding.
More successful startups mean more jobs. High-growth young firms contribute disproportionately to job growth.
Miami has some of the most significant income inequality in the U.S. Creating economic opportunity for people of all backgrounds is essential to drive social mobility and build a strong, cohesive economy rather than slipping farther into an unequal one.