MIAMI, May 4, 2020 /PRNewswire/ -- The Miami region has a strong entrepreneurship ecosystem that provides a solid business foundation which should help the area respond to the recent economic downturn, according to new research found in the Miami report of the U.S. Global Entrepreneurship Monitor ecosystem project led by Babson College and eMerge Americas.
The report, An Ecosystem on the Rise: Entrepreneurship in Miami, details numerous positive findings for entrepreneurship in the region, including:
- Thriving entrepreneurial culture
- Strong supporting networks
- Attractive location for people with skills needed by new and growing firms
"Networks and entrepreneurial culture are two of the 10 categories considered critical in a thriving entrepreneurship ecosystem. Both categories are ranked by several of Miami's most influential players as strong pillars in the South Florida ecosystem today, and the community should take advantage of them to navigate this current crisis and emerge even stronger," said says Babson Miami Director Gustavo Trindade.
The report also details areas that need attention because
- Entrepreneurial finance ranks low relative to other categories
- Despite its attractive location, the region often loses highly qualified young people
"Although a lot has changed since the COVID-19 outbreak, we have outlined four key recommendations to further improve the Miami entrepreneurial ecosystem that we believe will remain relevant post-COVID: (i) to increase the availability of capital to entrepreneurs; (ii) to find more ways to attract highly educated young people; (iii) to make the ecosystem even more accessible and impactful; and (iv) to bring government to the table as much as possible," said Babson Entrepreneurship Professor Donna Kelley.
"As a community, we're now facing a new set of challenges to recover from the impact of the COVID-19 global pandemic," said Melissa Medina, president of eMerge Americas. "We are proud to partner with Babson College, the global leader in entrepreneurial education, to highlight the underlying strengths and exceptional talent within Miami's diverse tech ecosystem that are critical to our economy."
The report offers key recommendations for the Miami entrepreneurship ecosystem.
Continue developing sources of finance
While entrepreneurship rates were high overall in Miami, the results of the report published in 2016 suggest high frequency among men and among those of mid-career age. Entrepreneurial finance more often favors male-led businesses, and young people often have few personal resources or access to funding. Given that entrepreneurial finance was the lowest rated component of the entrepreneurial ecosystem in Miami, it may be useful to examine access to all societal groups in developing the finance offerings for entrepreneurs.
Focus on growing the accessibility of Miami's startup culture
Miami benefits from a robust culture for entrepreneurship, prominent entrepreneurial leaders, and strong networks. Direct efforts toward enhancing the impact of this activity in areas such as job creation and innovation, as well as its accessibility to all, regardless of gender, age, ethnicity, and other distinctions will contribute toward Miami's continuing growth in impactful and inclusive entrepreneurship.
Promote Miami among highly educated young people
The expert survey revealed that Miami is an attractive place for people to relocate, yet also recognized that highly qualified young people may tend to leave the region. Given the lower level of entrepreneurship among young people compared to those in mid-career, it may be important to promote the attractiveness of Miami for this age group, particularly those with high education levels.
Look to partner with government
The experts indicated moderate government involvement in entrepreneurship in Miami. While many ecosystem components may be well-covered by the private sector in the region, government might fill in gaps, like addressing the needs of women or youth entrepreneurs. In addition, partnerships with private organizations may boost the latter's efforts.
About the report
Babson College has a long-standing relationship with the area, offering its Graduate and Executive Education programs from its Miami campus, establishing the Babson Miami WIN (Women Innovating Now) Lab®, and providing the curriculum that powers Miami's Goldman Sachs 10,000 Small Businesses program.
In 2019, GEM launched an ecosystem project in a dozen cities around the world, including Miami. In 2020, the Babson-based GEM United States team conducted a survey of experts in finance, government, education, and other relevant areas connected to the Miami entrepreneurship ecosystem, as well as entrepreneurs. In selecting Miami for this project, Babson recognized the strength of Miami's entrepreneurship ecosystem, buoyed by organizations such as the Knight Foundation and Endeavor, initiatives such as 500 Startups and Babson's Women Innovating Now (WIN) Lab, and events like the eMerge Americas conference, all of which were bringing visibility and legitimacy for entrepreneurship in the Miami metro area.
The GEM ecosystem project includes both an adult population survey and an expert survey. The GEM U.S. team conducted only the expert survey in Miami in 2020, so this report is focused on this component of the overall research study.
See the full report https://www.babson.edu/admission/visit-babson/babson-miami/
Babson College, founded in 1919, is the educator, convener, and thought leader for Entrepreneurship of All Kinds®. We shape the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to create sustainable economic and social value in organizations of all types and sizes. A global leader in entrepreneurship education, Babson offers undergraduate, graduate, and executive education programs as well as partnership opportunities and has been ranked the No. 1 school for entrepreneurship for 27 years. Babson College's curriculum powers Miami's Goldman Sachs 10,000 Small Businesses program, which launched in 2013. In 2017, Babson College expanded from Massachusetts to Miami to reach working professionals in the Southern U.S. and Latin American markets. Babson College Miami offers Graduate and Executive Education programs, including the Blended Learning MBA, Master of Science in Business Analytics, and Certificate in Advanced Management. Miami also is home to the Babson Miami WIN (Women Innovating Now) Lab® program, which works with women entrepreneurs in order to help them accelerate and grow their businesses. At Babson, you learn how to think and act like an entrepreneur, to identify and explore new opportunities in a way that increases your chance of success regardless of whether you are starting a business or driving innovation within an organization. For more information, please visit babson.edu/miami.
eMerge Americas is the premier technology event connecting the Americas, held annually at the Miami Beach Convention Center. By connecting global industry leaders and investors with corporate business executives, government leaders, and entrepreneurs, eMerge Americas is transforming Miami into the tech hub of the Americas. In 2019, eMerge Americas attracted more than 16,000 attendees and more than 400 participating companies from over 40 countries. eMerge Americas serves as a catalyst to propel innovation and investment in South Florida and Latin America. The eMerge Americas founding partners include: Medina Capital, A-Rod Corporation, Greenberg Traurig, Knight Foundation, Miami-Dade County, and the Miami Herald. For more information about eMerge Americas, please visit: emergeamericas.com
Global Entrepreneurship Monitor
Since 1999, the Global Entrepreneurship Monitor (GEM) has surveyed over 4 million adults in 114 economies, resulting in 21 years of worldwide data on rates of entrepreneurship and profiles of entrepreneurs, including demographics, motivations, and ambitions. GEM was co-founded by Professor Bill Bygrave at Babson College and Professor Michael Hay at London Business School. Babson College has remained a key global sponsor of GEM and sponsors the GEM United States team.
SOURCE Babson College