MIAMI, April 14, 2011 /PRNewswire/ -- After suffering through the most devastating economy since the Great Depression, Miami is sprinting ahead in attracting and cultivating a flourishing tech startup community.
With the support of nonprofit organizations, academic institutions and private investors, local startups are beginning to attract the attention of the nations' top venture capitalists. Long-accustomed to searching for the next big startup in the Silicon Valley area of San Francisco, these firms are now turning their sights to the glittering shores of Miami.
It was only one year ago, that such a scene was hard to imagine with Miami's unemployment rate hovering at a frightening 12%. As circumstances often dictate, it was largely because of the dismal economy that Miami's startup culture took flight.
Out of the ashes of unemployment and left with no other alternative, many of Miami's laid-off workforce took the bold step to launch their own tech start ups. For these newly minted tech entrepreneurs, the prospect of becoming the CEO of their own micro empire led to a dramatic increase in the number of Miami startups.
This new trend has not gone unnoticed. According to Miami business attorney, Santiago A. Cueto, legal counsel to a number of local startups, "The recent upswing in tech startups bodes extremely well for attracting top-flight venture capital firms." Mr. Cueto adds that to meet this growing demand, his firm now counsels and prepares startup clients to meet with the nation's most sought after angel investors and tech financiers.
The support of organizations such as Incubate Miami, a technology incubator, have helped to fuel growth in Miami's quick-rising tech startup scene. Local investors have also played a role. The Miami Innovation Fund, a 15-member group of Miami angel investors, recently funded its first venture, Concierge, a Miami startup that promises to turn the Smartphone industry on its head with its groundbreaking voice information technology.
Also helping to establish Miami as a Silicon Riviera of sorts is the University of Miami's Launch Pad, an entrepreneurship resource center and part of the White House's "StartUp America Partnership." The newly launched partnership is designed to increase the development of innovative high-growth firms.
If the current pace of activity is any indication, Miami is sure to join the ranks of other "startup" cities (San Francisco, New York, Boston, and Seattle) and prove to be a rich breeding ground for the nations' most promising tech startups.
About: Cueto Law Group, P.L. provides its clients with sophisticated legal representation with the efficiency, focus and personal service of a boutique law firm. You can learn more about Cueto Law Group by visiting the firm's website at www.CuetoLawGroup.com and blogs at www.IntlBusinessLaw.com and www.MiamiLawAdvisor.com.
Contact: Santiago Cueto, 305-777-0377
SOURCE Cueto Law Group, P.L.