“We are in a move”: Miami’s tech boom

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already During the first pandemic summer, around the time California began to require people to wear masks indoors, Jack Abraham booked a week-long vacation. Miami. Four days after traveling, he tested positive Coronavirus disease. He cancelled the return flight San Francisco And, slightly sick, waiting for his sniffles in a AirbnbWhen he felt better, Abraham was surprised to find that he was not in a hurry to go back.The city is full of vitality, street art is everywhere, people sipping lazily segmentation In the Cuban cafe. “I thought,’Wow, this is an incredible place,'” he told me. “And I find that my work is very efficient.”

Abraham moved to San Francisco in 2008 when he was a baby-faced college dropout with a great entrepreneurial idea.A few years later, he sold the company for $75 million, and then became one of Silicon Valley’s most famous angel investors, betting early Taste and PostmanHowever, recently, he is dissatisfied with the Bay Area. The San Francisco people selected a group of progressive politicians who, in his view, left the place where homeless camps and heroin needles were everywhere, and then blamed the chaos on technology companies. He said that the cost of living has become so high that entrepreneurs need the support of investors to pay rent. Even the geographical environment of the area, which Abraham has always regarded as beautiful, seems to be becoming more and more hostile: in 2017, his house in Sonoma was burned down in a fire. Wildfire.

Miami feels like a new beginning. Abraham closed a house there in August and began to invite contacts in the Bay Area to visit him. “I basically just told them,’Look, this is what I found,'” he said-good weather, delicious food, and the parked car windows are still intact. He told me that once these colleagues had a pleasant long weekend in Miami, “more than half” of them chose to stay.

Miami feels like “the first week of the freshman year,” Jack Abraham said.

Portrait of Flaminia Fanale; Illustration by Alvaro Dominguez; Getty Images

In the past few years, when technicians got No more illusions about Silicon Valley, They may move to Silicon Beach (Los Angeles), Silicon Mountain (Austin), Silicon Slope (Salt Lake City), or even Silicon Lane (New York). All of these places can serve as technology centers; Miami does not, at least not in an obvious way. There are no top-notch engineering schools in the area, and few well-known technology companies—in other words, there is not much physical infrastructure and not much potential labor. But at this special moment, physical infrastructure is forbidden to enter, and labor is in remote areas. Suddenly, Miami became a competitor.

In the fall, a friend invited Abraham to join the messaging group Miami Tech Life on the encrypted chat application Telegram.All kinds of people gather there—billionaires, CEOs of startups, tech workers led by WFH, old residents who set up companies in the city, Florida natives who have recently moved back, and Francis Suarez, The mayor of Miami’s crypto evangelist.An early investor told me that it reminded her of her early years in south-southwest: every news, someone would say, “I didn’t realize you it’s here. “

Soon, Abraham joined the ranks of David Bloomberg and David Sachs, who made a fortune by sniffing early hype. They each paid millions of dollars for a beachfront residence in Miami Beach. Lucy Guo is a child prodigy investor of Thiel Fellow and moved to Miami after seeing others doing the same. (She had a debate between Austin and Miami, but only Miami had Barry training camp at the time.) Keith Rabois, a partner of the investment company Founders Fund, moved to Miami in December 2020 and quickly began to spread the gospel to the city . “I feel a bit like Noah’s Ark,” he told me. “I thought at the time, I need two angel investors, two venture capitalists, two engineers, and two founders.”

In software, “network effect” describes the way a product becomes more valuable as its user base grows. The more people who sign up as Airbnb hosts, the better the choice of houses; the more people who own cryptocurrency, the more things everyone can buy with it. For half a century, network effects have been beneficial to the Bay Area: talented people moved there because other talented people moved there, first and foremost the shaggy idealists who built the world’s largest company. Now another city seems to be on the rise.

How does Miami feel so different? free? novel? After things got so bad with San Francisco, is it easy to rebound the relationship? Rabois likes to brag that he can put his Prada bag in his car without anyone breaking in. People have no income tax, and companies have almost no income tax. There is no threat of wealth humiliation. “In San Francisco, no one drives a Lamborghini because it makes people feel like’oh, they are out of touch’,” said Delian Asparouhov, head of Founders Fund, who opened it in April 2021 Moved to Miami, mainly driving Vespa. “It’s like,’I want to buy half an island and build a house on it.'”

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