A new report by Telstra Ventures highlights how the tech hub ecosystem is changing. The US has long been a hotbed of entrepreneurship and innovation with early-stage firms establishing dominant hubs in locations like the San Francisco Bay Area and New York City. But COVID coupled with the WFH (work from home) movement and policy differences in different states has driven change. Telstra in a report called “Tech’s Great Migration: Insights to Emerging Tech Hubs Across the US,” outlines this ongoing transition.
The report states that venture capital deals have surged across 24 of the US’s emerging tech hubs highlighting the success of Miami as it has become “one of the top regions receiving Blockchain investments.”
While SF, LA and New York are still the top startup scenes garnering more than half of venture investments. When you look at the percentage of investment during 2021 you see an interesting picture.
- Charlotte, NC – 109%
- Philadelphia, PA – 114%
- Washington, DC – 143%
- Phoenix, AX – 188%
- Las Vegas, NV – 136%
- Houston, TX – 165%
- Omaha, NB – 188%
- Miami, FL – 260%
The one tracked metro that saw a decrease – Pittsburgh, PA that dropped by 16%.
A supportive policy helps a lot. Low taxes, good governance, and a positive living environment mean a lot. The report singles out the Mayor of Miami who’s mission to create turn the city into an innovation hub, focusing on blockchain is working.
And while one year does not necessarily mean everything has changed, recent data on migration away from states like New York and California and to states like Texas and Florida appear to indicate a long-term trend. Can you remember when Ohio and Michigan were the states to be?
