COVID-19 has had sudden and dramatic financial effects around the world. Nonessential businesses have been shut down for months, and millions are suddenly jobless. Miami’s response wasn’t the quickest or strongest, though Gov. Ron DeSantis finally shut down bars and nightclubs before St. Patrick’s Day, and issued the official stay-at-home order April 1. As a result, entrepreneurs and executives have had to get creative to figure out how to keep their companies afloat. For Florida, at the top of the list of economically affected states, it’s going to be one of the most difficult challenges our economy has had to overcome.
There’s evidence that while the U.S. economy was already trending toward a recession, Miami was prepared to weather the storm. Our attractive business regulations bring in more and more founders and funders to power innovative technologies, products and services. Prior to the pandemic, Florida was the third fastest-growing economy in the United States, and is currently the fourth largest. Miami had the highest startup density of any U.S. city, and we are ranked seventh for investment activity. Last year and Q1 of 2020 saw record high deal flow and dollars raised.