What’s the Average Tech Salary? How Many Startups are Sprouting? A By the Numbers Look
June 14, 2017
As South Florida strives to develop a technology hub, here is a look at some measures of entrepreneurial and tech sector strength for the Miami area and Florida markets:
Number of tech startups in South Florida: Hard to quantify because of the pivoting nature of startups and high failure rate, but by one measure, AngelList registrations, there are 2,761 startups and early stage companies registered on the platform, and some actively raising money, in the tri-county area. While not scientific because some of the startups are no longer active, that is up 63 percent since October 2015, when the number was 1,682, and 139 percent since 2014.
Job growth: 27.6 percent from 2012 through 2016, the top performing of the Miami-Dade Beacon Council’s seven targeted industries, according to the public-private economic development agency. By number of jobs, 10,413, technology is also the smallest of the seven targeted industries. In Broward, the tech industry employs 44,431, up 19.2 percent since 2012, according to the Greater Fort Lauderdale Alliance.
Average salary: Software developer for applications: $78,603 (Miami-Dade); $89,148 (Broward), according to federal labor data. The Miami-Dade Beacon Council said the average tech sector salary in 2016 was $95,087, compared to $81,406 in 2012. The Greater Fort Lauderdale Alliance said the average tech sector salary in Broward County is $94,273.
Venture capital: Florida ranked seventh in the nation based on venture capital flows into Florida companies in the first quarter of the year, taking in $244.19 million, or 0.8 percent of the U.S. total, according to Pitchbook/NVCA’s quarterly venture capital report. Two-thirds of those dollars, $151.9 million, went to South Florida companies, ranking 14th among metro areas in the first quarter.
Patents per capita: Florida ranked 32nd for patents per capita in 2016, according to the Bloomberg Innovation Index. Miami nor any Florida city cracked the top 100 U.S. cities for patent activity, according to a 2017 Time magazine report.
Pipeline: South Florida ranks seventh in the nation for college students per capita. According to the 2015 edition of American Society for Engineering Education (ASEE) Profiles of Engineering & Engineering Technology Colleges, FIU placed fourth in the country for computer science degrees in the United States. It has ranked in the top 10 in the nation for the past five years.
Entrepreneurial activity and growth: The Miami metropolitan area ranked first among 40 big markets studied in new entrepreneurial activity in 2016, according to a study by the Kauffman Foundation published in May. But for growth, the Miami area ranked 39th out of 40th in another Kauffman study published in 2016. In 2016, 125 South Florida companies made the Inc. 5000 list of fastest-growing companies, down from 139 in 2015. For the state, Bloomberg’s 2016 U.S. State Innovation Index ranked Florida 34th, while the Milken Institute’s State Technology and Science Index for 2016 puts Florida in 41st place, falling four places since 2014.
Immigrant tech entrepreneurs: The Miami metropolitan area is No. 2 in the nation, behind San Jose, for the number of immigrant business owners with employees, according to a 2016 Kauffman Foundation study. Florida is third.
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