TECHNOLOGY
TAMPA BAY IS TURNING INTO
A NATIONAL TECH HOTSPOT
By Robert Hessel
Advances in remote technology are making the Tampa Bay area a place for technology startups.
next stage, or as they begin with nothing
more than an idea and a drive to succeed.
According to Tampa magazine’s article, The
Latest on Tampa’s Tech Scene, the city boasts
a strong cybersecurity sector and a growing
startup scene that’s boosting innovation
and attracting out-of-state companies to
open local offices and headquarters.
Why? Florida ranks 46th as of October
2020 out of 50 as far as personal tax burden
is concerned; compared to California at
9.27%, the Florida tax burden is 6.82% on
average. This means that there is more
room for business growth, hiring power,
and lower cost of living for employees.
When it comes to the “cost of living,”
Florida is comparable to the rest of the
United States, weighing in at 97.9% of
the national average. However, when
we consider the probability that a city or
other location will become a tech hub, it’s
important to remember that most talent
will start local.
Remote work has significantly increased
since the onset of the coronavirus pandemic,
and while most companies don’t like to
hire out-of-state talent, the likelihood of
this scenario has also increased. Even so,
Tampa Bay leads the state of Florida in its
tech talent pool, according to CBRE real
estate company. In fact, “Tampa Bay has
added 10,950 tech jobs, which is equivalent
to a 26.6% growth.”
It’s clear that Tampa Bay is a budding
location for new ideas, great talent, and
beautiful beaches. It will be interesting
to see what kinds of companies take root
and sprout in the sunny state of Florida
in the coming years; after all, the state has
already seen staggering tech growth in its
past five. 9
EDITOR’S NOTE: Robert Hessel at Source 1
Solutions can be contacted at (727) 538-4114
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MARCH/APRIL 2021 | TAMPA BAY MAGAZINE 109
I maintain that from autonomous
vehicles to cybersecurity, Tampa
Bay is an area to keep in mind for
technology startups and even those
larger technology organizations that want
to move out of cost-intensive city centers in
California, New York and Massachusetts,
to name just a few.
This is what I say to other business
owners –– Now is the time.
As technology improves, expands,
and becomes more available, specific
locations across the country begin to
grow and develop with demand. After the
accelerated roll out of digital tools, think
Zoom, cloud technology, and everything
in between, the world is opening up for
opportunity. People really now can work
anywhere in the country because of the
advances in remote technology. Tech is no
longer limited to Silicon Valley, New York
City, or Boston, and it shouldn’t surprise
anyone that our own local market, Tampa
Bay, is poised to see a boom from this
“work anywhere” future.
The Tampa Bay area combines beautiful
Florida beaches with modestly priced real
estate, ample rentable property, low taxes,
and moderate wages. Businesses are wisely
tuning into these benefits.
The unique and special features of the
Tampa Bay area leave both companies and
employees with the perfect set-up for tech
success. In totality, low rents, plentiful
space, low taxes and reasonable wages
are just some of the factors impacting
the incredible growth we’re seeing in
midwestern Florida along the Gulf of
Mexico’s sunny coastline.
How realistic is the Tampa Bay area’s
growth?
Very, I’d say.
Even Miami, Austin and Boulder have
become overpriced as secondary tech
markets. It is natural to look beyond these
markets as companies gear up for their
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