By Bill Hunter
Wexford Science + Technology entered the Miami market in 2009 in collaboration with University of Miami with the goal of developing a privately-funded research campus adjacent to the Miami
Health District. Following positive experiences developing University-affiliated research parks in cities across the US, including Philadelphia, Chicago and Baltimore, we made the decision to invest in Miami because we viewed South Florida as a market with near limitless potential.
Miami offered a committed research-driven partner in UM; a diverse business base and international connectivity that other US markets lacked; a largely untapped, decentralized tech and life science community with no real competing real estate product; and a strong quality of life quotient that appeals to companies from around the world.
Our goal in developing the University of Miami Life Science & Technology Park (UMLSTP) was to provide a South Florida hub for research-driven companies and startups from the US and abroad, offering a bridge between academia and industry. The Park would also be an economic engine, creating much-needed jobs and adding a new dimension to the regional economy.
Nearly five years after making the decision to enter Miami, we view the competitive landscape as largely unchanged and the UMLSTP as a center of activity for technology and life science firms and entrepreneurial startups. New-to-market tenants entering the market – and existing companies looking to grow here – are considering the Park as a viable location.
The Park’s first building is more than 70% leased, our Miami Innovation Center is home to shared office and lab space for more than 20 early-stage companies, and special events hosted at UMLSTP – such as this year’s successful AT&T Hackathon – are bringing together the local community.
UMLSTP is also proving to be a platform for commercializing the research underway at UM and its affiliated institutes, with Dr. Richard Awdeh’s Cirle being a recent example of a spin-off company poised for growth following the news that the company has entered into a research partnership with Bausch & Lomb.
So what’s our perception of Miami’s tech and life science community now that we’ve been on the ground – and what can be done to accelerate its emergence as a hotspot for innovation?
Miami needs more physical places where companies can collaborate and grow. Cities such as Boston and San Francisco have excelled in this area. Miami has made strides with facilities like LAB Miami, the Miami Innovation Center, and the NAP of the Americas, but there is room for more growth. Creating affordable places to work and share ideas is particularly important in the ongoing quest to prevent ‘brain drain’ by retaining young talent.
Public sector financial resources are thin. The fund setup by Jeb Bush with the goal of laying the framework for a biotech infrastructure that would lure new companies has been fully allocated. There are one-off incentive opportunities for creating jobs and relocating to select markets (the partnership between Launch Pad Tech, Miami-Dade County and the Miami Downtown Development Authority is a current example), but Florida lacks a cohesive strategy for luring new blood through business attraction funds. This puts Miami at a competitive disadvantage by comparison with other cities.
The private sector is devising initiatives intended to fill the gap. Programs and organizations like TekFight, the Americas Venture Capital Conference, BioFlorida, and the Florida Life Science Visionaries Conference are galvanizing Miami’s innovative minds and showcasing our innovation to the world. The Knight Foundation has set its sights on helping Miami’s tech landscape mature and a Tech Conference of the Americas has been proposed by industry leader Manny Medina. Miami will benefit from additional collaborations within private industry – and in partnership with the public sector.
New York City Michael Bloomberg toured the Miami Health District in 2007 and proclaimed, “All the good ideas aren’t in New York. That’s why we’re here.” Three years later, Mayor Bloomberg launched the New York City Bioscience Initiative and pledged more than $20 million in seed money for tech and life science startups. It turns out there is already precedent for Miami serving as a national role model.
Bill Hunter is the Regional Director of Leasing with Wexford Science & Technology responsible for marketing and leasing the UM Life Science & Technology Park nationally and globally. Bill can be reached at whunter@wexfordequities.com or (305) 298-4578.