Miami Now the Top U.S. City for New Venture Creation

School of Business graduates Jason Spiegel (BBA ’09), Kris Kimball (BBA ’09) and Matt Friedmann (BBA ’09) founded Freebee in 2012. The company offers free short-distance transportation in custom electric vehicles, shuttling tourists and locals around high-density areas of Miami. Photo Credit: Steven Boxall
School of Business graduates Jason Spiegel (BBA ’09), Kris Kimball (BBA ’09) and Matt Friedmann (BBA ’09) founded Freebee in 2012. The company offers free short-distance transportation in custom electric vehicles, shuttling tourists and locals around high-density areas of Miami. Photo Credit: Steven Boxall
School of Business graduates Jason Spiegel (BBA ’09), Kris Kimball (BBA ’09) and Matt Friedmann (BBA ’09) founded Freebee in 2012. The company offers free short-distance transportation in custom electric vehicles, shuttling tourists and locals around high-density areas of Miami. Photo Credit: Steven Boxall
School of Business graduates Jason Spiegel (BBA ’09), Kris Kimball (BBA ’09) and Matt Friedmann (BBA ’09) founded Freebee in 2012. The company offers free short-distance transportation in custom electric vehicles, shuttling tourists and locals around high-density areas of Miami. Photo Credit: Steven Boxall

The Miami metropolitan area is now the top U.S. region for entrepreneurship according to the 2017 Kauffman Index of Startup Activity. Miami took the top spot from Austin, Texas after trailing that city at No. 2 for the last two years. The region’s rate of new entrepreneurs increased from .49 percent the previous year to .56 percent in the most recent report.

The report shows that first-generation immigrants now make up nearly 30 percent of all new U.S. entrepreneurs. The percentage of immigrant entrepreneurs reached its highest level for just the second time in 20 years, climbing steadily from 13.3 percent in 1996.

"Immigrants are twice as likely as native-born to start new businesses, and this is good news for new business activity and the economy," said Arnobio Morelix, senior research analyst at the Kauffman Foundation. "For generations, immigrants have been a key part of America's innovation DNA from Alexander Graham Bell inventing the telephone to Sergey Brin starting Google. Today more than 40 percent of Fortune 500 companies were founded by immigrants or their children, and over half of America's billion-dollar unicorns have an immigrant founder."

Located at the center of this hotbed for entrepreneurship, the UM School of Business Administration offers a robust entrepreneurship curriculum, supports programs to nurture student-run businesses and provides a research environment where entrepreneurial thinking flourishes.

The School’s programs give students the knowledge, skills, experience, resources, and opportunities they need to create enterprises from the ground up. Not only do students learn about entrepreneurship in the classroom, they participate in real-world consulting for small businesses and immersion opportunities which include a long-running annual Business Plan Competition and our successful entrepreneurship mentorship program, among other initiatives.

The Kauffman Index of Startup Activity relies on three indicators to evaluate new business creation: the Rate of New Entrepreneurs in the economy, calculated as the percentage of adults becoming entrepreneurs in a given month; the Opportunity Share of New Entrepreneurs, calculated as the percentage of new entrepreneurs driven primarily by opportunity vs. necessity; Startup Density, the number of new employer businesses divided by the total population of existing employer businesses.

The five metropolitan areas with the highest startup activity were, in order: Miami, Austin, Los Angeles, San Diego and Las Vegas.

The Kauffman Index of Startup Activity relies on three indicators to evaluate new business creation: the Rate of New Entrepreneurs in the economy, calculated as the percentage of adults becoming entrepreneurs in a given month; the Opportunity Share of New Entrepreneurs, calculated as the percentage of new entrepreneurs driven primarily by opportunity vs. necessity; Startup Density, the number of new employer businesses divided by the total population of existing employer businesses.

More about the School's Entrepreneurship Programs

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