CIC MIAMI RELEASES “LAUNCH AND GROWTH” IMPACT REPORT ON ENTREPRENEURSHIP, INNOVATION, AND ECONOMIC DEVELOPMENT
July 11, 2019 – Today Cambridge Innovation Center (CIC), a global leader in building and operating innovation communities, published CIC Miami’s two-year “Launch + Growth” Impact Report. With 80,000 square feet and 250+ clients, CIC Miami was the company’s second expansion site outside of Massachusetts. Since opening its doors in 2016, CIC has shaped the way Miami does business, identifying new growth opportunities and expanding far beyond the traditional tourism and real estate sectors for which the city is famously known. The top three industry clusters represented across CIC Miami’s client base are life sciences at 25%; social impact at 27% (including education, NGO, policy, and energy); and technology at 34% (including IT, hardware, software).
CIC and its clients have significantly contributed to the pace of economic development in South Florida. Among other topics, the impact report details the growth taking place within CIC Miami’s client base, a strong indication of new and expanding markets in South Florida, and the city’s increasing role on the hemispheric and international stage. Most client companies were founded within the last five years. Between 2016 and 2018, they have raised $162.6M+ in funds and generated 900+ local and global jobs. Eighty-two percent of clients hired within this two year timeframe, and of the client base, 28% are female-founded, 37& are minority-founded, and 27% are immigrant-founded.
In addition, home to South Florida’s first and only shared wet laboratory, CIC’s Converge Labs has provided access to affordable laboratory facilities and extensive equipment in partnership with the University of Miami. Researchers have been able to focus on bringing their discoveries to market faster, facilitating their impact and potential for commercialization.
CIC Miami’s location offers a strategic bridge of collaboration between the United States and Latin America; 35% of clients expanded their businesses to Miami from around the globe, and 47% of clients conduct business in and outside the U.S. Motivated by this high level of cross-border exchange, CIC launched an International Softlanding Program—a business immersion experience to support foreign companies seeking to scale and establish a presence in the United States. Since the program’s launch, over 150 startups, governments, investors and venture capitalists have received support for expansion and exploration of the U.S. market.
“To achieve our goal and ensure our position, we decided to establish our second office in Miami, our headquarters are in France. Miami was obvious to us: midway between Europe and most of the U.S. and Latin America, an incredible place to work and live, and a fast-growing startup environment. We have never followed the trends; we could have gone to California or Massachusetts. We chose Miami because we have everything we need here: a great working environment and a remarkable quality of life,” – Anthony Ginter, Founder of Waterdiam, a CIC Miami client
With an unwavering dedication to contribute to the entrepreneurial and innovation community outside its four walls, CIC Miami continues to open its doors to the public for daily events and a robust content and programmatic offering. In addition, CIC Miami’s sister non-profit organization, Venture Café Miami, has welcomed over 30,000 people since 2016 at its weekly #ThursdayGathering.
“I really owe so much gratitude to CIC for reaching out and believing in the vision for the future... I don’t know if I would have pursued [my business] to the extent that I did without having access to this infrastructural support.” – Carlos Vazquez, Founder of Miami EdTech, a CIC Miami client
About Cambridge Innovation Center (CIC)
CIC is a global leader in building and operating innovation communities. Founded in 1999 in Cambridge, MA, CIC is one of the first companies to offer flexible office space and coworking options for innovators and entrepreneurs with the mission to find solutions that fix the world's problems. As of 2019, CIC has approximately 1.2M square feet (110K m2) open and in development in nine cities. The company has supported over 6,000 startup and technology companies, and over $8 billion has been invested in companies that began within CIC spaces. The company is privately held and has co-founded a number of mission-aligned organizations including Venture Café, CIC’s rapidly growing global network of nonprofit innovation ecosystem-building organizations, as well as District Hall, Impact Hub Boston, LabCentral, and MassRobotics. Over the next ten years, CIC plans to grow its network of innovation hubs to create positive impact in 50 leading cities around the world. More info at cic.com.
General Manager, CIC Miami