When you think of Miami, “technology hub” is not the first thought that comes to mind, but in the last few years one of the most diverse cities in the country has witnessed the birth of an exciting tech scene fueled by start-ups, co-working spaces, and funding groups. Miami, the great bridge between the U.S. and Latin American Markets, increasingly is becoming the choice of big companies for their Latin American Headquarters and the choice of tech startups to call it home.

Here are 5 things you should know about the Miami tech scene:

1. Highest Startup Density

With the recent wave of accelerators and VC funds, Miami has strengthened its position as an entrepreneurial hub landing the second spot on the Kauffman Index of most entrepreneurial cities in the US with the highest startup density in the country at 247.6 startups per 100,000 people.

Miami was a strategic choice for some of the most successful startups of today such as Open English, Magic Leap, CareCloud, Modernizing Medicine, YellowPepper, LearnerNation and more. These local companies have raised millions in venture capital, gathered local and foreign talent, and captured the attention of national and international investors.

Such enterprises have really proven success for startups and investors in South Florida, yet the numbers don’t come close to the venture capital investments pulled by the states of California and New York-but then again, this is only the beginning for Miami.

2. The Rise of Incubator Spaces

The Lab Miami, Venture Hive and the Miami Entrepreneurship Center are reputable co-working spaces affiliated with Refresh Miami, which has become a key player of the Miami tech community. The organization organizes conferences and meet-ups with subjects such as Robotics, coding, 3D printing, and much more.

3. Big Dogs Moving In

The prospect has not only become obvious for entrepreneurs, but also increasingly desired by big companies that want to jump on bandwagon of making Miami their Latin American headquarters. Various companies are settling every week as Miami establishes itself as a regional hub, and also as the most important city of Latin representation in the USA.

Companies such as Apple, Facebook, Google, Twitter, Uber, Lyft and Vice have moved to Miami. Successful entrepreneurs such as Square co-founder, Jim McKelvey, along with new investors and established VC firms such as Scout Ventures, have settled in South Florida hoping to expand their growth.

Simultaneously, South Florida government officials are responsive to the growth by focusing their efforts on the appropriate infrastructure to support the tech industry.

4. The Right Environment to Thrive

There are several key reasons why Miami will continue to be successful in fostering a world-class tech ecosystem:

• Latin American Resources: Miami attracts the best and brightest from Latin America and provides them with the necessary tools to succeed.
• Lower costs:  Florida has one of the most beneficial tax structures with corporate tax at 5.5%. Entrepreneurs keep a larger percentage of their assets by saving on local and income tax. Miami's cost of living is much lower than that of other tech capitals because of this.
• Investment Groups and Accelerating Groups: A tech community cannot thrive on workspaces and meet-ups alone-It needs investment. In 2012 The John S. and James L. Knight Foundation decided Miami had a great shot at becoming a startup capital. Since then, the foundation started accelerating and funding different local initiatives, bringing new players to the scene and becoming instrumental in Endeavor, Venture for America, LaunchCode, Emerge, IME, The Idea Center, The LAB and 500 Startups.

PowerMoves, a recent accelerating group, is an enterprise to raise the number of startups founded by African Americans and minorities. In the words of Matt Haggman, program director at the Knight Foundation, “Diversity is our differentiator; unlock talent and amplify capital.”

Startupbootcamp, another newcomer, is a European accelerator looking to take advantage of Miami’s reputable Healthcare industry. It is scheduled to bring 10 companies a year to Miami for the next three years, and support them with its six-month acceleration program.

New Investment groups in Miami include The Micro Venture Capital Club, The Miami Innovation Fund, and the Launch Pad Tech Accelerator at the University of Miami. Accelerated Growth Partners (AGP), the largest local investment group, is proof of how drastically the city has been changing. In the past two years, AGP has quadrupled its investors from 20 to 80 members and has invested 2.8 million in a total of 14 firms.

5. A Future Technology Hub

This is only the beginning for Miami. With the right focus on supporting and funding local startups, supporting education, and creating tech jobs and tech incubators, the future of Miami is well on the road to becoming a prominent Tech hub. It won’t be long until all American tech companies hurry down to Miami in search of reaching the Latin American Market and catering to U.S. Hispanics.

Miami has created a reputation for itself in tourism, real estate and as an international culture and arts center. Now, we are seeing a very interesting layer adding on to the core of the city- a technology layer. Why Miami? Well because it is the most strategic terminal for Latin start-ups that want to establish themselves in the US, for American businesses seeking to venture south, and for any company that wants to reach to the vast market of Latin America. This is an exciting time to be in Miami, as it continues to grow and establish its self as a full-fledged technology mecca.