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As a longtime Miami businessperson, I’ve sat through more new-business ribbon cuttings than I can count. Nearly every time, the spotlight is on the next “big deal” — a multinational corporation moving its headquarters here, a flashy tech brand opening an office, or an out-of-state firm testing the waters of our market.
These announcements make headlines, but they mask a deeper issue: Miami-Dade County and its business development organizations are spending too much time and money on attracting outside businesses, and not enough on nurturing the small, homegrown businesses that make up the backbone of our local economy.
That said, Miami-Dade County’s Strive305 initiative is indeed moving in the right direction by providing small-business support and technical assistance. The program not only seeks to attract outside companies but also focuses on strengthening our existing commercial base. It offers free training and coaching, networking and mentorship, permitting assistance, legal guidance, and online educational resources, while also creating networking platforms that connect small firms with larger contracts. Still, the county must do far more.
The real Miami economy
Walk down Flagler Street, Coral Way, Biscayne Boulevard, or many other neighborhood business areas and you’ll see the true drivers of Miami’s prosperity: restaurants, law firms, bodegas, small developers, wellness studios, independent retailers, and family-owned shops.
According to the U.S. Small Business Administration, small businesses account for the majority of all businesses in Florida and employ nearly half of the workforce. Yet when it comes to funding priorities, these businesses are often treated as an afterthought.
It is not that bringing in outside capital is bad – far from it. But when public and semi-public dollars are being spent by our development organizations, the priority should be on truly meeting the needs of those small businesses already here. Instead, the focus is on out-of-town “splash” investments that don’t always deliver long-term community impact.
Risks of a eecruitment-only mindset
There’s an irony in spending millions of dollars courting companies from New York, Chicago or San Francisco while our own small businesses struggle to keep the lights on. Every incentive package we roll out, every marketing campaign designed to “sell Miami” elsewhere, diverts resources from stabilizing the very enterprises that kept our city afloat during the pandemic.
And let’s be honest: many of those big corporate relocations are fickle. We’ve already seen firms arrive with a bang and leave just as quickly when incentives dry up or the business climate shifts. Small businesses, by contrast, don’t have the option to relocate overnight.
They are deeply rooted here. Their success or failure determines the vibrancy of our neighborhoods, the employment of our neighbors, and the overall resilience of our local economy.
In fact, it’s those very qualities that recently drew Ken Griffin to relocate both his hedge fund and Citadel Securities here from Chicago – proof positive that we just don’t need to keep spending big bucks to go get big businesses to move here. The billionaire financial guru and philanthropist took it upon himself to relocate to Miami for its positive corporate and community values, including excellent schools and clean streets.
So, if we don’t pick up the ball and better serve and sustain the local small businesses community, then people like Griffin may not see what is truly at the heart of Miami and the South Florida region.
It is also worth mentioning that when we focus solely on attracting multinational corporations, big-box retailers, or national restaurant chains, we also risk overlooking the most important fact: much of that revenue flows right out of our community. By contrast, every dollar spent at a locally owned business circulates here multiple times — supporting local jobs, services, and families. Strong small businesses mean stronger neighborhoods, and that is where sustainable economic growth truly begins.
What local business needs
From my vantage point, the needs are clear:
• Access to Capital: Too many entrepreneurs are shut out of traditional lending. Miami Dade County and development agencies should be structuring micro-loan programs and connecting small firms with community banks and credit unions. Yes Strive305 is doing that
• Workforce Support: Training programs should be tailored not only for large employers, but for small businesses seeking skilled labor in trades, logistics, hospitality, and emerging green industries.
• Affordable Space: Rent inflation is one of the biggest killers of small business in Miami. Development organizations can play a role in advocating for affordable commercial corridors, not just luxury towers.
• Streamlined Bureaucracy: Red tape costs time and money. Simplifying permits, licenses, and compliance processes would free up entrepreneurs to focus on growth.
• Improve & Expand Education: Locals need to be able to produce the workers of today and tomorrow at a wide variety of schools.
• Affordable Housing: Workers cannot work here if they can’t afford to live here. Streamline development rules to allow for the faster construction of more housing.
These are not glamorous initiatives that generate splashy headlines – but they are what exactly what will help Miami businesses thrive.
The bottom line
As business leaders, we must challenge our Miami-Dade County mayor, commissioners, and development organizations to realign their missions. Economic development should not be measured solely by how many new companies we attract from outside the region. Instead, it should be defined by how effectively we strengthen the businesses already here — businesses that will remain long after the ribbon-cutting ceremonies are over.
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