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Miami is not the next Silicon Valley. It's something much weirder.
BusinessBusiness Insider21d ago

Miami is not the next Silicon Valley. It's something much weirder.

Kevin Dietsch/Getty Images; Getty Images; Rebecca Zisser/BI Tech's elite are taking their talents to South Beach — again. In January, David Sacks, the venture capitalist and crypto and AI czar, proclaimed that Miami will soon replace New York City as America's financial capital. Stripe's Patrick Collison has been marveling at the city's "boomtown" vibes. With California flirting with a one-time tax on billionaires, said billionaires like Larry Page, Sergey Brin, and Mark Zuckerberg are buying oceanfront mansions. And on Tuesday, Palantir announced that it's moving its headquarters from Denver to Miami. Is Miami the next Silicon Valley? We've been here before. The pandemic sent waves of coastal workers to the city, turning it into a Zoomtown full of online venture capitalists like Keith Rabois and Delian Asparouhov, bitcoin bull runners, and purveyors of the finest NFTs. Billboards went up in San Francisco featuring a mock tweet from then-Miami mayor Francis Suarez: "Thinking about moving to Miami? DM me." Here's the thing: It's easy to fall for Miami when a big chunk of the workforce is stuck at home and online. Five years later, it's a lot harder to build companies there. "Miami is great three months out of the year," says one prominent venture capitalist who moved to the city during the pandemic but is now returning to an established hub. While the Floridian tax benefits are real, the investor has found that the social scene hollows out in the summer as residents leave, making it "hard to build roots or have reliable friends." More critically for the startup ecosystem, the scene lacked the "hustle" of San Francisco or New York. Silicon Valley practically runs on a conveyor belt from Stanford and Caltech to Y Combinator's Dogpatch offices. The machine turns students into founders, builders into companies, and companies into the next wave of founders. Miami, meanwhile, lacks a major university to pipe in tech talent. Instead, the investor says, the city tends to attract people who have already "made it." Miami and Fort Lauderdale-based startups raised $3 billion in 2025. Bay Area-based startups raised $177 billion. The Miami market, while busy, significantly lags behind the major hubs. Startups in the Miami-Fort Lauderdale metro raised about $3 billion in 2025, per PitchBook, down from $8.6 billion in 2022, when money and crypto sloshed about. The Bay Area, by contrast, still grabs 52% of the nation's venture funding, with $177 billion in capital pouring in last year. Alligators may be all around in Miami, but unicorns are hard to find. In January, Cast AI, a startup that helps companies cut cloud costs, crossed the $1 billion valuation mark, becoming the region's first homegrown unicorn in years. Before that, Adam Neumann, the ousted WeWork cofounder, debuted his Miami residential real-estate venture, Flow, at a $1 billion valuation in 2022. Even Garry Tan, the Y Combinator president and gadfly who's usually first in line to dunk on San Francisco's politics, has been blunt about where the breeding grounds are best. Tan recently said on X that the accelerator still hasn't opened offices outside the Bay Area because founders are simply more likely to build unicorns there. According to a Business Insider analysis of Crunchbase data, of the at least 97 new unicorns that investors minted in 2025, 43 of them were based in the Bay Area. But those who dismiss the city entirely miss the point. Miami isn't the next San Francisco. It's establishing itself as something else. Patrick Murphy, a former Florida congressman and entrepreneur, says that Miami's tech scene is growing, it's just being built in "reverse order." Silicon Valley, he says, emerged from an if you build it, they will come approach: Engineers built great companies first, which eventually created fortunes that cycled back into the community to fund the next generation of companies. Miami, however, has a more if you come, they will build it tact. It's attracted the "wealth achievers" first — the family offices, private equity names, and already-successful founders who emigrated for lifestyle reasons. Finance heavyweights like Citadel and Thoma Bravo arrived early. Vanguard, one of the world's largest asset managers, is eyeing an expansion in Miami as it targets more Latin American wealth. The city is now importing the machinery that follows them. Legal, accounting, and consulting firms are opening local offices to stay close to clients — and scoop up star talent that no longer needs to live near HQ. This dynamic has established Miami as a "control center" for decision-makers, Murphy argues, but not yet the "factory floor" where the actual work gets done. Murphy says that despite running a successful construction-tech startup, Togal.AI, his engineering team has been offshore from the beginning because the local talent pool simply "didn't exist" when he started in 2019. "If you go to Miami, you're not going to see dozens of engineers at a Starbucks cranking away," he says. "That's not here yet." Still, Miami's flood of wealth is creating demand for startups built on the city's local economy, especially in property tech and fintech, Murphy says. Togal.AI's annual recurring revenue has grown 1,000% over the past two years, Murphy says, and is now raising fresh venture funding in order to hire dozens of new employees this year. Palantir's move immediately became a kind of Rorschach test for Miami's future. "Florida is the new crypto," one user wrote on X. Maya Bakhai, a Fort Lauderdale resident and founder of the early-stage venture firm Spice Capital, tells me that the city will flourish alongside "net new" industries that are still taking shape and where the center of gravity isn't locked in yet. Crypto firms like MoonPay and QuickNode still treat South Florida as a home base, she notes. A new space-tech accelerator backed by the state is trying to persuade founders to stick around by pairing them with funders. Bakhai's bigger bet is that just as New York became the hub for e-commerce, Miami could become the place where creator businesses get built. Research out of the University of Hong Kong found Miami has more top influencers per capita than New York or Los Angeles. And then there's Palantir, the strongest signal flare yet that tech is taking America's Playground seriously. It's hard to know what the data giant's HQ move will mean in practice — Palantir hasn't said how many employees it plans to relocate, or whether it will offer moving packages to lure talent south. The company did not respond to an email request for comment. If Palantir does move a meaningful slice of its workforce, it would give Miami something it's been short on: a marquee tech employer that can recruit and keep technical workers on the ground year-round. On X, Palantir's move immediately became a kind of Rorschach test for Miami's future. ""Florida is the future," cheered Andreessen Horowitz investor Katherine Boyle. Others were less convinced. "Florida is the new crypto," one user wrote. "For the next 20 years, nothing will change, but they will always tell you 'big things are happening in Florida.'" Turning Miami into Silicon Beach is a long game, Bakhai argues. It won't be built by the billionaires buying houses to snowbird in today, she argues, but by the young strivers arriving for their first serious jobs — the entry-level analysts heading to Citadel and the junior lawyers starting at firms like Orrick. For the first time, she says, ambitious graduates can launch careers in Miami instead of treating New York or San Francisco as the default. The payoff, she says, comes years later, when they eventually spin off to start their own companies. Until then, Miami remains largely a playground for the "made it" crowd, waiting in the sun for the builders to come. Melia Russell is a reporter with Business Insider, covering the intersection of law and technology. Read the original article on Business Insider

US Coast Guard Seizes $133.5 Million In Illicit Drugs
Worldzerohedge20d ago

US Coast Guard Seizes $133.5 Million In Illicit Drugs

US Coast Guard Seizes $133.5 Million In Illicit Drugs Authored by Naveen Athrappully via The Epoch Times (emphasis ours), Crew of the U.S. Coast Guard (USCG) Cutter Seneca seized more than $133.5 million worth of cocaine and offloaded the drugs at Port Everglades, Florida, the agency said in a Feb. 13 statement. The crew of the U.S. Coast Guard Cutter Mohawk (WMEC 913) and a Coast Guard MH-60 Jayhawk helicopter flight crew conduct training evolutions in the Caribbean Sea, on July 15, 2025. Seaman Corrie Gill/U.S. Coast Guard “80 percent of interdictions of U.S.-bound drugs occur at sea. This underscores the importance of maritime interdiction in combatting the flow of illegal narcotics and protecting American communities from this deadly threat,” USCG said. In total, 17,700 pounds of cocaine were seized through the interdiction of four drug-transporting vessels in international waters of the Eastern Pacific Ocean. One of the drug vessels was boarded by Seneca’s crew on Jan. 25, seizing 4,410 pounds of cocaine. On Jan. 31, crew members boarded three vessels, taking custody of 13,340 pounds of cocaine, the statement said. The detection and monitoring of illegal drug transit by air and sea are conducted by the U.S. Southern Command’s Joint Interagency Task Force-South, based in Key West. Once it is determined that the vessel must be interdicted, the USCG takes control of the operation, boards the vessel, and apprehends it. “I am extremely proud of the crew’s incredible performance and adaptability during this deployment,” said Capt. Lee Jones, commanding officer of Coast Guard Cutter Seneca. “This deployment demonstrates our enhanced posture and continued success in the fight against narco-terrorism and transnational criminal organizations. “The Coast Guard, in conjunction with our inter-agency and international partners, continues to patrol areas commonly associated with drug trafficking in the Eastern Pacific, denying smugglers access to maritime routes by which they move illicit drugs to our U.S. land and sea borders.” According to the agency, the Coast Guard is accelerating its crackdown on drug trafficking in the Eastern Pacific Ocean in support of Operation Pacific Viper, aiming to protect the United States from the flow of illicit narcotics from South America. Operation Pacific Viper, launched in early August last year, directs U.S. forces to the Eastern Pacific region to counter cartel and criminal groups, seeking to cut off drug and human smuggling before they hit U.S. shores. In early December 2025, USCG said in a statement that it had seized more than 150,000 pounds of cocaine from the Eastern Pacific Ocean, which it said was enough to create more than “57 million potentially lethal doses.” In a Feb. 14 statement, USCG announced the seizure of two vessels containing $5.6 million in illicit narcotics off Port Everglades. Authorities seized roughly 745 pounds of cocaine by interdicting two suspected drug trafficking vessels. “The Coast Guard is in the business of saving lives, and every kilogram of these drugs kept off our streets represents lives saved,” said Lt. Justin Dadlani, commanding officer of Station Fort Lauderdale. “I couldn’t be more proud of the professionalism of the crew and our continued partnerships with our partners with Customs and Border Protection and Homeland Security Investigations.” On Feb. 15, the agency announced that its Cutter Forrest Rednour had interdicted 14 suspected illegal immigrants aboard a vessel 18 miles from San Diego, with all of them claiming to be Mexican nationals. Earlier on Jan. 27, the Coast Guard said they had interdicted three suspected illegal immigrants from Mexico in two vessels, seven miles off Imperial Beach, California. On Jan. 21, Customs and Border Protection (CBP) said the Coast Guard notified the agency of a suspicious vessel traveling toward Puerto Rico. Upon investigation, CBP agents found 12 migrants from Russia and Uzbekistan aboard. The interception took place on Jan. 13. “This successful outcome highlights the strong partnerships between the Coast Guard, Customs and Border Protection, and all federal and local law enforcement partners in Puerto Rico and the U.S. Virgin Islands,” said Capt. Robert E. Stiles, Sector San Juan deputy. “Our daily unified coordination, shared capabilities, and synchronized response efforts are instrumental to safeguarding our nation’s Caribbean maritime borders against illicit smuggling activities.” Tyler Durden Thu, 02/19/2026 - 11:25