International Business in South Florida
Premise and Conclusion
The location of any business entity, but especially one engaged in international commerce, is a complex and critical pre-condition for serving customers, providing a nurturing and productive environment for employees, and achieving profitable operations. Of the many factors management must consider, the following are generally thought to be the most influential: access to capital, favorable tax advantages, excellent transportation and technological infrastructure, and a skilled multilingual and multicultural workforce. (web eFlorida 2010)
South Florida, comprising Miami-Dade, Broward, and Palm Beach counties, does not present a perfect record on any of the success factors, but a close examination of the efforts made and the resulting accomplishments leads to a favorable recommendation for the formation or expansion of international business functions in the region.
Access to Capital
Depending on the stage of company development, a business may need venture capital, commercial bank lenders, or access to government programs to fuel its growth. While Florida does not match the supportive start-up environments of Silicon Valley in northern California or the Route 128 corridor in Massachusetts, its capital-formation infrastructure appears to be adequate to match existing needs.
Venture Capital (VC): Venture capital investment in Florida companies is boosted by a number of initiatives, such as the Florida Opportunity Fund, the Institute for the Commercialization of Public Research, and Enterprise Florida, Inc. (a public-private partnership devoted to statewide economic development.) EFI's stated mission is: "to diversify Florida's economy and to create better-paying jobs for its citizens by supporting, attracting and helping to create businesses in innovative, high-growth industries." (web eFlorida 2010) Enterprise Florida provides services to businesses that are interested in Florida as a base to expand into the international marketplace. EFI helps by:
Offering export counseling and advice, making available on the eflorida.com website quarterly analyses of international trade trends and detailed import/export reports, organizing and executing overseas trade missions and shows, supplying trade leads through an online database, assisting Florida companies in marketing their products and services...
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