Michael Simas, President & CEO of the Florida Council of 100, discussed the positive state of business and tech sector across Florida in a recent interview with The Floridian. The non-profit organization of chief executives is the lead engine in furthering economic growth and improving the quality of life for Floridians across the state.
Under the direction of Simas, the organization launched its Gold Coast Tech Accelerator through FinTech alongside Emerge Americas and Related Ross in an effort to improve Florida's tech industries in some of its largest cities.
"Miami's our biggest Metro," Simas said. "Obviously, in the state, Metro economies drive GDP. I think 90% of the country's GDP is driven by the 15 largest metros in the United States, so it's logical to focus on your biggest asset from that perspective."
More specifically, Simas emphasized that financial services and dual-use defense were two core assets of his Southeast Florida technology initiative, including in Miami. Moreover, he noted 95% of FinTech's venture money came from the area.
Simas also detailed the importance of branching to other areas of the state.
"Orlando has a huge innovation ecosystem, a huge aerospace and defense industry kind of running east, out to the Space Coast, that we're very focused on scaling and bringing to market more effectively," Simas said. "In Tampa, we're developing a really unique academic medical center between Moffitt, Tampa General, and USF, and the partnership they've embarked on. We're going to see that kind of healthcare and med tech innovations coming into the market there immediately. They're standing that up."
Simas noted growth in Jacksonville, specifically in the area's distribution and e-commerce opportunities, as another positive indicator.
The Florida Council of 100 represents more than 150 businesses and over 1.3 million employees. Spanning six decades, the organization has spearheaded conversations on key economic development issues coming from the business community to Florida lawmakers and government officials.
Building on that success and camaraderie, Simas boasted that Florida's business and hiring confidence was higher through its analysis than from other organizations, including by Business Roundtable.
"Anything over 50 is good. We're at a 91, they're at a 76, so both are showing growth. We're just showing more aggressive growth," he explained. "Hiring confidence is different. National hiring confidence is at 37, so they're expecting retransmission. We're expecting more job hiring, more growth here in Florida compared to national CEOs."
Simas credited Florida's conservative approach for fueling economic growth, led by its emphasis on low costs and eased regulations, a key barometer of business leaders' confidence for making a home in the Sunshine State. He also noted Florida's friendly tax structure, which includes no income tax and no commercial rent tax, dwarfed the burdening structure of high-taxed coastal states like New York and California.
"Florida provides that in levels that aren't even comparable, compared to coastal markets like New York, LA, San Francisco," Simas said. Our tax structure is part of that. A key part of that is the state's AAA bond rating, the fact that we've got a constitutional requirement for a balanced budget."
He also noted the situation could become worse for the Empire State if its largest city, New York, elects Democratic socialist Zohran Mamdani in November.
"If you look at New York State's budget, it's almost $250 billion for 20 million people," he commented. "Ours is 115 billion for 25 million people. You're paying a third, probably per person to fund state government here than you are in New York, and you're getting, most would argue, a better service from government when you look at infrastructure and mobility and all the other things we provide."
