I’ve been thinking a lot about stories lately.
Storytelling is a fundamental human art form and the most powerful way to convey ideas, create connections, and understand the world.
It has been said that all great literature is one of two stories; a person goes on a journey, or a stranger comes to town.
I have to think about that one, but it sounds about right.
Anyway, I was thinking that places have stories as well. America has a story (and may need a refresh to bring us together) and certainly cities and regions have their narratives as well.
Recently, I tuned into a webinar presented by a cool company called Mission Impact Strategies which is led by my friend Alex Price. Alex is a talented leader with lots of energy and vision. His team is skilled in coalition building, strategy and leadership development. I think he’s going to make a big impact across our state in the next few decades. I look forward to watching him soar.
On the webinar, he interviewed another talented leader named Imran Siddiqui. Imran is another friend that I expect will do big things in his new role. He’s a super smart, deeply connected and driven individual. I enjoy our too infrequent chats because I always come away with a deeper understanding of our community.
Imran recently became CEO of South Florida Tech Hub which seeks to build, grow, sustain and brand South Florida as a globally recognized innovation hub. It;s a big and important mission. A heavy lift as they say, but Imran is a talent. He’s going to make a difference.
One of his main strategies—outlined on the webinar—is to create a new narrative (story) for our region emphasizing collaboration, talent and connection.
He has his eye on places like Austin, Texas, Silicon Valley, Denver and Atlanta—metros that are known for their tech talent, venture capital investment and job growth.
Imran told us that tech innovation in Miami-Dade, Broward and Palm Beach counties are on an “upward trajectory” based on job growth, VC money, deal making and reputation.
“Talent doesn’t have to leave South Florida to have a career,” he told listeners on the webinar, a group that included nonprofit executives, public officials, business leaders and academics.
Still, there are the usual headwinds which include affordability, fractured politics, competition from other regions here and abroad, the promise and peril of AI and the usual barriers to regional collaboration, which includes a parochial mindset that prizes winning over partnership.
The webinar was a fascinating overview of what’s happening in our economy, but Imran noted some of the factors creating momentum.
Among them:
The arrival of big players.
“Ken Griffin’s presence alone is a momentum shifter,” he said referring to the business titan who went to school in Boca and founded hedge fund giant Citadel.
Griffin has been making a splash throughout the region with his investment and philanthropy. Joining him is a raft full of Wall Street financial firms and real estate magnate Stephen Ross who has adopted West Palm Beach.
All of these data points, which include several high profile deals (Bain Capital investing in Boca’s Aerospace Technologies Group, a private equity giant buying a majority stake in Boca’s ModMed at a $5.3 billion valuation, Celsius’ remarkable growth which has turned the energy drink company into a company with a $14.5 billion market cap etc.) is changing South Florida’s narrative from a place to retire into a place where serious business is being conducted.
“Narrative matters,” Mr. Siddiqui told his audience. “Because perception drives investment.”
He’s right.
And so, I wonder what is our story in Delray?
Where do we fit in?
South Florida’s brand is driven by three dominant cities: Miami, Fort Lauderdale and West Palm Beach. But the other cities in the region matter as well. Boca is punching above its weight with more than half of Palm Beach County’s corporate headquarters calling Boca their home.
Boca is a compelling story and has been for a while now. The potential redevelopment of its city hall campus, the transformation planned at the former IBM campus now known as BRIC (Boca Raton Innovation Campus) and the announcement of a $1 billion fund by 1789 Capital (Donald Trump Jr. is a partner) is said to be focused specifically on Palm Beach and Boca. The fund is described as “anti-woke” (whatever that is) and is named after the year the Bill of Rights was adopted, according to the firm’s website, 1789 Capital.
Meanwhile, West Palm Beach’s newly announced Service Now deal is an important milestone for the local AI economy and comes with a promise of 850 plus jobs. Vanderbilt University is coming as well.
I recently had a chance to hang out with Fort Lauderdale Mayor Dean Trantalis at an FAU football game. There’s a lot happening in his city as well; it’s dizzying. Fort Lauderdale often gets lost in the conversation relative to Miami and West Palm Beach, but the one-time Spring Break Capital has been transformed with more investment on the horizon.
I think stories and narratives need to be shaped and updated by citizens and policymakers. They can grow stale. They must be true, or they are quickly discounted or even turned into objects of derision. If you bill yourself as a city on the move, well you better be.
Anyway, a lot is happening. And investment, opportunity and jobs will go the places that are switched on, visionary, open for business and tell a riveting story.
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