From IBM’s PC to AI Startups: The Rise of Palm Beach as a U.S. Innovation Hub
When Philip "Don" Estridge and his IBM team introduced the world's first personal computer in 1981 from a Marcel Breuer–designed campus in Boca Raton, they embedded a technological legacy into Palm Beach County’s identity. For decades, that legacy rested dormant - until recently.
Today, the same 1.7 million-square-foot facility has been reborn as the Boca Raton Innovation Campus (BRiC), home to health-tech unicorns, life sciences firms, and a rapidly growing innovation community. Yet BRiC is only one chapter in Palm Beach County’s broader transformation into a national magnet for billions in capital, talent and headquarters relocations, and a new generation of AI-driven enterprises.
Palm Beach’s evolution from retirement haven to tech destination mirrors a larger national shift: as Silicon Valley and New York face rising costs, regulatory burdens, and quality-of-life challenges, companies and knowledge workers are fleeing for regions offering business-friendly environments and livable communities. Palm Beach County has emerged as one of the biggest winners.
The IBM Legacy: From Abandonment to Renaissance
The campus where IBM revolutionized personal computing and later developed Simon, the world’s first smartphone, sat largely vacant after the company exited in the early 2000s. When CP Group acquired the property in 2018, occupancy had fallen to roughly 60%, consisting mostly of back-office operations.
"It was originally developed by IBM and then abandoned by them in the early 80s for economic reasons. And over the succeeding decades became really run down," Angelo Bianco, Managing Partner of CP Group, told NBC Miami. But he noticed something else: the region’s deep reservoir of tech talent had never left.
His solution was bold: "Why don't we have a center in the Southeast United States for tech and life sciences? I looked around and we didn't. And, I said, 'we're going to build one here.' And that's what we did."
CP Group invested $100 million into modernizing the campus. Today, BRiC operates at 90% occupancy, hosts 36 companies and organizations, and supports over 5,000 employees.
Modernizing Medicine’s CEO, Dan Cane, highlighted BRiC’s symbolic resonance: "We're connecting the innovation of the past with the innovation of today. This is a building where people have the freedom and capacity to think big about the future."
CP Group’s next phase is ambitious: 1,250 residential units, a 150–175 room hotel, and 200,000 square feet of mixed-use retail, what VP of Marketing Giana Pacinelli describes as a “dynamic micro-city.” The phoenix, indeed, has risen.
The Great Migration: Why Tech Is Moving to Palm Beach
Traditional technology hubs are straining under their own weight. Silicon Valley’s median home price tops $1.5 million; New York office rents reach $114 per square foot; California’s top tax rate sits at 13.3%. The pandemic proved remote work viable and accelerated corporate relocations.
Palm Beach County offered an attractive alternative.
Florida’s lack of state income tax provides instant relief. A pro-business regulatory climate lowers barriers. The “Wall Street South” migration brought high-net-worth individuals, family offices, and global finance firms such as BlackRock, Citadel, Goldman Sachs, Point72, and Elliott Management.
“A decade ago, the ‘Wall Street South’ concept was met with skepticism, but today it's a recognized brand,” says Kelly Smallridge, President & CEO of the Business Development Board of Palm Beach County. “It’s attracting major players.”
Quality of life adds powerful differentiation: beaches, sunshine, and amenities that traditional hubs cannot replicate.
In a previous interview, John Boyd Jr., principal of The Boyd Company Inc., noted that companies “can still find Class A offices in Boca Raton for $42 per square foot, compared to rental rates of $114 in New York City and $90 in Miami Brickell.” Florida’s October 1 elimination of commercial rent tax cuts operating costs by up to 6% annually.
Between 2018 and 2022, the region added more than 15,000 tech jobs, outpacing the number of local tech graduates.
And recent corporate expansions continue to validate the trend. ServiceNow is occupying up to 200,000 square feet in West Palm Beach and creating an estimated 850 high-salary jobs. The momentum is compounding.
ServiceNow: The AI Anchor Tenant
ServiceNow delivered one of the region’s most consequential announcements in September 2025. Chairman and CEO Bill McDermott put it bluntly: "The AI innovation economy has a new epicenter in the Gold Coast of West Palm Beach, Florida."
The company's new site will house an AI Institute functioning as a startup accelerator, cutting-edge Executive Briefing Center, ServiceNow University programs focused on AI skill-building and RiseUp with ServiceNow, a global initiative providing pathways for veterans and career-transitioners
“This will be a compelling magnet for talent,” McDermott said. “A dynamic hub for America’s AI leadership.”
Florida Governor Ron DeSantis personally advocated for the location. “These are all really, really good jobs,” he said. “It’s going to have a huge economic impact.”
ServiceNow’s Chief Workforce Innovation Officer Karen Pavlin underscored the inclusive mission: "We are not only just coming in. We are committed to ensuring that we are educating, skilling, and preparing Floridians for tech opportunities here.
Vanderbilt’s Strategic Bet: Building the Talent Pipeline
In October 2024, Vanderbilt University announced it would build a West Palm Beach campus and one projected to generate $7 billion in economic impact over 25 years and roughly 35,000 jobs.
Nearly 1,000 students will pursue executive MBA degrees, master’s programs in finance, and engineering concentrations in AI, data science, and tech policy.
“With the visionary votes by the city and county commissioners, the way has been cleared for Vanderbilt to begin writing an important new chapter in its history,” said Chancellor Daniel Diermeier.
Tom Steenburgh, dean of Vanderbilt’s Owen Graduate School of Management, emphasized the strategic placement: “Vanderbilt’s move into ‘Wall Street South’ places our business students at the center of a booming financial hub.”
The campus aims to address one of the region’s most persistent challenges: building a long-term, sustainable, highly educated tech talent pipeline.
The Fuel: Venture Capital and Startup Acceleration
Palm Beach County has evolved from VC desert to vibrant funding landscape. The influx of wealth from finance firms and family offices is reshaping the trajectory of local startups.
Related Companies Founder & Chairman, Stephen Ross, alone has invested $10 billion into West Palm Beach, including 6 million+ square feet of new office development, 1.4 million square feet of residences, and $50 million to expand Cleveland Clinic’s presence.
“We’re not looking for companies to build us pretty buildings,” West Palm Beach Mayor Keith James told Fast Company. “We’re looking for companies to help us build a community.”
One of the new initiatives amplifying the ecosystem is the Gold Coast Tech Accelerator, launched by the Related Ross, eMerge Americas, and Florida Council of 100. “This region is where companies can scale,” says Michael Simas, President & CEO of the Florida Council of 100.
Supporting the region’s innovation ecosystem remains essential as entrepreneurs and startups continue to scale. Innovation hub 1909 not only survived the pandemic but recently purchased a permanent building, strengthening its long-term presence and resources for founders. Scientific anchors such as the Max Planck Florida Institute for Neuroscience and Scripps Research provide critical R&D infrastructure that fuels life sciences and deep tech innovation. BRIC enhances the ecosystem with more than 25,000 square feet of event space across six flexible venues. Meanwhile, programs such as the Adams Center for Entrepreneurship at Florida Atlantic University offers incubator and accelerator programs for entrepreneurs for no to low cost.
Together, these assets create a comprehensive support system that allows startups to focus on building and innovating rather than navigating operational barriers.
Quantum Computing: The Next Frontier
Palm Beach County is rapidly emerging as a national leader in quantum innovation, reinforced by hosting Quantum Beach 2025, an official International Year of Quantum event that convened global pioneers in quantum research, finance, and commercialization. The gathering positioned the region as a serious player in shaping the post-AI computing era.
Florida Secretary of Commerce Alex Kelly highlighted how quantum aligns with the county’s growing innovation ecosystem: “Palm Beach County has become a world-recognized hub for innovations and financial services.” Kelly Smallridge further emphasized the momentum, noting the coordinated efforts underway: “We’re mobilizing educators, employers, and investors so the Palm Beaches can lead in this strategic field. This is approachable tech with real business value.”
That momentum is echoed in the private sector. Quantum Coast Capital, founded by Matt Cimaglia, is one of the region’s most targeted investment efforts, focusing exclusively on quantum technologies.
“Quantum technology represents one of the most important frontiers of innovation in our lifetime,” Cimaglia said, underscoring the importance of establishing early leadership. The Florida Opportunity Fund is also partnering with quantum-focused initiatives, strengthening the county’s long-term commitment to next-generation computing.
Together, these efforts signal Palm Beach County’s intention to be at the forefront of quantum computing which is an industry poised to redefine the future of technology, finance, and scientific discovery.
The Challenges Ahead: Balancing Growth with Sustainability
The momentum is impressive, but the county must confront several structural challenges such as transportation infrastructure limiting regional mobility, housing affordability lagging behind rapid population growth, and talent gaps that persist in certain specialized fields.
Susan Bands, Managing Director and market leader with CBRE, acknowledges the complexities: “The next big step is turning our challenges, like talent gaps and housing costs, into opportunities to build smarter, more inclusive growth.”
Smallridge emphasizes differentiation, not imitation. “We’re not trying to become the next Austin or Miami,” she says. “We’re proud to be uniquely the Palm Beaches building on our own strengths: deep research, skilled labor, business-friendly policies, and a quality of life that makes people want to stay.”
Conclusion: A New Model for America’s Innovation Future
From the “Dirty Dozen” who built the first PC, to ServiceNow’s AI Institute, from Breuer’s brutalist architecture to Stephen Ross’s urban megaprojects, Palm Beach County exemplifies how second-tier markets can transform into first-choice innovation hubs.
Its trajectory suggests a new model for America’s tech geography and one that’s more distributed, more lifestyle-driven, and more attuned to business pragmatism.
For venture capitalists, corporate strategists, and top-tier talent evaluating their next move, Palm Beach County offers a compelling case study in how innovation ecosystems are built - and how they endure.
