Programs Generated a $379 Million Impact over 5-Year Period
GAINESVILLE, Fla. and BOCA RATON, Fla., Oct. 22, 2015 -- The Institute for Commercialization of Public Research (the Institute) announced today results of a new study conducted by The Washington Economics Group, Inc.® (WEG), a boutique economic consulting firm led by nationally recognized business economist Dr. J. Antonio (Tony) Villamil. The study measured economic impacts of the Institute between 2011 and 2015, and concluded that the organization's impact throughout the state of Florida increased significantly during this past fiscal year, generating an overall return on investment (ROI) of 14 times.
Formed in 2007, the Institute works collaboratively with Florida's universities and research institutions to uncover commercially-viable technologies that may become the basis for tomorrow's leading products and companies. The Institute provides company building support services and seed-stage funding to help new ventures achieve critical development milestones and attract additional private investment capital needed for growth. Through the end of FY 2015, the Institute had funded 39 companies across multiple targeted industries including life sciences, software/information technology, clean energy, aviation/aerospace, and other emerging sectors, and played a catalytic role in developing Florida's innovation-based economy.
Highlights of the new study include:
companies supported the creation of 1,144 new jobs; nearly 80% of the jobs created were in targeted, knowledge-based industries;
average earnings per direct job created were $76,628;
entrepreneurs raised in excess of $28 million, inducing capital into Florida companies that may otherwise have been invested outside the state;
the overall economic impact in FY 2015 was $168 million, an increase of ~55% over FY 2014 and a 977 % increase in five years;
the overall economic impact during the 5-years from FY 2011 to FY 2015 was $379 million, a return on the state's investment of 14 times.
Jesse Panuccio, Executive Director of the Florida Department of Economic Development, said, "DEO is proud to partner with the Institute to support economic development in targeted industries across the state. These programs support the creation of high-wage employment and are critical to the development of Florida's innovation economy."
"The commercialization of public research is integral to the economic vitality of Florida, contributing to the development of a robust, knowledge-based economy, creating products that improve and save lives, and generating tax revenues that support important social and community initiatives," said Jamie Grooms, Institute Chief Executive Officer. "These companies are solving some of today's toughest healthcare, environmental and societal challenges, and improving the quality of life of Floridians for generations to come."
About the Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys company building and funding programs to promising Florida startups. Forty-three companies have been funded since the program's inception.
About the Washington Economics Group, Inc.®
Founded in 1993 in the City of Coral Gables, The Washington Economics Group is a boutique economic consulting firm specializing in comprehensive economic solutions for businesses. WEG engages a limited number of clients each year in order to ensure the best client experience within premiere areas of specialization, and possesses expertise in the economies of Florida, the U.S., Latin America as well as the global economy and emerging markets.