October Newsletter/Institute for Commercialization of Florida Technology

Issue 83 – October 2019
 

New Study Shows Institute Delivers Nearly $1.9 Billion Economic Impact

Increases Underscore Importance of Seed Funds to Spur
Company Growth and Economic Prosperity

 

The Institute for Commercialization of Florida Technology (the Institute) has announced the results of a new Economic Impact 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 during FY 2018-19 to update prior years’ studies, and concluded that the organization’s impact increased nearly 19% as funded companies continue to raise investment capital, increase sales, create jobs, and bring innovative products to market.
 
The Institute supports new companies that create clean jobs in knowledge-based industries that are driving the global economy. By providing seed and early-stage funding, the organization enables businesses to develop and launch products in key industries, including life sciences, information technology, homeland security and defense, logistics and distribution, and manufacturing. Highlights of the new study include:
  • overall economic impact for FY2018-19 of $485 million, a 19% increase over FY 2017-18;
  • 3,136 total jobs supported in FY2018-19; a total of 12,077 between 2011 – 2019;
  • capital raised in excess of $300 million, a ratio of 14:1 of additional private investment to State funds;
  • GDP impacts of $257 million in FY2018-19, a total of $981 million over the eight-year period;
  • annual return on investment (ROI) to the State of Florida of over 31x.
"The economic impacts of the Institute increased again in 2019, marking the seventh year of growth and positive results for Florida’s economy,” said Dr. Tony Villamil, founder and senior advisor of The Washington Economics Group, Inc. “Positive outcomes include increases in high-wage employment in 21st century knowledge industries, household income for Florida's residents, and fiscal revenues to the State, all resulting from economic activity created by the Institute." 
 
The full study may be viewed here.

Institute Executive Director Jane Teague Receives BioFlorida Leadership Award


 
Jane Teague (pictured above with BioFlorida President and CEO Nancy Bryan, and members of the Executive Committee) was among several awardees who were recognized at the Annual Conference in Tampa on for their contributions to Florida’s life sciences community. The BioFlorida Leadership Award is designated for a BioFlorida volunteer who has dedicated significant time to BioFlorida’s mission, and has served as a true ambassador for the organization.
 
Teague was recognized for her commitment not only to life sciences, but to technology development and job growth in Florida. She has served on the BioPitch Committee for five years with the last two as BioPitch Chair. Under her leadership and strategic guidance, BioPitch has continued to excel with new records this year in applicants and investors, as well as introducing a $10,000 award for the BioPitch winner.  More information about the conference and other awardees may be viewed here.

 

Don’t Miss SEBIO Investor and Partnering Forum in Miami

 

The Southeast BIO (SEBIO) Investor & Partnering Forum will be held November 6-7, 2019 at The Biltmore in Miami-Coral Gables, FL. The conference provides an unparalleled opportunity to meet key decision makers in the regional and national life science and medical technology communities.

This year SEBIO is honored to present a panel of distinguished Corporate Venture Capitalists  on its opening day, Wednesday, November 6th. These panelists will provide insight into how to work with corporations, the largest source of capital for biopharma companies.
Now in its 21st year, the SEBIO Investor & Partnering Forum has built a loyal following, attracting thought leaders and investors from across the country.  More than 300 biotech and medtech investors, corporate executives, university representatives, and entrepreneurs will attend the event this year, and to date, more than 220 later stage and 180 early stage companies that participated in previous SEBIO Investor & Partnering Forums have raised more than $2.5 billion in public and private funding.  More information about SEBIO and the Forum may be viewed here.

About Us
 
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Florida Technology supports and funds innovation companies that create clean jobs in new industries that are driving the global economy. The Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups that are developing products that improve and save lives, and help companies improve their bottom line. The Institute’s economic impact between 2011 and 2018 was $1.9 billion, with an annual return on investment of over 31 times to the State of Florida.

 

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