Building Companies, Changing Lives
Issue 22- October 2014
Two Companies Receive Institute Funding
The Institute has finalized funding agreements with Cool Flow Dynamics; a Sarasota based company, and Coefficient (now known as Tandem); an Orlando based company, each based on technology licensed from the University of Florida.
Cool Flow Dynamics is developing an energy efficiency solution for open-case display refrigerators used by food and beverage retailers. Open-case refrigeration has become a global problem and is the largest source of wasted energy in the retail sector in the United States, where convenience and grocery stores' open case refrigeration costs can make-up 55% and 35% of its total energy consumption. Cool Flow Dynamics is developing a retrofit low-cost, easy to install “plug and play” device that attaches to the outside of an existing open case refrigerator.
Coefficient (Tandem) is providing automated customer intelligence that allows companies to put consumers at the center of their business decisions. With the proliferation of social media and consumer trends changing at unprecedented rates, it is challenging for companies to gauge the return on investment of their marketing efforts. Companies must create more customer value from research and consumer data, and the Tandem application allows them to group their audiences into consumer segments and monitor changes and growth in real time.
Institute Welcomes New Board of Directors Member
Governor Rick Scott announced the appointment of Rick Wassel to the Institute for the Commercialization of Public Research Board of Directors. He is employed with the Florida Hospital and Florida Division of Adventist Health System as the executive director and general manager of the Florida Hospital Health Village and International Development, and is the managing director of IQ Orlando. The appointment became effective at the end of August.
Institute CEO Inducted into Entrepreneurial Hall of Fame
Old Dominion University inducted its inaugural class into the brand-new ODU Entrepreneurial Hall of Fame recently. Four dynamic individuals received this honor including Institute CEO Jamie Grooms, who graduated from ODU with a degree in biology. Grooms was recognized for his achievements over the past 17 years as a successful entrepreneur who has been involved with several startup companies serving as founder, advisor, mentor and board of directors member.
OwnForce Provides Services to Startup Companies
The Institute has partnered with Gainesville-based software company OwnForce, to deliver business infrastructure solutions at affordable rates to start-up and growth companies. OwnForce is changing the way businesses manage their information and engage with employees by offering turnkey business process services comprised of a robust Human Resources Management System, Payroll, Benefits, and Legal Support Services, all provided in a single solution. With OwnForce, entrepreneurs and the talented teams they hire can focus on their core strengths: developing and marketing their products and generating revenue. By putting back office business processes in place early on, entrepreneurs can take their products to market more quickly and investors can have confidence that the business is compliant and sustainable for the long term. For more information on products and services, please visit www.ownforce.com or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. .
Institute Associates Gather in Ft. Pierce for Strategic Planning Retreat
Entrepreneur-in-Residence at TiECon Florida 2014
This past month Institute Entrepreneur-in-Residence Joe Reddy (second from the right) participated in TiECon Florida 2014: A Celebration of Entrepreneurship held in the Tampa Bay Convention Center, where he served as a panelist on ‘Florida’s Startup Ecosystem and that VC State of Mind.’
Startup Quest™ Sessions Underway
Startup Quest™ is a 10-week entrepreneurial training program that pairs unemployed and underemployed professionals with yet-to-be commercialized technology and experienced entrepreneurs, to learn how to develop business plans, pitch to investors and build successful companies.
Sessions across the state have commenced. Regional Program Managers across the state are seeking mentors, judges and other program participants who wish to be involved. Please contact Susan Scully at
About Us
The Institute delivers company building and funding programs to facilitate new venture and job creation through commercially-viable technologies in major industries that are driving the global economy. In addition to providing company support services, the Institute manages the Seed Capital Accelerator Program launched in 2011, and the Florida Technology Seed Capital Fund launched in 2013. For more information, visit www.florida-institute.com.