New Study Unveils Economic Impacts of the Institute
Over Six-Year Period
The Institute received the 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 updated the economic impacts of the Institute measured between 2011 and 2015 with data from the fiscal year that ended June 30, 2016, and concluded that the organization's impact throughout the state of Florida increased significantly during the past year, resulting in a total economic impact of $630 million over the six-year period.
Highlights of the new study include:
- companies supported the creation of 1,618 new jobs in FY15-16; 4,091 jobs were created from 2011–2016;
- average earnings per direct job created were $77,843;
- companies have raised in excess of $100 million, inducing capital into Florida that may otherwise have been invested outside the state;
- GDP impacts increased to $129 million in FY15-16, contributing a total of $335 million over the six-year period.
- the Institute delivered a 22x annual return on investment (ROI) to the state of Florida.
The Institute has finalized first-round funding agreements withBiotork, LLC, a Gainesville-based company with technology developed at the University of Florida, and Partnering in Innovation, Inc. (Pi-Innovation) an Orlando-based company with technology developed at NASA Kennedy Space Center.
BioTork is a strain development company specializing in the improvement of existing bioconversion processes and the creation of new ones. Pi-Innovation offers a revolutionary carbon capture technology, capturing carbon dioxide (CO2) from industrial emissions for sale and beneficial use in multiple markets ranging from food processing to enhanced oil recovery.
Brian Backeen, Kairos Founder and CEO was recently named Innovator of the Year at Black Enterprise TechConneXt Summit for his notable contributions to the tech industry. He offered attendees candid insight on fundraising, navigating challenges, and ultimately the road to excelling in tech. Kairos is a human analytics company that uses three-dimensional data to measure human feelings and interactions, and was recently featured in Florida Trend as a promising new company. Kairos received funding from the Institute in November 2015.
Tomas Diaz, flexReceipts CEO will participate in the Startup Grindseries being held at Catalyst in Orlando. Startup Grind is powered by Google for Entrepreneurs, and holds monthly events for entrepreneurs to share ideas, success, challenges, and inspirations. Each event will feature a fireside chat with local startup innovators. flexReceipts received initial funding from the Institute in 2014.
The 18th Annual HHS SBIR/STTR Conference will be held on November 15-17, 2016 at the DoubleTree by Hilton at SeaWorld in Orlando, FL. The HHS/STTR Conference helps small businesses in the life science sector learn more about over $870 million dollars of annual HHS funding that is available to forge academic partnerships and build new businesses based on recently developed biotechnology. Attendees will discover how to successfully submit an application; gain tips for approaching partners and investors; discover the types of technical assistance programs HHS offers to awardees; and have the chance to discuss specific questions with HHS SBIR and STTR subject-matter experts. More details and event registration may be viewed here.
BioFlorida has rescheduled their annual conference to December 11-13, 2016. The program will bring Florida’s life sciences community together and showcase current scientific advancements, business achievements and public policy affecting the life sciences industry. The event, postponed due to Hurricane Matthew, is still being held at the Hyatt Regency Jacksonville Riverfront. All prior registrations and sponsorship will be credited toward the December event. More details may be viewed here.
Join Innovation Coast and the Office of Economic Development and Engagement (OEDE) at the University of West Florida for theInnovation Awards being held on April 12-13, 2017 at the Pensacola Beach Hilton. Registration is now open for companies willing to compete. Selected companies will compete for cash prizes ranging from $5,000 to $100,000 before a live audience of entrepreneurs, industry leaders, and potential investors. More details and event registration may be viewed here.
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. The Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Fifty-nine companies have been funded to date, and the Institute’s economic impact through June 30, 2016 was $630 million, with an annual return on investment of 22 times to the State of Florida.