Tampa, FL – November 20, 2020 – The Institute for Commercialization of Florida Technology (the Institute) announced today the results of a new study conducted by The Washington Economics Group, Inc.® (WEG), a Coral Gables-based 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 2019-20 to update prior years’ studies and concluded that the organization’s impact increased by $743 million to $2.6 billion as funded companies continue to raise investment capital, increase sales, create jobs, and bring innovative products to market.
The Institute supports new companies in Florida that create clean jobs in knowledge-based industries driving the global economy. By providing seed and early-stage funding, the Institute enables businesses to develop and launch products in key sectors, including life sciences, information technology, homeland security and defense, logistics and distribution, and manufacturing.
Highlights of the new study include:
- Overall economic impact for FY2019-20 of $743 million, a $259 million increase over FY 2018-19;
- 3,994 total jobs supported in FY2019-20; a total of 16,070 over the last 10 years;
- Average earnings per direct job created exceeded statewide average;
- Capital raised in excess of $370 million, with over $50 million raised in FY 2019-20;
- GDP impacts of $397 million in FY19-20, a 10-year total of $1.4 billion;
- Adding $77 million to Federal, State & Local Fiscal Revenues, a total of nearly $297 million over 10 years.
"The economic impacts of the Institute increased again in 2020, marking the tenth 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."
“We have a great opportunity to accelerate the growth of early-stage technology firms within Florida to advance the State’s key strategy in building an innovation and technology-driven economy,” said Renee Finley, Institute Board Chair. “Since its successful privatization efforts in 2017, the Institute has continued to make private investments in promising companies that have enabled these organizations to gain the traction and visibility they need to reach critical milestones and bring new products to market.”
About the Institute
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 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 organization’s investment decisions are guided through a strong partnership with its Private Fund Manager, Florida Funders. The Institute’s economic impact over the last ten years was $2.6 billion, with fiscal revenue impacts of nearly $297 million to federal, state, and local governments.
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.