Institute for Commercialization of Florida Technology Delivers Over $3.4 Billion Economic Impact
Highlighting the Continued Success of a Public-Private Partnership between the Florida Institute and Florida Funders
Tampa, FL – December 2, 2021 – The Institute for Commercialization of Florida Technology (the Florida 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 Florida Institute during FY 2020-21 to update prior years’ studies and concluded that the organization’s impact increased by $761 million to $3.4 billion. Florida Institute funded companies continue to raise investment capital, increase sales, create jobs, and bring innovative products to market.
Highlights of the new study include:
- Overall economic impact for FY2020-21 of $761 million, a $17 million increase over FY 2019-20;
- 4,065 total jobs supported in FY2020-21; a total of 20,135 over the last 11 years;
- Average earnings per direct job created exceeded statewide average;
- Capital raised in excess of $456 million, with over $80 million raised in FY 2020-21;
- GDP impacts of $419 million in FY20-21, an 11-year total of $1.8 billion;
- Adding $86 million to Federal, State & Local Fiscal Revenues, a total of over $382 million over 11 years.
The Florida Institute supports new companies in Florida that create sustainable jobs in knowledge-based industries driving the global economy. The Florida Institute enables businesses to develop and launch products in key sectors, including life sciences, information technology, homeland security, defense, logistics, distribution, and manufacturing by providing seed and early-stage funding. Often, these investments serve as a critical endorsement to other funding sources enabling new companies to attract the follow-on capital they need to move throughout the start-up lifecycle and into commercialization.
Ryan Whittemore, Chief Investment Officer of Florida Funders, said, “Florida Funders is a proud partner with the Institute to fulfill the mission of evolving Florida from the Sunshine State to the Startup State. The Institute’s support helps accelerate Florida’s innovation economy. The Institute is a key piece in attracting and relocating talent to Florida and retaining the vast talent in Florida, driving Florida’s growth and self-sustaining high-wage jobs to Floridians.”
“We are extremely proud of the progress made by the companies we are helping to create as we continue to leverage technologies and intellectual property created right here in Florida,” said Renee Finley, Florida Institute Board Chair. Rafael Lohner, Florida Institute Executive Director, added, “Our ongoing partnership with Florida Funders enables us to deliver not only high-wage jobs and outstanding traction for our portfolio companies in the private sector but also creates products that solve global problems while improving and saving lives.”
About the Florida 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 Florida Institute provides company building services and seed funding through the Florida Technology Seed Capital Fund to promising Florida start-ups 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 11 years was $3.4 billion, with fiscal revenue impacts of over $382 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.