Institute for Commercialization of Florida Technology Delivers $4.1 Billion Economic Impact
A Scalable Model to Accelerate and Diversify Florida’s Innovation Economy
Tampa, FL – November 17, 2022 – 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 J. Antonio (Tony) Villamil. Measuring the economic impacts of the Institute during FY 2021-22 to update prior years’ figures, the study concluded that the organization’s impact increased by $733 million to $4.1 billion. The results underline the successes of many Florida Institute initiatives, such as the Seed Capital Accelerator Program and the Florida Technology Seed Capital Fund. With another year in the books, many Florida Institute-funded companies continue an upward trajectory, raising additional investment capital, increasing sales, creating jobs, and bringing innovative products to market.
The Florida Institute supports new companies in Florida that create a diverse set of jobs in knowledge-based industries driving the global economy. By providing seed and early-stage funding, the Florida 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 FY2021-22 of $733 million, a cumulative total of $4.1 billion;
- 4,253 total jobs supported in FY2021-22; a total of 24,390 over the last 12 years;
- Average earnings per direct job created exceeded the statewide average;
- Capital raised in excess of $520 million, with over $65 million raised in FY 2021-22;
- GDP impacts of $388 million in FY21-22, a 12-year total of $2.2 billion;
- Adding $71 million to Federal, State & Local Fiscal Revenues, a total of nearly $453 million over 12 years.
“The economic impacts of the Institute increased again in 2022, marking another year of growth and positive results for Florida’s economy,” said Tony Villamil, founder and senior advisor of The Washington Economics Group. “Increasing high-wage employment and improved household income are direct results of the economic activity created by the Institute with a significant portion of the overall economic impact attributable to companies founded by individuals identified as socially, and economically disadvantaged.”
“We continue to invest into and grow the vast amount of talent, technologies, and intellectual property created here in Florida,” said Renee Finley, Florida Institute Board Chair. “We couldn’t be more proud and grateful to support our founders who dedicate everything to their business, making incredible contributions to Florida’s innovation economy.”
“Now is the time to fund early-stage technology startups located in Florida providing and expanding capital access to all Florida innovators,” said Rafael Lohner, Florida Institute Executive Director. “We need to capture the growth momentum while scaling the Institute’s efforts and funding to many promising Florida startups that build exceptional products and services while creating high-paying jobs for many Floridians.”
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 on Florida’s economy is $4.1 billion, with fiscal revenue impacts of nearly $453 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.