Programs Generated a $630 Million Impact Over Six-Year Period
GAINESVILLE and BOCA RATON, Fla., Oct. 12, 2016 -- The Institute for Commercialization of Public Research (the Institute) announced today 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 measured economic impacts of the Institute between 2011 and 2016, and concluded that the organization's impact throughout the state of Florida increased significantly during the past fiscal year (2015-16), resulting in a total economic impact of $630 million over the six-year period.
Formed by the Florida Legislature in 2007, the Institute works with Florida's universities and private research institutions to create and build new companies and clean jobs in new industries that are driving the global economy. The Institute provides both support services and seed funding to qualified companies, enabling them to bridge the "Valley of Death" and develop and launch products that are improving and saving lives.
Highlights of the new study include:
- companies supported the creation of 1,618 new jobs; 4,091 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.
"Focusing on new company creation and capitalization helps build Florida's innovation economy from the ground up and enhance Florida's ability to compete in an increasing global economy," said Jackson Streeter, MD, Institute Chief Executive Officer. "Institute-funded companies are solving today's toughest healthcare and societal challenges, and the Institute is playing a critical role in developing Florida's innovation economy for generations to come."
About the Institute
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 $2.3B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. With funding from the State of Florida through the Department of Economic Opportunity, and through the generosity of mentors, advisors and donors, the Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Fifty-eight companies have been funded to date, and the Institute's overall economic impact through June 30, 2016 was $630 million.
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.