Institute Programs Generated $210 Million over 4-Year Period
Gainesville and Boca Raton, FL-- November 12, 2014 --The Institute for the 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 2014, and concluded that the organization plays a catalytic and growing role in supporting Florida’s overall economic development strategy.
Formed in 2007 by Florida Legislature, the Institute works collaboratively with Florida’s universities and research institutions to leverage a $2 billion research base and uncover commercially viable technologies that will become the basis for tomorrow’s innovation-based products and companies. The Institute provides both company building support services and seed-stage funding to help new ventures achieve critical development milestones, and attract private investment capital needed for growth. Success is measured by the number of direct and indirect jobs that are created, as well as the amount of capital that is invested into new companies.
According to the study, Institute-supported companies created 1,329 jobs, 80% of which are in targeted, knowledge-based industries. The program also enabled entrepreneurs to raise in excess of $35 million, inducing capital into Florida companies that may otherwise have been invested outside the state. Overall, Institute programs generate important economic impacts that include the creation of high-wage employment, household income for Florida’s working families, gross domestic product which is value-added to the state’s economy, and other impacts that support the development of an innovation-based, knowledge-intensive economy.
“DEO is proud to partner with the Institute for the Commercialization of Public Research on innovative economic development, business growth, and job creation ideas,” said Jesse Panuccio, Executive Director for Florida Department of Economic Opportunity. “The Institute helps provide many benefits for Florida residents, including talent attraction and retention, an increased standard of living, a globally competitive workforce, and overall improved economic activity.”
According to Institute CEO Jamie Grooms, “By continuing to focus on new company creation, capitalization and growth, the Institute will help to build Florida’s knowledge-based economy, enhance Florida’s ability to compete in an increasing global marketplace, and yield economic development dividends 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 $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys company building and funding programs to promising Florida startups. Thirty-four companies have been funded since the program’s inception.
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.
Tony Villamil has over thirty-five years of experience as a senior economist, university Dean and high-level policymaker for both federal and state governments. He has served as US Undersecretary of Commerce for Economic Affairs appointed by President George H.W. Bush with full US Senate confirmation, and is a recent member of the President’s Advisory Committee on Trade Policy and Negotiations in Washington, DC. He is the immediate past Chairman of the Governor’s Council of Economic Advisors of Florida, and during 1999-2000 he directed the Tourism, International Trade and Economic Development Department of the State of Florida in the Office of Governor Jeb Bush.