The sheer size of Florida, combined with the diversity of its public institutions has made it difficult in the past for investors and others to uncover the promising new technologies hidden within Florida's state university system. Technologies have been licensed to major corporations, rather than serving as the nuclei from which to grow new companies and jobs.

The Institute enables interested parties to evaluate potential opportunities and facilitates the process by which these discoveries enter the commercial marketplace. The Institute showcases technologies and products developed by publicly supported organizations across the state, and commercially-viable discoveries are paired with seasoned entrepreneurs and investors to ensure their growth and success.

Establishment of the Institute is a result of legislation passed in 2007 to stimulate growth of science and technology-based companies in industries that are driving the global economy. Related initiatives include the availability of gap funding targeted towards universities to help take new ideas through the "proof of concept" stage, and the creation of the Florida Opportunity Fund for increased investment in existing, early-stage ventures. The Institute links the two, taking proven technologies from the universities and identifying funding and other resources required for commercial success.