Gainesville and Boca Raton, FL – October 10, 2017 – The Institute for Commercialization of Public Research (the Florida 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 during FY 2016-17 to update prior years’ studies, and concluded that the organization’s impact throughout the state of Florida increased significantly as more companies continue to grow, create jobs, raise investment capital and bring innovative products to market.
The Florida Institute works with research partners across the state to create and build new companies and clean jobs in knowledge-based industries that are driving the global economy. By providing support services and seed funding to qualified companies, the Florida Institute enables young companies to develop and launch products in industries that are of strategic importance to the state, including life sciences, information technology, homeland security and defense, logistics and distribution, and manufacturing. Highlights of the new study include:
- overall economic impact for FY2016-17 was $340 million, a 35% increase over FY 2015-16
- 2,214 total jobs supported in FY2016-17; a total of 6,305 from 2011 – 2017;
- average earnings per direct job created were $79,680;
- companies raised in excess of $175 million, inducing capital into Florida that may otherwise have been invested outside the state;
- GDP impacts of $176 million in FY16-17, a total of $511 million over the six-year period.
- annual return on investment (ROI) to the state of Florida of 26x.
“The economic impacts of the Florida Institute have increased steadily since 2011 due to the support and seed funding that the organization provides to qualified knowledge-based startup companies”, said Dr. Tony Villamil, founder and principal of the Washington Economics Group. “These results affect all aspects of the economy including employment, household income, gross domestic product (GDP), and federal, state and local fiscal revenues, making the Florida Institute a key component of the state’s economic development strategy, and an important driver of economic vitality and innovation in the state.”
“We are extremely proud of the progress made by the companies we are helping to create as they commercialize innovative products developed right here in the state of Florida, said Jackson Streeter, MD, Florida Institute Chief Executive Officer. “Not only do these programs deliver an outstanding return on investment to the state, the entrepreneurs and companies with whom we work are delivering products that truly improve and save lives.”
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 with research partners to leverage a $2.5B+ 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. Seventy-two companies have been funded to date, and the Institute’s overall economic impact through June 30, 2017 was $970 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.