Enterprise Florida, a public-private partnership serving as Florida’s primary economic development organization, today announced the formation of the Florida Institute for Commercialization of Public Research, a collaboration between the state university technology transfer offices, led by University of Florida’s Office of Technology Licensing. The Institute’s mission is economic development through the commercialization of new discoveries generated from publicly funded research, and it will be housed within the Florida Atlantic University Research & Development Park in Boca Raton. The Enterprise Development Corp. of South Florida (EDC) will manage Institute operations.
The Institute will showcase technologies and products developed by publicly supported organizations across the state. Commercially-viable discoveries will be paired with seasoned entrepreneurs, existing companies and investors to ensure their growth and success. The University of Florida has deployed this model effectively resulting in the development of dozens of technology-based companies, and the model will be replicated by the Institute for similar results at other public universities.
“Due to the sheer size of our state and the diversity of our public institutions it has been difficult for investors and others to uncover the promising new technologies hidden within our state university system, “stated John A. Adams, Jr., president & CEO, Enterprise Florida. “The establishment of this Institute will enable interested parties to evaluate potential opportunities and facilitate the process by which these discoveries enter the commercial marketplace.”
“The University Of Florida Office Of Technology Licensing has in-depth experience in technology management and commercialization,” stated David Day, director of the office. “We look forward to working with our counterparts across Florida, and with the EDC to bring Florida-based innovations to market, and to helping the Institute achieve its mission for high-wage job creation and economic development for our state.”
Establishment of the Institute is a result of new legislation passed this fiscal year 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.
“Formation of the Institute is a crucial piece of Florida’s overall economic development strategy,” stated Sen. Jeremy Ring (D-District 32). “Our universities are great sources of new discoveries in energy, biomedicine, nanotechnology, simulation and a host of other emerging industries, and this legislation will help shine the spotlight on the good work being done right here in our state.”