A significant increase in The Institute for Commercialization of Florida Technology’s economic impact was reported in a recent study conducted by the Washington Economics Group, Inc. (WEG). The study examined and measured the economic impact of the institution during the 2017-2018 fiscal year, finding that more companies raised investment capital, created jobs, and brought innovative products to the market over the prior year.
The overall economic impact stands at $408 million for FY 2017-18, increasing 20% from FY 2016-17. A total of 2,636 jobs resulted, while earnings per direct job created exceeded the statewide average and the total annual return on investment to the state of Florida exceeded 31x. The institute achieves such success through its support of new companies that are creating clean jobs in knowledge-based industries that drives the global economy.
The institute provides ventures with early-stage and seed funding, enabling them to launch and develop products across key industries that includes manufacturing, logistics and distribution, homeland security and defense, information technology, and life sciences. Efforts continue to show incredible results, with total capital raised during FY 2017-18 surpassing $255 million, or a ratio of 10:1 of additional private investment into Florida State funds.
“The resources provided by the Institute and its subsidiary, the Florida Technology Seed Capital Fund, have enabled many of Florida’s most promising companies to gain the traction and visibility they need in order to reach critical milestones and bring new products to market, and we are proud of the profound impact they are having not only in Florida, but globally as well,” said Institute Board Chair, Renee Finley.
