A Scalable Model to Accelerate and Diversify Florida’s Innovation Economy
TAMPA, Fla., Nov. 17, 2022 /PRNewswire/ — The Institute for Commercialization of Florida Technology (the Florida Institute) introduced right now the outcomes of a new study carried out by The Washington Economics Group, Inc.® (WEG), a Coral Gables-based boutique financial consulting agency led by nationally acknowledged enterprise economist J. Antonio (Tony) Villamil. Measuring the financial impacts of the Institute throughout FY 2021-22 to replace prior years’ figures, the research concluded that the group’s impression elevated by $733 million to $4.1 billion. The outcomes underline the successes of many Florida Institute initiatives, such because the Seed Capital Accelerator Program and the Florida Technology Seed Capital Fund. With one other 12 months within the books, many Florida Institute-funded firms proceed an upward trajectory, elevating extra funding capital, growing gross sales, creating jobs, and bringing revolutionary merchandise to market.
The Florida Institute helps new firms in Florida that create a various set of jobs in knowledge-based industries driving the worldwide financial system. By offering seed and early-stage funding, the Florida Institute allows companies to develop and launch merchandise in key sectors, together with life sciences, information expertise, homeland safety and protection, logistics and distribution, and manufacturing.
Highlights of the brand new research embody:
- Overall financial impression for FY2021-22 of $733 million, a cumulative complete of $4.1 billion;
- 4,253 complete jobs supported in FY2021-22; a complete of 24,390 during the last 12 years;
- Average earnings per direct job created exceeded the statewide common;
- Capital raised in extra of $520 million, with over $65 million raised in FY 2021-22;
- Â GDP impacts of $388 million in FY21-22, a 12-year complete of $2.2 billion;
- Adding $71 million to Federal, State & Local Fiscal Revenues, a complete of almost $453 million over 12 years.
“The economic impacts of the Institute increased again in 2022, marking another year of growth and positive results for Florida’s economy,” stated Tony Villamil, founder and senior advisor of The Washington Economics Group. “Increasing high-wage employment and improved household income are direct results of the economic activity created by the Institute with a significant portion of the overall economic impact attributable to companies founded by individuals identified as socially, and economically disadvantaged.”
“We continue to invest into and grow the vast amount of talent, technologies, and intellectual property created here in Florida,” stated Renee Finley, Florida Institute Board Chair. “We couldn’t be more proud and grateful to support our founders who dedicate everything to their business, making incredible contributions to Florida’s innovation economy.”
“Now is the time to fund early-stage technology startups located in Florida providing and expanding capital access to all Florida innovators,” stated Rafael Lohner, Florida Institute Executive Director. “We need to capture the growth momentum while scaling the Institute’s efforts and funding to many promising Florida startups that build exceptional products and services while creating high-paying jobs for many Floridians.”
About the Institute
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Florida Technology helps and funds innovation firms that create clear jobs in new industries driving the worldwide financial system. The Institute offers firm constructing providers and seed funding by way of the Florida Technology Seed Capital Fund to promising Florida startups which are growing merchandise that enhance and save lives and assist firms enhance their backside line. The group’s funding choices are guided by way of a robust partnership with its Private Fund Manager, Florida Funders. The Institute’s financial impression on Florida’s financial system is $4.1 billion, with fiscal income impacts of almost $453 million to federal, state, and native governments.
About the Washington Economics Group, Inc.®
Founded in 1993 within the City of Coral Gables, The Washington Economics Group is a boutique financial consulting agency specializing in complete financial options for companies. WEG engages a restricted quantity of purchasers annually with a view to guarantee the very best shopper expertise inside premiere areas of specialization, and possesses experience within the economies of Florida, the U.S., Latin America in addition to the worldwide financial system and rising markets.
Media Contact: Rafael Lohner, +1.561.368.8889, [email protected]Â
SOURCE Institute for Commercialization of Florida Technology
