Author: Jerry D. Parrish
Publisher: Florida TaxWatch Center
Date: November 2011
Taking a great idea or invention and turning it into a viable business typically takes a significant amount of funding. What do Florida inventors and entrepreneurs do when faced with this reality?
The last two monthly issues of Economic Commentary have discussed the university technology transfer system in Florida and the incubator system available to start-up and growing companies. The university tech transfer system takes inventions created by faculty and other university employees, and either licenses them to outside companies or helps the inventors create start-up companies. Approximately two out of three license deals entered into by a Florida university tech transfer office create jobs in Florida. About half of the jobs created stay in the vicinity of the university, with the other half locating in some other area of Florida.
The incubator system helps young companies take their ideas and inventions and develop them into profitable companies. This is done by not only assisting fledgling companies with facilities and personnel support, but also by matching companies in the incubator with entrepreneurs that mentor them. Around 90 percent of companies that go through a Florida incubator stay in Florida once they “graduate” from their incubator. Read more here.