Publisher: Florida Trend
Date: March 26, 2014
As Florida TaxWatch has explored in the past1, researchers at Florida universities and research institutes have made some of the most recognizable inventions in the U.S., and commercializing those inventions has brought millions of dollars to the state.
In many cases, the new product or process is licensed to a large company that may or may not be located in Florida. In other cases, startup companies (known as spinoffs) are formed, often with the inventor taking a role in the company.
Typically the inventor is either a faculty member or researcher who made the discovery, but who may lack the business skills and the time it takes to develop the product and fully commercialize it. In those cases, it is necessary to pair the researcher or inventor with partners from the private sector to form a company, develop the product further, and launch successfully into the commercial marketplace. Read more here.