The Institute for Commercialization of Public Research (the Institute) announced today results of a new study conducted by The Washington Economics Group, Inc.® (WEG), a boutique economic consulting firm led by nationally recognized business economist Dr. J. Antonio (Tony) Villamil. The study measured economic impacts of the Institute between 2011 and 2015, and concluded that the organization’s impact throughout the state of Florida increased significantly during this past fiscal year, generating an overall return on investment (ROI) of 14 times.
Formed in 2007, the Institute works collaboratively with Florida’s universities and research institutions to uncover commercially-viable technologies that may become the basis for tomorrow’s leading products and companies. The Institute provides company building support services and seed-stage funding to help new ventures achieve critical development milestones and attract additional private investment capital needed for growth. Through the end of FY 2015, the Institute had funded 39 companies across multiple targeted industries including life sciences, software/information technology, clean energy, aviation/aerospace, and other emerging sectors, and played a catalytic role in developing Florida’s innovation-based economy.
Highlights of the new study include:
- companies supported the creation of 1,144 new jobs; nearly 80% of the jobs created were in targeted, knowledge-based industries;
- average earnings per direct job created were $76,628;
- entrepreneurs raised in excess of $28 million, inducing capital into Florida companies that may otherwise have been invested outside the state;
- the overall economic impact in FY 2015 was $168 million, an increase of ~55% over FY 2014 and a 977 % increase in five years;
- the overall economic impact during the 5-years from FY 2011 to FY 2015 was $379 million, a return on the state’s investment of 14 times.