A scalable model to accelerate and diversify Florida’s innovation economy
TAMPA, Fla., Nov. 17, 2022 /PRNewswire/ — The Institute for Commercialization of Florida Technology (Florida Institute) today announced the results of a new study conducted by The Washington Economics Group, Inc.® (WEG), a Coral Gables-based boutique business advisory headed by nationally recognized business economist J. Antonio (Tony) Villamil. Measuring the Institute’s economic impacts during the 2021-22 fiscal year to update data from prior years, the study concluded that the organization’s impact increased by $733 million to $4.1 billion. The findings underscore the successes of many Florida Institute initiatives, such as the Seed Capital Accelerator Program and the Florida Technology Seed Capital Fund. With another year in the books, many Florida Institute-funded companies continue an upward trajectory, raising additional investment capital, growing sales, creating jobs, and bringing innovative products to market.
The Florida Institute supports new companies in Florida that create a diverse set of jobs in the knowledge-based industries that drive the global economy. By providing seed and seed funding, the Florida Institute enables companies to develop and launch products in key industries, including life sciences, information technology, homeland security and defense, logistics and distribution, and manufacturing.
Highlights of the new study include:
- FY 2021-22 cumulative economic impact of $733 million, for a cumulative total of $4.1 billion;
- 4,253 total jobs supported in fiscal year 2021-22; a total of 24,390 in the last 12 years;
- Average earnings per direct job created exceeded the state average;
- Capital raised over $520 million, with over $65 million raised in FY 2021-22;
- GDP impacts of $388 million in FY21-22, a 12-year total of $2.2 billion;
- Adding $71 million to federal, state and local tax revenues, for a total of nearly $453 million over 12 years.
“The economic impacts of the Institute increased again in 2022, marking another year of growth and positive results for the Florida economy,” said Tony Villamil, founder and senior advisor of The Washington Economics Group. “Increased 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 businesses founded by individuals identified as socially and economically disadvantaged.”
“We continue to invest in and grow the vast amount of talent, technologies and intellectual property created here in Florida,” said Renee Finley, chair of the Florida Institute’s board of trustees. “We couldn’t be more proud and grateful to support our founders who are dedicated to their business, making an incredible contribution to Florida’s innovation economy.”
“Now is the time to fund early-stage technology startups located in Florida, providing and expanding access to capital for all Florida innovators,” said Rafael Lohner, executive director of the Florida Institute. “We need to capture the growth momentum as we scale the Institute’s efforts and funding to many promising Florida startups building outstanding products and services while creating good-paying jobs for many Floridians.”
About the Institute
Established by the Florida Legislature in 2007, the Institute for Commercialization of Florida Technology supports and funds innovative companies that create clean jobs in new industries that drive the global economy. The Institute provides seed funding and company formation services through the Florida Technology Seed Capital Fund to promising Florida startups that are developing products that improve and save lives and help companies improve their bottom line. The organization’s investment decisions are guided through a strong partnership with its private fund manager, Florida Funders. The economic impact of the Institute on the Florida economy is $4.1 billion, with tax revenue impacts of nearly $453 million for federal, state and local governments.
About the Washington Economics Group, Inc.®
Founded in 1993 in the City of Coral Gables, The Washington Economics Group is a boutique economics consulting firm specializing in comprehensive economic solutions for businesses. WEG engages a limited number of clients each year to ensure the best client experience within key areas of specialization and has experience in the economies of Florida, the United States, Latin America, as well as the global economy and emerging markets.
Media contact: Rafael Lohner, +1.561.368.8889, [email protected]
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SOURCE Florida Institute for Commercialization of Technology
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