The Florida Institute for Commercialization of Technology has an economic impact of $4.1 billion

A scalable model to accelerate and diversify Florida’s innovation economy

TAMPA, Fla., November 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 gablesLondon-based boutique economics consultancy headed by nationally recognized business economist J. Antonio (Tony) Villamil. By measuring the economic impacts of the Institute during the 2021-22 fiscal year to update data from prior years, the study concluded that the organization’s impact increased by 733 million dollars 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.

(PRNewsfoto/Institute for Marketing)

(PRNewsfoto/Institute for Marketing)

The Florida Institute supports new businesses in Florida which 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:

  • Overall economic impact for FY2021-22 of 733 million dollarsa 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 in excess of 520 million dollarswith above 65 million dollars increased in FY 2021-22;

  • Impacts on GDP of 388 million dollars in FY21-22, a total of 12 years of $2.2 billion;

  • Addition 71 million dollars to federal, state and local tax revenues, totaling nearly 453 million dollars over 12 years.

“The economic impacts of the Institute increased again in 2022, marking another year of growth and positive results for of Florida economy,” he said Tony Villamil, founder and senior advisor to 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 Florida,” She said Renee Finley, chairman of the board of directors of the Florida Institute. “We couldn’t be more proud and grateful to support our founders who are dedicated to their business, making an incredible contribution to of Florida economics of innovation”.

“Now is the time to fund early stage tech startups located in Florida provide and expand access to capital for all Florida innovators,” he said Raffaele Lohner, executive director of the Florida Institute. “We need to capture the momentum of growth as we scale the Institute’s efforts and funding to many up-and-comers Florida startups building outstanding products and services while creating high-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 company building services and seed funding through the Florida Technology Seed Capital Fund to up-and-comers 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 of Florida the economy is $4.1 billionwith impacts on tax revenues of almost 453 million dollars to federal, state and local governments.

About the Washington Economics Group, Inc.®

Founded in 1993 in 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 in order to ensure the best client experience within key areas of specialization and has experience in the economies of Floridathe 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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