Institute for Commercialization of Florida Technology delivers $4.1 billion in economic impact

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

Tampa, Fla., November 17, 2022 /PRNewswire/ — The Institute for Commercialization of Florida Technology (the Florida Institute) today announced the results of a new study conducted by The Washington Economics Group, Inc.® (WEG), a coral gables-based boutique business consulting firm led by nationally recognized business economist J. Antonio (Tony) Villamil. Measuring the institution’s economic impact in fiscal year 2021-22 to update prior year figures, the study concluded that the organization’s impact has increased by $733 million to $4.1 billion. The results 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 on the books, many Florida Institute-funded companies continue their upward trend, raising additional investment capital, increasing sales, creating jobs and bringing innovative products to market.

(PRNews photo/Institute for Commercialization)

(PRNews photo/Institute for Commercialization)

The Florida Institute helps new businesses do this Florida creating a multitude of jobs in knowledge-based industries that drive the global economy. By providing seed and early-stage financing, the Florida Institute enables companies to develop and launch products in key sectors including life sciences, information technology, homeland security and defense, logistics and distribution, and manufacturing.

Highlights of the new study include:

  • Macroeconomic Impact for Fiscal Years 2021-22 from $733 milliona cumulative total of $4.1 billion;

  • 4,253 total jobs supported in FY2021-22; 24,390 total over the past 12 years;

  • Average earnings per directly created job exceeded the national average;

  • Capital raised over $520 millionwith more than 65 million dollars raised in FY2021-22;

  • GDP impact of $388 million in fiscal year 21-22 a total of 12 years $2.2 billion;

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

“The institute’s economic impact has increased again in 2022, marking another year of growth and positive results for Floridas economy,” said Tony Villamil, Founder and Senior Advisor to the Washington Economics Group. “Increasing high-wage employment and improved household incomes are direct results of the economic activity created by the institute, with a significant portion of the macroeconomic impact attributable to businesses founded by individuals identified as socially and economically disadvantaged.”

“We continue to invest in and grow the tremendous amount of talent, technology and intellectual property that has been created here Florida,” said Renee Finley, Chairman of the Board of the Florida Institute. “We couldn’t be prouder and more grateful to support our founders who dedicate everything to their business and make incredible contributions Floridas innovation economy.”

“Now is the time to fund early-stage tech startups Florida Providing and expanding access to capital for all Florida innovators,” said Raphael Lohner, executive director of the Florida Institute. “We need to capitalize on the growth momentum while expanding the institute’s efforts and funding to many promising ones Florida Startups that create exceptional 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 innovation companies that create clean jobs in new industries that power the world economy. The Institute provides business development and seed financing services to promising companies through the Florida Technology Seed Capital Fund Florida Startups that create products that improve and save lives and help companies improve their bottom line. The organization’s investment decisions are guided by a strong partnership with its private fund manager, Florida Funders. The economic impact of the institute on Floridas economy is $4.1 billionwith an impact on the tax revenue of almost $453 million to federal, state and local governments.

About Washington Economics Group, Inc.®

Founded in 1993 in the City of Coral Gables, The Washington Economics Group is a boutique economic consulting firm specializing in comprehensive economic solutions for businesses. WEG engages a limited number of clients each year to ensure the best client experience in world-class specialties and has expertise in the economies of Floridathe USA, Latin America and the global economy and emerging markets.

Media contact: Rafael Lohner, +1.561.368.8889, [email protected]

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SOURCE Florida Technology Commercialization Institute

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