A new report states the Institute for Commercialization of Florida Technology has created a more than $740 million economic impact, as technology and startup companies continue to raise funding, create new jobs and new products.
Coral Gables-based The Washington Economics Group Inc. released a report stating the Tampa-based institute's economic impact jumped $259 million in the 2019-20 fiscal year. The institute, which calls itself a "one-stop shop for investors and entrepreneurs," helps create jobs in industries such as life sciences and information technology. It also supports funding for seed and early-stage funding.
"We have a great opportunity to accelerate the growth of early-stage technology firms within Florida to advance the state's key strategy in building an innovation and technology-driven economy," Renee Finley, institute board chair said in a statement. "Since its successful privatization efforts in 2017, the institute has continued to make private investments in promising companies that have enabled these organizations to gain the traction and visibility they need to reach critical milestones and bring new products to market."
Some key highlights from the report include:
- 3,994 total jobs supported in FY 2019-20, with a total of 16,070 over the last 10 years
- Raised almost $53 million in FY 2019-20, with a total of more than $370 million raised over the last 10 years
- Over the last 10 years, the institute has created more than $2.6 billion in economic impact with more than 28 percent of that coming from FY 2019-20
- The vast majority of jobs created were in the "knowledge based services," which include software, information technologies, life sciences, arts, entertainment and recreation and more
- Helped add $77 million to federal, state and local fiscal revenues, with almost $297 million added over the last 10 years
