The Institute for Commercialization of Florida Technology (the Institute) has announced the results of a new Economic Impact 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 during FY 2018-19 to update prior years’ studies, and concluded that the organization’s impact increased nearly 19% as funded companies continue to raise investment capital, increase sales, create jobs, and bring innovative products to market.
The Institute supports new companies that create clean jobs in knowledge-based industries that are driving the global economy. By providing seed and early-stage funding, the organization enables businesses 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 FY2018-19 of $485 million, a 19% increase over FY 2017-18;
· 3,136 total jobs supported in FY2018-19; a total of 12,077 between 2011 – 2019;
· capital raised in excess of $300 million, a ratio of 14:1 of additional private investment to State funds;
· GDP impacts of $257 million in FY2018-19, a total of $981 million over the eight-year period;
· annual return on investment (ROI) to the State of Florida of over 31x.
"The economic impacts of the Institute increased again in 2019, marking the seventh year of growth and positive results for Florida’s economy,” said Dr. Tony Villamil, founder and senior advisor of The Washington Economics Group, Inc. “Positive outcomes include increases in high-wage employment in 21st century knowledge industries, household income for Florida's residents, and fiscal revenues to the State, all resulting from economic activity created by the Institute."
The full study may be viewed here.