The Washington Economics Group

Institute for Commercialization of Florida Technologies Delivers $4.1 Billion Economic Impact

By Jordan Kirkland, November 17, 2022 – The Capitolist

The Institute for Commercialization of Florida Technology (the Florida Institute) announced today the results of a new study conducted by The Washington Economics Group (WEG), a Coral Gables-based boutique economic consulting firm led by nationally recognized business economist J. Antonio (Tony) Villamil, founder and senior advisor.

Measuring the economic impacts of the Institute during FY 2021-22 to update prior years’ figures, the study concluded that the organization’s impact increased by $733 million to $4.1 billion. The results underline the successes of many Florida Institute initiatives, such as the Seed Capital Accelerator Program and the Florida Technology Seed Capital Fund. Additional highlights of the study include 4,253 total jobs supported in FY2021-22; average earnings per direct job created exceeded the statewide average; capital raised in excess of $520 million, with over $65 million raised in FY 2021-22; and GDP impacts of $388 million in FY21-22, a 12-year total of $2.2 billion.

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