The Institute for Commercialization of Public Research (the Florida Institute) announced today results of a new 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 between during FY 2016-17 to update prior years’ studies, and concluded that the organization’s impact throughout the state of Floridaincreased significantly as more companies continue to grow, create jobs, raise investment capital and bring innovative products to market. Highlights of the new study include:
- overall economic impact for FY2016-17 was $340 million, a 35% increase over FY 2015-16
- 2,214 total jobs supported in FY2016-17; a total of 6,305 from 2011 – 2017;
- average earnings per direct job created were $79,680;
- companies raised in excess of $175 million, inducing capital into Florida that may otherwise have been invested outside the state;
- GDP impacts of $176 million in FY16-17, a total of $511 million over the six-year period.
- annual return on investment (ROI) to the state of Florida of 26x.
“The economic impacts of the Florida Institute have increased steadily since 2011 due to the support and seed funding that the organization provides to qualified knowledge-based startup companies”, said Dr. Tony Villamil, founder and principal of the Washington Economics Group. “These results affect all aspects of the economy including employment, household income, gross domestic product (GDP), and federal, state and local fiscal revenues, making the Florida Institute a key component of the state’s economic development strategy, and an important driver of economic vitality and innovation in the state.” More……
