Since 2011, the innovation-based Florida startups funded by the nonprofit Institute have created 12,077 jobs, increased household income by $722 million, raised gross domestic product by $981 million and contributed $220 million in federal, state and local fiscal revenue, according to a new study by The Washington Economics Group Inc. In the past year alone, the economic impact of the Institute’s operations and growth of funded companies was $485 million, a 19 percent increase over the prior year, the study said.
In calculating the overall economic impact, the Washington Economics Group, a boutique economics consulting based in Coral Gables, said it took into account both direct and indirect factors, such as each startups’ supply relationships with other Florida firms and how likely each startups’ employees are to spend money on goods and services in the area. Read More.
