By St Pete Catalyst, November 21, 2020
The Institute for Commercialization of Florida Technology had a $743 million impact on the state’s economy in fiscal year 2019-2020, according to a new study from The Washington Economics Group. The Coral Gables consulting firm also found companies that are part of the Institute support 3,994 jobs in FY 2019-2020, with average earnings per job exceeding the statewide average. The companies raised more than $50 million in capital. Their impact on GDP was $397 million, and they add $77 million to federal, state and local fiscal revenue, according to a news release. In the past 10 years, companies in the Institute have had $2.6 billion in economic impact. The Institute supports new companies in Florida that create clean jobs in knowledge-based industries driving the global economy. Read more.
