New study measures impact of Florida startups
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. Florida Funders in Tampa took over management of the portfolio in 2019. Local portfolio companies include KeriCure, KynderMed, Peerfit, TAO Connect, TransGenex Nanobiotech and TSOLife.