Re the Jan. 8 PolitiFact post that discussed public/private partnerships, specifically partnerships between Florida universities and private industry.
I want to update one such partnership, the Institute for Commercialization of Public Research. It pairs Florida universities with private sector management and capital to build the next generation of Florida-based companies.
The Institute is a partnership of government and private industry collaborating to create new companies and jobs in industries that are driving the global economy. Its mission is economic development through the commercialization of new discoveries generated from publicly funded research. Florida universities and research institutions are conducting groundbreaking research and discovery in the areas of healthcare, clean energy, advanced materials, software and other innovation-based industries that spur the creation of tomorrow’s leading companies.
Mining a research base of more than $2 billion, the Institute plays a vital role in helping to uncover the most commercially viable technologies, and provides hands-on services and funding to build companies and increase their likelihood of success.
Formed by the Legislature in 2007 as a nonprofit, the Institute combines state funding with the generosity of mentors, advisers and donors to connect the dots between research, discovery and commercialization.
This proven approach is demonstrating a positive return on the state’s investment, as evidenced by:
• New company formation.
• Increased capital investment, grants and contracts awarded companies.
• Product launch and revenue generation.
• Direct and indirect job creation.
The Institute team comprises scientists, engineers and entrepreneurs with broad experience starting and growing science and technology-based businesses.
They apply their commercial expertise to identify key business opportunities and capital resources, and work closely with academic partners to achieve success. Members of the Institute’s vibrant CEO Council connect with new entrepreneurs and volunteer their time to mentor and coach those with less experience. The Institute’s Investor Advisory Board, primarily made up of 26 members of the venture capital community throughout the United States, reviews company presentations and provides critical feedback to enhance company fundraising efforts.
With its combined company building and seed-capital funding programs, the Institute helps companies bridge the “Valley of Death” where so many startups fail and plays an active role in a statewide collaborative effort to diversify Florida’s economy, create and retain jobs in targeted knowledge-based industries, deliver products that improve and change lives and create opportunities for Floridians for generations to come.
Jane E. Teague,
chief operating officer,
Florida Institute for Commercialization
of Public Research, Boca Raton