BOCA RATON, FL--(Marketwired - March 07, 2017) - The Research Park at Florida Atlantic University has released its "2016 Report to the Community" that highlights the financial impact and other benefits the Research Park and its Technology Business Incubator® (TBI) are having on the region, as well as several innovative collaborative projects being launched with key business tenants.
"The Research Park continues to expand its reach and influence into the South Florida community by fostering innovation and supporting technology businesses. This year's annual report emphasizes its accomplishments," said Andrew Duffell, President & CEO of the Research Park. "We're encouraged by the momentum the Research Park is building, a result of our incorporating and encouraging interactions between our companies, mentors, investors, service providers, government entities and large corporations, as well as FAU's talent pool."
The Research Park first measured overall economic impact of the activities of its companies in 2011. At that time, it was $265 million. 2016 Year end results:
- Overall economic impact: $643.55 million, an increase of 243% over 2011
- Total jobs (Direct and Indirect): 3,441, up from 1,558 in 2011
- Private Investment secured by businesses in the Research Park: $30.1 million, excluding Magic Leap in 2016, 10% of all venture capital raised in Florida was raised by Research Park companies
- Average salary: $57,739, 27% and 34% higher than Palm Beach and Broward counties averages, respectively
The proximity and integration of the student body and faculty of Florida Atlantic University continue to add value to companies based within the Research Park. In 2016, 107 FAU interns and 149 FAU graduates were employed by Research Park and Technology Business Incubator companies.
Collaborative projects with Research Park businesses include:
- Dioxide Materials™ and Florida Atlantic University's Institute for Sensing and Embedded Network Systems Engineering (I-SENSE) formed a unique partnership to develop and evaluate a novel, low-cost, low-power, wireless CO2 sensing system for heating, ventilation and air-conditioning (HVAC) applications.
- Palm Beach State College has signed a memorandum of understanding with Modernizing Medicine to create an innovative training hub at the college's new Loxahatchee Groves campus for students preparing for health information technology careers and medical professionals learning to use systems for digitizing and managing patient records.
- Florida Atlantic University College of Science will license the technology of Neuro Pharmalogics, a biopharmaceutical company focused on developing and commercializing innovative therapies for patients with rare neurological diseases.
Awards and recognition received by the Research Park and its tenant businesses this past year include:
- Modernizing Medicine: Inc. 500 List
- MobileHelp and Modernizing Medicine: Fastest Growing Companies, South Florida Business Journal
- Research Park's 2015 Report to the Community was the winner of Marketing Award from Florida Economic Development Council.
- Christine Burres, Research Park Director of Operations, was named one of the 20 first Incubator Managers in the world through the International Business Innovations Association.
To access year end results visit http://bit.ly/2lrQ3eH
About the Research Park at Florida Atlantic University
Established in 1985, the 94-acre Research Park is home to 19 technology companies working in conjunction with the FAU College of Engineering and Computer Science, the FAU Charles E. Schmidt College of Medicine and the FAU College of Business. The Research Park hosts the Technology Business Incubator® (TBI) with 19 startup technology companies, each of which receives business and consulting services with the goal of becoming established businesses and permanent residents in the Research Park. With locations in Boca Raton and Deerfield Beach, the Research Park is widely regarded as South Florida's laboratory for new entrepreneurial ideas and technologies. (www.research-park.org)