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Florida Announces New Funding Program for University Spinouts

2011-10-20
The Institute for Commercialization of Public Research announced the availability of funding for early-stage technology and life sciences companies that have spun out of Florida's universities and research institutions.
BOCA RATON & GAINESVILLE, FL, The Institute for Commercialization of Public Research (the Institute) announced today the availability of funding for early-stage technology and life sciences companies that have spun out of Florida's universities and research institutions. The goal of the new Seed Capital Accelerator Program is to bridge the funding gap for companies whose technology was developed through publicly-funded research, and to attract additional investment capital through a required match against funds provided by the state.

"This program underscores Florida's commitment to develop its innovation-based economy by leveraging the $2B+ in research conducted throughout the state," said Senator Jeremy Ring, (D- District 32), who, in 2007, sponsored the legislation that created the Institute. "Florida universities have had a significant impact on the economic development of the state, which ranks tenth in the country for research awards, and this program will strengthen Florida's entrepreneurial ecosystem and go a long way towards new company and job creation in our state."

The Seed Capital Accelerator Program will be managed by the Institute for the Commercialization of Public Research (the Institute), an entity that was created in 2007 to support new companies and job growth in key industry sectors that are driving the global economy. The funding will be deployed through a repayable loan program and bridges the gap faced by so many entrepreneurs as their companies make the transition from research and development to commercialization. Funding will range between $50,000 and $300,000 per company, and will be used for product marketing and sales, hiring of key personnel, and other activities related to early-stage company development.

"The Scott Administration has made economic development and job growth the number one priority in Florida, and programs such as these give young companies the tools they need in order to grow," said Jane Teague, Interim Executive Director of the Institute. "Florida universities and research institutions are great sources of innovation and through programs such as these will have an even greater impact on Florida's future economy."

About the Institute:

Founded in 2007 as a non-profit organization, the Institute is Florida's One-Stop-Shop for investors and entrepreneurs who seek to identify new opportunities based on technologies developed through publicly-funded research. The Institute facilitates new venture and job creation through commercially-viable technologies in major industries that are driving the global economy. The Institute also administers the Florida Research Commercialization Matching Grant Program. For more information, visit www.florida-institute.com.

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