Business Facilities - December 2007 - (Page 44)

BUSINESS REPORT Florida graduate and doctoral students, and present value to companies, universities, and the local economy,” says FHTCC’s President Randy Berridge. “A study we completed shows that after our research projects, there will be more than $100 million in value downstream.” The September 2007 Milken Institute study highlights the success of the FHTCC in capturing and retaining commercialization value in the state, and it notes the council’s direct partnerships between research developing a unique, nontoxic antiadhesion patch to be used in surgeries. “The FHTCC grant allowed us to obtain equipment where we can package and sterilize material ourselves instead of outsourcing it,” says Larry Hooper, M.D., director of clinical and regulatory affairs at Cardiovascular Sciences. “This really helped us move ahead and save lots of time and money.” OPPORTUNITY IN THE SUNSHINE STATE The Florida Opportunity Fund, passed by the state legislature in May and signed by Governor Charlie Crist in June, is a statefunded capital venture initiative. Through this new program, which is a component of the 2007 Florida Capital Formation Act, nearly $30 million in early state funding is available to qualifying companies. The Opportunity Fund was designed with the intention of positioning the state of Florida on equal footing with other states in attracting venture capital funds. (Florida currently ranks 15th in capturing venture capital.) Funds through the program are now officially available. How the Florida Opportunity Fund works: • Venture capital funds can request an investment by the fund. • The firms must agree to match funds raised from the Opportunity Fund with private investment dollars as a minimum investment. • Any firms receiving Opportunity Fund money must agree to invest that money and its match into Florida businesses. • Eligible firms must be based in Florida, have full-time Florida staffing, and/or demonstrate a history of prior investment in Florida companies. According to a recent study conducted by the Milken Institute, the Opportunity Fund is a key component in selling the state of Florida to high-wage, high-skill institutes and companies outside of the state. FROM LAB TO MARKETPLACE AT UCF’S TECHNOLOGY INCUBATOR In order to succeed, life sciences companies must bring their research from the lab to the marketplace. UCF’s Technology Incubator in Orlando, which promotes entrepreneurial developGroundbreaking ceremony for the Burnham Institute for Medical ment and technology Research at Lake Nona’s Science & Technology Park in Orlando, FL transfer, is helping institutions and industry as a model companies do just that. Within four years of the incubafor other regions to follow. According to the study, Florida tor’s operation, client companies has “the potential to develop into a have created more than 400 jobs and robust innovation pipeline that links $140 million in revenues. In 2004, universities and research institutions the incubator was named “Incubator with incubators, intellectual prop- of the Year” by the National Business Incubator Association. erty firms, and venture capital.” According to Dr. Hooper of CarThe Milken Institute worked with Enterprise Florida, Workforce diovascular Sciences, the company Florida, and the FHTCC, along looked at other states to locate, but with 11 local and regional economic found UCF’s incubator most benefidevelopment partners, to assess cial to its needs. “Locating at the Florida’s position since the state incubator was our chance to get on began working two years ago to the ground floor and be one of the attract biomedical research and major players in the research program,” says Dr. Hooper. “They prorelated commercial activity. Cardiovascular Sciences, a privately- vided us with a cost-effective space to held biotech company, received a work, as well as greater access to trainFHTCC grant of $100,000 in 2006 ing, conferences, investors, advertisto expand its research at UCF’s Tech- ers, accountants, and legal help at no nology Incubator. The company is extra cost to our company.” 44 DECEMBER 2007 PHOTO CREDIT: BURNHAM

Table of Contents Feed for the Digital Edition of Business Facilities - December 2007

Business Facilities - December 2007 Contents First Word Snapshots Metro Spotlight: Albuquerque, New Mexico Corporate Moves: North Carolina 2007 Ecomonic Development Deal of the Year Awards State of the Year Seeking Supply Chain Solutions Mississippi Means Business Corporate Moves: South Carolina Biomedical Momentum in Florida's High Tech Corridor Trends in Offshoring Metro Spotlight: Stillwater, OK Metro Spotlight: Atlanta, GA Advertiser Information 2007 Salary Survey

Business Facilities - December 2007

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