Contact: Stuart Doyle
(407) 956-5689
sdoyle@eflorida.com

FOR IMMEDIATE RELEASE       

New agreements between universities, public
research institute a basis for new job creation
 
The Florida Institute for the Commercialization of Public Research and four state universities sign cooperation agreements

Orlando, FL – April 7, 2009 - New cooperation agreements between the Florida Institute for the Commercialization of Public Research and University of Florida, University of Central Florida, Florida Agricultural and Mechanical University, and Florida Atlantic University will forge a strong partnership designed to commercialize technologies through new venture creation.

“The signing of these agreements marks a major milestone in the development of the Institute,” said its executive director, Gary Keller.  A result of 2007 legislation, the Institute helps facilitate the creation of spin-off companies from technology developed at Florida’s publicly funded research institutions.

“We look forward to working more closely with these institutions to accelerate company and job creation in the state of Florida,” Keller added.

To hasten the growth and success of commercially viable discoveries, the Institute pairs them with seasoned entrepreneurs -- “entrepreneurs-in-residence” -- who are seasoned business executives seeking their next opportunity.  They work with pre-startup and startup companies emerging from state-funded research.  These teams will support the necessary business development, management and funding needs required to advance these companies to the next stage toward successful development.

“We have already begun the process of assessing commercially viable technologies within Florida’s publicly funded research institutions, and matching those technologies to executives who will help take the inventions to market,” Keller explained.  “We are working with all of Florida’s publicly funded research institutions to put the proper agreements in place.  This streamlines the process and helps us move quicker toward our goal.”

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About the Institute

The Florida Institute for the Commercialization of Public Research (The Institute) was established through legislation passed in 2007 to stimulate growth of science and technology-based companies in industries that are driving the global economy. Related initiatives include the availability of gap funding targeted towards universities to help take new ideas through the “proof of concept” stage, and the creation of the Florida Opportunity Fund for increased investment in existing, early-stage ventures. The Institute links the two, taking proven technologies from the universities and identifying funding and other resources required for commercial success. Senator Jeremy Ring (D- District 32) was instrumental in passing this legislation that promises to have a significant impact on Florida’s innovation economy. 

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Enterprise Florida Inc. is a partnership between Florida’s business and government leaders and is the principal economic development organization for the State of Florida. Headquartered in Orlando, Enterprise Florida’s mission is to create and retain quality jobs and increase economic opportunities for Floridians by supporting strong and growing businesses and positioning Florida as a globally competitive business location. In pursuit of its mission, Enterprise Florida works closely with a statewide network of economic development partners and is funded both by the State of Florida and by private-sector businesses.

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