For the second year in a row, the Research Park at Florida Atlantic University has reported outstanding year-to-year growth. Released today, its Report to the Community documents significant progress made in 2013 toward positioning the Research Park as the preeminent R&D destination for innovative technology businesses.
An independent economic growth and impact study documents the results the Research Park’s strategic vision and expanding partnerships are having on business growth:
- The South Florida economy realized an economic impact increase of 64% to $449.1 million.
- Revenues earned by Research Park companies topped $2.5 billion, an increase of 49%.
- Employment within the Park increased 33% percent to 1307 direct jobs.
- Average Research Park employee salary increased by over $10,000 a year to $78,813, 67.4% higher than the average salary in Palm Beach County.
- $30.9M in investment capital raise in 2013.
- 43 new patent applications filed in 2013.
Noting the Excellence in Economic Development Award for 2013 received from the International Economic Development Council, Andrew Duffell, president & CEO of the Research Park stated, “The Research Park has been successful in recruiting high profile companies involved in the development of industry-changing technologies. The Report to the Community illustrates the positive effect that renewed and deepened links between Research Park companies and FAU has on sustainable job growth and technologies in South Florida.”
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. Three new companies: Life of Purpose, Electronic Payment Systems Global, and People’s Trust Insurance moved into the Research Park during 2013. Research Park activity indicates an increased concentration in medical technology and healthcare IT companies, key ingredients that bode well for healthy economic growth in South Florida.
The Report to the Community (downloadable from www.research-park.org) highlights the continued formation of valuable partnerships between Research Park companies and FAU’s various colleges, with 190 FAU graduates and interns employed in their chosen field of academics. A partnership with the South Florida Technology Alliance, located in the Research Park, builds on the Alliance’s infrastructure of mentors and resources to provide strategic guidance for Research Park tenants.
Equally important for the long term growth of the Research Park and sustainable job creation for South Florida, the Technology Business Incubator (TBI) located within the Park continues to develop. A new Council of Advisors assists companies in scaling their concepts to maturity.