Research Park at Florida Atlantic University Reports another Year of Stellar Growth
April 7, 2016
Increased revenues, patents and private investment mean business on regional and global levels
BOCA RATON, FL — April 7, 2016 — The Research Park at Florida Atlantic University reported another year of solid growth for year-end 2015. In its Report to the Community, the Research Park documents significant expansion, reflecting its success in creating a productive environment for technology, high-growth companies.
Research Park companies posted $3.2 billion in revenue – a 7.3 percent increase from 2014. Private investment rose 8.4 percent to $53.5 million. Companies in the Research Park and the Technology Business Incubator currently hold 615 patents, up 8 percent over last year; 27 new patents have been awarded during the year, and 33 new patent applications have been filed.
Companies employ 1,737 full-time workers; direct and indirect jobs by Research Park businesses generate an additional 2,539 jobs, bringing total employment to 4,276. The average salary is $70,506.
Industries represented in the Research Park include Healthcare and Healthcare IT (47.37 percent), engineering services (26.32 percent), professional services (15.79 percent), biotech/industrial (5.26 percent) and manufacturing and sales (5.26 percent).
In 2015, the Research Park celebrated its 30th anniversary. “We are proud of what the Research Park has been able to accomplish in the past 30 years,” said Andrew Duffell, president and CEO of the Research Park. It is exciting to watch the growth and success of so many businesses. We have had 30 years of growth and real economic impact. I look forward to seeing what the next 30 years brings in terms of development, entrepreneurship and economic growth.”
Numerous companies in the Research Park started as tenants in the Technology Business Incubator (TBI), where they receive assistance in the early stages of development. Eventually, most need to expand. Some stay in the Research Park while others move to other locations. Currently, there are 19 tenants in the TBI. Three companies recently graduated: Dioxide Materials, which has developed a process to convert carbon dioxide produced by homes and businesses back into fuel and chemicals; Modti, a hi-tech pioneer in the shape programmable space; and Be Power Tech, a technology company building air conditioners that produce electricity.
Created in 1985 by the County commissions of Broward and Palm Beach counties, along with Florida Atlantic University, the Research Park incorporates and encourages interactions between its companies, mentors, investors, service providers, government entities and large corporations, as well as FAU’s talent pool to inspire innovation.
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)
I'm busy working on my blog posts. Watch this space!