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Research Park at FAU generates $643M in overall economic impact

South-florida-business-journal

The Research Park at Florida Atlantic University in 2016 created thousands of jobs and generated millions in revenue, according to the institution’s annual economic impact report, published Thursday.

Comprised of a startup incubator and, separately, office space and other resources for established companies with ties to FAU, the Research Park has shown considerable growth since 2011, when it first began tracking economic impact. (The Research Park itself was established more than three decades ago.)

In 2016, the Research Park generated $643.55 million in overall economic impact, a more than 200 percent increase since 2011. Beyond the staff employed by Research Park companies, the organization also directly and indirectly created 3,441 jobs, up from 2,539 the previous year. The average salary of those jobs hovered around $57,000, 27 percent and 34 percent higher than Palm Beach and Broward counties’ averages, respectively.

Finally, 10 percent of venture capital raised statewide in 2016, excluding Magic Leap, was raised by Research Park companies, which include Modernizing Medicine, Dioxide Materials and Neuro Pharmalogics.

The figure comes from the organization’s economic report, an overview of progress made in 2016 by the companies that work within the Research Park, comprised of a startup incubator and, separately, office space and other resources for established companies with ties to FAU.

“We’re encouraged by the momentum the Research Park is building, a result of our incorporating and encouraging interactions between our companies, mentors, investors, service providers, government entities and large corporations, as well as FAU’s talent pool,” said Andrew Duffell, president and CEO of the Research Park.

Research Park companies MobileHelp and Modernizing Medicine ranked among the Business Journal’s Fastest Growing Companies list in 2016.

By: Debora Lima on in News