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Florida offering funding for start-up companies
By Palm Beach Business.com
BOCA RATON — The Institute for Commercialization of Public Research announced Thursday a new source of funding for early-stage technology and life sciences companies that spin out of Florida’s universities and research institutions.
It’s called the Seed Capital Accelerator Program, and its goal is to bridge the funding gap for companies whose technology was developed through publicly-funded research, and to attract additional investment capital matching state funds with private.
“This program underscores Florida’s commitment to develop its innovation-based economy by leveraging the $2 billion-plus in research conducted throughout the state,” said State Sen. Jeremy Ring, the Margate Democrat who sponsored the legislation that created the Institute four years ago. “Florida universities have had a significant impact on the economic development of the state, which ranks tenth in the country for research awards, and this program will strengthen Florida’s entrepreneurial ecosystem and go a long way towards new company and job creation in our state.”
Funding will be made available in the form of loans intended to aid entrepreneurs as their companies make the transition from research and development to commercialization. Young businesses typically find themselves in a funding gap at this stage as they try to find private investment money.
The loans will range between $50,000 and $300,000 per company, and will be used for product marketing and sales, hiring personnel and other activities related to early-stage company development.
“The Scott Administration has made economic development and job growth the number one priority in Florida, and programs such as these give young companies the tools they need in order to grow,” said Institute interim Executive Director Jane Teague said. “Florida universities and research institutions are great sources of innovation and through programs such as these will have an even greater impact on Florida’s future economy.”
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