BOCA RATON, FL (BocaNewsNow.com) — The Research Park at Florida Atlantic University has completed a restructuring of its Technology Business Incubator (TBI) that returns it to exclusively serve technology-based startups.
“The Technology Business Incubator was created 14 years ago with the mission to provide a place for a cluster of young, emerging technology companies to reside together to collaborate and share ideas,” stated Andrew Duffell, president & CEO of the Research Park. “Over time, the TBI veered from its mission and purpose toward a tenant mix that included general business startups (non-technical and non-research).”
Reasons to focus exclusively on technology companies are that they typically create high paying jobs, and many times introduce technology that positively impacts the economy. Many of the successful incubator graduates will grow and move into the Research Park, which helps populate the Research Park with technology tenants and boosts regional employment.
Bruce C. Rosetto, co-managing shareholder, Greenberg Traurig and chairman of the Research Park Board of Directors spoke of the important role the TBI plays in the continued record growth of the Research Park. Rosetto remarked, “Our focus for the TBI is to intentionally differentiate it from general business startup incubators. New startups applying for admission to the TBI are required to submit a business plan defining their technology or research goals, projected milestones over the first 12 months, and intended collaboration with FAU.”
The TBI and Research Park are self -supporting without state or federal funding. An independent economic growth and impact study documents the effect of the TBI through 2013:
- Tech tenants raised $8.1 million in new capital
- 8 new patents were awarded to add to the 171 patents currently held
- 28 new patents applied for
- Employ 143 people with $75,000 average salary
“We have created a TBI Council of Advisors, all startup experienced in their own right, to help guide each entrepreneur to ensure that their startup is on track to meet its own goals,” stated Duffell. “Through this process, we anticipate an even higher success rate at the TBI which ultimately will support the Research Park’s goal to be recognized as Florida’s premier destination for innovative technology business.”
The TBI is ideal for tech startup growth whether using a virtual membership, a single desk, or month-to-month office space. A dedicated server bay provides nearly unlimited broadband capacity through LambdaRail and FPL FiberNet for high data tenants and colocation. In addition, seminars are offered on general business topics such as HR, IP protection, and capital funding for a completely productive work environment.
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