BOCA RATON, FL (BocaNewsNow.com) (Source: FAU) — Florida Atlantic University’s Tech Runway® has released the results of its fourth annual economic impact report. The report provides cumulative performance metrics for 72 Tech Runway-affiliated companies since fall 2014.
FAU Tech Runway® is a public-private partnership formed to foster early-stage technology companies under the purview of FAU’s Division of Research. FAU Tech Runway® partners with the FAU Adams Center for Entrepreneurship, the Charles E. Schmidt College of Science, the College of Engineering and Computer Science, the FAU Wave, and the Research Park at FAU.
“What began as a startup itself, FAU Tech Runway® has flourished over the last four years into an entrepreneurial hub for the South Florida technology community,” said Daniel Flynn, Ph.D., vice president for research at FAU. “It’s had such a positive impact on the university’s research initiatives.”
It also has provided financial support, entrepreneurial education, free workspace, investor introductions, expert mentoring, marketing assistance, student interns, and a close-knit entrepreneurial community for 72 early-stage companies since its launch.
In four years, 351 jobs and 165 internships have been created; 79 FAU students have been employed; more than $64 million in revenue has been earned; and more than $63 million in investment capital has been raised.
“The breathtaking success of our entrepreneurs over the past four years can be attributed to the combination of university resources matched with robust capabilities of our community partners,” said Rhys L. Williams, associate vice president and managing director of FAU Tech Runway®. “Through its long-term commitment of financial support, world-class facilities, and expert staff, FAU has built a tech business incubator and accelerator program worthy of national distinction. The support and commitment of FAU Tech Runway’s community partners – donors, mentors, advisory board members, instructors, and event partners – has empowered our entrepreneurial support program to reach heights we couldn’t have imagined.”
Launch Competition Applications Now Being Accepted
Applications for this year’s FAU Tech Runway® Launch Competition are now being accepted through Friday, March 15. The 21 winners will then participate in the Venture Class Program, which brings together “best-in-class” instruction, mentoring, resources, networks, assistance, introductions, and programs for these Launch Competition winners.
This year, the top seven companies from a total of 21 winners selected for this year’s Venture Class will each receive $15,000 in funding. Perhaps of greater value than funding is the opportunity to be housed, trained, and mentored for one year by highly-vetted, MIT program-trained mentors, instructors and staff, all of whom are dedicated to the entrepreneurs’ success and provided at no cost.
For more information on FAU Tech Runway®, visit techrunway.fau.edu.