The Institute
Jointly headquartered in Gainesville and Boca Raton, the Florida Institute for the Commercialization of Public Research is a statewide, non-profit organization whose mission is to assist any publicly funded research institution in the state with intellectual property or technology transferable to a private company.
The institute employs a two-pronged approach that addresses both company-building and funding. With a diverse and talented team, the institute provides a step-by-step approach to building a fledgling company, from validating a viable technology, to creating a solid business plan that guides the start-up to successful commercialization.
The institute also provides project management, personnel, executive support and mentoring, as well as the tools and training necessary for soliciting multiple funding sources. Direct funding also is available through the institute’s Seed Capital Accelerator Program, in which promising technologies are showcased to management and capital sources, fulfilling the institute’s goal of ensuring that innovative science and technology-based companies are cultivated here in Florida. With more than 20 public universities and research institutions, Florida is the ideal state for developing leading-market technologies and helping to keep the United States at the forefront of global innovation.
Currently, more than 80 companies are receiving support or funding through the institute. “We have met with over 100 new company opportunities this past year,” says Jamie M. Grooms, CEO of the institute. “As companies gain confidence, managerial and financial strength, they graduate on.”
A Diverse Team
The institute team currently is made up of 12 individuals with more than 300 collective years of experience taking discoveries in science and technology into the commercial marketplace. Team members come from the fields of science, engineering, aerospace, management, business administration, finance, marketing, communications, technology transfer and public policy. As inventors, investors and entrepreneurs, several team members bring their own successful start-up experiences to the institute.
Leading the organization and based in Gainesville, Grooms was appointed CEO in January of 2012. Grooms was co-founder and CEO of two successful, Gainesville-based biotechnology companies, Regeneration Technologies (RTIX) and Axogen. He saw both companies through clinical trials and regulatory compliance to initial venture capital fundraising. Grooms also successfully led RTIX through its initial public offering in 2001. As co-inventor of RTIX’s initial product line, Grooms brings the ability to determine the viability of a technology for transfer, as well as the executive skills to manage a company through the various levels of growth and fundraising.
Jane Teague was appointed COO in February of 2012. Prior to joining the institute, Teague served as executive director for the Enterprise Development Corporation of South Florida, a public/private partnership group that assists emerging science and technology companies. In addition, Teague brings more than 20 years of private-sector business experience to the institute, working in the software and technology industries. Serving on several boards promoting science and technology in Florida, Teague was recognized in 2009 as one of the “Power Players” in South Florida’s Business Leader Magazine. In 2007, she received In Focus Magazine’s “Quiet Storm” award. Leading the Boca Raton office, Teague is responsible for operational and administrative oversight for the institute.
State-of the-Art Structure
Established by the Florida legislature in 2007, the institute currently is funded by the state, although efforts are under way to solicit private donations. Three key players are credited with crafting the institute’s structure: UF President Bernie Machen; Sen. Jeremy Ring, D-Parkland; and David Day, assistant vice president and director of the UF Office of Technology Licensing and The Sid Martin Biotechnology Incubator at UF.
The institute is governed by a five-member board made up of independent businesses, public figures and investment leaders representing Florida’s universities and businesses. Investors and entrepreneurs are brought together through the Investor Advisory Board. On the board are 26 venture capital, angel and seed-stage fund leaders who evaluate companies for the institute’s seed funding and provide entrepreneurs with advice on funding and business development.
Dividing Florida into four regions, each region has an assigned entrepreneur in residence who works closely with the universities and research partners in his or her region. For each start-up seeking support, the institute assesses the viability of the intellectual property. Once commercial viability is confirmed, a needs analysis is conducted and a support team is created to help meet those needs. The support team may include institute staff, members of the Investor Advisory Board, CEO Council or board of directors.
“If we don’t have specific expertise in a particular field, we will search outside our core team, looking to the talents and skills of our advisory board members and networks to pull together a team that best serves the needs of the company,” Teague says. “The experience level available to support institute companies is immense.”
Grooms explains: “The companies go through a rigorous due-diligence process, but they come out a better company, better structured with clear goals and better prepared with the tools to present to the outside funding world. Plus, the exposure to investors from the institute increases the potential for private funding from participating investors.”
Teague agrees: “I’ve had several entrepreneurs approach me and say they have learned so much from the process and the real-time feedback from investors that they are stronger entrepreneurs and business leaders and better prepared to raise the necessary funds to take their business to the next level.”
Innovation in Gainesville
With the infrastructure already in place for public research and discovery, the Florida Innovation Hub at UF was a logical choice for housing the support and funding services that aid promising new companies. The institute currently is supporting 31 startups in Gainesville, working with each new company, one tier at a time toward commercialization.
Joining Public & Private Funds
By quickly identifying the viability of companies, providing the tools for successful strategic planning and the initial financial support, the institute helps ensure the successful outcome of the company. This, in turn, provides a valuable return on public and private-sector investments.
“To date, the state has invested nearly $20 million into the institute, and that investment is beginning to generate significant returns back into the local economy,” Grooms says. “The next cornerstone is to partner with local business leaders to establish a philanthropic evergreen fund, one that brings life-changing technology to the marketplace. With a proven track record of success, we hope to bring more investment companies and funds to the table.”
For more information about the institute, visit www.florida-institute.com.