The Research Park at Florida Atlantic University recently launched its new international soft landings and second stage company development initiative, Global Ventures.
This initiative will scale-up second stage companies from around the world and United States into profitable and sustainable companies that will positively impact South Florida’s economy.
Second stage companies have achieved approximately $1 million in annual sales and employ at least six people. These companies need flexible terms on office and lab space with the ability to grow and contract quickly as business develops.
“Bringing international companies to Palm Beach County ensures that new capital is infused into our economy and that new ideas are developed here, creating more jobs over the long-term,” said Andrew Duffell, president of the Research Park at FAU. “The first two markets the Research Park at FAU will target are Israel and Brazil. Both Israel and Brazil have strong business and cultural links to South Florida and have strong tech sectors poised for growth.”
Global Ventures will seek to engage these companies in economic gardening initiatives such as GrowFL’s strategic research and the resources of the Small Business Development Center (SBDC) at FAU, in order to grow the companies while developing strong links to the South Florida community and market. By providing an environment conducive to technology company growth, Global Ventures will aim to grow the region’s community of entrepreneurs, tech-based employment and technology development domestically and from key foreign markets.
“Global Ventures will assist graduates of FAU Tech Runway and other second stage technology-based companies with an interest in developing links to FAU,” said Bob Swindell, chairman of the Research Park at FAU’s governing special district.
Global Ventures initiative is made possible by collaboration and funding from the Research Park at FAU, Florida Atlantic University, the City of Boca Raton and Palm Beach County. The investment is expected to yield new high paying jobs and internships for FAU students and alumni, as well as Palm Beach County residents. It will also aid in the development of new technologies and intellectual property supporting research at FAU and the diversification of South Florida’s economy.
Since 2000, the Research Park at FAU has operated as a business incubator, attracting and helping technology-based companies scale up to generate millions of dollars in revenue and to create long-term jobs in South Florida. The incubator was established to fill a gap in the market, offering assistance to local startup entrepreneurs.