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| Community Budget Issue Requests - Tracking Id #871 |
| Life Science Business Incubation Program |
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| Requester: |
Jane Teague |
Organization: |
Enterprise Development Corp. of South Florida |
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| Project Title: |
Life Science Business Incubation Program |
Date Submitted |
1/4/2008 7:25:41 AM |
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| Sponsors: |
Aronberg |
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| Statewide Interest: |
| This program addresses Florida�s interest in diversifying its economy and creating high wage, high skill jobs in innovation industries that are driving the global marketplace. Life Sciences has been designated as a key targeted industry cluster, and the state has invested significantly in university-based research, and in its efforts to attract world-renowned research institutes to our region. This program addresses the gap in support between research and development, and existing, more established company infrastructure. |
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| Recipient: |
Enterprise Development Corp. of South Florida (EDC) |
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Contact: |
Jane Teague |
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3701 FAU Blvd. Suite 210 |
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Contact Phone: |
(561) 620-8494 |
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Boca Raton 33431 |
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Contact email: |
jteague@edc-tech.org |
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| Counties: |
Palm Beach |
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| Gov't Entity: |
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Private Organization (Profit/Not for Profit): |
Yes |
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| Project Description: |
| EDC is an economic development organization, the only remaining entity of six that were founded by the state in 1994 to diversify Florida�s economy. As a clearinghouse for South Florida science and technology entrepreneurs, EDC links 200 companies annually with the resources they need in order to grow.
One of EDC�s key initiatives is management of the Technology Business Incubator located in the FAU R&D Park in Boca Raton. Entrepreneurs enjoy flexible lease terms, key relationships with Florida Atlantic University faculty and students, and assistance with all aspects of business planning and development.
In partnership with Florida�s Blood Centers in Lake Park, EDC will expand its existing incubation program by offering 4,500 sq. ft. of wet lab incubation space and support services to emerging Life Science companies. Until now, no such incubation space has existed in Palm Beach County. Funding will support operational and program expenses.
Business incubation is a proven practice that provides entrepreneurs with not only flexible lease terms, but also the infrastructure and business support services they need in order to be successful. Particularly in the life sciences where companies need access to highly specialized equipment and facilities, and where the path from research and development to product commercialization can take several years, the availability of this type of program is essential to the growth of the Life Science cluster.
Through this program, EDC services will include assistance with:
� Business and marketing strategy
� Legal and accounting matters
� Management team and staffing
� Business development
� Funding strategies and access to capital
� Academic partnerships
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| Is this a project related to a federal or state declared disaster? |
No |
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| Measurable Outcome Anticipated: |
| This program will deliver a significant return on the state�s investment by creating new jobs in knowledge-based industries, tax revenues in the local community, partnership opportunities with state, national and global institutions, and the potential for new discoveries that will change how we diagnose and treat major diseases. It will also add to the profile of Palm Beach County as a Center for Life Science Excellence, offering support at all levels of business growth, and underscoring Florida�s commitment to the Life Science cluster. |
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| Amount requested from the State for this project this year: |
$50,000 |
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| Total cost of the project: |
$100,000 |
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| Request has been made to fund: |
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| What type of match exists for this project? |
Local, Private |
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Cash Amount |
$25,000 |
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In-kind Amount |
$25,000 |
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| Was this project previously funded by the state? |
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No |
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| Is future-year funding likely to be requested? |
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No |
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| Was this project included in an Agency's Budget Request? |
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No |
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| Was this project included in the Governor's Recommended Budget? |
No |
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| Is there a documented need for this project? |
Yes |
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Documentation: |
Public statements from industry leaders, Scripps researchers, FAU scientists and business owners. |
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| Was this project request heard before a publicly noticed meeting of a body of elected officials (municipal, county, or state)? |
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Yes |
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Hearing Body: |
Palm Beach Legislative Delegation |
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| Is this a water project as described in Section 403.885, Laws of Florida? |
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No |
