Institute for Commercialization of Florida Technology Inc.
Institute for Commercialization of Florida Technology Inc.
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About this organization
Mission
Promoting economic development through the commercialization of new discoveries.
About
Consistent with Florida's targeted industry cluster strategy, the institute matches commercially viable technologies with experienced management and capital to create new startup companies. The institute also manages seed funding programs to provide funding to qualified early stage companies. Recipients must match institute funding with private investment capital, and funded companies have raised nearly $65 million in private matching funds this year. This year the institute engaged a private fund manager to manage its investment-related affairs, and after contract and transitional activities were completed, 2 funding transactions were completed.
Interesting data from their 2020 990 filing
In the filing, the mission of the non-profit is noted as “The institute's mission is economic development through the commercialization and funding of new discoveries generated from florida innovation businesses. success is measured by the number of new ventures and jobs that are created, and the amount of capital companies raise.”.
When referring to its responsibilities, they were outlined as: “Promoting economic development through the commercialization of new discoveries.”.
- The state in which the non-profit is legally registered to operate is FL, as per legal records.
- The filing documents the non-profit's address in 2020 as 3651 FAU BLVD SUITE 400, BOCA RATON, FL, 33431.
- According to the non-profit's form, they have 8 employees on their payroll as of 2020.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is between $500,000 and $1,000,000+.
- Revenue less expenses is -$1,197,276.
- The organization has 3 independent voting members.
- The organization was formed in 2007.
- The organization pays $537,258 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.