Dear Fellow Floridians:
Florida’s Legislature makes a substantial public investment in the Florida High Tech Corridor Council via its partner Universities … the University of Central Florida, the University of South Florida and the University of Florida.
In turn, the Universities use these public funds to attract, retain and grow high tech industry and the workforce to support it for a 23-county region that makes up the primary service areas of the universities and 14 partner community colleges.
The majority of the funds are devoted to a one-of-a-kind Matching Grants Research Program that to date has used $43 million of public money to attract $90 million of matching money from private companies and from other grants to generate a total of $133 million in sponsored research on the campuses of the three universities in partnership with high tech employers.
This year, the Council directed more than $3.2 million to research, which was matched by more than $10 million in corporate and federal funds – for a total of nearly $13.4 million.
Over the nine year history of the grant program, the combined funds have been used to engage more than 1,200 graduate and doctoral students and research assistants and 325 faculty members in side-by-side research with scientists and engineers from the 255 participating companies.
A pilot study by Real Estate Research Consultants, Inc. (an Orlando-based economics research firm) has indicated that for each dollar allocated through the Matching Grants Research Program another $1.50 is generated by other sources. UCF’s Center for Economic Competitiveness is now expanding that pilot study into a full economic impact study to verify the results.
As well, the Council – made up of industry leaders appointed by the presidents of the three Universities – directs money to workforce development, education and marketing programs designed to enhance economic development programs in partnership with more than 20 local economic development agencies throughout the Corridor region.
Equally important to the state’s investment and the matching dollars provided by research partners is the donation of companies and individuals who in our 2004-2005 fiscal year provided 33,000 hours of volunteer and in-kind service valued at more than $953,000. Their tireless efforts in support of our programs have made it possible for the Council to operate with minimal administrative and staff expenses while achieving truly important goals for the diversification of our region’s economy.
Sincerely,
Randy Berridge
President