Government, industry and academia have converged to create partnerships that will continue to advance Florida’s technology leadership and work force talent.
The state also offers an environment conducive to the entrepreneurial spirit. Numerous venture capital firms, angel investors, technology incubators, research parks and strong university research programs help fuel business development and expansions.
As the fourth most populous state in the country, Florida offers a diverse and available work force. Colleges and universities produce high-caliber graduates, and work force training programs give new and existing workers access to critical skills training.
Florida is also a strategic and economic center of the Western Hemisphere. Numerous companies are siting their Latin American headquarters in the state, particularly in the Miami-Dade County metro.
Life science companies play a major role in business expansions and relocations in the Sunshine State. The state is ranked No. 11 in the country in terms of the number of biotechnology companies. Coupled with the extent of university research, the state continues to grow its life science cluster.
Oragenics Inc., a company that develops health care products, is building a facility that will serve as its corporate headquarters and research and development laboratory. The company has already garnered more than $16 million in research grants.
Oragenics is one of a number of life science companies growing out of technology developed at the University of Florida in Gainesville.
Oragenics has taken up residence in the Sid Martin Biotechnology Development Incubator, the University of Florida’s 35,000 square foot facility.
The facility is the state’s only bio-business incubator. It serves as a statewide resource for transferring technology into the private sector, and provides extensive business development services and assistance and access to seed capital.
The incubator is home to 13 startup companies, including Applied Genetic Technologies Corp. (AGTC) and Pasteuria Bioscience LLC.
AGTC recently earned $15.2 million from a group of venture capital firms. Previously, the company was able to secure $6 million in investments from a French venture capital firm.
AGTC, which develops human therapeutics, will use the funding to conduct human clinical trials and establish manufacturing processes for a gene therapy treatment for Alpha-1-antitrypsin, an inherited form of emphysema.
With this latest investment, the company expects to be able to create jobs immediately and another three positions within a year.
Fellow tenant Pasteuria Bioscience also received an infusion of venture capital funds. Pasteuria, which researches technology to eradicate insects that destroy crops, received $750,000 from Advantage Capital Florida Partners and Gordon River Capital.
A Gateway to Latin America
South Florida — and the Miami-Dade County metro in particular — has become a focal point for foreign companies wanting to establish headquarters and other operations in the United States, as well as for companies wanting to establish headquarters for operations in Latin America.
This was the strategy behind the decision by Kraft Foods Latin America to relocate its Latin American headquarters to Coral Gables earlier this year from Rye Brook, N.Y.
The company, a subsidiary of Kraft Foods Inc., made a capital investment of more than $2 million and will create more than 100 jobs within the first two years of operation.
The Beacon Council, Miami-Dade County’s economic development partnership, assisted Kraft in securing a Qualified Target Industry Tax Refund from the state of Florida. The incentive gives companies refunds on corporate income, sales, intangible personal property, insurance premium and certain other taxes for creating high-wage jobs in targeted high value-added industries.
“The move of our regional headquarters to the Miami area brings us closer to our markets in Latin America, which enables us to focus even greater energy on delivering superior products and service to consumers in the region,” said Gustavo Abelenda, group vice president and president of the Latin America Region for Kraft Foods. “We are pleased with the cooperation and support we have received from the city of Coral Gables.”
In July, South Korea’s largest automotive supplier in the United States established its Latin American headquarters in Miami.
Mobis Parts America, a subsidiary of Hyundai, will make a capital investment of $1.2 million in the metro, create 30 jobs within three years and occupy nearly 127,000 square feet of space.
Mobis selected Miami in order to better service the company's North American and Latin American markets, and because of Dade County’s international infrastructure, according to the company.
The Beacon Council and Enterprise Florida assisted the company with site selection, state and local incentives, permits and licenses, business contacts and referrals, general community information, and research and marketing analysis.
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