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FINANCIAL RESOURCES
Between the time research begins to develop a new prescription medicine until it receives approval from the Food and Drug Administration (FDA) to market the drug in the United States, a drug company typically spends $802 million over the course of 10 to 15 years (Tufts University Center for the Study of Drug Development, 1 November, 2001). Creative financing ventures are required in an industry known for high cash burn rates and long product development timelines.
Florida's business advantages, coupled with state and local financial incentives, can provide innovative worker training and reduce the total cost of the capital investment required to establish and operate new facilities for biomedical technology companies - a designated high impact industry sector
Enterprise Florida, Inc. (EFI) is the public-private partnership responsible for leading Florida's statewide economic development efforts. The state of Florida is planning to invest up to $1 billion of its $100 billion-plus pension fund in venture capital deals over the next several years, sending $350 million to four fund managers by mid 2005. Of the initial amount, $75 million is dedicated to Florida-based ventures.
The Tampa Bay Partnership provides a list of the Venture Capital contacts in Tampa Bay and throughout Florida.
Inflexion Fund, L.P., managed by Inflexion Partners, is a seed and early-stage venture capital fund organized with an emphasis on company building and harnessing regional, national, and international resources of the fund's managers and strategic partners. Inflexion is the first and only Florida fund leveraging a network venture capital model involving some of the largest institutional investors in the country.
The Florida Venture Forum, Inc. is Florida's oldest, largest and most prestigious statewide support group for venture capitalists and entrepreneurs. As an entrepreneurial networking group, the Florida Venture Forum educates entrepreneurs and assists them in identifying sources of venture capital.
The Small Business & Entrepreneurship Council named Florida the number five friendliest environment for small business and entrepreneurs in 2004. Entrepreneur magazine named the Tampa-St. Petersburg-Clearwater MSA number twenty-five of its Best Cities For Entrepreneurs in 2003.
Tampa Bay Economic Development Corporation (TEDCO), is a private, not-for-profit corporation committed to supporting economic development and job creation in Hillsborough County. TEDCO participates at the federal level with the Small Businesses Administration's 504 Commercial Loan program, administers four city-funded revitalization programs, a city-funded loan guarantee program, and a private loan program funded by six local banks. TEDCO also provides architectural assistance through a façade improvement program.
Florida First Capital Finance Corporation FFCFC) Founded by the State of Florida and licensed since 1984 by the U.S. Small Business Administration (SBA) as Florida's Statewide Certified Development Company, FFCFC is chartered for the primary purpose of advancing the economic development and general welfare of the citizens of the State of Florida by promoting and assisting the growth and development of small business concerns within the state.
Florida Export Finance Corporation (FEFC) FEFC was created by the State of Florida as a not-for-profit corporation, with a mandate to expand employment and income opportunities by supporting the export of goods and services from the State. The FEFC offers information, technical and consulting assistance to exporters throughout the State of Florida. Financial assistance, though, is our chief service.
Florida Development Finance Corporation (FDFC) The FDFC Enterprise Bond Program offers tax-exempt, low interest bond financing to qualified manufacturing and 501(c) 3 non-profit organizations. This program was designed to improve low cost capital availability to Florida's growing and expanding businesses, including minorities and rural communities, to allow them to be more competitive in the global and domestic market place. Contact the Florida Development Finance Corporation at (407) 316-4692, or your local economic development organization.
The U. S. Small Business Administration (SBA) South Florida District Office is a link to an extensive network of small business service providers and information including financing, public, and private partners, organizations, and services dedicated to assisting the small business community to promote economic development.
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