In Praise of the Research Park

I’m a big fan of the Research Park at FAU and its CEO Andrew Duffell.

The park has become a major economic engine for Palm Beach County and beyond serving as warm and inviting place for talented entrepreneurs and researchers to build and scale their companies.

That’s important, because “economic gardening”–growing your own so to speak is smart policy.

As far as I’m concerned, Northern Virginia can have Amazon and its H2 Headquarters (and that’s where it’s going folks), I’d rather save incentive money and grow our own company’s right here at home. The Research Park is a good example of how that can work.

The Park’s impact has been profound– if somewhat unsung– in a region where it is hard to gain appreciation.

The 2017 numbers—which never tell the whole story—are nonetheless impressive. Consider:

  1. $387 million of investment capital raised
  2. $535.65 million in economic impact
  3. $67 million in annual payroll
  4. 3,088 total jobs sustained, that’s direct and indirect employment with another 250 jobs plus planned.
  5. 33 companies housed.
  6. 16 new patents in 2017.

On October 3, the FAU Research Park will host its annual awards banquet at The Addison in Boca.

It’s the fourth annual awards ceremony and it’s really a terrific idea to celebrate the success of the park and shine a spotlight on some of the standout players making it happen.

This is the power of having a university and a research park in our community. And the best is yet to come because I believe in the leadership of the park and their track record of results.

“The recipients of this year’s Research Park at FAU awards are all hugely impactful to the mission of the Research Park – to foster R&D at FAU and foster economic development in our region,” said Mr. Duffell, president and chief executive officer of the Research Park at FAU. “We are grateful to each for their unique contributions and hope that they inspire our stakeholders.”

The Research Park awards recognize distinguished contributions to the Research Park’s mission to create and sustain the ideal environment for innovation and invention, maximizing the academic and entrepreneurial talent and regional resources in South Florida to accelerate economic development and prosperity.

The award recipients for 2018 are:

Distinguished Researcher: Gregg Fields, Ph.D. is a professor, chair of the Department of Chemistry and Biochemistry and director of the Center for Molecular Biology and Biotechnology in FAU’s Charles E. Schmidt College of Science. Fields applies chemistry in novel ways to answer important biological questions, many of which assist in the diagnosis and treatment of major diseases, such as multiple sclerosis, arthritis and cancer. He is a fellow of the National Academy of Inventors and a fellow of the American Association for the Advancement of Science. He is a renowned researcher who holds six U.S. patents and has one application being reviewed. The technology developed by Fields has resulted in three commercial products, currently sold by five different companies. He has authored or coauthored more than 260 scientific publications and has presented more than 190 invited lectures.

 

Distinguished Entrepreneur: Daniel Cane is the chief executive officer and co-founder of South Florida-based Modernizing Medicine, Inc., a healthcare IT company that is revolutionizing the way in which healthcare information is created, consumed and utilized to increase practice efficiency and improve patient outcomes. Joining the Research Park in 2012, Modernizing Medicine has grown to more than 650 employees and has raised more than $332 million in total investment. In 2016, the South Florida Business Journal named Cane as a “South Florida Ultimate CEO.” In 2015, he was named “EY Entrepreneur of the Year®.” Cane earned the Excalibur Award for Palm Beach Small Business Leader of the Year for 2013. Additionally, he also was named “Palm Beach County Ultimate CEO” by the South Florida Business Journal and “CEO of the Year” by CEO World. Recently, he and his wife, Debra, donated $1 million to FAU’s A.D. Henderson University School for STEM education initiatives.

Mr. Cane is a local product hailing from Lake Worth. What makes Dan extra special is that despite the rigors of running a hyper growth company, he has taken the time to be visible and accessible to local entrepreneurs and organizations. It makes a difference, because Mr. Cane serves as an inspiration and a role model for those aspiring to make a dent in business.

 

Distinguished Leader: Steven L. Abrams has been a member of the Palm Beach County Board of County Commissioners since 2009, winning re-election twice. Abrams has a lengthy record of public service. He is the former mayor of Boca Raton, elected in 2001 and re-elected in 2003 without opposition. In the 2005 election for mayor, Abrams received the most votes in city history and was later named mayor emeritus when he stepped down in 2008 due to term limits. Abrams’ work in regional transportation has been instrumental in the success of the Research Park at FAU’s access to Tri-Rail and the new I-95 interchange at Spanish River Boulevard, making the Research Park at FAU the only research park to have a direct on-ramp to an interstate.

Mayor Steven has been a terrific friend over the years and has served with distinction wherever he has landed. Many years ago, we went after Scripps together leading our cities joint efforts to bring the institute to Boca. While we fell one vote short, Steven showed his mettle and his commitment to economic development. He’s a very worthy recipient.

 

Distinguished Organization: Small Business Development Center at FAU delivered substantial consulting and training services in 2016 that resulted in a significant return on investment, including delivering more than 13,000 hours of consulting to 1,360 entrepreneurs at no cost. The SBDC’s services resulted in the creation and retention of almost 6,000 jobs in our region, and generated almost $700 million in sales. The SBDC’s role in Florida’s economic development by assisting entrepreneurs in every stage of the business life cycle is invaluable and an important complement to the greater FAU community.

To purchase tickets to attend the event visit www.research-park.org.

 

 

 

 

 

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