FAU Tech Runway® Celebrates 5 Years, Releases Economic Impact Report
FAU Tech Runway® recently celebrated its five-year anniversary and released the results of its fifth annual economic impact report. The report provides cumulative performance metrics for 93 FAU Tech Runway® affiliated companies since the program’s inception in fall 2014.
In five years, 587 jobs and 199 internships have been created; 96 FAU students have been employed; $95.3 million in capital has been raised; 80 items of intellectual property have been generated; and more than $109 million in revenue has been earned.
“The success of FAU Tech Runway’s entrepreneurs since the program’s inception five years ago is nothing short of astonishing,” said Rhys L. Williams, associate vice president and managing director of FAU Tech Runway®. “This demonstrates what the combination of university resources, matched with robust capabilities of our community partners, can produce in terms of high-paying jobs and internships, successful tech ventures launched and scaled, and the mobilization of private capital in support of South Florida’s next generation of global entrepreneurs.”
FAU Tech Runway® is a public-private partnership formed to foster early-stage technology companies, under the purview of FAU’s Division of Research. FAU Tech Runway® partners with the FAU College of Business’ Adams Center for Entrepreneurship, the Charles E. Schmidt College of Science, the College of Engineering and Computer Science, the FAU Wave, and the Research Park at FAU.
“Through FAU’s long-term commitment of financial support, world-class facilities and expert staff, FAU Tech Runway’s technology business incubator and accelerator program is beginning to achieve national distinction,” said Daniel Flynn, Ph.D., vice president for research at FAU. “These exceptional performance numbers are a direct result of the combined commitment of FAU Tech Runway’s community partners – the donors, mentors, advisory board members, instructors, support professionals, student interns and event partners who make it all possible.”
Launch Competition Applications Now Being Accepted
Applications for this year’s FAU Tech Runway® Launch Competition are now being accepted through Friday, March 20. The 21 winners will then participate in the Venture Class Program, which brings together “best-in-class” instruction, mentoring, co-working access, marketing assistance, intern support, professional guidance, introductions to capital sources, and access to statewide events for the Launch Competition winners, all at no cost.
This year, the top seven companies from a total of 21 winners selected for this year’s Venture Class will each receive $15,000 in funding. The program is also distinguished by its team mentoring program. Modelled on MIT’s Venture Mentoring Service, this team-based, structured, cross-functional mentoring program provides guidance and coaching on a monthly basis, from a team of accomplished technology entrepreneurs who are dedicated to the entrepreneurs’ success.
For more information on FAU Tech Runway®, visit techrunway.fau.edu.