FAU Tech Runway Debuts First Economic Impact Report
Florida Atlantic University’s Tech Runway has released the results of its first-ever economic impact report.
By brittany-sullivan | 2/15/2016
Florida Atlantic University’s Tech Runway has released the results of its first-ever economic impact report. Under the purview of the Division of Research, Tech Runway is a public-private partnership formed to foster technology start-up companies. The report displays the cumulative efforts of 15 Tech Runway companies since October 2014.
“FAU Tech Runway leaders and supporters have all helped in creating this hub for the South Florida community,” said Kimberly Gramm, associate vice president of FAU Tech Runway. “We are truly proud of the recent accomplishments.”
According to the report, Tech Runway has supported 15 companies who have produced more than $3 million in total revenue. The 15 companies combined have 73 employees, 28 FAU student-hires, and 32 internship opportunities created. The cornerstone of Tech Runway is the Venture Mentoring Service, which has accumulated 16,000 mentor hours.
Tech Runway will begin its search for new companies this week with its launch competition, a strategic program created to identify, grow, and launch companies. The launch competition event is brought to FAU Tech Runway by TD Bank. Since 2009, more than 1,300 applicants and 80 teams have competed for cash and prizes to support their dream of becoming the next big entrepreneur at FAU.
Four winners of this year’s launch competition will win a $25,000 grant, along with the opportunity to be housed, educated, and mentored for one year by highly vetted mentors and staff dedicated to their success. The winners will complete a 16-week academic, Stanford-based “Lean Launch” curriculum where they discuss customer development, value proposition, distribution channels and important topics that support the new entrepreneur.
Applications will be accepted beginning Friday, Feb. 19 through Friday, April 22. For more information and to apply, visit techrunway.fau.edu.