RESOLUTION 14-3 RESOLUTION OF THE BOARD OF THE FLORIDA ATLANTIC RESEARCH AND DEVELOPMENT AUTHORITY APPROVING STRATEGIC PLAN; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Florida Atlantic Research and Development Authority (the "Authority") was created by the County Commissions of Palm Beach and Broward Counties pursuant to Chapter 159, Florida Statutes; WHEREAS, to advance the Authority's public purpose(s), it has developed the strategic plan attached as Exhibit "A" (the "Strategic Plan"); WHEREAS, the Strategic Plan sets forth a vision for the years 2014 through 2017 but may be amended from time to time by the current Board or successive Boards; and WHEREAS, the Strategic Plan shalll not serve to limit the President! Chief Executive Officer's rights and responsibilities under the Authority's By-Laws and shall not limit the Authority's inherent rights and responsibilities under state and local law. NOW THEREFORE BE IT RESOLVED BY THE BOARD OF THE FLORIDA ATLANTIC RESEARCH AND DEVELOPMENT AUTHORITY THAT: 1. Each and every whereas clause set forth above is a true and correct recital, incorporated herein as if set forth fully. 2. The Strategic Plan attached as Exhibit "A" is approved. 3. This Resolution shall be effective upon its adoption. #3355529 vl Page 10f1
FLORIDA ATLANTIC RESEARCH AND DEVELOPMENT AUHORITY STRATEGIC PLAN 2014-2017 APPROVED BY THE BOARD OF DIRECTORS APRIL 9, 2014
Introduction The Research Park at Florida Atlantic University was created in 1985 by the County commissions of Broward and Palm Beach counties, along with Florida Atlantic University. The legal name of the Research Park is the Florida Atlantic Research and Development Authority (FARDA). It is an independent special district, created with the objective of promoting scientific research and development in affiliation with and related to the research and development activities of one or more state-based, accredited, public or private institutions of higher education (Fla. Stat..159.701-159.7095 (2013)) in Palm Beach and Broward counties. In 2011 the Board of Directors chose to operate under the brand name of Research Park at Florida Atlantic University, which has since been given registered trademark status by the US Patent & Trademark Office (USPTO). The Research Park was developed throughout the 1990s and began to house technology-related companies. Today more than 350,000 square feet exist in the Research Park s two locations: Deerfield Beach in Broward County and Boca Raton in Palm Beach County which together encompass approximately 115 acres. In 2000 the Research Park recognized the need to nurture regional entrepreneurs and created the Technology Business Incubator (TBI). The TBI serves to assist start-up companies by providing low-cost office space and shared amenities. It also seeks to provide mentorship assistance to the companies so that they can more quickly reach their own milestones, and become viable companies that will graduate into the Research Park or broader South Florida community. When Scott Ellington, the longtime president of the Research Park, passed away in 2010 the Board of Directors designated the TBI as the C. Scott Ellington Technology Business Incubator in recognition of Mr. Ellington s contributions to the success of the Research Park. Research Park at Florida Atlantic University Today On December 31, 2013 22 technology companies were resident in the Research Park and 35 companies were resident in the Technology Business Incubator, together employing 1,307 people. These innovators are engaged in a diverse array of industries including medical devices, medical imaging, software development, advanced engineering, communications and broadcast technologies, healthcare IT, and healthcare. The Research Park repositioned itself in the wake of the economic downturn of 2008-2010. It has recruited successful and high profile companies involved in the development of industry-changing technologies. Modernizing Medicine has been noted by Forbes magazine as one of the most promising companies in America, and has twice 1
topped the South Florida Business Journal s list of fastest growing companies in South Florida. Mobile Help has been featured by CBS News and the New York Times for focusing its technology on the demographics of South Florida s needs. People s Trust won the 2013 Enterprise Florida Governor s Innovators in Business Award. The reputation of the Research Park has been enhanced by renewing and deepening the links between our companies and the faculty at Florida Atlantic University. With the increased focus of the University on research commercialization and community engagement, the Research Park has served as a gateway to the private sector. New joint research projects are underway between the Colleges of Business and Engineering and Modernizing Medicine; Mobile Help is engaged with the Center for Advanced Knowledge Enablement (CAKE); Palm Beach Institute for Sports Medicine consults with the Technology Development Committee on new inventions by undergraduates to assess their viability in the market; and University MRI has collaborated on more than 19 research papers and helped secure over $3,000,000 in funding over the years. With all these developments and the prospects for the future, the International Economic Development Council (IEDC) honored the Research Park a silver award for excellence in economic development in 2013. The Association of University Research Parks (AURP) also brought its South East Regional meeting to the Research Park in 2013, and will hold its international conference in Boca Raton in 2014. Moving into the future the Research Park has undeveloped land still to use for science and technology-based economic development purposes, both in Deerfield Beach and in Boca Raton. Appropriate users need to be found to use land in both locations. In order to capitalize on the investment that the state of Florida and Palm Beach County made in the life science industry, the Board of Directors has determined that it is the role of the Research Park to provide support to Scripps Florida, Max Planck Florida Institute for Neuroscience and FAU in their efforts to spin-off discoveries to the private market. The Research Park will seek to develop both an incubator and a research park campus in the northern part of Palm Beach County to fulfil its mission. Further, in order to better fulfil its mission in Broward County, the Research Park will seek to develop incubators in markets that prove to be viable. 2
Mission, Vision, and Values Vision: To be Florida s premier university research park for innovative technology businesses to develop and grow. 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. Values: South Florida s technology and research-based economic development needs come first Increasing the impact of FAU, and other institutions, research enterprise is essential to building a thriving research park Our partners are passionate about our shared commitment to the Research Park We are a truly South Florida partnership, operating across city and county lines The entire community and economy in South Florida benefits from our successes Superior execution of all we do is critical for success To earn and maintain trust of all we come in contact with, we conduct business with honesty, transparency and integrity. It will never be compromised We thrive on creativity, innovation and the diversity of thought 3
Our Key Partners FAU is our neighbor and primary partner. Integrating the life of the University with that of the Research Park will be a central source of value to both The City of Boca Raton is the home of the Research Park s first and biggest campus. It was the site of the invention of the personal computer (PC), and its rich legacy of technology innovation enhances our value Palm Beach County s vision co-founded FARDA. The Research Park s strategy is designed to enhance the County s infrastructure The City of Deerfield Beach is the home of the Research Park s newest campus. Its faith in the Research Park enabled the creation of a new source of economic vitality in Broward County Broward County s vision co-founded FARDA. The Research Park s strategy is designed to enhance the County s infrastructure Enterprise Florida is the state s primary economic development agency. Its efforts have made Florida a competitive and attractive destination for business 4
Greater Fort Lauderdale Alliance is Broward County s public/private economic development partnership. Its collaborative approach to economic development has raised the profile of South Florida Greater Boca Raton Chamber of Commerce is southern Palm Beach County s voice for business. The Chamber has supported the Research Park s development and is an advocate for business issues faced by our companies Florida Institute for the Commercialization of Public Research is the clearing house for all of Florida s publicly funded research that could be commercialized. The Institute delivers both company building and company funding programs to create the leading products and companies of tomorrow South Florida Technology Alliance is a regional trade association with the mission to serve technology companies and their employees throughout South Florida BioFlorida is the state s life science trade association that advocates for issues of importance to that industry. Several of the Research Park s companies are life science-based 5
2014 ORGANIZATION CHART ELECTORATE Trustees of the Internal Improvement Fund (TIIF) Broward County Commission Palm Beach County Commission Deerfield Beach City Commission Florida Atlantic Research & Development Authority Bruce Rosetto, Esq. CHAIR Bob Parks. Ed.D. VICE CHAIR Michael Daszkal, CPA TREASURER Roxanna Trinka Bob Swindell Lonnie Maier John Newcomer, MD Technology Review Advisory Committee (TRAC) FINANCE Parks, Daszkal & Swindell GOVERNANCE Maier, Rosetto & Trinka HR Rosetto, Newcomer & Parks Andrew Duffell PRESIDENT & CEO J. FREDDY PERERA, ESQ. GENERAL COUNSEL Christine Cannon DIRECTOR OF OPERATIONS Jonathan Grabis INTERN John Scannell ACCOUNTANT 6
SWOT Analysis Strengths Weaknesses Opportunities Threats Proximity to FAU campus Central South Florida location, near I-95, PBI, FLL airports, and centers of population Strategic location of South Florida as gateway to the Americas Large, well respected business school at FAU Well respected department of electrical engineering and computer science at FAU Capable and committed Board of Directors FAUs growing reputation, research strength Strong and attractive amenities for tenants Room for growth, build-to-suit, existing space and flexibility to accommodate tenants needs FAU embraces the Research Park as an asset and promotes it New interchange for I-95 at Spanish River FAU still developing stature and identity No resident investment capital Out-of-town assetowner Lack of exposure within FAU and among the university system TRAC process needs restructuring No wet lab space Existing space fully occupied, need new buildings to keep up with demand New President at FAU Additional amenities New funding sources New paid/sponsored internship program Ability to partner with other schools New College of Medicine at FAU Additional locations in both counties Increase interaction between Board of Directors & faculty Plan how to utilize Board Members as Ambassadors Identify and discuss how to capitalize on key industries in the region Develop closer ties to FAU faculty, and leverage relationships with their research partners, creating facilities in the Research Park Increased attention and focus Palm Beach Gardens/Jupiter Scripps Slow and weak economic recovery Negative attitude Large developer may not want to invest in incentives Speed or lack thereof Focus on rent paying instead of developing solid R&D companies Competitive nature of available space 7
2014-2017 Strategic Imperatives In order to achieve the vision of becoming Florida s premier university research park for innovative technology businesses to develop and grow, the following strategic imperatives have been identified. These are followed by specific action steps to realize the goals of the Research Park. A. Develop deeper awareness and understanding of the opportunities in the Research Park, including the Technology Business Incubator, among FAU faculty and students. In parallel deepen the understanding of FAU s capabilities among Research Park companies B. Increase graduation rate of Technology Business Incubator companies into the Research Park C. Develop a sense of place at the Research Park, including easier physical linkages to FAU D. Establish viable a location in northern Palm Beach County and in Broward County 8
2014-2017 Action Steps A. Develop deeper awareness and linkages between the Research Park and the University Yearly Research Park chief executive lunches with FAU president A strong relationship with the President will result in increased interaction with the college deans and assistant deans Meetings can be informative and brainstorming in nature Deepen ties through consistent engagement A strong relationship with the President will give an opportunity to help guide FAU s development in a manner that is beneficial to the Research Park s economic development interests Develop a monitoring system to be better informed of ongoing FAU research Information-gathering in nature Provides opportunities for growing the network Sponsor/attend university research symposia, conferences, speaking engagements Facilitate a research-based FAU publication Positioned to be a partner when technology is ready for commercialization Develop closer ties to the Florida Institute for the Commercialization of Public Research Leverage existing faculty relationships into new introductions to expand contact network. Deepen relationships with FAU faculty in each college to find strong industry partners in research, and recruit them to the Research Park Monitor each company within the Research Park assess its needs, making introductions to relevant faculty at FAU, and ensure each is working with the University in a substantial way Develop a deep understanding of each current company s mission and resources, developing proposals for deeper integration with FAU Create regular periodic events to bring faculty and employees in the Research Park together to facilitate closer relationships and collaborations Create a resource page for students on the Research Park website Links for contacting us and joining the mailing list Relevant content for research, intern and job opportunities Link to the Owl Career Center page on Research-Park.org Further develop the Career Opportunities page on Research-Park.org. Link to the FAU Career Placement website Promote the page among Research Park and TBI companies Promote the page among the student body 9
Increase physical marketing on campus tie it to web-based marketing Develop video marketing to be played in the Student Union and Alumni Center Develop a one-page and/or brochure to be displayed at the Student Union and Career Center at Davie, Boca, and Jupiter campuses Explore purchasing, in a partnership, a suite at the FAU stadium for networking, and for use as prizes/incentives B. Increase the TBI Graduation Rate Enforce use of the existing application form to ensure that only the best technology companies, willing to be mentored, enter the TBI program Implement a strong mentoring program to facilitate company growth and development Create and monitor the progress of the Council of Advisors and service providers Develop a competitive structure or competition system among tenants based on measureables and metrics Set up a system to track TBI milestone achievement, activity participation, and levels of mentorship interaction Use this data to develop and refine best processes Results can help better advise future TBI companies Formulate the results into a study to be presented at an National Business Incubation Association (NBIA) or Association of University Research Parks (AURP) conference, building credentials and brand Source and develop a reserve bank of prospective residents Increases quality of residents Ensures only the best qualified companies are admitted to the TBI Increases desirability, builds reputation Create an incentive structure for TBI companies to remain in the park Explore interim spaces to bridge space needs between incubation, research park, build-to-suit Develop clear criteria for the award of funds from the GAP Fund Begin graduation discussions with the growing TBI company and Avison Young, broker for the assets in the Research Park, early on in the decision-making process Regularly inform relevant faculty at FAU about the start-ups located in the TBI, soliciting input and support from faculty. Such projects could accelerate the development of the company, spur an idea in faculty and enhance the faculty member s own research project 10
C. Develop a strong sense of place, community Focus on building the live, work, play environment Develop a modern, attractive lunch and hang out eatery Hotel/meeting space facility with bar for Happy Hours where tenants congregate. This creates a nexus between the University and Research Park Shaded walking/bike path between the Research Park and University Increases the physical linkage Adds value and visual aesthetic, show off green practices Opportunity to collaborate with FAU (Department of Civil Engineering) Myriad sponsorship opportunities Named bricks, trees, benches, light post banners Explore the installation of a bike share concept Work with the Division of Facilities to ensure the continuation of the FAU Shuttle around the Research Park and University to ease transportation and parking concerns Develop a venue and reputation for valuable networking events among TBI, Research Park tenants, local businesses, and FAU students and faculty Tie-in with Tech Runway Utilize the TBI mentorship program as a means for building a culture and have the mentors be ambassadors for the Research Park Yearly lunches with each Research Park company CEO Opportunity to discuss current projects and obtain suggestions for future improvements Maintains a constant presence and habit of contact Semi-annual lunch/dinner for all Research Park senior officers together, create sense of community Create and distribute a quarterly newsletter that encompasses the Research Park, TBI, and University activities Create a PDF to email to database and post on Research-Park.org Print limited copies to send to senior executives in the Research Park, University and in the community Grow web-based marketing and social media reach and leverage that audience to benefit Research Park, TBI, and University partners Encourage Research Park and TBI companies to share their successes to leverage marketing resources for them Continue to collaborate with FAU Facilities to purchase and install new monument signs at the entrance to the Research Park 11
D. Establish a viable location in northern Palm Beach & Broward County Explore a co-working space or mini incubator/co-working space hybrid in downtown Fort Lauderdale Incorporate urban renewal, veterans entrepreneurship or international soft landing as a theme Leverage this location into expanded Broward networks Set up entrepreneurship internships/workshops for high school students Continue to work with Deerfield Beach to explore ways to add value to the City s economic development initiatives Recruit a build-to-suit user to the remaining 4 acres in Deerfield Beach to round out the success started by People s Trust Explore a bio-research/bio-tech incubator in Jupiter Conduct an investigation into profitability, viability, tenant attraction Decide on a site and building proposition Construction 12
Evaluation In order to ensure consistent implementation of this strategic plan it will be reviewed at least twice yearly by the Board of Directors of the Research Park at Florida Atlantic University. In conjunction with that review the President & CEO of the Research Park will prepare a report of his/her assessment of the progress made to date. Strategic imperative A will be measured by the number and impact of the various research and joint projects undertaken between the University and Research Park companies. Strategic imperative B will be measured by the percentage of companies currently in the TBI that graduate within two years from their entry date. Record keeping will begin as of 1/1/14. Strategic imperative C is more difficult to measure. Research Park companies will be surveyed each year on their impression of, and satisfaction with the environment created in the Research Park. Strategic imperative D will be satisfied if a financially sound method of creating additional locations to serve South Florida s economic development needs can be found and implemented. 13