Tristan Wood
Florida State University announced Tuesday it has pledged $5.6 million in capital commitments to bring North Florida Innovation Labs (NFIL), a research-centric business incubator, to Leon County’s Innovation Park.
The funding comes from the FSU Research Foundation and includes a $2.6 million gift and $3 million loan. The lab is also receiving a $12.4 million federal grant and $2.8 million from the Blueprint Intergovernmental Agency’s Office of Economic Vitality.
NFIL is a 40,000-square-foot incubator designed to assist developing companies by co-locating them in an established research park with other companies to develop products that are vital to new and expanding businesses.
FSU President Richard McCullough said he believes research conducted in the labs will lead to job creation and economic development locally.
“Universities are economic engines,” McCullough said. “This partnership with the city and Innovation Park will enhance our existing research operations while building new partnerships and creating new jobs.”
Tallahassee Mayor John Dailey applauded the investment. He said funding for the labs furthers investments into projects that generate jobs and attract talent to the city.
“This investment from Florida State University complements the city’s investment, via Blueprint’s Office of Economic Vitality, and will help us maintain our competitive position as a vibrant community with a strong local economy,” Dailey said.
McCullough said the project is the university’s next step to keep graduates in the area and generate startups based on university research.
“It is our intention to make a substantial investment in the North Florida Innovation Labs and do everything we can to ensure it comes to fruition,” he said.
