Mark Wilson: Florida’s technology and innovation story is catching on

It’s no secret Florida’s economy is growing.

Florida’s latest population projections predict another 2.8 million residents by 2030. We see $39.6 billion of annual net income — $4.48 million per hour — the most in the nation and three and a half times the amount of net income migration experienced by Texas.

Florida also saw a sharp increase in Gross Domestic Product (GDP) even after adjusting for the effects of rampant inflation.

However, if Florida’s business community is going to succeed in reaching the Florida Chamber Foundation’s “Florida 2030 Blueprint” goal of growing Florida’s current global economic ranking of 16th-largest to the 10th-largest economy on the planet, we’ll need more than continued economic growth. To reach this, we’ll need true economic development led by technologies and innovations researched, developed, tested and manufactured right here in Florida.

Despite Florida’s leadership in many of the overall economic growth metrics tracked on TheFloridaScorecard.org, we have room to grow across many measures of innovation and technology. Employment in the technology industry is an indicator of the size and health of the sector, and Florida still has room to grow as it currently sits at  No. 4 in the country, moving toward the goal of Top 3 by 2030.

Similarly, although in the Top 10 for venture capital investment, Florida’s No. 7 ranking leaves room for improvement toward the goal of also being Top 3 by 2030 in this metric.

There is an even larger gap between where Florida is and where Florida aims to be in research and development (R&D) funding. In this metric, where Florida’s goal is again to be in the Top 3, the state is ranked No. 41, reflective of comparatively low levels of academic, industry and federal funding in innovation. Florida is currently ranked No. 17 in the country for internal corporate R&D funding, currently representing 1.2% of the overall funding in the U.S.

Cool things are happening in the technology and innovation space across Florida. Central Florida is a leading test bed for autonomous vehicles and the certification and operation of electronic vertical takeoff and landing (eVTOL) aircraft.

In the capital region, the National High Magnetic Field Laboratory headquartered at Florida State University is an epicenter for basic research and commercialization in medical science, materials and energy efficiency technologies.

Tampa Bay, South Florida and Jacksonville are leveraging decades of financial and insurance industry activity, and now cementing their status as Fintech hubs.

Successes like these will create other opportunities and successes. We need your help to share the true story of our technology and innovation-led economic development in Florida.

As I’ve often said, “If Florida was a stock, it’d be a strong buy.”

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Mark Wilson serves as president and chief executive officer of the Florida Chamber of Commerce.