INNOVATION AND ENTREPRENEURSHIP AT FLORIDA ATLANTIC UNIVERSITY
Florida Atlantic University
Founded in 1961, Florida Atlantic University has become a catalyst for innovation across its six campuses. Spanning six campuses with over 30,000 students, Florida Atlantic has earned recognition as a top public university. By doubling research expenditures and enhancing student achievement, the university cultivates a dynamic environment where diverse perspectives fuel groundbreaking ideas and business ventures.
Florida Atlantic University’s nationally ranked programs offer research-focused curricula and support through fellowships and assistantships at all levels. The university strives for recognition in educational excellence and distinguished programs, aiming to be a creative hub for impactful research and innovation.
Entrepreneurship Education and Ecosystem
Florida Atlantic University’s entrepreneurial ecosystem is integrated into the university’s strategic plan. The College of Business and the Adams Center for Entrepreneurship serve as the main hubs for entrepreneurship education.
The ecosystem supports founders at every stage of the innovation and startup process through various programs and resources, including:
- WAVE
- Office of Technology Development
- Tech Runway
Adams Center for Entrepreneurship
Located at Florida Atlantic’s College of Business
The Adams Center for Entrepreneurship, established in 2001 and named after Florida Atlantic University graduate Scott H. Adams, is the epicenter of entrepreneurial support at the university. It unites students, faculty, and the community to foster innovation and create new opportunities.
Curriculum and Faculty
The Center offers comprehensive entrepreneurship coursework facilitated by experienced business faculty. In the 2023-2024 academic year, nearly 500 students enrolled, with about 30% pursuing a degree.
The faculty, consisting of over 20 members, brings real-world experience, with many serving on boards and having started their own businesses. The undergraduate program ranks among the top 25 nationally.
Development
The Office of Technology Development (OTD) at Florida Atlantic University plays a crucial role in bridging academia and industry by protecting and commercializing university research. It fosters innovation and propels inventive ideas into the marketplace, empowering researchers, entrepreneurs, and businesses.
Resources for Innovators
- OTD evaluates new intellectual property, ensuring protection through patents, copyrights, and trademarks.
- It develops marketing and commercialization strategies, negotiates licenses, and supports start-ups from faculty, staff, and students.
Industry Partnerships
- OTD builds collaborations with corporations and foundations, enhancing research capabilities and commercial impact.
- It aligns academic research with industry needs and connects investors with intellectual property assets.
Innovation Pilot Award Program
Recently established, this program provides crucial funding for researchers to advance early-stage innovations through testing and prototyping.
Key objectives:
- Bring innovations closer to market readiness.
- License innovations to industry partners.
- Form new companies and attract funding.
This program accelerates commercialization and enhances Florida Atlantic University’s innovation ecosystem.
FLORIDA ATLANTIC WAVE PROGRAM
The Florida Atlantic WAVE Competition is a pivotal program in the university’s entrepreneurial ecosystem, challenging undergraduate and graduate students to develop innovative solutions to societal problems.
Program Highlights:
- Each year, WAVE selects approximately 12 promising projects, providing initial funding of $500 to kickstart development.
- The competition culminates in awards, including:
- $2,000 grand prize for the top project.
- $1,000 prizes for outstanding community engagement initiatives and Palm Beach State College participants.
- Evaluation criteria include innovation, creativity, societal impact, feasibility, marketability, and academic performance.
Beyond Financial Backing:
- WAVE serves as a gateway to further resources through:
- Tech Runway at Florida Atlantic University.
- Adams Center for Entrepreneurship.
By fostering innovative thinking and providing essential resources, WAVE nurtures the next generation of entrepreneurs at Florida Atlantic University, strengthening its position as a hub for innovation and entrepreneurship.
PROGRAMS AND SUPPORT
- Entrepreneurship Bootcamp Program
- Comprehensive training and certification for entrepreneurs.
- Affordable, eight-week program covering essential early-stage founder knowledge.
- Veterans Florida Entrepreneurship Program
- Sponsored by Veterans Florida, offering three intensive 10-week training sessions for veteran business owners.
- Veterans receive mentorship from successful entrepreneurs.
- Florida Atlantic University Business Pitch Competition
- Annual event for students, faculty, staff, and recent graduates to pitch ideas and secure funding.
- Includes a veteran track with startup seed funding sponsored by Eric H. Shaw and Office Depot.
- Offers prizes, business services, and networking opportunities.
The Adams Center is a dynamic hub, supporting and educating founders to advance their entrepreneurial journeys. It fosters a thriving ecosystem at Florida Atlantic University, empowering innovators to achieve their dreams and drive economic growth.
Tech Runway at Florida Atlantic University
Tech Runway at Florida Atlantic University is a pivotal program in South Florida’s startup ecosystem. Over the past decade, it has transformed innovative ideas into successful businesses, contributing to regional economic growth by supporting hundreds of ventures that created over 1,000 jobs, generated $300 million in revenue, and raised $162 million in capital.
Venture Program
Tech Runway offers participants resources valued at over $100,000, including:
- Mentoring: Structured team-based mentoring from industry experts.
- Education: Comprehensive entrepreneurial workshops and education.
- Research Access: Use of Florida Atlantic’s research facilities and faculty expertise.
- Investor Connections: Links to potential investors and early-stage capital.
- Business Support: Assistance from college interns.
- Networking: Opportunities for networking and pitch practice.
Selection Process
Twice a year, Tech Runway selects high-growth potential entrepreneurs, focusing on ventures aligned with the university’s research priorities, such as:
- Drone technologies
- Artificial intelligence (AI)
- Cybersecurity
- Environmental sciences
Mentoring is tailored to each startup’s needs, while the educational component covers business model development, financial planning, and marketing strategies.
Ongoing Support
Participants receive practical support, including:
- Assistance from interns.
- Regular pitch practice to refine presentation skills.
Tech Runway continues to evolve, adapting to entrepreneurs’ changing needs, and remains committed to refining its offerings and maintaining its leadership in startup incubation and acceleration.
As it enters its second decade, Tech Runway exemplifies how universities can drive innovation and economic development, solidifying South Florida’s position as a hub for technological advancement and entrepreneurial success.
Continuing Support for Growing Enterprises
Florida Atlantic University extends its support for businesses through partnerships that provide ongoing assistance for growth and operation:
- Florida SBDC at Florida Atlantic University:
- The Small Business Development Center, an SBA program, helps small businesses start, grow, and succeed in Broward and Palm Beach Counties.
- It offers participants expert guidance and no-cost resources during and after Florida Atlantic University programs.
- The Research Park at Florida Atlantic University:
- Fosters technology-based economic development by connecting innovative entrepreneurs with Florida Atlantic University research faculty.
- Provides a supportive environment for R&D companies, facilitating the commercialization of discoveries.
- Recognized as Florida’s premier university research park.
Conclusion
Florida Atlantic University is a leader in fostering innovation and entrepreneurship in South Florida through a comprehensive ecosystem, providing unparalleled support for innovators at every stage.
The university’s dedication to excellence in education and robust support structures empowers students, faculty, and community members to turn their ideas into impactful ventures, bridging academia and industry to drive regional economic growth and technological advancement.
Through dynamic programs and initiatives, Florida Atlantic University is shaping the future of its students and contributing significantly to broader economic and societal progress.
