Blueprint for an Innovation Economy in Florida Research as Economic Foundation | Page 19

THE LIFE SCIENCES
In Central and Southern Florida (the I4 Corridor
and I95 from Jupiter to Miami), the life sciences
are emerging as a cluster. According to the real
estate firm Jones Lang LaSalle’s (JLL) 2014 Life
Sciences Cluster Report, “Fostered by legislative
priorities… Central and South Florida’s life
sciences industry has experienced significant
growth and continues contributing to overall
economic gains”. 39 This is occurring in spite of
the well documented challenges facing several
nonprofits recruited with state funds.
JLL notes that targeted recruitment incentives
for commercial enterprises, combined with the
earlier investments in intellectual infrastructure,
supported the area’s rise to third in new firm
creation in the 14 areas they track. Ninety new
life science companies were established in 2014.
This is ahead of San Diego’s 77 firms and just
behind San Francisco’s 98 (See Exhibit H). As one
would expect with an emerging cluster, Central
and South Florida’s firm sizes are smaller than
those in more entrenched life sciences hubs. With
time, one should reasonably expect these firms
to mature in size and stature.
SCALE FOR SUCCESS
The success of Florida research assets,
when coupled with appropriate resources,
have shown the ability to identify and scale
research that supports existing and emerging
industry clusters. In expanding on those
successes, the overall trajectory of Florida’s
employment mix and economic outcomes can
be dramatically improved.
This expansion will take time and discipline.
There is no four-week diet or exercise program
that can undo years of a sedentary lifestyle.
Likewise, the intellectual infrastructure adequate
to expand much needed support to current and
emerging clusters, cannot be put in place in time
for a ribbon cutting this quarter or this year. Yet,
if Florida chooses to, it can set the direction and
velocity necessary to influence the quality of our
economic future in the medium term.
The choice we face is: do we want the next 20
years of Florida’s economy to remain on the path
established in the last 20 or do we want a new
direction (See Exhibit I)? If a new direction is in
order, then significant and sustained multi-year
commitments