Building Entrepreneurship in Research Park at Florida Atlantic University: A Conversation with Andrew Duffell

Highlights

• Research Park at Florida Atlantic University bridges academia and private sector innovation.
• Entrepreneurship programs like Tech Runway help students and startups develop and scale businesses.
• Focus industries include life sciences, health management, advanced engineering, and AI.
• ModMed’s growth from a small startup to a multi-billion-dollar company exemplifies the park’s impact.
• Strong community and government partnerships support long-term economic development.
• Emphasis on second-stage companies fills a unique gap in the entrepreneurial ecosystem.
• The park is gaining traction with foreign companies amid changing trade policies and incentives.

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Summary

In this episode of The Innovators and Investors Podcast, host Kristian Marquez interviews Andrew Duffell, President of the Research Park at Florida Atlantic University (FAU). The Research Park, established in 1985 and marking its 40th anniversary, serves as a critical bridge between the university’s research enterprise and the private sector, fostering innovation, entrepreneurship, and economic development in South Florida. Duffell highlights the park’s mission to support students, faculty, startups, and second-stage companies by providing resources, mentorship, and connections to investors and industry leaders, emphasizing the importance of retaining talent and jobs within the local community.

Duffell discusses the evolution of entrepreneurship within tertiary education, noting how universities like FAU have embraced entrepreneurship through incubators such as Tech Runway, which helps early-stage companies develop viable products and secure investments. The Research Park focuses primarily on second-stage companies—those with some traction and revenue—providing them with specialized resources to scale, particularly in life sciences, health management, advanced engineering, and AI-driven technologies.

A notable success story is ModMed, a healthcare software company that began in the park with a dozen employees and has grown to employ 2,000 people, valued at $5.3 billion. Duffel explains that the park does not currently take equity stakes in companies but is exploring new funding models to sustain and expand its services. The conversation covers challenges such as the scarcity of incubators tailored to second-stage companies, funding limitations, and the difficulty in attracting investment for specialized scientific infrastructure like wet labs.

Duffell also reflects on the importance of Florida’s business-friendly environment, including low taxes and quality of life factors, which help attract and retain companies and talent. He shares insights from his career path in economic development and stresses the critical value of building and maintaining relationships. The interview concludes with considerations for potential future improvements, including greater investment in scientific equipment and facilities, and the opportunity to attract more foreign companies due to changing geopolitical and trade environments.

Key Insights

• University-Industry Collaboration Drives Innovation: The Research Park acts as a vital nexus where university research meets entrepreneurial ambition, providing students and faculty direct access to private sector innovators. This collaboration not only accelerates commercialization of university research but also enhances student career prospects without requiring them to leave South Florida, supporting local economic retention and growth.
• Targeted Support for Second-Stage Companies is Unique and Crucial: While many incubators focus on startups, the Research Park specializes in second-stage companies—those with some product-market fit and revenue but still needing guidance to scale. This focus addresses a critical gap in the innovation ecosystem, providing tailored resources such as market intelligence, investor relations, and connections to large clients that are essential for sustainable growth.
• Entrepreneurship Education is Both Innate and Learnable: Duffell acknowledges the debate around whether entrepreneurship can be taught but emphasizes that while the drive to create may be innate, the necessary business skills—fundraising, pitching, financial modeling—can and should be taught and refined through mentorship. This dual approach strengthens the entrepreneurial pipeline emerging from universities.
• Infrastructure Investment is a Key Bottleneck: The lack of specialized scientific infrastructure like wet labs and expensive core equipment limits the attraction and growth of chemistry- and drug-discovery-focused startups locally. Public sector investment in such infrastructure could lower costs for startups and catalyze growth, but funding and risk remain challenges for both public and private entities.
• Global and Local Factors Shape Entrepreneurial Ecosystems: Florida’s favorable tax environment, high-quality universities, and quality of life amenities are strong draws for both domestic and international companies. Recent geopolitical shifts and trade policies have increased interest from foreign-owned companies seeking to establish U.S. operations in business-friendly states like Florida, presenting new opportunities for the Research Park.
• Community Integration Fosters Company Retention: The Research Park and FAU work actively to embed companies and their leaders into the local community through advisory boards, chambers of commerce, and cultural activities. This social integration strengthens roots and decreases the likelihood of companies relocating, even when other states offer financial incentives.
• Relationship Building is a Cornerstone of Economic Development: Duffell’s reflections underscore that success in economic development relies heavily on cultivating and maintaining strong relationships across government, industry, academia, and community. Personal interactions, including informal ones like shared meals, are invaluable for trust-building and collaboration, which sustain long-term ecosystem growth.

Additional Context and Analysis

The interview provides a comprehensive view of how a university-affiliated research park operates as an economic engine within a regional innovation ecosystem. Unlike many startup incubators focusing solely on early-stage ventures, the Research Park’s deliberate focus on second-stage companies highlights a sophisticated understanding of the entrepreneurial lifecycle. This approach maximizes the value of initial investments and nurtures companies that are more likely to create significant employment and economic impact.

The success of ModMed serves as a compelling proof point that such targeted support can yield transformative outcomes, yet Duffell is realistic about scalability given funding constraints and competition for talent and infrastructure. The nuanced discussion about infrastructure needs—particularly wet labs—reflects a common challenge in life sciences innovation ecosystems, where capital-intensive facilities are often a barrier to entry for emerging firms.

Duffell’s emphasis on Florida’s non-financial incentives, such as quality of life and community involvement, aligns with broader economic development research showing that talent attraction and retention often hinge on lifestyle factors, not just tax breaks. His cautious optimism about renewed conversations with private investors and foreign companies signals a maturing ecosystem poised for growth but still requiring strategic investments to unlock its full potential.

Overall, the interview offers valuable lessons for university leaders, economic developers, policymakers, and entrepreneurs about the importance of ecosystem design, long-term patient capital, and community engagement in building sustainable innovation hubs.

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