Andrew Duffell, President, Research Park at Florida Atlantic University

Invest: caught up with Andrew Duffell, president of Research Park at Florida Atlantic University, to discuss key milestones, economic impact, and future priorities, highlighting the park’s achievements over the past year, and its role in South Florida’s evolving technology ecosystem. “The companies we’ve added to the park over the past year have been incredibly innovative, particularly in health tech,” said Duffell.

What are some recent milestones for the Research Park at Florida Atlantic University over the past year?

2025 marked our 40th anniversary, which is very exciting. Over the past year and the year prior, we saw several new companies join the Research Park. Some of them joined us here at Global Ventures, and a new ownership group took over several buildings within the park. They’ve invested more than $2 million in renovations and upgrades to create a more pleasant and enjoyable workspace, which, in turn, has helped us bring in more tenants.

The two main companies involved in these improvements — PEBB Enterprises and Banyan Development — are both based locally in Palm Beach County, specifically Boca Raton. These companies have a history of real estate developments across Florida and have committed significant resources to the Park’s growth and success. We’ve truly enjoyed working with them.

The companies we’ve added to the park over the past year have been incredibly innovative, particularly in health tech, which aligns closely with the research and education happening at Florida Atlantic University. This alignment is essential to our mission, and having these companies join us has been a huge win.

We recently released the official economic impact report for 2024 at our Economic Outlook Conference.

The companies within the Research Park and Global Ventures supported 978 jobs in 2024, with 160.5 net new jobs added. In addition, 34 internships were provided to Florida Atlantic University students through these companies. We project that approximately 174 new jobs will be created in 2025.

In terms of revenue, the companies based here generated $657 million through their research, development, and commercialization efforts. Additionally, these companies contributed $11.9 million in personal income through payrolls.

Our economic analysis revealed that, beyond the nearly 1,000 direct jobs, the Park’s activities supported 4,680 indirect and induced jobs throughout the region.

Beyond that, the personal income generated as a result of the park’s activities amounted to $373.26 million, while the total economic output was $708m for 2024. This was the first comprehensive analysis we’ve conducted since 2017, so it was great to update those numbers.

Looking ahead, our projections for the next few years show a cumulative economic impact of $1.1 billion by the end of 2028. This will include 3,511 direct, indirect, and induced jobs annually.

What current trends are you seeing in South Florida’s technology ecosystem, and how is the Research Park responding to them?

The region has experienced a massive influx of attention, people, and investment over the past few years. Many of these newcomers are involved in creative, innovative industries, with a strong presence in finance and finance-related ventures.

We’ve seen notable growth in technology and life sciences, particularly health tech. These sectors have drawn interest not just from across the U.S. but also internationally. Over the past year, we’ve welcomed companies from Israel, Turkey, Canada, and various South American countries to Global Ventures, and we don’t see that slowing down anytime soon.

South Florida’s appeal has only grown since the pandemic. Our region offers easy access to key markets — whether it’s Europe, South America, or the rest of the U.S. For European companies, the time zone advantage and travel efficiency make South Florida an excellent launchpad into the U.S.

Florida Atlantic University’s growth has also played a significant role. In 2023, the men’s basketball team’s Final Four appearance in March Madness drove a 40% spike in applications. The following year, in 2024, the team’s return to the NCAA Tournament kept that momentum going. This increase in applications allowed the university to be more selective, improving the overall quality of its student body.

Meanwhile, younger faculty members are securing more funding from federal and state programs, boosting the university’s research capabilities. These efforts have led to more patents and greater commercialization potential, particularly in health tech and advanced engineering.

It truly feels like everything is coming together at the right time to propel further growth in the coming years.

How are companies at the Research Park making progress in neurological and healthy aging?

One of the companies that joined us last year, Thema Brain Health, is focused on developing technologies and processes to detect Alzheimer’s and Parkinson’s diseases much earlier, sometimes in patients as young as 30. Their work uses behavioral analysis to identify early warning signs and provide patients with strategies to reduce their risk and slow disease progression.

They’ve also started delivering some of the recently approved Alzheimer’s medications, ensuring patients receive the most advanced treatments available. On top of that, they’re collaborating with the university on clinical trials of a new technology that uses functional MRI to deliver drugs directly into the brain by piercing the blood-brain barrier. This allows for more effective, concentrated treatments.

Other companies in the Park are improving surgical outcomes through innovations in sterilization techniques for medical equipment, and the university’s medical school, which is partially based here, continues to make contributions in these areas.

What challenges is the Research Park anticipating in 2025, and how are you preparing to navigate them?

The economic landscape in 2025 is still uncertain, especially with new federal policies on the horizon. However, South Florida — and the Research Park in particular — is well-positioned to handle any potential volatility.

Our low tax burden for both corporations and individuals continues to be a significant advantage, especially as companies move away from states like New York and California due to higher taxes and stricter regulations. With Florida Atlantic University’s rising prominence and the region’s diversity and access to talent, we’re becoming increasingly attractive to innovative companies.

We see tremendous room for growth in the Research Park and the broader region, and we’re optimistic about the future.

What are your top priorities for the coming years?

Our main priority is attracting the best technologists and innovators from around the world to join the Research Park. We have ample room to grow, and we’re focused on continuing to build a vibrant community of innovation and entrepreneurship.

Additionally, we want to maintain a strong understanding of the research happening at Florida Atlantic University and the technologies available for licensing and commercialization. This allows us to connect with top entrepreneurs in those fields and encourage them to develop these innovations here — helping both the local economy and the health and well-being of people worldwide.