Incubating a Startup Scene: Creating a Vibrant Atmosphere for Tech and Biotech Firms to Grow in Jacksonville

November 5, 2018     0    40

Making the ecosystem PS27, UNF and Mayo together could upend Jacksonville startups’ nemesis: a lack of capital. Last year, Jacksonville ranked 40th out of American City Business Journal’s 44 markets in the amount of venture capital raised by local companies. The lack of investing in Jacksonville caught the eye of Kevin Kennedy, principal of corporate development and strategic investments at GuideWell. Kennedy was formerly vice president of acquisitions at Ponte Vedra-based Levco Group and corporate strategy manager at Acosta before taking opportunities outside of Jacksonville. “When I moved back, I noticed that Northeast Florida had not participated in the capital markets growth that other markets had enjoyed,” said Kennedy. “We don’t have a solid capital infrastructure here for entrepreneurs.” Consequently, local startups either tend to take on debt or bootstrap their companies with miniscule operating budgets, Kennedy said. Until recently, this has been an issue that was largely ignored here, Kennedy believes. “Jacksonville’s approach has been to throw seeds out on the ground and see what grows,” he said. “But for something to grow, the soil has to be right, the temperature has to be ...

Jacksonville Leaders Say London Trip Will Score Economic Results

October 31, 2018     0    49

Past trips resulted in U.K. companies entering into economic development agreements that brought 130 jobs to Jacksonville by the end of 2017, according to reports filed with the city’s Office of Economic Development. City Facilities Management FL, a subsidiary of City Refrigeration Holdings in Scotland, put its North American headquarters in Jacksonville, bringing 60 jobs at an average salary of $89,988 to the city, according to the company’s report to the city. London-based Resource Solutions, an international recruiting services firm, opened a Jacksonville office that created 70 jobs with an average wage of $46,393, according to the company’s report. The city also struck an economic development deal with Greencore USA, a food-preparation company whose global headquarters is in Ireland, aimed at adding 283 new jobs on top of 259 existing jobs at its processing center in Jacksonville. But through the end of 2017, the company reported no new jobs. Greencore said it is seeking to add customers for the Jacksonville center so the volume of orders increases. JAX Chamber also credits the London trip in 2013 with starting discussions that resulted in Deutsche ...

Jax Council Passes Major Economic Incentive Packages for Downtown, Industrial Development

October 29, 2018     0    65

Four major economic development projects passed final legislative hurdles at Tuesday's City Council meeting. Two of those - Project Glass and Project Empire - could be the deciding factor in whether two companies decide to open distribution centers in west Jacksonville. The other two - the Jones Brothers Furniture Building and an eight-story apartment complex planned on the Southbank - could bring dozens of new residents downtown. All four projects passed unanimously, with the exception of incentives for the downtown projects, which did not receive the approval of Council Member Garrett Dennis. Here's the run-down on what these projects entail: Project Glass In legislation, the company behind this project is described as a home improvement goods manufacturer looking to open a location in the Southeast where it can manufacture and distribute products. The company does not yet have a manufacturing facility on the East Coast and is considering leasing 70,000 square feet in a northwest Jacksonville facility. Through the Qualified Targeted Industry Tax Refund program, the company received a city and state-funded incentives package that would give the company $5,000 per each job it creates, up to ...

Manufacturing Facility Picks Jaxport Over Port Tampa Bay

October 19, 2018     0    89

Plant City EDC President Jake Austin announced to investors that Project Buckeye eliminated Plant City from its short list of potential communities. Austin told Tampa Bay Business Journal the port was in conversations with LaRose Industries for over a year and the company considered building the facility in Plant City or south Hillsborough County; however, company officials were concerned about hurricanes and the evacuation zones in south Hillsborough. "They were happy with the Plant City option, but with putting costs together, their shipments from China would be better positioned in Jacksonville due to its Asian carriers," Austin said. LaRose Industries COO Randy Tarino explained further in an email why they selected Jacksonville over Tampa Bay. "Jacksonville was eventually selected due to JaxPort’s superior advantage over the Port of Tampa as it regards the frequency of container ships from China and due the availability of a building suitable to the needs of LaRose Industries within the required time frame to move our manufacturing, distribution, and warehouse operations during the first quarter of 2019," Tarino wrote. Asian containers have been Jaxport's fastest-growing business segment for years and helped the ...

Clay County Home to Top Ranking ZIP Codes

October 18, 2018     0    73

Clay County is proud to have 5 of the top 18 ranking ZIP codes for year-over-year growth in average single-family homes in Northeast Florida.   Construction of the First Coast Express is fueling this increase.  Clay County population growth projections are by-far the largest in the region for the next 10 to 15 years.  Concurrently, 77% of Clay County residents commute into neighboring counties to work.   Clay County is home to the second highest wage earners in the region. To learn more about business opportunities in Clay County, Florida, call 904.375.9394.