Richard S. Bernstein, CEO
PALM BEACH COUNTY BUSINESS | THE INNOVATION ISSUE
In the Know From the CEO Innovation that Thrives, in the Sunshine. Page 2
The Palm Beaches
A Hub for Smart, Sophisticated People and Companies. Page 3
Cultivating Talent
The inaugural Wall Street South Stock Pitch Competition. Page 3
Quantum Innovation Center at Palm Beach State College. Page 5
Innovation Spotlight
SCS Financial: Where Innovation Drives Returns. Page 6
Sivotec: Engineering Bio & Health Technology Page 7
NAZTEC International: Innovative AI & Robotics. Page 8
BioStem Technologies: Advancing Innovative Wound Care Page 9
AMPERA: A Global Nuclear Company Page 9
News & Notes
D-Wave Selects Boca Raton for New Corporate Headquarters. Page 12
FAU Becomes State’s First University to Host Onsite Quantum Computer. Page 12
BDB Receives $1M in Federal Funding to Advance Quantum Ecosystem in the Palm Beaches. Page 15
Three Innovative Companies in the Glades Region Page 15
CareerSource Palm Beach County Business Solutions page 16
Innovation that Thrives, in the Sunshine
From Kelly Smallridge, President and CEO Business Development Board of Palm Beach County
THE PALM BEACHES WERE FOUNDED innovation. From the IBM research facility in Boca Raton that brought to the world the modern personal computer, to the latest innovations in AI, quantum computing, even advanced robotics, Palm Beach County is the hub of ground breaking research and development on the cutting edge of 21st century life.
Everywhere you look in the Palm Beaches, innovation is changing the landscape. Beyond information technology, our research, development and creation of technology, tools and applications are changing IT, fintech, medtech, higher education, workforce development—even construction, agriculture and data centers.
The Palm Beaches have become known globally as Wall Street South. This reflects more than the relocation of private equity, venture capital, family offices and friendly and lower-tax destination. Wall Street South also isn’t just about the migration of people and employers. It’s the transference of intellectual capital by brilliant minds, forward-thinking businesses and families who are driving the region’s future.
This issue of Quarterly spotlights companies whose innovative approach is driving every aspect of the Palm Beach County economy. You see it in higher education with Florida Atlantic University’s investment in a quantum computer. The Quantum Innovation Center at Palm Beach State College will put quantum applications in the hands of students, professors and other innovators to prepare the next-gen workforce for futurefocused career opportunities.
Innovation is the lifeblood of the 21st century economy, and the Palm Beaches are at the center of its pursuit. The Business Development Board of Palm Beach County, in partnership with area schools, CareerSource of Palm Beach County, the county commission of Palm Beach County and state partners SelectFlorida and FloridaCommerce, are working to ensure every employer here can thrive in the new, innovative global economy.
THE PALM BEACH COUNTY BOARD OF COUNTY COMMISSIONERS (BCC) adopts ordinances to establish policies and programs aimed at protecting the health, safety and general welfare of residents. The BCC works to resolve major problems facing local government and guides growth and development. In addition to efforts provided by the Department of Housing and Economic Development, the county works closely with local boards and committees to create job growth incentives and strengthen economic development.
Business Development Board of Palm Beach County, Inc. 310 Evernia Street
West Palm Beach, FL 33401 561.835.1008 | bdb.org
Kelly Smallridge President & CEO
561.835.1008 Ext. 4121 ksmallridge@bdb.org
Kristen Bardin Vice President – Private Investment
561.835.1008 Ext. 4110 kbardin@bdb.org
Tim Dougher
Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4131 tdougher@bdb.org
Kristen Liberman
Vice President – Marketing & Media Relations 561.835.1008 Ext. 4106 kliberman@bdb.org
Shawn Rowan Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4108 srowan@bdb.org
ON THE COVER:
Sal Pazhoor, Founder, President & CTO of Naztec International Group LLC, West Palm Beach along with the company’s Humanoid Robot Prototype, LIZA.
Photo: Robotics Division, Naztec International Group LLC
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Palm Beach County Business Quarterly is published by Passport Publications & Media Corporation, on behalf of the Business Development Board of Palm Beach County, Inc. All rights reserved. No part of this publication may be reproduced without the expressed written consent of the Business Development Board of Palm Beach County, and the publisher. © 2026 Passport Publications & Media Corporation
The Palm Beaches A Hub for Smart, Sophisticated Ideas, People, and Companies
WALL STREET SOUTH isn’t just about a geographic shift—it’s a movement of brilliant minds, forward-thinking innovators and purpose-driven companies who see the Palm Beaches as the future of finance and innovation. It’s about collaboration, community, and compassion—where success meets substance, and business leaders invest not only in growth but in the people and places that make it possible.
» 1,556,268 Population - Lightcast 2025
» 767,964 Total Regional Employment
» #2 Metro in the Nation Overall for Competitive Talent Attraction - Lightcast 2025
» #5 Metro in the Nation Overall for Attracting Talent - Lightcast 2025
» #3 Metro in the Nation Among Large MSAs for Attracting Talent - Lightcast 2025
CULTIVATING TALENT
THE NEXT GENERATION OF FINANCIAL TALENT HAS ENTERED THE ARENA.
THE INAUGURAL Wall Street South Stock Pitch Competition, hosted by the BDB, concluded January 21, after bringing 21 public and private high schools together for a rare, high-level experience—pitching live investment recommendations directly to 15 prominent finance executives.
The fast-paced, collegiate-style competition mirrored elite university investment challenges as student teams advanced through four simultaneous pitch rooms, each judged by executive panels. David Tuthill, Head of Florida for Point72, announced the finalists who then competed live in a “Final Four Finale” battling for the title.
With $10,000 in prizes, final standings were:
» Champions: Pine Crest School
» Second Place: The Pine School
» Third Place: Atlantic Community High School
» Finalist: Palm Beach Gardens High School
More than just a competition, the event reinforced a defining truth about the region: Wall Street South is not a concept—it’s an active
ecosystem. With 119,000 financial service jobs across the Palm Beaches with average salaries of $126,000, the competition offered students a clear line of sight to high-level careers available right here in their backyard. Schools were represented from Boca Raton to Jupiter and west to the Glades Region, spanning 11 private schools and 10 public schools.
“As Palm Beach County solidifies its reputation as Wall Street South, this new competition empowers our students to step directly into the arena and showcase their talent,” Palm Beach County School District Superintendent Michael J. Burke said. “We are grateful to the Business Development Board and the finance executives who offered our students the unique opportunity to take what they’re learning in our classrooms to the ‘boardroom,’ offering them a clear line of sight to high-wage careers in our own backyard. Our students’ success in this competition reinforces that the path to a successful career begins in Palm Beach County public schools.”
QUANTUM INNOVATION CENTER AT PALM BEACH STATE COLLEGE
Palm Beach County promises to become the center of quantum technology with the development of the Quantum Innovation Center at Palm Beach State College (PBSC). Announced in late 2025 at the Quantum Beach 2025 summit showcasing Florida’s rising leadership in quantum technology, the College’s historic downtown West Palm Beach building will house a state-of-the-art center to advance Palm Beach State’s mission to build Florida’s “quantum-ready workforce.”
“The Quantum Innovation Center at Palm Beach State College reflects our commitment to ensuring that the technologies shaping the future are accessible to the communities and students who will power Florida’s economy,” said Ava. L. Parker, JD, President, Palm Beach State College. “We are preparing a workforce that is ready not just for today’s jobs, but for the opportunities of the next decade and beyond.”
With quantum forecast to become a $100 billion sector within a decade, the summit featured representatives from all 14 Florida state universities, along with community colleges, federal partners, and private-sector innovators. Introductions were facilitated by the Business Development Board of Palm Beach County.
The Center’s components will include:
» Cutting-edge facilities, such as a quantum sensing lab, hands-on labs, 3D printing spaces and collaborative discovery zones for students, startups and researchers alike, said Luis Pentzke, Ed.D, District Associate Dean of Computer Science and Information Management.
» A partnership with Florida LambdaRail, the state’s independent research and education fiber optic network, connecting PBSC and Palm Beach County schools directly to Florida’s major universities and national research networks, granting students and faculty access to the high-speed infrastructure essential for quantum computing, artificial intelligence and advanced research.
» Specialized machines, including Quantum Optical Systems and Quantum Encryption and Coding Systems, which will serve students, researchers and industry partners.
The Quantum Innovation Center began as an idea to make quantum technology accessible, said Matt Cimaglia, founder and managing partner, Quantum Coast Capital. Palm Beach State College is turning that idea into something real and facilitating answers to problems that today’s computers can’t touch.
“This center gives students and local companies a chance to build the skills and businesses the future demands,” he said. “It’s a long-term investment in Palm Beach County’s economy and a meaningful step toward making Florida a leader in this field.”
SCS FINANCIAL: WHERE INNOVATION DRIVES RETURNS
WHERE: LEADERSHIP:
Doug Ederle, Co-Founder and Managing Director
West Palm Beach
ADDRESS:
515 N. Flagler Drive, Suite 550 West Palm Beach, FL 33401
ABOUT:
Since its founding in 2002, SCS Financial has matched some of the industry’s most talented professionals and technology with ultra-high-net-worth families who want an institutional-quality investment program paired with integrated wealth planning, including estate, tax coordination, philanthropy, and family governance. “Smart professionals are already present in the Palm Beaches, and additional individuals are moving to the area—especially from Boston and the Northeast,” said Ederle, whose firm oversees some $57 billion in assets. “There are a lot of folks that have moved from the Northeast, and I’m sure that provides comfort and validation for others looking to potentially move here.”
WHY THE PALM BEACHES: INNOVATIVE APPROACH:
The Palm Beaches attract sophisticated families, founders and investors who expect that same level of results, alignment, discretion and sound judgment from their advisers. They also want it delivered locally. “Opening our West Palm Beach office was a natural extension of where our clients are building their lives and businesses,” said Ederle, who oversees five local professionals.
Innovation is central to how we believe we can deliver better outcomes for families. We bring a modern, technology-enabled wealth management experience without losing the human judgment and trust that matter most.
Doug Ederle
ENGINEERING BIO & HEALTH TECHNOLOGY
ABOUT:
LEADERSHIP:
Pete Martinez, CEO WHERE:
Boca Raton
ADDRESS:
4800 T-Rex Ave., Suite 315
Boca Raton, FL 33431
Sivotec develops intelligent solutions that unlock personalized and predictive care through genomics. Its genomic insights to AI-assisted platforms accelerate diagnostics, optimize clinical decisions, and support health systems in delivering efficient and effective care for those from suffering rare, hard-to-diagnose genetic diseases.
WHY THE PALM BEACHES:
Part of the team that delivered the IBM PC out of Boca Raton, Martinez has recruited an international team of scientists utilizing AI advanced platforms to create transformative health care innovation. The company is based in Boca Raton Innovation Campus, the same labs where IBM launched the PC in 1981. “The entrepreneurial spirit is strong here, and we had the opportunity to grow in the candy store of innovation,” he says.
INNOVATIVE APPROACH:
By putting the latest technology and its proprietary large language model in the hands of “fresh blood” (students and interns) and “gray hairs” (seasoned scientists and university geneticists), Sivotec is accelerating the learning curve and testing results that once took days or weeks into seconds.
NAZTEC INTERNATIONAL:
INNOVATIVE AI & ROBOTICS
Sal Pazhoor, Founder President & CTO
WHERE: LEADERSHIP:
West Palm Beach
ADDRESS:
263 N. Jog Road
West Palm Beach, FL 33413
ABOUT:
NAZTEC® International Group leads in technology services, information technology consulting, election equipment manufacturing, engineering product design and international trade services, with a recently launched Aerospace & Defense Additive Manufacturing Line and AI & Robotics Division at its 15,000-square-foot facility. Some among the company’s 300 employees are working on intelligent conversational humanoid robots, quadrupeds and six legged robotic systems, including two-way, full intelligent conversational capability in multiple languages.
WHY THE PALM BEACHES:
The talent and innovative spirit here fuel Pazhoor’s entrepreneurial pursuit that has delivered more than 20 patents. At his side are interns and staff from Florida Atlantic University, Palm Beach State College and Lynn University, whom he instructs as the next generation of innovators. “There’s a lot of great talent here.”
INNOVATIVE APPROACH:
Founded in 2002 by the lifelong technologist Pazhoor, Naztec today develops innovative products that save clients time and money, especially in the election space. Its SMARTPOLL® Election Solutions has supplied more than 250 clients with thousands of voting booths in 33 states.
Jason Matuszewsk, Chairman and CEO
Boca Raton
Headquarters planned at the Research Park at Florida Atlantic University
BioStem Technologies is a leading medtech innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture and commercialization of allografts for advanced wound care.
BioStem’s new headquarters at the Research Park at Florida Atlantic University (FAU) in Boca Raton will create 100 new jobs and bring advanced medtech solutions to the region. “The Research Park location places us among technology innovators and near a university with leading science and health care programs, allowing us to attract and train our highly specialized workforce,” Matuszewski said.
BIOSTEM TECHNOLOGIES: ADVANCING INNOVATIVE WOUND CARE AMPERA:
BioStem Technologies develops and manufactures products that change lives, leveraging its proprietary BioRetain® processing method. BioRetain® applies the latest research in advanced wound care, maintaining growth factors and preserving tissue structure to support healing and tissue regeneration.
A GLOBAL NUCLEAR COMPANY
Ampera is an advanced nuclear energy company, the developer of a next-generation microreactor system designed to deliver emissions-free, autonomous power for defense, data centers, and industrial applications.
WHY THE PALM BEACHES:
Ampera selected Palm Beach Gardens for its global headquarters spanning 100,000 square feet between its two buildings with plans to employ 100 people by the end of the year.
INNOVATIVE APPROACH:
The innovation hub will transform energy technology and deliver safe nuclear energy systems.
News + Events
D-Wave Selects Boca Raton for New Corporate Headquarters and U.S. R&D Facility
THE NEW HEADQUARTERS WILL ADVANCE quantum computing development, technology workforce growth and innovation in Florida, accelerating the state’s emergence as a quantum hub.
D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave” or the “Company”), the only dualplatform quantum computing company, providing annealing and gate-model systems, software, and services, announced that it has selected Boca Raton, Florida as the location of its new corporate headquarters and a key U.S. research and development (R&D) facility. A U.S. company since going public on the New York Stock Exchange in 2022, D-Wave plans to transition its headquarters from Palo Alto, California to Boca Raton, Florida before the end of 2026.
The move to Boca Raton comes amid increased interest in and demand for D-Wave’s quantum computing technology and systems. By establishing a key development hub in Boca Raton, D-Wave expects to support the advancement of its annealing quantum system roadmap with core R&D, testing and support functions housed in the new facility. The new corporate headquarters will be located at the historic Boca Raton Innovation Campus (BRiC).
“Florida represents one of the fastest growing technology ecosystems in the United States, and as such it was the ideal choice for our new corporate headquarters and U.S. R&D facility,” said Dr. Alan Baratz, CEO of D-Wave. “The state offers a rich scientific and educational environment, a growing pool of highly skilled tech talent, and a vibrant spirit of innovation that made it attractive to DWave. With our new headquarters in Boca Raton, D-Wave will bring to South Florida incredible opportunities for advanced research, talent recruitment, and high-impact technology development that is shaping the future of computing.”
“We’ve been mobilizing educators, employers, and investors in the Palm Beaches to engage with quantum computing and other emerging technologies,” said Kelly Smallridge, president and CEO, Business Development Board of Palm Beach County. “Having DWave, a pioneer and leader in quantum computing, locate its headquarters in Boca Raton is a major milestone in establishing South Florida as an emerging tech hub.”
Florida Atlantic University Becomes State’s First University to Host Onsite Quantum Computer
FLORIDA ATLANTIC UNIVERSITY is the first university in Florida to publicly host a large, dedicated quantum computer on site. Announced at Qbits26 with Alan Baratz, Ph.D., CEO of D-Wave; FAU President Adam Hasner; and Florida Secretary of Commerce, J. Alex Kelly, FAU signed an agreement with D-Wave Quantum Inc. to acquire and install the revolutionary Advantage2 system on the university’s Boca Raton campus later this year. The deployment is expected to drive pioneering research, hands-on student training, and real-world applications in areas such as logistics, transportation, and materials discovery, solidifying Florida’s position as a leader in quantum computing.
Welcome to the Complete Side of Care.
Wherever you are in Palm Beach County, Baptist Health is here for you, providing the compassionate, quality care you deserve, right when you need it.
Across South Florida, our complete network includes: 12 hospitals
Renowned institutes for cancer, heart, brain and spine, and orthopedic care
200+ physician practices and outpatient centers
Over 4,500 physicians and 28,000 caregivers
At Baptist Health, caring for you is at the heart of all we do.
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BDB Receives
$1M in Federal Funding to Advance Quantum Ecosystem in the Palm Beaches
THE BDB HAS BEEN AWARDED MORE THAN $1M in federal funding to advance workforce development and facilitate a quantum ecosystem. PBSC also received more than $2M to support the creation of its Quantum Innovation Center. All funding was secured by U.S. Representative Lois Frankel who joined the community for an official announcement.
17 Global Offices Explore Quantum Investments with BDB in Partnership with SelectFlorida
U.S. Senator Rick Scott Meets with 20 Palm Beach-Based CEOs and Owners
Three Innovative Companies in the Glades Region
THE GLADES REGION OF PALM BEACH COUNTY is home to innovative companies driving economic growth. Recently, an exclusive tour conducted by the BDB brought 25 business leaders to visit three companies that exemplify the region’s innovation, scale, and opportunity.
» Florida Crystals Corporation is a sixth-generation agricultural leader integrating sustainable practices, renewable energy, and precision farming across more than 190,000 acres. Its diversified operations demonstrate how innovation can strengthen both global competitiveness and local impact.
» TKM Bengard Farms leverages advanced growing, tracking and food-safety systems to produce more than 100 million pounds of lettuce annually. The company exemplifies how technology-driven agriculture is thriving in the Glades.
» CLN of South Florida represents the region’s growing advanced manufacturing sector, producing high-performance CNC machinery while investing in workforce development and precision engineering.
Blending legacy industries with modern technology, the Glades continues to stand out as a strategic business location.
WHEN CAREERSOURCE PALM BEACH COUNTY sought a guest speaker for a recent Elevate360° meetup, the perfect presenter literally walked right through the front door. Elevate360° meetups are half-day workshops designed to sharpen skills, refine storytelling techniques, and strengthen networking strategies for experienced professionals and military veterans pursuing their next career opportunity. Sessions are often led by seasoned HR experts who share forward-thinking approaches to connecting with employers and elevating professional presence.
“We align the exercises with the guest speaker’s topic for that session to create meaningful, hands-on interaction that supports skill development and strategic networking,” said Eustus Fagan, Director of Talent Solutions and Elevate360°; CSPBC Workshops Professional at CareerSource Palm Beach County.
Diana Smith proved to be an ideal fit. She relocated to Palm Beach County from New York in early 2025, bringing more than 20 years of executive-level human resources experience across the private and nonpro sectors. Encouraged by a friend to explore opportunities at CareerSource, she saw it as a chance to learn more about the region’s HR landscape, understand the local workplace culture, and expand her professional connections.
A dual-certified HR leader, Smith was soon invited to present. Following her initial session, she stepped into a volunteer advisory role with Elevate360°, offering guidance on adaptive thinking, social media strategy, mental agility, career ownership, and the importance of being intentional in professional communication.
“That’s part of the innovation I bring,” she said.
Her continued involvement provides valuable insight and mentorship to participants working to refine their brand and strengthen their job search approach.
CareerSource Palm Beach County’s full-service centers are staffed with career consultants who are dedicated to serving first-time, experienced and professional job seekers. The services include career consulting, computers for job searches, internet access to our statewide jobs database Employ Florida, job search and placement services, workshops, training opportunities, work assessments and more. To learn more, go to careersourcepbc.com.
“Her engagement demonstrates a shared commitment to building strong talent pipelines and cultivating meaningful connections within our professional community,” Fagan said. “At CareerSource Palm Beach County, we prepare candidates with modern strategies to develop a compelling public persona — a key di in today’s competitive job market.”
