Office of Economic, Trade and Tourism
FY 07-08Budget Worksession
July 19, 2007
Economic Conditions
Economic Development Strategy Map
UCF Institute for EconomicCompetitiveness
• Goal: Become one of the top 10 centers for regional economic research.
• New Institute Director Dr. Sean Snaith on survey panels of USA Today, Federal Reserve Bank of Philadelphia.
• U.S. & Florida Forecasts
• Forecasts for 12 Florida Metros
• Forecasts coming for 4 Metro Orlando counties
• Search under way for Orange County Endowed Chair
www.iec.ucf.edu
Visit the Institute’s website and see it featured on CNBC.
UCF Technology Incubator
• University-driven community partnership to support early stage technology companies.
• 70,000 square feet.
• Graduating companies = 21
• Jobs created by Incubator companies = about 800
• Average salary = $59,000
• Investment secured = $160,000,000
• Annual revenues = $250,000,000
• Incubator companies received 1/3 of all Dept of Defense SBIR/STTR R&D contracts awarded in Florida last year.
www.incubator.ucf.edu
UCF Technology Incubator
• Clinical diagnostic laboratory
• Started with 2 employees and no revenues
• Current employment = 82
• 2007 revenue = $10 million
• Expanding and moving into a new building
• Space / telecommunications
• Financial management support
• Connections to UCF faculty and students for business plan development and marketing analysis
• Personal business skills training for management team
Success Story: Cognoscenti Health Institute
Assistance from the Incubator included:
UCF Technology Incubator
• Innovative cooling system that improves performance of solid-state lasers.
• Developing miniature personal cooler for soldiers and first-responders wearing protective clothing.
• Founder came to UCF on a water skiing scholarship, received his PhD, and was one of the first Incubator clients.
• Number of employees at startup = 1
• Current number of employees = 17
• 2007 Revenues = $3 million
• Purchased a new building and is expanding.
Success Story: Rini Technologies
UCF Orange County Venture Lab
• Purpose: nurture new company start-ups and spin-outs from within the university.
• Important now that UCF exceeds $100 million a year in research.
• 2,000 sf on first floor of College of Business Administration. www.venturelab.ucf
• Director, 5 paid coaches, 2 volunteer coaches, and student interns in marketing, nano-science, computer science, engineering, and other areas — interdisciplinary teams.
• Watch for these new companies in the news: Therigy, ePedigree Software, Stormwater Treatment Environments, Inc., and a yet unnamed company in the area of cancer bio-markers.
UCF Small Business Development Center
• In partnership with the SBA, provides business seminars and free one-on-one counseling to small businesses in an 8 county area.
• Orange County Economic Stimulus Package: Elevated level of seminars and workshops to Orange County businesses after 9/11.
www.bus.ucf.du/sbdc
• Advanced offerings in business strategy, marketing strategy, e-commerce, doing business with local government, and disaster planning — over 1,200 participants to date.
Location of participants in Orange County-sponsored SBDC workshops
UCF Advisory Board Council Program
• Free advisory boards for companies in Orange County
• 25 active boards in construction, manufacturing, retail, services, technology, and wholesale.
• 106 advisors on active boards
• 89 companies have had boards since 2003
• 383 advisors have participated
• Advisors have contributed 8,096 hours of their time = $1 million
• Selected as 2004 Program of the Year by the International Economic Development Council
UCF Advisory Board Council Program Successes
Screenworks USA
• Employment increased from 36 to 43
• Revenues increased from $4.2 million to $5.8 million
• Selected 2004 SBA Florida Small Business of the Year
Apex Environmental Engineering & Compliance
• Employment increased from 21 to 29
• Revenues increased from $3.1 million to $6 million
• Selected 2007 SBA Florida Small Business of the Year
American Home Companions
• Employment increased from 92 to 140
• Revenues increased from $3.7 million to $6 million
BBIFBlack Business Investment Fund
• Mission: To develop and promote Black business enterprises.
• Founded through the Florida Small and Minority Business Act of 1985.
• Direct loans, loan guarantees, technical assistance, and advocacy
• Technical assistance and one-on-one counseling provided to 170 business persons in 2006
• 12 new loans funded through BBIF in 2006 = $2.3 million
• Historically, BBIF has provided for over $32 million in loans with a loss rate of under 3.3%.
BBIFBlack Business Investment Fund
• Free advisory boards for companies in Orange County
• 25 active boards in construction, manufacturing, retail, services, technology, and wholesale.
• 106 advisors on active boards
• 89 companies have had boards since 2003
www.BBIF.com
BBIFBlack Business Investment Fund
Success Story: BRS Group
• Helped to hire key personnel
• Assisted business in obtaining bonding that helped the company obtain new contracts
• Reorganized financial statements• Developed payment tracking system that
decreased receivables
• Revenues increased by 56% in 2006
HBIFHispanic Business Initiative Fund
• The leading Hispanic nonprofit economic development organization in Central Florida.
• Free bilingual technical assistance for starting and growing a business.
• In 2006:
Assisted 14,847 inquiries
97 “How to Start Your Business” orientations — 1,235 participants
43 seminars and training programs
69 business loans marketed
• Assisted with $15 million in loans in the last 10 years
HBIFHispanic Business Initiative Fund
www.HBIFOrlando.org
HBIFHispanic Business Initiative Fund
Success Story: ASG Reprographics
• “HBIF was there to help us write a business plan, obtain working capital, and make key contacts with local corporations.”
• Started as a father and son operation with $100,000 in sales.
• Company now has 11 employees, $70,000 in monthly sales, and 4,000 local and national clients.
• ASG is now one of the strongest minority-owned businesses in the local reprographics industry.
Minority / Women Business Enterprise Alliance (“The Alliance”)
• Founded in 1994 as a nonprofit one-stop business resource center for the minority and women business community of Central Florida.
• Certified SBA Micro Lender, Community Development Financial Institution (CDFI), and Community Development Entity (CDE)
• Provides lending opportunities for small business owners who may not qualify for conventional bank financing.
• Access to capital – Workshops – Networking – Technical Assistance to contractors
• Assisted 1,821 contractors in 2006 and 1,002 to date in ’07
• > 1,500 persons attended Alliance Workshops in 2006
• The Alliance assisted in obtaining $918,000 in business loans in the first half of 2007
Minority / Women Business Enterprise Alliance (“The Alliance”)
Success Story: SOHO Loan Event
• April 25, 2007 – Disney Entrepreneur Center
• In partnership with Innovative Bank (FDIC insured “Community Bank”)
• Small Office Home Office Banking is a product developed by Innovative Bank to promote SBA Express Loan programs.
• 48 companies applied for loans at this event
• 36 companies received loans
• Average loan = $19,000
• Use of loans: machinery and equipment, working capital, and inventory
Minority / Women Business Enterprise Alliance (“The Alliance”)
www.AllianceFlorida.com
Office of Economic, Trade and Tourism
FY 07-08Budget Worksession
July 19, 2007