Office of Economic, Trade
and Tourism
FY 07-08
Budget Worksession
July 19, 2007
Economic Conditions
Economic Development
Strategy Map
UCF Institute for Economic
Competitiveness
• 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
www.incubator.ucf.edu
• 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.
UCF Technology Incubator
Success Story: Cognoscenti Health Institute
• Clinical diagnostic laboratory
• Started with 2 employees
and no revenues
• Current employment = 82
• 2007 revenue = $10 million
• Expanding and moving into a
new building
Assistance from the Incubator included:
• 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
UCF Technology Incubator
Success Story: Rini Technologies
• 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.
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-onone 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
BBIF
Black 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%.
BBIF
Black 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
BBIF
Black 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
HBIF
Hispanic 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
HBIF
Hispanic Business Initiative Fund
www.HBIFOrlando.org
HBIF
Hispanic 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 07-08
Budget Worksession
July 19, 2007