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University of Central Florida - Economic Diversity and Inclusivity

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University of Central Florida Business Incubation Program is a network of eight incubators which support and unite innovators and entrepreneurs from the region's universities and communities.

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University of Central Florida - Economic Diversity and Inclusivity

  1. 1. Economic Diversity and Inclusivity University of Central Florida Business Incubation Program (UCF BIP) Dr. Thomas O’Neal Associate Vice President, Innovation and Entrepreneurship
  2. 2. The Problem: Historic Key Industries Avionics/Aerospace  Reductions in Defense Spending  NASA/Space Shuttle Program – Accidents and Retirements Tourism & Hospitality  Seasonal Fluctuations  Weather Impacts  Recessions  9/11: • Hotel Residency: - 66% • Resort Taxes: - 26% • Total Visitors: - 2.7 Million Citrus & Agriculture Orange County produced 95% less Citrus in 1990 than in 1970  Weather Impacts  Disease/Pests Central Florida is the only community in America where the majority of jobs — yes, the majority — pay less than $30,000 a year. Nearly 40 percent paid less than $25,000. Perhaps even more striking, according to statistics from Orlando Sentinel: Central Florida ranks No. 1 for jobs that pay $20,000 — with 25 percent of our jobs paying $20,220 or less.
  3. 3. The Solution Diversified, Inclusive, Entrepreneurial Ecosystem  Partnerships - Government - Industry - Academic  Diversity - Mixed-Use and Industry Specific - Multiple Industries - Technology and Professional  Inclusivity - MOUs with Puerto Rico - Women, Minority, Veteran-Owned: • 45% of Current Companies • 30% Graduate Companies Florida’s only Soft Landing program Intellectual Capital Talent Pool Resource Providers/ Support Advocates & Champions Financial Capital The Catalyst for Central Florida’s Entrepreneurial Ecosystem
  4. 4. The Differentiator Multiple Cities, Multiple Backgrounds, One Community  Business Incubation Network • Nine Incubator Locations • Kissimmee to Daytona Beach • Diversified Businesses and Communities  Regional Partnerships  Ecosystem Integration  Regional Economic Prosperity • Equality and Diversification  Track Record of Success • 84% in Business After Five Years  Incubator Expansion • Communities, Industries and Specializations
  5. 5. Why Create an Innovation-Based Economy?  Foster economic prosperity with evidenced ROI through creation of high-wage jobs and generation of revenue  Diversify regional economy and decrease dependence on external resources to eliminate risk of complete economic collapse  Facilitate smarter, faster, organic growth by addressing gaps in entrepreneurial support  Maximize business retention – companies that grow here, stay here  Leverage the strength and creativity that springs from diversity Ability to … Innovative Ecosystems Have…  125 percent higher employment growth  58 percent higher wage growth  109 percent higher productivity Real job growth is created organically through entrepreneurs and rare business leaders.” – Jim Clifton, The Coming Jobs War
  6. 6. Building a Strong Community From July 1, 2014 to June 30, 2016 alone, the UCF BIP:  Sustained 4,710 jobs  Carried impact of over $2.5 billion • $1 of public investment = est. $7 in regional GDP  Delivered an estimated $7.41 in returned taxes  Generated a total of $58 million in SBIR awards for clients Approximately 90% of UCF BIP's graduating companies remain in Central Florida
  7. 7. Opportunity for Everyone UCF BIP Received an “Outstanding Diversity Helping Hand” Award as part of the Orlando Business Journal’s Inaugural “2018 Diversity in Business” Award Program Diversity and Inclusivity Client Companies Women, Minority, Veteran-Owned • 45% of Current Companies • 30% Graduate Companies Staff • 58% Women • 42% Minorities • 21% Veterans Communities South of Disney to Daytona Beach • 13% University Spinouts • 87% Community Entrepreneurs
  8. 8. Helping Our Heroes Veteran Entrepreneurship Initiative  Kauffman FastTrac New Venture Veteran Entrepreneur Course • UCF BIP Piloted the Program in 2013 • Now Taught on U.S. Military Bases Globally  Veteran’s Florida 2017-18 Cohort • 44 Entrepreneur and Small Business Participants • 15 Advanced Course Participants • Immediate Impact:  79% Launched a New Venture  $578,592 in Revenue  $224,650 in Raised Capital  Diverse Veteran Participants • 33% Hispanic • 33% African American • 31% Caucasian • 21% Women
  9. 9. National and Global Presence Helping Our Citizens and Our Neighbors  Soft Landing Program  InBIA Designation  Open Operations in Central Florida  Connections to the Ecosystem  National and International • 47% International • 35% Hispanic  Specialized Incubator Services Memorandum of Understanding with Puerto Rico • UPR and UMET • Two Central Florida Companies Present • UCF-PR Economic Recovery Initiative
  10. 10. The UCF BIP Impact  Diversifying Economy and Industry  Bridging Gaps in Entrepreneurial Support  Uniting and Building Stronger Communities 4,710 jobs | $725 million GDP | $7.41 in returned taxes  Delivering Inclusivity and Diversity and Opportunity  Expanding Presence – Nationally and Globally

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