How Business Incubation Impacts Small Business Growth in Central Florida
There’s no denying the huge impact on companies that successfully complete a well-designed incubation program. According to the U.S. Small Business Administration, only 44% of small businesses in the country remain in business after four years. However, the National Business Incubation Association has found that 87% of incubated companies are still in business five years after graduating from their program.
Public funding for the UCF Business Incubation Program also yields a healthy return on investment. Between October 2011 and June 2013, the UCF Business Incubation Program generated a fiscal return of over $6 for every $1 of public investment. Those numbers are encouraging for a program that uses public funds to make a positive financial impact on the community.
See How Business Incubation Clients Make a Positive Community Impact
According to the National Business Incubation Association, 84% of business incubation clients continue to operate in their community after graduation. The UCF Business Incubation Program was created to make a positive community impact in Central Florida. The Program diversifies the Central Florida economy by nurturing early-stage, homegrown companies with the potential to create high-wage jobs. From October 2011 to June 2013, the UCF Business Incubation program also directly sustained 1,865 jobs in the region, generating local tax revenue along with new jobs.
In the same period, the UCF Business Incubation Program’s current and graduated firms directly and indirectly sustained over 3,350 jobs in Central Florida. This created a direct economic impact in the Central Florida region of over $327 million. Since 1999, over 100 companies have graduated from this program.
"Joining the incubator was a real ‘eye-opener’. . . it has really helped us focus on building our organization as well as in positioning ourselves in becoming the market leaders in our industry. Our access to resources from networking with other start-ups to legal, finance, HR, market research, and operational support is tremendous and invaluable. Thanks to the UCF incubator team for making things happen for us. . . it’s almost unreal. I don’t think you can get this level of support and knowledge anywhere else."
"When I was first introduced to the UCF Incubator program I could immediately see the benefits to entrepreneurs. For over 3 years, Jim & Jessica have always assisted us with introductions & requests. I believe we have received invaluable benefits for the small expense as a client. Great people, great program. Thank you UCF!"
"The UCF Incubation Program was just what I was looking for when deciding how to grow my business! They’ve provided not only a fertile environment for true entrepreneurship but have given me access to valuable resources I would not have had access to otherwise."
"The UCFBIP at the Central Florida Research Park has been a rich and fertile business community for developing and growing my Small Business. The UCFBIP has provided many collaborative business opportunities that can combine technologies and services to create great business opportunities to be pursued for which I am thankful. "
"UCF Business Incubation Program personnel are your best friends in business because they truly care about, and contribute to your success. From their years of success in helping businesses grow and prosper, they have the answers, support, and referrals on-hand and ready, even before I can determine my questions and needs."
"I want to thank the UCF Business Incubator Program for their outstanding accomplishments in support of small business growth in Central Florida! The UCF Small Business Incubation Program is absolutely vital to the growth of business, local employment, tax revenue, personal achievement and support of UCF graduates into the workforce. I believe that our business would not be as successful without them!"
"I consider it a great privilege to work with the UCF Incubator program and the Veteran’s Initiative. As a veteran-owned small business, I found it difficult to find mentors in business that didn’t cost a fortune. The guidance and tools I need to succeed are all provided, as well as the advice necessary to take my business to the next level. Thank you UCF Incubator!"
"The Incubator has been amazing at adapting to our changing needs and fostering our growth. In fact, as we grow the Incubator grows with us!"
"The Incubator is like having office hours with a professor. Any questions you might have they can either answer, or lead you in the right direction."
"The networking aspect of the incubator program is the most valuable asset they could offer, they have given ISR numerous opportunities to show case our capabilities to discuss real business options with both large and small businesses. "
"One of the most difficult parts of being a start-up is to get going alone. The UCFBIP has provided me with lots of resources to help my business grow and develop. This support and network system is really invaluable for any entrepreneur."
"The UCF Business Incubator has helped us grow and become successful as a technology company that focuses on STEM."
"The continued professional support, education and entrepreneurial atmosphere of UCFBIP has been a unique, cooperative opportunity to be successful against the odds. We continue to grow and innovate within our field because of the resources and talent available to us."
"We truly believe in the importance of a collaborative and supportive environment in which innovation and business can grow and flourish. One such environment is offered through the dedicated and tireless efforts of many at the UCF Technology and Business incubator. Ideas and teams are nurtured, becoming solid businesses and true industry game changers! "
"The UCF Business Incubation Program has been instrumental in aligning Athena-Tek to succeed by offering key strategic alliance opportunities, guidance and motivation. The Program's professional and talented team has been very responsive to our many organizational, tactical, and business development queries. "
"UCF BIP has given me the resources and connections I need to grow my business into new markets. It's an incredibly valuable resource for new entrepreneurs."
"Without the incubator and the services that they provide we never would have made it off the ground. The programs and advisory services are why we have made it through this tough economy."
"I would like to thank the UCF Incubator program for an outstanding job. There is an almost limitless amount of excellent quality resources available from the program and I would recommend the program to anyone."
See How UCF Business Incubation Program Partnerships Help You Succeed
It all starts with collaboration. The UCF Business Incubation Program is an economic development collaboration between the University of Central Florida, the Florida High Tech Corridor Council, Orange, Osceola, Seminole and Volusia Counties, and the cities of Apopka, Orlando, Kissimmee, St. Cloud and Winter Springs. The Program also features numerous business professionals, firms, agencies, and community organizations who participate in your business development.
To learn more about the UCF Business Incubation Program, take advantage of a one-on-one meeting with a site manager. You will discuss all the program features that can help turn your emerging business into a robust company.