UCF Business Incubation Program Statistics and Facts
Numerous business incubator statistics and facts illustrate the value of these economic growth programs like the one at UCF, particularly their huge growth in popularity. By supporting emerging businesses, these programs send a jolt through the local economy that extends to the whole community. This accounts for their explosion in popularity over the past few decades.
Over 60 Years of Business Support and Growth
According to the National Business Incubation Association (NBIA), the business incubation model can be traced back to the late 1950s. Those first few decades saw little growth in these programs. However, over the past three decades, business incubation has become heavily adopted throughout the U.S. In 1980, there were 12 incubators. By 2012, over 1,250 programs operated in the U.S. The NBIA also notes that these popular programs even expanded overseas, with an estimated 7,000 business incubators now operating worldwide.
Business Incubation Stats and the Community Impact
According to the National Business Incubation Association:
- 87% of incubator graduates are still in business five years after graduating from their program
- About 93% of North American business incubators are nonprofit organizations focused on economic development
- Academic institutions sponsor about 32% of North American business incubators
- 84% of incubator graduates stay in their communities and continue to provide a return to their investors
Why the UCF Business Incubation Program Began
In 2011 alone, NBIA estimates show that North American incubators helped more than 49,000 startup companies that offered full-time employment for nearly 200,000 workers. These companies generated annual revenue over $15 billion. These estimates also point out that North American incubator client and graduate companies created a total of about half a million jobs since 1980.
The UCF Business Incubation Program also generates jobs in the local economy. Every 50 jobs produced by an incubator client leads to the development of about 25 more jobs in the same community. Plus, publicly supported incubator jobs are cost effective. Incubators create jobs at a cost of about $1,100 each, which is a fraction of the cost of other job creation mechanisms. Alternative programs cost more than $10,000 per job created.
"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."
"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!"
"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 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. "
"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."
"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 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."
"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."
"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 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 UCF Business Incubator has helped us grow and become successful as a technology company that focuses on STEM."
"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. "
"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!"
"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!"
"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!"
"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. "
"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."
"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."