Attraction, retention, creation. Those "big three" strategies in economic development are all equally important to growing and diversifying an economy.
Here in Metro Orlando, the creation component of this three-pronged approach most often begins when an entrepreneur with a good idea finds his or her way to the University of Central Florida's Business Incubation Network. Since its founding in 1999, this UCF program, which was named best in the nation in 2004, has helped more than 100 emerging companies (including nearly 70 current clients) create over $500 million in annual revenue and more than 1,600 new jobs.
And more is on the way. Last week, UCF, the City of St. Cloud and Osceola County broke ground on its Business, Technology and Research Center, which will be located at Stevens Plantation in St. Cloud. Upon opening in early 2010, the new 14,000 square feet facility will be the 8th in the University's Incubator Network. In a reflection of true partnership, Osceola County has committed $675,000 in funding to the Incubator over a five year period, and the county's economic development team will work closely with UCF in marketing this great new resource.
The UCF Business Incubator - Lake County/Leesburg is another recent addition to the network. This facility, whose newest client is Green Solar Solutions, focuses on supporting growth of companies in three of Lake County's targeted industry sectors: clean tech, agritech, and life sciences. Along with mentoring and management counseling, incubator clients are provided with office furniture, equipment, and other resources to help get them off on the right foot. The Small Business Development Center and Florida High Tech Corridor Council are also partners in this Lake County-based program.
The network is growing in Seminole County as well. Already home to a facility in Winter Springs, UCF announced plans to open the UCF/Sanford Business Incubator at 110 West First Street. The 4,000-square-foot space will be located in the center of Sanford's historic district. Like the others, this program will focus on emerging business enterprises that exhibit potential for growth and development. The Sanford facility is slated to open in September 2009.
According to Tom O'Neal, executive director of the Incubator network: "Our job is to help businesses create jobs. Business incubation is an efficient strategy to help improve the local economy, and the benefits are long-lasting."
The Metro Orlando EDC works closely with O'Neal and each of his facility directors to support growing companies throughout the incubation period and beyond. Our shared goal is ensuring the right environment and resources necessary to help companies build and stand on their own, eventually resulting in thousands of new jobs for citizens throughout Metro Orlando.
