Innovation and Entrepreneurship - UCF Office of … Keynote Address Innovation...Innovation and...

Innovation and Entrepreneurship

Thomas O’Neal

Associate Vice President

Office of Research and Commercialization

University of Central Florida

• About UCF

– Second largest university in the

nation

• 60,000 students

– UCF and the Central Florida

Research Park influence 45,000+

jobs

– Combined economic impact $3.5B+

– $145M+ in Research Funding

Source: Ed Morrison and I-Open, Distributed under a Creative Commons 3.0 attribution license.

• Increase the volume of income into the region with competitive traded businesses that employ primary jobs.

Good Money

• Increase the velocity of money circulating in the region with local businesses to create more jobs.

Neutral Money

• Reduce income leaks by reducing outside purchases and workers who leave the area.

Bad Money

Rest of the

World

Region

Local Businesses

Traded Businesses

Another Region

Brain Drain and Purchases

Economic Development in 60 Seconds

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Funding for Labs

Technology and Graduates

Company

Incubation

Product

Research Park

Jobs

Taxes

World Class Researchers and Faculty

Entrepreneurship / Innovation Ecosystem

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Financial Capital

Intellectual Capital

Advocates and

Champions

Resource Providers

and Support

New IP and Technology

Early-stage Execs & C-level Mgrs

Corporate Partners

Policy Makers Government

Economic Development Organizations

Universities and Colleges

Service Providers

Workforce Chambers

SBDC SCORE

Angels, VCs, Private Equity

Banks

Government grant and loan programs

Philanthropy

Incubators and Accelerators

Peer Networking groups

Volunteer Mentors

Trade Associations

Non-profit Research Institutions and Hospitals

Talent Pool

Economic Gardening

State and Local Government Foundations and Individuals Businesses

Ecosystem Funding Sources

Entrepreneurs

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The Renaissance

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The Industrial

Revolution

Innovation economy

Research that matters –2010 US Patent Power

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Path to Success

Success

New innovation / startup

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How does one get there?

Success A

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New innovation / startup

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How do they get there?

Success B

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New innovation / startup

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Entrepreneur’s perspective

Intellectual Capital

Resource Providers

and Support

Financial Capital

Advocates and

Champions

Entrepreneurs

Funding

Resources

Talent Pool

Ecosystem Funding Sources

Copyright © O’Neal 2011

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So what?

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“Come to Florida, we need YOU to pay our taxes”

Quote by Sean Snaith, Director of the

UCF Institute for Economic Competitiveness at the College of Business Administration

Why Grow Your Own?

Data source: Edward Lowe Foundation, www.youreconomy.org

Less than 100 employee

Florida firms:

99.7% of companies

82.4% of jobs

Distribution of Companies and Jobs in Florida

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Self Employed

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Entrepreneurial

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Innovation Support

Florida High Tech Corridor Council (FHTCC)

Venture Lab – Research Park

National Entrepreneur Center – Downtown

Incubator Program – nine sites in five counties

Entrepreneurship Center – College of Business

Technology Transfer Office – Research Park

Research and Commercialization Office – Research Park

GrowFL – Research Park

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Can we help the process?

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2003 2004 2005 2006 2007

Nu

mb

er

of

Emp

loye

es

Year

Knowledge Based Startup Firms

Inc

Non-Inc

0

100000

200000

300000

400000

500000

600000

700000

800000

2003 2004 2005 2006 2007

Sale

s

Year

Knowledge Based Startup Firms

Inc

Non-Inc

Source: O’Neal, Ford, Sivo, Lasrado

University incubator verses non-incubator companies

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Business Incubation Smart place to start Increase chances of success

• 87 % of incubator graduates still in business 5 years later

Home grown companies • 84 % of graduates stay in the community they were

incubated in

Good investment • Low cost per job

• generates more tax revenue than it costs

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Current Results from the UCFIP Clients

Companies currently serving 150 +

Companies graduated 108

Companies assisted in total 300

Jobs created in community / total > 1,700 / >3,700

Average salary $60,000

Generated revenue $1.5 B

Economic Impact > $2.4 B

Florida Economic Gardening Institute Program Elements

Technical

Assistance

CEO

Roundtables

CEO Forums CEO peers

Referral

Networks

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The Impact of GrowFL July 2011 – June 2013

Creation of 3,747 Direct, Indirect, and Induced Jobs

Resulting In

$587.5M Economic Impact

$7.58 ROI (Net new taxes / public $ investment)

(Source: “The Economic Impact of GrowFL”, Innovation Insight, July 2014)

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Tech Transfer Examples

Petra Solar

(startup co, raised $14M in

first round VC investment)

– licensed series of power

supply patents, can store

and release energy per

panel versus end panel

only

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Tech Transfer Side Benefits Petra Solar example:

• Hired six alums as full time employees (“high

paying” jobs)

• Hired additional students as interns

• Contracted for $900,000 in sponsored research

Matched with $450,000 from FHTCC Program

• Located company’s R&D headquarters in UCF

Research Park

• Multiplier Effect = economic development

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Tech Transfer Examples

Good example?

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From Zero to one…”

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Geoffrey Nicholson said,

“Research is the process of turning money

into knowledge;

and

Innovation is the process of turning

knowledge into money.”

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Solar Ivy

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