Office of Economic, Trade and Tourism FY 07-08 Budget Worksession July 19, 2007

Office of Economic, Trade and Tourism

FY 07-08Budget Worksession

July 19, 2007

Economic Conditions

Economic Development Strategy Map

UCF Institute for EconomicCompetitiveness

• Goal: Become one of the top 10 centers for regional economic research.

• New Institute Director Dr. Sean Snaith on survey panels of USA Today, Federal Reserve Bank of Philadelphia.

• U.S. & Florida Forecasts

• Forecasts for 12 Florida Metros

• Forecasts coming for 4 Metro Orlando counties

• Search under way for Orange County Endowed Chair

www.iec.ucf.edu

Visit the Institute’s website and see it featured on CNBC.

UCF Technology Incubator

• University-driven community partnership to support early stage technology companies.

• 70,000 square feet.

• Graduating companies = 21

• Jobs created by Incubator companies = about 800

• Average salary = $59,000

• Investment secured = $160,000,000

• Annual revenues = $250,000,000

• Incubator companies received 1/3 of all Dept of Defense SBIR/STTR R&D contracts awarded in Florida last year.

www.incubator.ucf.edu


• Clinical diagnostic laboratory

• Started with 2 employees and no revenues

• Current employment = 82

• 2007 revenue = $10 million

• Expanding and moving into a new building

• Space / telecommunications

• Financial management support

• Connections to UCF faculty and students for business plan development and marketing analysis

• Personal business skills training for management team

Success Story: Cognoscenti Health Institute

Assistance from the Incubator included:


• Innovative cooling system that improves performance of solid-state lasers.

• Developing miniature personal cooler for soldiers and first-responders wearing protective clothing.

• Founder came to UCF on a water skiing scholarship, received his PhD, and was one of the first Incubator clients.

• Number of employees at startup = 1

• Current number of employees = 17

• 2007 Revenues = $3 million

• Purchased a new building and is expanding.

Success Story: Rini Technologies

UCF Orange County Venture Lab

• Purpose: nurture new company start-ups and spin-outs from within the university.

• Important now that UCF exceeds $100 million a year in research.

• 2,000 sf on first floor of College of Business Administration. www.venturelab.ucf

• Director, 5 paid coaches, 2 volunteer coaches, and student interns in marketing, nano-science, computer science, engineering, and other areas — interdisciplinary teams.

• Watch for these new companies in the news: Therigy, ePedigree Software, Stormwater Treatment Environments, Inc., and a yet unnamed company in the area of cancer bio-markers.

UCF Small Business Development Center

• In partnership with the SBA, provides business seminars and free one-on-one counseling to small businesses in an 8 county area.

• Orange County Economic Stimulus Package: Elevated level of seminars and workshops to Orange County businesses after 9/11.

www.bus.ucf.du/sbdc

• Advanced offerings in business strategy, marketing strategy, e-commerce, doing business with local government, and disaster planning — over 1,200 participants to date.

Location of participants in Orange County-sponsored SBDC workshops

UCF Advisory Board Council Program

• Free advisory boards for companies in Orange County

• 25 active boards in construction, manufacturing, retail, services, technology, and wholesale.

• 106 advisors on active boards

• 89 companies have had boards since 2003

• 383 advisors have participated

• Advisors have contributed 8,096 hours of their time = $1 million

• Selected as 2004 Program of the Year by the International Economic Development Council

UCF Advisory Board Council Program Successes

Screenworks USA

• Employment increased from 36 to 43

• Revenues increased from $4.2 million to $5.8 million

• Selected 2004 SBA Florida Small Business of the Year

Apex Environmental Engineering & Compliance


• Revenues increased from $3.1 million to $6 million

• Selected 2007 SBA Florida Small Business of the Year

American Home Companions


• Revenues increased from $3.7 million to $6 million

BBIFBlack Business Investment Fund

• Mission: To develop and promote Black business enterprises.

• Founded through the Florida Small and Minority Business Act of 1985.

• Direct loans, loan guarantees, technical assistance, and advocacy

• Technical assistance and one-on-one counseling provided to 170 business persons in 2006

• 12 new loans funded through BBIF in 2006 = $2.3 million

• Historically, BBIF has provided for over $32 million in loans with a loss rate of under 3.3%.


• Free advisory boards for companies in Orange County

• 25 active boards in construction, manufacturing, retail, services, technology, and wholesale.

• 106 advisors on active boards

• 89 companies have had boards since 2003

www.BBIF.com


Success Story: BRS Group

• Helped to hire key personnel

• Assisted business in obtaining bonding that helped the company obtain new contracts

• Reorganized financial statements• Developed payment tracking system that

decreased receivables

• Revenues increased by 56% in 2006

HBIFHispanic Business Initiative Fund

• The leading Hispanic nonprofit economic development organization in Central Florida.

• Free bilingual technical assistance for starting and growing a business.

• In 2006:

Assisted 14,847 inquiries

97 “How to Start Your Business” orientations — 1,235 participants

43 seminars and training programs

69 business loans marketed

• Assisted with $15 million in loans in the last 10 years


www.HBIFOrlando.org


Success Story: ASG Reprographics

• “HBIF was there to help us write a business plan, obtain working capital, and make key contacts with local corporations.”

• Started as a father and son operation with $100,000 in sales.

• Company now has 11 employees, $70,000 in monthly sales, and 4,000 local and national clients.

• ASG is now one of the strongest minority-owned businesses in the local reprographics industry.

Minority / Women Business Enterprise Alliance (“The Alliance”)

• Founded in 1994 as a nonprofit one-stop business resource center for the minority and women business community of Central Florida.

• Certified SBA Micro Lender, Community Development Financial Institution (CDFI), and Community Development Entity (CDE)

• Provides lending opportunities for small business owners who may not qualify for conventional bank financing.

• Access to capital – Workshops – Networking – Technical Assistance to contractors

• Assisted 1,821 contractors in 2006 and 1,002 to date in ’07

• > 1,500 persons attended Alliance Workshops in 2006

• The Alliance assisted in obtaining $918,000 in business loans in the first half of 2007


Success Story: SOHO Loan Event

• April 25, 2007 – Disney Entrepreneur Center

• In partnership with Innovative Bank (FDIC insured “Community Bank”)

• Small Office Home Office Banking is a product developed by Innovative Bank to promote SBA Express Loan programs.

• 48 companies applied for loans at this event

• 36 companies received loans

• Average loan = $19,000

• Use of loans: machinery and equipment, working capital, and inventory


www.AllianceFlorida.com

Office of Economic, Trade and Tourism

FY 07-08Budget Worksession

July 19, 2007

Documents

Office of Economic, Trade and Tourism FY 07-08 Budget Worksession July 19, 2007