UCF Incubation Program eyes U.S. Economic Stimulation grants for client companies, alternative energy, healthcare are big targets

UCF Incubation Program eyes U.S. Economic Stimulation grants for client companies, alternative energy, healthcare are big targets

ORLANDO, Fla. - Many of the more than 60 client companies at the University of Central Florida’s Business Incubation Program could benefit from U.S. Economic Stimulus Program funding grants, loans and incentives, says founder and head of the program, Dr. Tom O’Neal, associate vice president for the UCF’s Department of Research and Commercialization.

But O’Neal cautioned that competition for the incentives could be tough.

“We anticipate there will be hundreds of companies writing grants and presenting proposals, so the competition for new funding should be brisk,” O’Neal said.

Many economic stimulus funding programs seem tailor-made for client companies in the UCF Business Incubation Program, O’Neal said.

For example, the U.S. Economic Development Administration (EDA) has more than $150 million in new funding available to encourage entrepreneurship and innovation.

The National Institute of Health (NIH) received a 30 percent increase in their funding. “If that increases our grant success rate from 10-15 percent, that can be a significant boost,” O’Neal said.

New policy directions announced by the U.S. Department of Defense could aid the UCF Business Incubation’s technology companies as well.

Earlier, U.S. Secretary of Defense Robert Gates announced his preference for smaller, smarter defense innovations over multi-billion dollar weapons systems.

“That emphasis should effect our client companies,” O’Neal said. “Several companies competing for Small Business Administration SBIR and STTR grants for the defense industry are focused on small, innovative projects that substantially reduce costs and improve defense capabilities,” he said.

For more information contact:
Tom O’Neal. Ph.D, UCF Associate Vice President for Research and Commercialization and Incubation Program Executive Director, 407-882-1120, oneal@mail.ucf.edu;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

About the UCF Incubation Program:
Since its founding in 1999, the UCF Incubation Program has helped more than 100 emerging companies (including nearly 70 current clients) create over $500 million in annual revenue and more than 900 new jobs with an average salary of $59,000. With five facilities across the metro Orlando community, the Incubation Program is a collaboration in economic development between UCF, Orange County, the City of Orlando, Seminole County, the City of Winter Springs, and the Florida High Tech Corridor Council. For more information, please visit http://www.incubator.ucf.edu/.