University of Central Florida Eyes Future Biomedical Incubator, New Osceola County Facility over Next 12 Months

ORLANDO - One of the nation’s most promising economic development initiatives is expanding at the University of Central Florida.

The UCF Business Incubation Program, which recently opened a new incubator facility in downtown Sanford, will open its seventh incubator facility at Stevens Plantation in St. Cloud early next year when construction of the 14,000 square foot facility is completed.

Dr. Tom O’Neal, founder and executive director of the UCF Business Incubation Program, said administrators are studying the feasibility of a new biomedical incubation program to support emerging enterprises that will surround the new Medical City under development in southeast Orlando.

“We can conservatively project dozens of new enterprises to develop and commercialize emerging biomedical technologies once Medical City is operational,” Dr. O’Neal said.

That could prove a big boost for the Central Florida economy: a major U.S. study shows that successful business incubation programs rank as the most cost-effective strategy to develop local economic expansion.

“Business incubation focuses on new small business enterprises that evidence strong potential to expand and provide more jobs,” O’Neal explained.

“We provide expertise in planning, administration, marketing and business development to help new enterprises expand at an accelerated pace,” he said.

The UCF Business Incubation Program provides a wide variety of services to client companies, including:
•Mentoring and advising in all aspects of business development and growth including business and strategic planning, legal counsel, accounting/tax, human resources, government contracting, strategic partnerships, marketing and PR, financing, grant preparation, insurance, and risk management;

•Educational programs;

•Marketing and Public Relations Support;

•Networking opportunities with peer groups, area professionals, university faculty and support organizations;

•Complimentary memberships in a variety of professional and trade organizations;

•Adaptable space and flexible leases in several locations in Central Florida;

•Shared reception, office equipment, conference rooms, and other support services.

“Most new jobs created by incubation client companies stay in the community,” Dr. O’Neal said.
Since it opened in 1999, the UCF Business Incubation Program has served more than 120 emerging companies that have created more than 1,600 jobs and currently generate revenues in excess of $500 million.

The UCF Business Incubation Program currently encompasses more than 100,000 square feet of office space in six locations at Central Florida Research Park, the UCF campus, the City of Orlando, the City of Winter Springs, Leesburg and downtown Sanford.

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For more information about this release contact:
Dr. Tom O’Neal, Executive Director, UCF Business Incubation Program, 407 882-1120, oneal@mail.ucf.edu

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 or LvershelCo@aol.com

About UCF Incubation Program:
Since its founding in 1999, the UCF Business Incubation Program has helped more than 130 emerging companies (including over 80 current clients) create over $500 million in annual revenue and more than 1,600 new jobs with an average salary of $59,000. With six facilities across the Greater Orlando community, the Incubation Program is a collaboration in economic development between the University of Central Florida, Orange County, the City of Orlando Seminole County, the City of Winter Springs, Lake County, the City of Leesburg, City of Sanford, and the Florida High Tech Corridor Council. For more information, please visit www.incubator.ucf.edu.