Have an idea for a unique business? There's help right here in Apopka to get you from the idea stage to profitability.
Back in April of 2012, the Apopka UCF Business Incubator opened its doors, and since then has nurtured new businesses that have generated revenues well into the millions.
It originated as a partnership between the City of Apopka and the University of Central Florida (UCF) to assist in furthering Apopka’s economic development goals. The idea is to address local business development and entrepreneurship needs with the long-term goal of facilitating new jobs and economic development opportunities for Apopka. The primary objective of the UCF Business Incubator in Apopka is to enable emerging businesses to accelerate their growth, and to create high impact jobs in the local community. Companies in the Incubation Program also contribute to the local economy directly by purchasing products and services from local Apopka businesses and indirectly through local tax revenues.
It's a slow process that is hard to measure in a bottom line overview, however, in five years there are some impressive markers to take into account.
According to its January/2017 bi-annual report, Incubator companies spent nearly $400,000 with local businesses in 2016. This is money that went directly into the Apopka economy. The Business Incubation Program uses a software product called IMPLAN to calculate the economic impact of the Incubation Program from a tax perspective. The latest impact numbers are for 2014 and show the program returned $1.42 for every dollar invested. The IMPLAN report for 2015 is expected to show an even greater return based on the client companies job growth.
As of December 31, 2016, the Incubator has 11 onsite client companies in different stages of incubation. Incubator businesses have created over 100 jobs, and the total estimated revenue generated by the client companies in the last half of 2016 is $1.36 million.
The full-service incubator offers professional office space for emerging businesses while providing them with entrepreneurial training and services, including business growth support, management assistance, mentoring and coaching, marketing, financial analysis and access to capital, educational programs, professional referral networks, and a supportive environment to network with other small businesses. These key services and office support infrastructure are included in the all-inclusive fee which incubator companies pay.
Small businesses are most vulnerable during the early stages of operation. In fact, the U.S. Small Business Administration estimates that only 44% of small businesses continue to operate after four years. To help nurture companies during their most fragile stage, business incubators provide a support process that accelerates the successful development of startup and fledgling companies by providing entrepreneurs with an array of targeted resources and services. The National Business Incubation Association (NBIA) found that 87% of incubated companies are still in business five years after graduating from their program.
The UCF Business Incubation Program is an economic development partnership designed to help create & sustain jobs in the community and spur economic growth throughout the region. This goal is accomplished by helping new and struggling early-stage businesses grow to the point where they need to hire employees in order to continue operating and growing. Since 1999, we have assisted more than 350 early-stage companies, who’ve sustained nearly 3,700 jobs throughout Central Florida. These companies have also had a total impact on regional economic output (GDP) in the amount of $2.48 billion.
The UCF Business Incubation Program is a university-driven, community partnership between the University of Central Florida, the Florida High Tech Corridor Council, Orange, Osceola, Seminole and Volusia Counties, and the cities of Apopka, Kissimmee, Orlando and Winter Springs.
During the last fiscal year, this publically-funded program has returned $7.95 for every $1.00 invested in the UCF Business Incubation Program.
We help early-stage businesses develop into financially stable companies by providing the tools, training, and infrastructure that help facilitate smarter, faster startup growth.
This comprehensive process includes an on-going series of strategic and tactical meetings, a variety of business development services, business coaching, and other important and unique resources that are all individually tailored to help emerging enterprises achieve their specific short-term and long-term goals. Most importantly, because incubation is an on-going process, follow-up and accountability are some of the intangible benefits that help take businesses to the next level.
Whether you’re looking to start up, grow your existing business, or wish to expand your company to Central Florida, we can help. Keep in mind that our main objective is to help businesses grow to the point where they need to hire employees in order to continue operating and growing. With that being said, not every business is designed to create these types of jobs, nor does every business owner want to hire and manage employees. Therefore, companies seeking to enroll in our program must demonstrate their growth potential to us through our online application. Only scalable businesses are eligible to receive our assistance. For those who qualify, we also take into account your willingness to engage in the program and accept feedback (i.e. your coachability).
We offer three programs, each designed to help businesses at different stages. To get started, simply find the right program for you:
Pre-Incubation – helps create and launch scalable startups.
Incubation – helps scale businesses already in operation.
Soft Landing – helps companies headquartered elsewhere expand to Central Florida.
About the Apopka UCF Business Incubator
The Apopka incubator serves a wide variety of businesses in the greater northwest Orlando area. Located in one of the fastest-growing communities in Orange County, this 8,000-square-foot facility features Class A office space with flexible leases, meeting and conference rooms, a spacious training room, shared office equipment, reception area, and kitchen.
The Apopka incubator was established in April 2012, as a partnership between the University of Central Florida, the City of Apopka, and the Florida High Tech Corridor Council. For more information, call 407/814-1727.
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