Innovation and Entrepreneurship Thomas O’Neal Associate Vice President Office of Research and Commercialization University of Central Florida
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
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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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