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

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

2 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

3 Economic Development in 60 Seconds 1 Good Money 2 Neutral Money 3 Bad Money Increase the volume of income into the region with competitive traded businesses that employ primary jobs. Increase the velocity of money circulating in the region with local businesses to create more jobs. Reduce income leaks by reducing outside purchases and workers who leave the area. 2 Region Local Businesses 1 Traded Businesses Brain Drain and Purchases Rest of the World 3 Another Region Source: Ed Morrison and I-Open, Distributed under a Creative Commons 3.0 attribution license.

4 Taxes Jobs Research Park Product Incubation Company Technology and Graduates Funding for Labs World Class Researchers and Faculty

5 New IP and Technology Early-stage Execs & C-level Mgrs Entrepreneurship / Innovation Ecosystem Universities and Colleges Non-profit Research Institutions and Hospitals Intellectual Capital Ecosystem Funding Sources Resource Providers and Support Economic Gardening Volunteer Mentors Peer Networking groups Incubators and Accelerators SBDC SCORE Service Providers Workforce Talent Pool Entrepreneurs Chambers Angels, VCs, Private Equity Policy Makers Government Philanthropy Banks Government grant and loan programs Financial Capital State and Local Government Foundations and Individuals Businesses Advocates and Champions Economic Development Organizations Trade Associations Corporate Partners Copyright O Neal

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10 The Renaissance 10

11 The Industrial Revolution Innovation economy 11

12 Research that matters 2010 US Patent Power

13 Path to Success Success New innovation / startup Copyright O Neal

14 How does one get there? A Success New innovation / startup Copyright O Neal

15 How do they get there? B Success New innovation / startup Copyright O Neal

16 Entrepreneur s perspective Ecosystem Funding Sources Intellectual Capital Funding Resource Providers and Support Talent Pool Entrepreneurs Financial Capital Resources Advocates and Champions Copyright O Neal

17 So what? 17

18 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 18

19 Why Grow Your Own? Distribution of Companies and Jobs in Florida Less than 100 employee Florida firms: 99.7% of companies 82.4% of jobs Data source: Edward Lowe Foundation,

20 Self Employed 20

21 Entrepreneurial 21

22 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 22

23 Number of Employees Sales Can we help the process? University incubator verses non-incubator companies Knowledge Based Startup Firms Knowledge Based Startup Firms Inc Non-Inc Inc Non-Inc Year Year Source: O Neal, Ford, Sivo, Lasrado 23

24 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 24

25 Current Results from the UCFIP Clients Companies currently serving 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 25

26 Florida Economic Gardening Institute Program Elements Technical Assistance CEO Roundtables CEO Forums CEO peers Referral Networks

27 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) 27

28 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 28

29 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 29

30 Tech Transfer Examples Good example? 30

31 From Zero to one 31

32 Geoffrey Nicholson said, Research is the process of turning money into knowledge; and Innovation is the process of turning knowledge into money. 32

33 Solar Ivy 33

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