Interoffice Memorandum
DATE: October 30, 2024
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: Roseann Harrington, Chief of Staff
FROM: Dennis Holste, Economic Development Administrator
CONTACT: Lee Peters, Senior Monitoring and Evaluation Coordinator
PHONE: 407-836-5391
DIVISION: Office of Economic, Trade and Tourism Development
ACTION REQUESTED:
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Approval and execution of Orange County, Florida and University of Central Florida Research Foundation, Inc. FY 2025 Small Business Development Programs Grant Agreement for the period of October 1, 2024 through September 30, 2025 in the total amount of $968,027. (Office of Economic, Trade and Tourism Development)
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PROJECT: UCFRF Small Business Development FY 25 Grant Agreement
PURPOSE:
$114,836 for Small Business Development Center: Funds shall be used solely to provide 1) Strategic Workshop series designed for businesses who are undertaking growth and expansion and 2) Small Business Institute program which allows University of Central Florida (UCF) students to participate in hands-on learning experiences by providing management consulting services to local small businesses. The County's contribution will be used exclusively to help fund the general operating expenses of the Small Business Development Center activities of UCF and support the following types of activities: a) administration and equipment acquisition; b) activities associated with advising local businesses; 3) activities associated with organizing and hosting events and workshops in areas ranging from strategy planning, sales strategies, government business opportunities, and digital marketing strategies; and 4) other university-driven initiatives that support entrepreneurship in Orange County. In its marketing efforts, UCF in its capacity as the Small Business Development Center will recognize the important role it plays in the County's economic development strategy.
$114,836 for Small Business Development Center - Advisory Board Council: The sole mission of the Advisory Board Council is to provide advisory boards to small businesses at no cost to such businesses. The County's contribution will be used solely to fund the general operating expenses of UCF's Advisory Board Council and support the following types of activities: 1) soliciting, screening, and selecting companies for the program; 2) recruiting, preparing, and managing volunteers to serve on advisory boards; 3) networking receptions and other events associated with the Advisory Board Council program; and 4) staff development activities in order to better serve advisory boards. In its marketing efforts, UCF in its capacity as the Advisory Board Council will recognize the important role it plays in the County's economic development strategy.
$293,431 for UCF Business Incubation Program - Central Florida Research Park: County funds will be used exclusively for the following types of activities: 1) Supporting new companies accepted into the Business Incubator; 2) Engaging graduate companies of the Program to support current clients as mentors, etc.; 3) Providing specialized assistance to clients such as financial and leadership education and training; 4) Relevant facilities operation; 5) Collaborating with other Orlando County funded initiatives for client support; and 5) Partnering with other UCF initiatives to coordinate and carry out marketing, education and networking activities to promote new business creation and growth. In its marketing efforts, UCF, in its capacity as the Business Incubator, will recognize the important role it plays in the County's economic development strategy.
$171,980 for UCF College of Business Administration-Institute for Economic Competitiveness: The mission of the Institute is to provide economic information and research to support informed economic choices regarding the Central Florida economy. It is further understood that the County's contribution will be used exclusively to help fund the general operating expenses of the Institute and support the following types of activities: 1) staffing the Institute with a full-time Director, and student interns; 2) publishing in print and electronically quarterly economic forecasts for the nation, the state of Florida, and all of Florida’s metropolitan statistical areas; 3) These forecasts enable the benchmarking of Central Florida against other regions in Florida and the national economy; 4) participate in Orange County economic outlook conferences and other events; and 5) undertaking other activities that increase both the public's understanding of the national and regional economies and the means for improving its performance. In its marketing efforts, UCF in its capacity as the Institute will recognize the important role it plays in the County's economic development strategy.
$62,824 for UCF Business Incubator International Soft Landing Program: The Soft Landing Program has been piloted at UCF since late 2011. This program provides businesses outside the Central Florida region the ability to easily establish and grow US subsidiaries or satellite offices in the area at a UCF Business Incubation facility. This is especially appealing for international companies looking to establish a presence in the USA. The funding for this initiative will be used to provide operational support and outreach in support of economic development activities targeting companies being recruited into Orange County. The Soft-Landing Program will partner will other key organizations such as the Orlando Economic Partnership, Central Florida International Trade Office, and others for outreach to potential clients and support to current Soft Landing clients.
$210,120 for Venture Launch Program: Funding will be used exclusively to provide education, coaching, mentorship, and entrepreneurship training for UCF researchers, including students, post-doctoral fellows, faculty, and staff. The goal of the program is to accelerate formation and growth of regional deep technology startup companies, the majority based on UCF technologies. Major initiatives include: 1) continuing to execute, evolve, and expand the Venture Launch Program adopted across the entire university for the formation of startup companies from researcher founders; 2) continue to manage Entrepreneur-in-Residence (EIR) program under Venture Launch by connecting experienced entrepreneurs and industry leaders with selected researchers, teams, and companies with the target of serving at least 20 clients by providing coaching and mentoring with the goal of fostering business formation, development, and growth; 3) participate in group grantee meetings with County staff, as well as in utilizing the BizLink resource provided by the National Entrepreneur Center and the County; and 4) collaborate with other grantee organizations on assisting entrepreneurs and companies in identifying local businesses assistance resources.
BUDGET: $968,027