The city of Eustis wants to know more about opening an incubator for emerging, innovative businesses.
Thus, the University of Central Florida Business Incubation Program staff on Aug. 4 will present to the Eustis city commissioners details about the small business programs operated by the university in partnership with local municipalities, and what it would look like if Eustis decides to fund the first UCF incubator in Lake County.
Founded 22 years ago, the UCF Business Incubation Program consists of three innovation districts and four regional business growth centers throughout Orange, Osceola, Seminole and Volusia counties.
These facilities help early-stage, innovative companies grow by offering mentorship connections, entrepreneur education, and office or lab space. The facilities typically come about from partnerships between UCF and a local municipality.
UCF’s presentation to the city commission will lay out what an incubator program in Eustis may look like, according to a slide presentation included with the city agenda.
Highlights include:
- Office and meeting space for 20-44 people in a building owned by the city or Eustis-based Mega Properties LLC
- A virtual incubator so companies can access programming across incubator locations
- A business bootcamp held twice a year to support existing Eustis small businesses
- Three-year funding commitment from the city for $200,000 per year
The city still is in the early stages of exploring a potential partnership with UCF and how an incubator fits in the city's economic development strategy, Eustis City Manager Tom Carrino told Orlando Inno via email.
Likewise, UCF Innovation Districts Strategy and Partnerships Director Rob Panepinto told Orlando Inno the talks with Eustis are in the earliest phases.
The incubation program seeks municipal partners that want to host incubators as part of a larger strategy, Panepinto said. That way, the incubator becomes part of a network of resources instead of a lone facility expected to change a community’s economy on its own.
Eustis does have that larger economic vision, UCF Innovation Districts and Incubation Program Director of Programs and Operations Carol Ann Logue told Orlando Inno. “The city of Eustis, like many municipalities in Lake County, is experiencing tremendous growth and is wisely putting infrastructure in place to develop a vibrant local innovation economy. We are delighted that UCF has the opportunity to potentially play a role in that."
Facilitating small businesses growth is important for Central Florida’s economy, as those firms can add high-wage jobs and create economic impact as they scale. In fact, UCF small business incubator clients last year supported a combined 1,070 jobs and collectively recorded $86 million in revenue, per UCF data.
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