By Rafael Caamano
Typically, business incubation programs like the UCFBIP provide a vast of entrepreneurial activities such as networking events, educational workshops, mentoring, subject matter experts, consultants, and many other benefits and tools to increase participants’ survivability rate while facilitating faster growth. Yes, all these efforts could result in a fertile business environment, positively impacting participants and, eventually, the local economy. However, even with all the help available, there are factors outside and within the control of the participating companies that could make the incubation experience, results, or efforts go in a different direction. Because of it and based on my experience, I want to share ten tips to maximize the program’s journey while increasing the chances of survivability.
- Be Coachable
- Frequently Meet with Site Manager
- Participate in programs events
- Visit other incubator sites
- Conduct a yearly 360-degree Growth Wheel Assessment
- Ask for Help
- Stick to Your Goals
- Engage With Other Participants
- Take Advantage of Press Releases Services
- Monitor & Protect Your Finance
Meet with your site manager and take advantage of everything the incubation program offers. Until next time!
The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training, and infrastructure to become financially stable, high growth/impact enterprises. Since 1999, this award-winning program has provided vital business development resources resulting in over 300 local startup companies reaching their potential faster and graduating into the community where they continue to grow and positively impact the local economy.
With eight facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole, and Volusia Counties, and the cities of Kissimmee, Orlando, and Winter Springs. For the 2017/2018 fiscal years, the activities of these participating firms have helped to sustain more than 6,725 local jobs and have had a cumulative impact of over $725 million on regional GDP and over $1.3 billion on regional sales. During the same period, the program has returned more than $12.00 in state and local taxes for every $1.00 invested in the program. In addition, for every $1.00 of public investment, the firms also produced $118 of additional regional GDP and $226 of regional sales. For more information, visit www.incubator.ucf.edu.