UCF Business Incubation Program Bolsters Soft Landing International Recruitment Programs

Orlando, Fla. (February 27, 2024) – Over the years, the UCF Business Incubation Program has worked with hundreds of businesses to help them establish their company in the United States and the Orlando area through its Soft Landing Program.

Today, the Incubation Program is launching a new partnership with the HungarianHub, a nonprofit furthering the collaboration and investment between Hungary and the United States, to significantly bolster the pipeline of businesses expanding into Central Florida from Hungary and visa versa.

Moving forward, the goal will be to build connections with emerging markets that have rapidly growing clusters of tech companies but have traditionally not been a focus of economic development efforts.

“Almost weekly, I am contacted by a company looking to expand into Central Florida because the fundamentals of this region truly support success for businesses that establish the right foundation,” says Carol Ann Logue, director, of programs & operations, Innovation Districts & Incubation Program, University of Central Florida. “By working with this established group, we will be able to connect with entrepreneurs that are prepared to expand to the US and support them in standing up their US subsidiary the right way.”

At the center of this partnership is the USA Accelerator project, which for the past few years, has operated out of Hungary by the HungarianHub, including launching the Hungarian Summit in 2020 in Budapest. The event has alternated between Daytona Beach and Hungary every year. In 2022, the Summit attracted nearly 200 attendees to Daytona Beach.

At this year’s Summit, being held on May 23-24, attendees will hear from Hungarian and United States economic development officials, business leaders and international trade experts along with breakout sessions specifically designed to bring the country’s economic development organizations. The event focuses on four broad topics: business, education, community and culture.

The UCF Business Incubation Program will assist as needed, particularly in helping market the Summit in the United States and providing any speakers or other aspects as needed.

This year, the USA Accelerator will be adding a three-day boot camp May 20 – 22 using many of the resources in the UCF Incubator’s Soft Landing Program. During that boot camp, 10-15 Hungarian companies will experience an immersive education on how to expand in Central Florida. It will have a day in Orange County, a day in Seminole County and a day in Volusia County.

“We believe bringing the UCF Business Incubation Program into a larger role will only make the Summit and the connection between our countries even stronger,” says Piros Pazaurek, Honorary Consul of Hungary in Central Florida. “Creating this relationship is more than just the event, however, it’s a long-term effort to build both of our economies.”

One of the keys to this program will be the availability of resources for business throughout the year. For instance, the partnership is developing a two-month online and in-person course in Hungary to educate companies before they start the expansion process into Florida.

The strength of Hungary’s economy is one of the appeals of launching this program in the Central European country.

According to the International Trade Administration, Hungary “boasts a strategic location in Europe, easy access to EU markets, a highly skilled and educated workforce, and a sound infrastructure which have led companies such as GE, Blackrock, UPS, Coca-Cola, National Instruments, Microsoft, IBM and many others to locate manufacturing and services facilities in the country.

There are approximately 450 wholly-owned U.S. companies in the country, and U.S. affiliates employ approximately 110,000 Hungarians.  This makes the U.S. the second-largest investor in Hungary after Germany, in terms of employment numbers and after South Korea in terms of capital invested.”

Already, the USA Accelerator has had success in bringing Hungarian businesses to Central Florida with BeStrong, a Hungarian exercise equipment manufacturer. The company is building its U.S. headquarters in Port Orange, a 10,000-square-foot, $3.2 million facility that will employ nearly three dozen.

As this program evolves with the Hungary connection, the Incubation Program and the HungarianHub will be looking for ways to expand a similar concept throughout other emerging markets. Currently, the UCF Business Incubation Program’s Soft Landing program is working with companies based in Ukraine, Brazil, Columbia, Germany, Norway, and the United Kingdom.

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For more information, please contact:

UCF Business Incubation Program: Carol Ann Dykes Logue, 407-635-9882, carolann.dykeslogue@ucf.edu or Alan Byrd, Alan Byrd & Associates, 407-415-8470, Alan@ByrdConnections.com

About the UCF Business Incubation Program: 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 nine facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Lake, Orange, Osceola, Seminole and Volusia Counties, and the cities of Eustis, Kissimmee, Orlando and Winter Springs. In 2022, current incubator clients supported over 1200 employees and generated over $120 million in revenue.  Nineteen companies graduated from the program and remained in the local community. For more information, visit  www.incubator.ucf.edu.

About the HungarianHub: HungarianHub, a nonprofit organization, is dedicated to strengthening relationships between American and Hungarian communities and promoting Hungarian culture and heritage in the United States.

We aim to create a dynamic and inclusive platform that connects people, fosters dialogue and collaboration and promotes the achievement of common values and goals in both countries. Through our website, we provide resources and support to help Hungarians navigate life in the USA.

 

About the Hungarian Summitt: The Hungarian Summit is an annual event that aims to enhance business and academic relations between Hungary and the United States. It provides a platform for knowledge-sharing, collaboration, and cultural exchange, facilitating the development of strong and mutually beneficial partnerships. For more information, please visit hungariansummit.com