HomeMy WebLinkAbout2021 08 09 Regular 500 - UCF Incubator Annual Update • REGULAR AGENDA ITEM 500
,n m=ared CITY COMMISSION AGENDA I AUGUST 9, 2021 REGULAR MEETING
1959
TITLE
UCF Incubator Annual Update
SUMMARY
The UCF Business Incubation Program is an economic development effort designed to
help create & sustain jobs in the community and spur economic growth throughout
the region.This goal is accomplished by helping early-stage businesses grow to the
point where they need to hire employees in order to continue operating and growing.
Since 1999,The UCF Incubator has assisted more than 350 early-stage companies,
who've sustained more than 6,725 job. The total economic output of these firms is
nearly $1.6 billion in Central Florida.
The City of Winter Springs engaged in an Economic Development Grant with
the UCF Incubator in 2007. To date, the City has provided a total of
approximately $1,000,000 in funding. In 2008, the City provided $200,000
followed up with $75,000 yearly from 2011 to 2020. In 2021 the City provided
$50,000 in funding.
RECOMMENDATION
Staff Recommendation is to receive the information and review. The City
Commission may approve or deny the $50,000 annual contribution.
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