by Dennis R. Pape
Founder, Florida Venture Sourcing
Last week the Florida High Technology Corridor Council released a report it commissioned titled ?Regional Economic Impact Study of UCF?s Business Incubator Program?.
Wading through reports like this (authored by people paid by one of the subject?s funding sources) always raises questions in my mind.? And the big numbers they always report (in this case a $360M economic impact on Central Florida) due to their use of the economic ?multiplier effect? are always suspect.? Nevertheless, there are some facts in it worth contemplating including:? how many companies are current UCF incubator clients (118), how many people are employed at those current client companies (721), how many Central Florida companies are graduate (former) UCF incubator clients (50), how many people are employed at those former client companies (845), and how much public money the UCF incubation program receives ($1.8M in 2011, up from $875,000 in 2009).
Interesting numbers, but the rather off-hand statement buried on page 3 is the one that should give everyone pause for concern:
??.nine graduate firms (13%) are known to have relocated outside the Metro Orlando region. Two of these firms have grown to a combined total of almost 10,000 jobs after relocating to California to take advantage of readily available venture capital?.
So now you know my answer to my question in the title of this blog:
Q. Why Do We Need More Venture Capital in Florida?
A. Because, while 168 UCF incubator client and graduate companies in Central Florida employ a combined total of 1566 people, two graduate companies who relocated to California to take advantage of readily available venture capital created a combined total of almost 10,000 jobs there.
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