Report Praises Center as a Best Practice for Economic Development
The National Entrepreneur Center (NEC) released today the findings of its latest economic impact study, which indicated a return on investment (ROI) of $14.00 for every dollar invested in the NEC since 2003. Austin-based Angelou Economics (AE) – an economic research and analysis firm which works with public and private sector clients both domestically and internationally – conducted the study to measure the economic impact of the NEC on the local and state economies.
“We chose Angelou Economics because of their experience in the field, and their reputation for thoroughness,” said Jerry Ross, Executive Director of the NEC. “We can point to many success stories over our last 12 years, however, we needed help to statistically evaluate the overall economic impact to the Central Florida region and the State of Florida,” said Ross.
The study evaluated five economic impact areas of the NEC: 1) perceived value to entrepreneurs; 2) value provided to the resident resource partners; 3) increased mall revenues; 4) ongoing operations and 5) capital infrastructure investment. The study also calculated impacts derived from indirect and induced economic effects of the NEC. The review consisted of on-site interviews, the NEC’s historical performance, public data from a variety of sources, and the application of economic modeling software.
“We have always known that the NEC does a great job, and now we have the statistics to prove it,” says Marianne Amato, Regions Bank Executive and NEC Board Chair.
According to the Angelou Economics Report, the NEC’s impact to Florida since 2003 incudes:
- $187.6 million in total economic output
- $58.4 million generated in labor income
- 1,000 jobs created or sustained
- $77.3 million in revenues for Florida retailers
- $8.6 million in state and local tax revenues
“Supporting entrepreneurs through innovative training and providing access to resources is vital,” said Orange County Mayor Teresa Jacobs. “Particularly for a thriving region like Central Florida, where our economy has benefited by $14 for every single dollar invested in the NEC, the return on investment is clear.”
The NEC operates as public/private partnership and is funded by local sponsors, which includes: Orange County Government, the City of Orlando, UCF, and Walt Disney World. According to the report, “the NEC has proven to be a successful model, transcending beyond Orlando and even the state of Florida. This is made evident from the fact that the NEC has hosted visitors from throughout the U.S. that have taken an interest in duplicating the NEC’s model.”
“The National Entrepreneur Center has attracted national and international attention because it works!” explains Dr. Tom O’Neal, NEC board member and Associate Vice President for UCF’s Office of Research and Commercialization, which acts as the fiscal agent for the NEC. “This report just confirms that the National Entrepreneur Center is where business happens in Central Florida,” remarked Dr. O’Neal.