Major Happenings - Metro Orlando Economic Development Commission / Metro Orlando EDC

MAJOR BUSINESS HAPPENINGS, DEVELOPMENTS AND ECONOMIC TRENDS
IN METRO ORLANDO

Life science, biotech and medical technology industries are emerging. Thanks to several recent announcements and projects that include: The Burnham Institute for Medical Research’s new East Coast operations in Orlando; the University of Central Florida’s new medical school and health care campus; Florida Hospital’s new Nicholson Center for Surgical Advancement (training facility on minimally invasive surgical techniques for surgeons from across the globe) as well as their new Global Robotics Institute; and leading R&D work coming out of UCF that includes an anthrax vaccine generated through the genetic engineering of tobacco plants, stem cells used from bone marrow to help treat Alzheimer’s and a protein to stop tumor cells from spreading. Because two of the top-ranked hospitals in the nation (Florida Hospital and Orlando Health) are located in Metro Orlando, the region is quickly becoming a global medical destination. The area is also home to the headquarters of several national pharmaceutical distributors and has a healthy number of medical technology companies that manufacture products that deal with tendon repair, spinal implants, bladder control and more as well as a company using cord blood to help save lives. A group of community leaders dedicated to accelerating life science in Central Florida has been dubbed bioOrlando and is actively pursuing initiatives that further grow this fast-emerging industry sector.

Orlando is becoming a center for digital media. The breadth of the software, simulation and entertainment industries here is fueling the growth of the digital media sector. Over 400 companies involved in digital media call Metro Orlando home, including Electronic Arts’ (EA) Tiburon studio, makers of one of the world’s top selling video games, EA Sports Madden Football, among numerous other best selling titles. EA recently announced a partnership with another local digital media company, XOS Technologies who develop coaching and fan-management technology for sports teams. Together, the companies will produce a training simulator for college and pro football teams. To meet the demands of an increasing workforce involved in digital media, community leaders established the University of Central Florida’s Florida Interactive Entertainment Academy (FIEA) to provide graduate level training in the interactive entertainment/gaming industry. The school is located in downtown Orlando’s new “Creative Village” which is centered around nationally-recognized east coast operations of House of Moves, who operates the only professional motion capture studio on the east coast with fully integrated film, video and audio facilities. Supporting further development are recent entertainment incentives offered from the State of Florida which include digital media projects for the first time.

Orlando is a recognized leader in simulation, laser and information technology industries. Orlando is widely recognized as the largest cluster of modeling, simulation and training companies in the world and the nation’s military simulation training centers are based here. Orlando is also home to one of three centers of excellence in the optics/photonics industry and world-renown laser scientists work at the University of Central Florida. AirTran Airways is based in Orlando and JetBlue Airways operates their pilot and crew training facility in the area. Through 2010, it is expected that three of the four top jobs in Central Florida will be technology related. eWeek has recognized Orlando as one of the top 10 U.S. emerging technology hubs.

Orlando companies are leading the way in homeland security. In addition to top defense contracts obtained by Orlando’s Lockheed Martin divisions, several home-grown companies are on the front lines of homeland security initiatives for the nation. These companies’ business lines include simulation (Industrial Smoke and Mirrors), land-mine detection (CyTerra Corp.), digital forensics (I.D.E.A.L. Technology Corp. and Florida Law Enforcement Electronic Evidence Team at the University of Central Florida), laser-radar systems (H.N. Burns Engineering Corp.) and thermal imaging systems (Digital Infrared Imaging Inc.). In a related field, several biometrics firms call Central Florida home, including Sequiam Biometrics, which has developed a residential door lock using fingerprint ID technology currently being used by Kwikset Corp., a subsidiary of Black & Decker Corp.

Entrepreneur and tech start-ups are mounting. Much of this is thanks to the growing resources at UCF. Funding for research at this young, 38-year-old university has already surpassed $100 million, and more than 200 patents have been issued here in the past seven years. Of those patents, 15 companies were started. In addition, since the opening of UCF’s Technology Incubator in 1999, the 70,000-square-foot facility has helped more than 90 emerging technology companies. Together, those companies create more than $200 million in annual revenues and more than 800 new jobs with an average salary of $59,000 (much higher than the area’s average wage of $36,000). In addition, Orlando has been recognized by Inc. as a top location for entrepreneurs, and it is home to one of only two National Entrepreneur Centers located in the United States. Recently passed legislation (Florida Capital Formation Program) will provide seed and early-stage venture capital to high-tech companies through investments in private venture capital firms. The fund will specifically target its investments toward companies in the advanced manufacturing, IT, life science, aviation and aerospace and defense industries, all of which Metro Orlando is a leader in.

Major new biodiesel, hydrogen energy, solar power and green building initiatives are originating from companies based in Orlando. Metro Orlando is the site of the state’s first hydrogen energy station (a result of a collaborative effort between the State of Florida, Ford, ChevronTexaco and Progress Energy), which fuels hydrogen-powered shuttle buses that transport visitors at the Orlando International Airport. Pioneering advancements in the field of alternative fuel development is the University of Central Florida’s highly-regarded Florida Sustainable Energy Center (FSEC). And the Orange County Convention Center (the second largest convention facility in the country) recently announced plans to install a rooftop solar photovoltaic (PV) system (the second largest in the southeast) to power the center.

Metro Orlando has accumulated a wealth of the financial services industry. Leading companies such as Metavante and Fiserv who create banking software used by financial institutions from across the globe have clustered in the region. In addition, major and independent banks are expanding; related back office and customer support centers such as Bank of New York are mounting; and insurance and mortgage lending companies continue to move in.

There is a strong international presence in Metro Orlando. Mitsubishi and Siemens are recognizable companies with a division located in Metro Orlando. In addition, over 120 other foreign based companies are also here from countries such as the United Kingdom, Canada, Japan, Germany and more. Florida’s international trade topped $100 billion last year with nearly $110 billion in total import-export volume. Among the leading, targeted trade industries: aviation, biotech and telecom. The top countries Florida is exporting to: Brazil, Canada, Venezuela, Mexico and Colombia.

Metro Orlando has become a hub for corporate division, association and U.S. operations headquarters. Science Applications International Corporation’s regional training and simulation solutions headquarters, The Home Depot’s Supply Division, L-3 Communications’ Advanced Laser Systems Technology, Electronic Arts’ Tiburon Studios, Ruth's Chris Steak House, the Amateur Athletic Union, international simulation companies Adacel and Indra Systems’ U.S. operations all call Orlando home and praise the region for everything from its strategic geographic location to established industry clusters to a young workforce.