Tom O’Neal

Executive Director
University of Central Florida 
Business Incubation Program

Essentially, Tom O’Neil is an entrepreneur in the business of helping entrepreneurs. In 1999, he was a key member of a collaborative effort that resulted in the establishment of the University of Central Florida Technology Incubator, now known as the UCF Business Incubation Program. Today, as executive director, he works to provide tools and resources that enhance prospects for the success of developing companies. Since its founding, the program has helped more than 120 emerging companies (including more than 75 current clients) create $500 million-plus in annual revenue and more than 1,600 new jobs. Also the associate vice president of research at UCF, O’Neil has helped UCF become a leading metropolitan research university.

---

What is the one component most often missing as entrepreneurs strive to build successful companies?

“Usually, there is one component, but in every operation it’s different.

With some it’s the cash flow, with some it’s time, with others it’s focus — a number of things—and usually there is one flaw that stands out with most entrepreneurs. Our job, in our business incubation program, is to help them identify that flaw and help them fix it. It could be a patent strategy that’s just not good or not knowing the right lawyer to help them, or they’re just not making a connection. It’s usually something, but there’s not one that’s at the top of the list; it’s all different. And it makes our job interesting.”

---

What bit of advice would you share with someone interested in becoming an entrepreneur?

“I think you need to really understand what that world is like, if you’ve never done it before. The level of time that’s required is much more than most people think. If you’re going to start a company because you’re tired of working hard and not making enough money, [if] you want to start a company to make more money, generally speaking that’s not what happens. Our advice is [to] become a realist and understand what you’re getting into. And discuss it with your whole family, if you have a family, because it affects everything. You are not going to be at home as much as you [have been]. You’ll need that [family] support so you can focus intensely. Go into the new venture with eyes wide open; do research first to see what it’s going to take to be competitive.”