Stephanie Royal, Director – Northeast Florida, Jim Moran Institute for Global Entrepreneurship

In an interview with Invest: Stephanie Royal, director of Northeast Florida, Jim Moran Institute for Global Entrepreneurship, shared how the firm is providing a more synergistic and innovative environment for supporting entrepreneurs, why employee retention is a major challenge for businesses, and why Jacksonville is the place to be for entrepreneurs.

Reflecting on the past year, what have been some of the main highlights and key milestones for the Jim Moran Institute for Global Entrepreneurship?

Over the last year, we have been transitioning from our initial home in the College of Business to the Jim Moran College of Entrepreneurship. The College of Entrepreneurship was created as part of a gift from Jan Moran and The Jim Moran Foundation to FSU. This new college is entrepreneurial, which aligns well with our mission. Settling into this new environment has opened up opportunities for innovation, and we are eager to explore new initiatives.

From an entrepreneurship point of view, what makes Northeast Florida and Jacksonville an excellent place to grow and expand businesses?

Northeast Florida has a robust ecosystem for small business owners. There are many strong resources available here, such as the Small Business Administration’s district hub, the Small Business Development Center, and the Jacksonville Chamber, which is highly supportive of small businesses. These organizations work closely together and communicate frequently, which creates an environment where small businesses can easily access the support they need. Many of these services and resources are free, which is especially helpful for small business owners as they work to grow and sustain their businesses.

Of the wide range of programs and services, the Institute offers which of these do you expect to drive the most growth moving forward in terms of demand from your clients?

Our flagship program is the Small Business Executive Program. This program targets business owners with at least three years of operating history and a minimum of three employees. Over the years, it has become stronger because we continuously listen to what small business owners need. We connect them with experts who address those needs. Recently, we have seen more demand not just for training the business owners themselves, but also for offering professional development to their staff. Often, business owners are so busy running their companies that they do not have time to focus on their own or their employees’ development. It is exciting to see more companies recognizing the value of training for both themselves and their teams.

Are there specific industries or types of businesses driving growth and demanding your services more than others?

We do not differentiate based on industry, and we are careful not to duplicate industries within the cohorts of businesses we work with. That said, we consistently see engineers, healthcare businesses, marketing firms, and recently, quite a few staffing companies. I am not sure if this reflects growth in these industries or if it is simply that more people in these fields are becoming aware of what we do. Additionally, many of the businesses we work with are involved with municipal entities like the city of Jacksonville or JEA. We are seeing more of these companies working with procurement departments and public entities, which may also be driving demand.

Have you noticed an uptick in demand for your services in recent years as your entrepreneurship becomes more popular, or the word gets out about your programs?

There has been a steady demand for our programs, and we have never had any trouble attracting participants. If there has been an uptick, I believe it is because people understand the quality and practicality of the information they receive through our programs. Many of our clients come to us through word of mouth or direct referrals, which we are grateful for. The quality of the programs speaks for itself, and the referrals reflect that. If there is an uptick, it is truly thanks to the positive reputation we have built.

What would you say are the primary challenges of operating and growing a business in Northeast Florida, and how is the Institute addressing these challenges?

What I hear from the businesses I work with, in peer-to-peer conversations, is that the number one challenge is finding and retaining employees. A lot of the underlying causes of employee retention issues come down to communication. In response, we have started to implement more communication strategies. When I first started seven years ago, it was all about technical aspects, for example what the business needed and how to achieve it. Now, we are pivoting more toward soft skills, including communication and employee engagement. Finding employees is a widespread issue, not just in Northeast Florida, but across the board. Additionally, many business owners do not necessarily have a firm grasp on their finances or fully understand the numbers within their company and access to capital is a challenge for those in growth-minded situations.

What is the value proposition for an education program that focuses on entrepreneurship? Why should a small-to-medium-sized business consider it?

Owning a business can be a lonely and difficult experience. There is often a mentality of “I can do it all,” but that can lead to burnout. Our program helps business owners figure out where to direct their focus and what to work on. The value of our institute lies in the fact that the information and content we provide are extremely practical and can be used in everyday situations. It benefits not only the health of the company but also the well-being of the business owner.

Looking toward the future, what are the Institute’s plans, priorities and projects moving forward?

We are always thinking about the future. While we love face-to-face interaction, we are exploring hybrid models and online learning to expand our offerings beyond Jacksonville. Additionally, we have been piloting programs in different areas. For example, in Tallahassee, we started working with businesses that do not meet the traditional criteria for our program. In Jacksonville, we recently piloted a program for nonprofit leaders who are second-in-command, not executive directors, to see how that might work. We are constantly evaluating what fits best with our resources and how we can provide value.

What do you think gives Northeast Florida and Jacksonville a competitive advantage over other markets in the state?

I think Jacksonville is special. We are not South Florida, and we are not Central Florida. We have the best of both worlds as we have a southern feel with the benefits of being in Florida. It is a great place to have a small business, especially because of the small business infrastructure here. We work closely with our offices in Fort Lauderdale, Tampa and Tallahassee, and each of those places has its own vibe. But here, we truly have a unique balance of southern hospitality and Florida’s opportunities.