Photo Enforcement Innovator NovoaGlobal Spurs Growth with FSBDC at UCF Assistance

FSBDC’s Advisory Board Council and It‘s Local Expert Volunteers Make a Difference

July 5, 2023

FOR IMMEDIATE RELEASE

Contact: Hal Thayer, Communications Director, FSBDC at UCF, 407.420.4850 or HThayer@ucf.edu

Jill Kaufman, Associate Director/Program Manager, FSBDC at UCF, 407.420.4854 or Jill.Kaufman@ucf.edu

Orlando, FL – If two heads are better than one, then how valuable must a group of eight experts and consultants be when all are dedicated to helping you make your small business more successful? And all at no cost? Carlos Lofstedt, founder and CEO of NovoaGlobal, Inc. – an automated traffic enforcement pioneer – found himself in exactly that enviable position when he enrolled his company in the Florida Small Business Development Center at the University of Central Florida’s (FSBDC at UCF) award-winning Advisory Board Council program.

NovoaGlobal® is a leading developer and manufacturer of photo enforcement, including school zone speed and red light enforcement, and intelligence solutions designed to improve traffic safety, reduce road injuries and fatalities, and help law enforcement reduce/solve crime in their communities. “Our vision is to create safer communities for our families,” shares Lofstedt. “We do that by implementing different solutions for traffic safety and public safety like speed enforcement, red light enforcement, license recognition and so on.”

Customer service and superior technology set NovoaGlobal apart from its competitors. “One of the big differentiators between our company and others is the service level we provide,” Lofstedt explains. “Our existing clients rave about us and it’s something we’re very proud about. Besides that, our technology is a very important factor. We have been able to outperform the largest companies in the world.”

Lofstedt learned about the FSBDC’s Advisory Board Council program while attending a Small Business Administration event. “I was introduced to Jill Kaufman (FSBDC Associate Director and ABC program manager) and it really caught my interest to be able to have a board where I could get input from experts within different areas to try to grow the business,” he recalls.

The Advisory Board Council program is a next-level, business support service aimed at helping established Central Florida businesses grow. Each advisory board is comprised of a customized, no-cost panel of experts providing advice and counsel to the FSBDC client. The FSBDC acts as a matchmaker between established local small businesses like NovoaGlobal and area professionals who volunteer their expertise as members of an advisory board, with each advisor purposefully selected to address the specific needs of the participating company.

“Working with the FSBDC and our Advisory Board gave several benefits to our company,” Lofstedt states, “because the board members we had were able to increase our marketing exposure, improve our website and helped us increase sales in general”. In addition, NovoaGlobal was able to take advantage of the FSBDC’s International Trade program which produced an Export Marketing Plan that assisted its entry into new global markets.

“The Advisory Board helps you get a different perspective and pushed us in a different direction that is more beneficial for our company,” concludes Lofstedt. “We had an increase in sales of almost 100% from 2019 to 2022, and have been awarded multiple contracts, including government contracts during that period that are over $50 million in total.” Proof positive that eight heads are better than one, especially when they are part of an FSBDC Advisory Board.

For information about NovoaGlobal, please visit https://novoaglobal.com/

— FSBDC —

About the FSBDC at UCF

Hosted by the University of Central Florida (UCF), and with its main office in the National Entrepreneur Center located at the Fashion Square Mall in Orlando, the Florida Small Business Development Center at the University of Central Florida (FSBDC at UCF) is part of part of UCF’s Office of the President and the Florida SBDC Network.

The Florida SBDC at UCF provides aspiring and existing small businesses with no-cost consulting, low-cost training, and access to business data and research resources. In addition to its core service offering, the Florida SBDC at UCF also offers specialized services to qualifying companies, including capital access, market growth, government contracting, international trade, business continuation, cybersecurity, disaster planning and recovery, and more. The FSBDC at UCF serves an eight-county area that includes Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter, and Volusia counties and maintains 9 service centers across Central Florida.

In 2022, the FSBDC at UCF served more than 2,700 entrepreneurs in Central Florida with consulting services, resulting in more than 10,600 jobs created, retained or saved; $793.9 million in sales growth; $66.7 million in capital formation; $103.8 million in government contract awards; and 160 new businesses started. For more information, please visit www.sbdcorlando.com .

About the Florida SBDC Network

For over forty years, the Florida SBDC Network, the state’s principal provider of business assistance [Fl. Stat. 288.001], has nourished a statewide partnership between higher education and economic development to provide existing and emerging small and medium-sized business owners with management and knowledge resources that enable overall growth, increased profitability, and economic prosperity for Florida’s economy.

In 2022, Florida SBDCs provided 157,841 hours of professional business consulting to more than 18,379 client businesses. Based on the results from the network’s latest economic impact analysis, the FSBDC’s services resulted in almost 29,000 jobs impacted; $4.8 billion in sales generated; $381.6 million in government contracts acquired; and $528.4 million in capital accessed.

A statewide network of over 40 offices, the Florida SBDC is funded in part by the U.S. Small Business Administration, U.S. Department of Defense, State of Florida and other private and public partners. The Florida SBDC Network, headquartered at the University of West Florida, is nationally accredited by the Association of SBDCs and is a 2016 recipient of the President’s E Award for Export Service. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for individuals with limited English proficiency. For more information, please visit www.FloridaSBDC.org.

FSBDC at UCF | 3201 E. Colonial Drive | Orlando, FL 32801 | p 407.420.4850 | f 407.420.4862
sbdc@ucf.edu | www.sbdcorlando.com