Why NC? Archives

Another Entrepreneurial Benchmark - the Inc. 500 is Now 5000

Back in the day, when IBM, General Motors and Procter and Gamble drove the national economy, a list of 500 "fastest growing privately held companies" was sufficient to capture the depth and breadth of entrepreneurial achievement in America. Launched at the same time CED was being formed as a spin-out of the Raleigh Chamber, the Inc. 500 has featured many companies before they became world-renowned, including Microsoft, Domino's Pizza, and Oracle.

Starting in 2007, the list was expanded ten-fold to 5,000. The deadline for the 2008 list, to be publicized in September, is April 30, 2008. For more information, visit www.inc.com/inc5000apply/.

N.C. Ranks First in the Nation for Small Metro Business Growth

North Carolina placed first in the nation in Site Selection magazine’s annual ranking of states with small metropolitan areas having new and expanded corporate facilities. The Greensboro-High Point area topped the magazine list for the second consecutive year because of 30 new and expanded corporate facility projects recruited in 2007. The Raleigh-Cary area tied for sixth with 25 projects and Rocky Mount tied for sixth nationwide with 9 projects.

Q&A with Monica Doss

In a recent interview with WRAL Local Tech Wire, CED President Monica Doss discussed how the culture of entrepreneurship has evolved in the Research Triangle.

QUESTION: Can you describe the entrepreneurial climate in the Triangle 20 years ago? What were some of the biggest challenges that entrepreneurs were facing when they were trying to start a business?

ANSWER: Back then the Triangle had a very successful economy, which made it more difficult to draw attention to entrepreneurs and the things that they need. The Research Triangle Park was filled with recruited research companies that created lots of jobs. So, people focused their attention on those large companies. As the economy continued to strengthen, the attitude held by many was “why bother with entrepreneurship”?

State of the Research Triangle Region

North Carolina's 13-county Research Triangle region added 86,000 new jobs in the past three years -- midway into a five-year effort to improve the region's competitive position and create 100,000 new jobs.

The news was announced to more than 800 people at RTRP's fourth annual State of the Research Triangle Region event on Thursday morning.

The slides from the event are available online in PDF format.

On the Menu Episode 2: Integrian's Pete Durand

CED has posted the latest interview in its Internet TV show, “On the Menu: Out to Lunch with Innovators and Entrepreneurs."

Watch the conversation with Pete Durand, CEO of Morrisville-based Integrian:

Alternative Energy Strategy

During his keynote remarks at Tuesday's Biotech 2007 conference, former U.S. Senator Tom Daschle spoke highly of North Carolina's efforts to develop alternative energy strategies.

In particular, the state has launched an aggressive alternative energy plan. Listen to an interview with Steven Burke, senior vice president/corporate affairs at the North Carolina Biotechnology Center, talk about this major initiative to promote North Carolina as a world leader in alternative fuels development.

Job Board & Job Fair

CED has launched a Job Board to connect CED member companies with positions to fill to candidates seeking employment in the region’s fast growing entrepreneurial sector.

The CED Job Board offers CED members the opportunity to upload an unlimited number of positions free of charge as a member benefit. All visitors to the CED Web site can browse available jobs and sort postings by company, job title, location and other categories.

CED will publicly unveil its Job Board during the Triangle Technology Job Fair on Wednesday, May 2, from 4 to 7 p.m. at Broadwick's corporate headquarters on 2635 Meridian Parkway in Durham, NC.

Biofuels in North Carolina

Maria Rapoza, vice president of science and technology development at the North Carolina Biotechnology Center, has written a guest column on biofuels and its impact on the state's economy.

Rapoza will be moderating a panel discussion on alternative energy at CED's Biotech 2007 conference on May 15 in Durham, NC.

Here are excerpts of her column:

The Secret to Hiring a Star Executive

With today’s globally competitive economy and growing pressure to produce results in the shortest period, companies need to hire executives with the highest probability of initial success. Businesses must consider which hiring practices should be in place to secure the best candidate, and what are the key competencies that person should have.

Cary-based consulting firm Unlocked Potential has examined this important human capital issue in a newly released white paper: “The Secret to Hiring a Star Executive” (PDF).

On the Menu Episode 1: PWC's Jeff Barber

CED has launched an Internet T.V. show featuring conversations with innovators, entrepreneurs and investors from across the region. CED’s new Web-based interview series, “On the Menu: Out to Lunch with Innovators and Entrepreneurs,” was created in partnership with Raleigh-based digital media firm Myriad Media.

CED will stream a new 4-5 minute interview from its Web site every 4-6 weeks.

The first “On the Menu” interview -- recorded at a New Orleans-style restaurant in downtown Raleigh called The Big -- features a conversation with PricewaterhouseCoopers’ Jeff Barber, who is co-chair of CED’s upcoming Venture 2007 conference.

Watch the YouTube version:

Venture Fundraising: River Cities Closes $75 Million for Fourth Fund

River Cities Capital Funds, which has offices in Cincinnati and Raleigh, has raised $75 million in a first close of its $150-200 million fourth fund, according to recent fundraising disclosures.

Rik Vandevenne, a principal in River Cities’ Raleigh office, said the firm is actively looking to invest in IT and healthcare expansion-stage companies in the Midwest and Southeast.

RTP 2.0 Social

RTP 2.0 and CED are presenting the first RTP 2.0 Social on Wednesday, April 4, from 7-9 p.m. at Tyler’s Taproom in the American Tobacco Historic District in Durham, NC.

This event is free and open to anyone interested in meeting other technologists, innovators and entrepreneurs in the area. Drinks and appetizers will be provided.

Measuring Entrepreneurial Satisfaction

CED has released the results from its 2007 Entrepreneurial Satisfaction Survey Report (PDF), which asked Research Triangle region entrepreneurs about the critical factors for starting and growing an entrepreneurial business.

Among the survey's most significant findings:

Forbes Ranking on Best U.S. Cities for Jobs

Forbes magazine has released its latest ranking on the top 25 "Best U.S. Cities for Jobs."

The Raleigh-Cary metro area, ranked number 7 in last year's report, came in as the top-ranked city this year.

The Climate for Hiring

Rick Smith, editor of WRAL Local Tech Wire, recently spoke with HireNetworks' Craig Stone about the climate for hiring in the region.

While Stone said many firms are hiring across the board, he cautioned that the supply and demand for workers is constantly shifting.

CED Podcast: The State of Venture Capital

CED has posted an audio podcast (MP3 file) of NVCA President Mark Heesen's "State of Venture Capital" presentation. Heesen gave this talk on Feb. 1 at UNC-Chapel Hill's Carolina Club.

As Jason Caplain notes in this Southeast VC blog, Heesen's slides (PPT file) include a detailed breakdown of national and NC-specific venture data.

Q&A with NVCA's Mark Heesen

In advance of CED's "State of Venture Capital" program this afternoon at UNC-Chapel Hill, the Raleigh News & Observer has published a Q&A with NVCA President Mark Heesen.

Here are excerpts from N&O reporter Frank Norton's conversation with Heesen:

Addressing the Early-Stage Funding Gap

Many new technologies face obstacles when attempting to transfer out of universities and research institutions because of a funding gap between government and private equity support.

To address this need for seed-stage financing, NC IDEA has implemented a grants program to fund “proof-of-concept” business activities that validate potential markets, reduce business risks, and advance projects to the point at which they are suitable for private equity investment.

Applications are now being accepted for NC IDEA’s next funding cycle. The application deadline is February 16.

Investing in Life Sciences

From 2004-2006, new and expanding life sciences companies in North Carolina's Research Triangle received more than $1.24 billion in investments.

Charles Hayes, president of the Research Triangle Regional Partnership (RTRP), discusses some of the investment highlights during a recent interview (MP3 file).

Survey of Emerging Life Science Companies

The availability of trained technical and scientific workers, pro-business government and low costs of doing business are among the most important factors affecting company operations, according to North Carolina life science executives participating in a survey of Emerging Companies conducted by NCBIO.

The report (PDF) shows that companies are very satisfied with the state’s technical and scientific labor pool, and generally satisfied with the state’s cost structure and government’s approach to business.

Getting Connected in Asheville - Part 2

CED President Monica Doss blogs again from the recent "Connect" conference Asheville:

BREC and Asheville are becoming a magnet for the pockets of innovation that are spread throughout western NC and eastern Tennessee.

We’ve all talked about our sense that pockets of serious innovation are erupting far outside of the traditional technology hot beds and that is validated here.

Getting Connected in Asheville

From CED President Monica Doss:

I'm writing from Asheville, NC, at the 4th BREC Carolina Connect Conference in the company of about 300 entrepreneurs, investors, students and local business leaders.

BREC (Blue Ridge Entrepreneurcial Council) and BRAIN (Blue Ridge Angel Investor Network) were created by Advantage West, the economic development regional partnership that serves 20+/- western North Carolina counties, and is supported also by the Appalachian Regional Comission.

The main and breakout sessions have been enthusiastic and packed, and lots of laughter and applause everywhere.

Tech 2006 Video

CED's Tech 2006 is coming up Oct. 10-11 in RTP and Raleigh. Check out this video to see how you can explore, interact and learn at the conference:

Top Tech Hubs

For the second year in a row, the Silicon Valley Leadership Group (SVLG) has ranked the Research Triangle as the country's top region for technology companies.

According to the News & Observer's report, the Triangle scored well in its vibrant job market, affordable housing and manageable traffic.

Sparking Innovation

How do you spark innovation?

UNC's Ted Zoller has an answer in this guest column: "So You’ve Never Had An Original Idea In Your Life - Go Start A Business Anyway."

Rankings suggest that entrepreneurs across the region are taking Zoller's advice. For example, Entrepreneur Magazine's 2006 list of the best cities for entrepreneurs has two North Carolina metro areas -- Charlotte and Raleigh-Durham -- ranked 2nd and 3rd on the national list.

Biotech Resources

Dr. Leslie Alexandre, president and CEO of the North Carolina Biotechnology Center, describes the public and private resources that can help bioscience entrepreneurs succeed.

Alexandre says that the region's key strength is the collaborative nature among organizations championing biotech entrepreneurship.

WUNC Reports on NC's Venture Climate

Leoneda Inge, a reporter with North Carolina Public Radio - WUNC, has put together a story on North Carolina's venture capital community.

Inge spoke with Intersouth Partners' Garheng Kong, CED's Zack Mansfield and Motricity's Ryan Wuerch about the region's investing climate.

Measuring Entrepreneurial Activity

eVenturing has several links on the latest Kauffman Index of Entrepreneurial Activity.

This detailed report (PDF) shows monthly startup rates among individual adults in America. Some of the key findings:

State of the Region

The Research Triangle Regional Partnership hosted its 3rd annual "State of the Region" event this morning. A packed house of 800 people came out to the RTP Sheraton Imperial to hear the latest on the region's economic health and competitive position.

Among the highlights:

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