The North Carolina County Tiers system was developed out of a desire to spur economic development in economically distressed geographic areas. County Tier designations were originally intended to help determine whether or not a company would receive tax incentives for local job creation. In the Tiers system, counties are classified from most distressed, Tier 1, to least, Tier 3. Since its inception, the Tiers system has also been used to allocate school funds, determine health care provider loan forgiveness, and more. This report provides an overview of the NC Tiers system, current challenges, and alternatives.
North Carolina's entrepreneurial landscape is thriving, boasting 178,000 new businesses in 2022 and over 360 entrepreneurial ecosystem partners dedicated to bolstering businesses statewide. Despite its geographic diversity, the state's entrepreneurial support network remains somewhat disconnected, with outcomes varying across regions and organizations. This report explores the intersection of entrepreneurship and economic development incorporating insights from interviews with key players, review of existing reports and research, and case studies. This report identifies a disparity in the focus of economic development efforts, which are often centered on business recruitment, retention, and entrepreneurial support, with local entrepreneurs often left uninformed about these activities. Economic development initiatives related to entrepreneurship vary significantly depending on factors like location, investment sources, digital infrastructure, and networking capabilities.
Within this context, four primary themes emerged as problems entrepreneurship-led economic development could help to resolve: 1) Access to Capital: Ensuring entrepreneurs have access to necessary funding and resources throughout their business development stage; 2) Coordination of the Business Development Environment: Raising awareness and promoting available resources and initiatives among local business owners and entrepreneurs; 3) Digital Infrastructure Development: Fostering digital capabilities and connectivity, which are crucial for modern business operations; and 4) Mentorship and Network Collaboration: Facilitating mentorship opportunities, building a supportive entrepreneurial community, and connecting businesses regionally.
In the wake of the COVID-19 pandemic, two large infrastructure-related bills have been enacted. The Infrastructure Investment and Jobs Act (IIJA), signed into law in November 2021, provides funding for a wide range of activities including roads, rail, transit, broadband, water and electrical infrastructure.
On September 28th, 2021, CREATE’s Faculty Director Dr. Maryann Feldman presented at the “Strengthening US Science & Technology Global Leadership for the 21st Century” at the inaugural meeting of the President’s Council of Advisors on Science and Technology (PCAST). The Council is comprised of forty advisors outside of the federal government that provide expertise and guidance to the President in policy matters regarding science, technology, and innovation. This particular session was focused on current issues regarding equitable economic development, specifically during the country’s post-pandemic recovery.
On September 28th, 2021, CREATE’s Faculty Director Dr. Maryann Feldman presented at the “Strengthening US Science & Technology Global Leadership for the 21st Century” at the inaugural meeting of the President’s Council of Advisors on Science and Technology (PCAST). The Council is comprised of forty advisors outside of the federal government that provide expertise and guidance to the President in policy matters regarding science, technology, and innovation. This particular session was focused on current issues regarding equitable economic development, specifically during the country’s post-pandemic recovery.
Mitchell County in Western North Carolina has been exploring ways to leverage and develop their natural and outdoor assets for economic development. During the Spring of 2020, NCGrowth partnered with Mitchell County to map the county’s outdoor recreation assets and outdoor industry businesses in order to identify potential avenues for outdoor recreation based economic development.
CREATE Faculty Director, Dr. Maryann Feldman, and Georgia Tech’s Dr. Paige Clayton explore how policy might vary over the life cycle of innovative ecosystems in this research paper, presented at APPAM’s 42nd Annual Fall research conference. This paper reviews the evidence on how ecosystems evolve over time as firms and institutions develop, with identification of a set of organizational logics that prevail for each stage of ecosystem development.
The idea that new ventures are simple mimetic reflections of the organizational practices of existing organizations contradicts the recognized importance of organizational diversity for innovation. There is an inherent contradiction in the literature between the persistence implied by the inheritance of practices from prior employment, and the experimentation prevalent in the organizational practices contributed by new organizations.
Since its founding in 1982, the Small Business Innovation Research (SBIR) program has become the largest and most comprehensive public research and development funding program of small business research in the United States. An underlying tenet of the SBIR program, and the related Small Business Technology Transfer (STTR) program, is that small and young firms are an important source of new ideas that provide the underlying basis for technological innovation, productivity increases, and subsequent economic growth. By involving qualified small businesses in the nation's research and development efforts, SBIR/STTR grants stimulate the development of innovative technologies and help federal agencies achieve their missions and objectives.
Description: In pursuit of building prosperous economies, policymakers are increasingly interested in entrepreneurial ecosystems. The concept positions entrepreneurs and entrepreneurial communities as central actors in building the benefits associated with geographic agglomerations. This report presents the concept of ecosystems as a new understanding of how entrepreneurial economies work and how they develop over time.
In search of additional sources of revenue, universities and colleges have cultivated individual donors to provide support to academic projects and initiatives. Major gifts (of at least $100,000) from private donors are typically lost in an aggregation of all types of philanthropy, rather than being considered as their own separate category. This chapter provides evidence of the contributions of high net worth individuals to university programs, with a focus on donors’ support of scientific research.
Community banks are the central financial institution in many places. They have the capacity to alleviate credit constraints of small firms. This may increase economic resilience, delaying or mitigating the effects of the Great Recession. We estimate how the county-level banking access and community bank market share affect both the timing and duration of the Great Recession.