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.
NCAIED’s annual conference, the Reservation Economic Summit (RES), is the preeminent event to attend for high-caliber networking, winning teaming opportunities, business development sessions, and one-on-one consulting for American Indian enterprise.
In late November, attendees from across the eastern region of North Carolina joined the NCGrowth team in Bertie County. Attendees learned about our projects supporting businesses, communities, and local and Tribal governments including Pamlico County, Enc96radio, the Haliwa-Saponi Tribe, Town of Garysburg, and Slice 325. After lunch, the team and guests toured Indulge Aesthetics, the Cashie Treehouse Village, and the site of a developing park in Bertie County currently known “Tall Glass of Water”.
Located in Walterboro, SC, the LaTrice D. Ferguson School of Nursing Assistants (LDF CNA) has been training nursing assistants since 2016. Currently, the company's marketing is through simple social media posting and word-of-mouth; however, this is a barrier to future growth. LDF CNA engaged NCGrowth to help them develop a formal marketing campaign to reach more potential students with an interest in healthcare careers. The detailed marketing plan included market segmentation and a competitive analysis of the career opportunity.
The National Center for American Indian Enterprise Development (NCAIED) has pioneered the Native Edge Institute, one-day, in-person events that provide both established and aspiring business owners with critical business training. Through an collaborative partnership between NCGrowth and NCAIED, we have been able to expand these events to new locations across the U.S. This video highlights a recent Native Edge Institute hosted in Norfolk, VA which connected participants to resources available in their region, along with one-on-one business counseling, coaching, and matchmaking services.
Founded in 2021 and headquartered in Winston-Salem, Bella Sol Medical Spa focuses on fostering self-care by delivering top-notch, customized, medical-grade services tailored to enhance the well-being and vitality of its clientele. In an effort to attract investments and boost revenue, Bella Sol Medical Spa requested support from NCGrowth on a comprehensive business plan. This plan identifies Bella Sol's strengths and competitive advantages, and provides an overview of the market landscape, including an analysis of top competitors. UNC Kenan-Flagler MBA candidate Yiwen Lin, an NCGrowth analyst, collaborated with Bella Sol owner Jalissa Grier on this project, with additional input from a professional wealth analyst who acted as an external reviewer.
ENC96RADIO, Greenville's emerging community radio platform, stands at a crucial juncture. While its grassroots appeal and community-centric vision hold immense potential, the internet radio station grapples with two significant challenges. Firstly, its self-funded model poses constraints on growth initiatives, content quality, and technological advancements, making sustainability an uphill battle. Secondly, differentiation in an industry crowded with giants like Sirius XM Radio Inc. and iHeartMedia, Inc., as well as other local competitors, is imperative. The station's task is not merely to exist as a community radio, but to craft a unique value proposition that resonates deeply with Greenville's residents, ensuring loyalty and regular engagement, all while transitioning from a self-financed passion project to a financially sustainable community cornerstone.
Big Boys Kitchen (BBK) Catering is a catering company operated and located in the territory of Lumbee Tribe of North Carolina. The co-owner and CEO of the company, Patrick Dial, has extensive experience catering local events, church events, weddings, school events, and other private functions. The menu offering includes a variety of BBQ options with a local NC flavor. Pat asked NCGrowth to support their efforts to expand their offerings and establish an online presence. NCGrowth provided a competitive analysis and audit of BBK’s online marketing presence.
Hotshots, a sauce distribution company with a selection of barbeque and hot sauces, rubs, and snacks is owned and operated by Matt and Lauren Heald. The company was established in the late 1990s by Lauren’s uncle and was later bought by the couple in 2008. Since then, they’ve acquired hot sauce brands, expanded aggressively and focused on two sale channels: wholesale and direct to consumer (DTC) sales. Hotshots Inc. revenue has been declining for a few years now, with the biggest hit coming from the discontinuation of a major restaurant chain customer during Covid-19. The goal and scope of the project with NCGrowth was to revamp sales and marketing and explore other avenues to boost sales.
Elaka Treats is an Indian and Middle Eastern Flavor Inspired Cardamom Infused Ice Cream. The company is owned by Shafna Shamsuddin who founded the company in 2019 in Greensboro, NC. Elaka Treats has been struggling with high manufacturing and fixed costs, such as rent and equipment. The goal and scope of the project was to revamp sales and marketing and explore other avenues to boost sales. Another pillar of the project was to help Shafna optimize her business operations given her limited storage capacity. NCGrowth analyst and UNC Kenan-Flagler MBA candidate, Yvan Koudinov, prepared a financial and operational analysis on Elaka’s sales and sale channels. Based on these insights, a strategic roadmap was developed which included hiring a new employee. Other deliverables included a sales funnel plan, actionable recommendations, industry data analytics, and a forward-looking content strategy.