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.
The onset of the COVID-19 pandemic in March 2020 turned the labor market upside down. Job losses shot up and many businesses, if they were able to stay open, experienced significant drops in revenue. Today, the situation is the opposite. Businesses have experienced significant growth over the last two years and job openings currently surpass pre-pandemic levels. In fact, although the labor market started to cool in 2023, recent data from the U.S. Chamber of Commerce show that North Carolina, like so many other states, has more jobs than workers – 61 workers available for every 100 job openings.
North Carolina is poised to received $1.5 billion from a series of national opioid settlements with 85% of funds going directly to local communities. In collaboration with the Center for the Business of Health, NCGrowth will conduct a series of community immersives in Winston Salem, Robeson County, in Western and Northeastern NC.
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”.
Leading academics and innovators in the private and public sectors recently convened at the Kenan Institute’s wealth inequality conference which was co-organized by NCGrowth to foster meaningful dialogue about the effects of income disparity and how education and research can create opportunities for more equitable access.
NCGrowth prepared an in-depth report examining how communities with large automotive manufacturers can benefit from economic growth. Broadly, the report finds that local chambers of commerce should work with the large manufacturer to design workforce development programs and support local businesses via the supply chain. By developing symbiotic relationships between new and existing businesses, communities can ensure that the economic gains brought by the arrival of new, large employers are also distributed to local firms and residents.
The town of Garysburg, located in Northampton County, NC, aims to revitalize its old elementary school by transforming it into a mixed-socioeconomic development hub. This project seeks to provide employment opportunities, educational resources, and foster social and economic growth for the community. NCGrowth analyzed diverse revenue streams and effective cost-management strategies to ensure long-term value for the town. NCGrowth analyst and UNC Kenan-Flagler MBA candidate, Rex Chauhan, developed a robust financial model that projected revenue streams, analyzed costs, and estimated returns on investment. NCGrowth also identified key personnel roles, and qualifications, and provided job descriptions.
NCGrowth and the UNC System have worked to develop a strategic plan for the System and its seventeen institutions to increase their use of historically underutilized businesses in their purchasing and procurement processes.