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 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”.
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.
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.
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.
With economic growth can come growing pains, such as an increased cost of living and displacement of local businesses. An NCGrowth report examines how communities with a large manufacturer can minimize those pains.