CAPITAL

The Triangle is ripe with entrepreneurs and a community which support its startups. North Carolina was among the first states to offer a matching program as part of its $250 million fund in venture capital (VC). And while most cities are lucky to have one tech startup accelerator, names like TechStars and Y Combinator, the Raleigh-Durham area has four. Organizations like StartUp at Wake Tech and the Downtown Raleigh Alliance (DRA) also support our local entrepreneurs.

When asked what makes the region an excellent place for startups, Adam Smith, Vice President of Square 1 Bank and director of its early-stage banking arm, Square Roots, says, “First and foremost, it’s an attitude of collaboration. The community – entrepreneurs, service providers, academia, big industry, non-profits –they really do rally around our startups.” With both large and smaller-scale investment opportunities, the startup scene has grown rapidly over the last decade thanks to venture capital invested here among companies like Epic Games and Pendo, which have billion-dollar valuations and employ hundreds locally.

Although 2021 and 2022 were already record years for economic development, Chris Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC), projects more transformative economic development projects are on the horizon for 2023. In a January interview with WRAL, Chung noted we could be on the cusp of another sensational year for business recruitment, with transformative economic development projects on the horizon that could bring more than 100,000 jobs to the state.

JupiterOne, a cybersecurity startup based in Morrisville, is the Triangle’s most recent unicorn (a term used to describe startups valued north of $1 billion), having raised $70 million from investors in June 2022. Founded by Erkang Zheng, a NCSU graduate, JupiterOne’s software helps companies monitor their digital security across cloud platforms, servers, and apps. And although remote work-based, Zheng plans to actively seek office space to keep the company headquarters based here as they grow.

Triangle tech is definitely attracting investors. At Cofounders Capital, Gardner notes that even though they are a traditional venture fund, it’s run like an angel group wanting to be the “first money in the deal,” often investing capital into companies that don’t yet have revenue. It certainly comes as no surprise that the Triangle is highly ranked among the best places to start a business.

The Raleigh-Durham area is a burgeoning environment for startups and entrepreneurs with its diverse population, strong community, outstanding education, and established science, technology, and research industry presence. High quality of life attracts new residents daily, but it’s the commerce and opportunity that keeps them here. With RTP at the nucleus and continued investment across the region, the talent, technologies, and capital available in the Triangle make it a great place for entrepreneurs to thrive and grow their businesses.

BY SHANNA MIDDLETON – FOUNDER AND CEO OF THE INTERNATIONAL COMMUNITY OF INTERIOR DESIGNERS (ICID)