Agenda - 05-18-2010 - 8b - Laserfiche WebLink

Browse Search

Know the People. who will know the Deoole Each entrepreneurship program at Kenan- Flagler Business School is spearheaded by one or several faculty advisors. Each year, these programs cycle through such enterprising people with momentous ideas, each one unique and unlike others. This uniqueness signifies that no two commercialized companies will demand the same set of needs in financing, real estate, or personnel. With this in mind, the action that will undoubtedly and positively impact county government is to "know the people who will know the people ". Form relationships with advisors, directors, and consultants who frequently interact with those who will one day found companies, rent office and flex space, and employ personnel. Differentiate Orange County from the local competition RTP is the traditional favorite location among companies spun out of UNC- Chapel Hill's campus. While RTP has long been and continues to be an asset to Orange County, it is simultaneously a competitive threat for commercial location. The task for Orange County, then, is to differentiate itself from RTP, acknowledging its competitive advantages and highlighting its benefits. As emphasized by the Director of the Office of Technology Development, commercializing companies want to locate close to campus37. For faculty who continue teaching on campus while managing or consulting new ventures, it is simply a time saver. If new companies were moving entirely from the Triangle region elsewhere, the task for Orange County would be the opposite. It would then be better to immerse itself within the regional brand. However, the action recommended here is to identify and promote ways that companies can benefit by locating in Orange County. Understand the needs of early -stage companies and fill service gaps Commercialized companies are early -stage companies with early -stage needs. Despite their unique qualities, early -stage companies have needs that are quite common. The further along a firm is, the more specialized its needs become. Many of the offices and consulting centers identified above offer the services these companies need. This includes networking, business plan enhancement, and legal advice. Other needs for early -stage firms include finding sources of "patient" financing and loan default guarantees. Given the importance placed upon responsible land use, Orange County will better accommodate early - stage firms with somewhat predictable office needs. Orange County should take the lead in filling any gaps in service to these companies. 37 Personal Interview with Cathy Innes, Director of the Office of Technology Development. November 10, 2009 goIPage