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Durham and Chapel Hill who decided to market their communities together. Taking advantage of the
<br />strength of Research Triangle Park, RTRP's economic development strategic plan and implementation
<br />continues to serve as a best -in -class model for economic development regions nationally as well as world-
<br />wide.
<br />The Four Pillars of Regional Economic Competitiveness
<br />The thrust of RTRP's economic development strategy_ is the four pillars of regional economic
<br />competitivenessta:
<br />Intellectual interaction (university - company cross - fertilization, company-company association,
<br />entrepreneur - institution interaction, individual - individual connection).
<br />Attractiveness to companies (workforce, business climate [regulation, taxes, incentives,
<br />predictability, support services], physical size, idea enviromnent (universities, research, innovation],
<br />economic dynamism, financial climate [capital, financing])
<br />• Attractiveness to individuals (quality of life [cultural, recreational, convenience], economic
<br />dynamism [job growth, income growth, strength, stability], climate /geography, cost of living, and
<br />quality and availability of social interaction)
<br />• Reputation /brand (desirability of park/regional address, attractiveness of park association, name
<br />recognition, marketing prowess, and credibility of area as a research and technology leader)
<br />A commitment by area governments to promote all four pillars, along with robust economic development
<br />planning and implementation have resulted in the area's continued high ranking across the board.
<br />Understanding Industry Clusters and the Opportunities for Orange Counlp
<br />Whereas RTRP has targeted and continues to target the development of its clusters (listed on page 2) in
<br />the urban core (Wake, Durham, and Orange Counties), over the next five years, the North Carolina
<br />Department of Commerce through the RTRP vehicle also is promoting the growth of these clusters across
<br />the other 10 constituent counties t7. Of these 1 I clusters, five are being emphasized by RTRP as key
<br />initiatives, three of which target RTP's urban core, including Orange County 18.
<br />Green Economy Business Growth
<br />RTP attraction of jobs and business opportunities associated with alternative energies, environmental
<br />technologies, and green enterprises
<br />The Green Economy
<br />Relocation and expansion of existing business is highly influenced by an area's energy infrastructure,
<br />particularly in the areas of overall availability as well as gross and net energy costs. Although North
<br />Carolina historically has offered a highly competitive energy package, neighboring states now offer
<br />lower- priced energy than North Carolina. Fortunately, our state is home to significant centers of energy
<br />and power research and home to the headquarters of two of the country's largest energy providers, Duke
<br />Energy and Progress Energy —both of whom have established smart grid and alternative energy initiatives
<br />and projects. In addition, both are recipients of $200MM+ smart grid project grants19.
<br />According to a 2009 Pew Center on the States report, North Carolina ranks as one of the top states in
<br />growing clean energy jobs, with 1,700 clean energy businesses accounting for more than 17,000 jobs in
<br />2007. This builds on more than $82.5 million in venture capital invested in North Carolina clean energy
<br />16 Source: IBM Consulting Services for Research Triangle Foundation of North Carolina report
<br />17The Shape of Things to Come, Regional Economic Development Strategy 2009 -2014
<br />16 The State of the Research Triangle Region 2009, RTI and RTRP. The other key initiatives include Triangle North (Franklin, Granville,
<br />Warren, Vance counties) and defense - related economic development
<br />19 Site Selection, January 2010
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