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20 <br /> 1 analyses can occur without funding. Moreover, without ongoing engagement by Orange <br /> 2 County policy-makers with RTRP, RTP, and UNC experts, there is no basis for two-way <br /> 3 information sharing. <br /> 4 <br /> 5 Expected Results <br /> 6 •Increase# UNC Spin-Offs locating in OC <br /> 7 •Increase#of 10-100 Employee Businesses (Re)Locating in OC <br /> 8 •Increase Private Sector Job Creation <br /> 9 •Increase Non-Residential Tax Collections (Gross and Percent of Total) <br /> 10 •Data-Driven Performance <br /> 11 <br /> 12 Local universities have spun off numerous companies and industries. Examples include SAS <br /> 13 and Quintiles, products of NC State and UNC, respectively, both of which were started by <br /> 14 university professors spawned global billion dollar industries. Each year, UNC's Carolina <br /> 15 Entrepreneurial Initiative serves as the springboard for a variety of viable businesses. The most <br /> 16 recent crop includes 25 showcased in the CEI's 6th annual business plan competition held in <br /> 17 March. Representing customers and markets across the globe, the focus of these <br /> 18 entrepreneurs spans beyond Orange County's borders, yet all also represent opportunities for <br /> 19 Orange County to court and support as long-term local businesses. <br /> 20 <br /> 21 Even as start-ups and entrepreneurs abound, even more established business opportunities <br /> 22 are within Orange County's grasp—if their needs are met. Whereas start-ups offer long-term <br /> 23 potential, established business offer immediate opportunities on a larger scale, many of which <br /> 24 employ 10+, 20+, even 100+ people and offer benefits beyond the reach of young or lifestyle <br /> 25 businesses. Speaking with any realtor will invotve numerous examples of CEOs, CFOs, COOs, �' <br /> 26 CIOs, and other executives who have relocated here and who continue to choose Orange <br /> 27 County for their personal residences while also choosing other counties as the location for their <br /> 28 business. Investing in applicant-friendly, streamlined ermittin , infrastructure and tools <br /> . P 9 , <br /> 29 tailored to entrepreneurs and established businesses, and locating in Orange County will begin <br /> 30 to qualify as a sensible business decision. <br /> 31 <br /> 32 The EDC contends that a thorough grounding in economic analysis and other data-driven <br /> 33 considerations will be required to gain the results desired in terms of business start-ups, <br /> 34 retention, expansion, and recruitments. As with any endeavor, the quality of a decision is only <br /> 35 as good as the data and analysis informing and supporting it. Moreover, Orange County will <br /> 36 achieve only what it measures, which is why ongoing metrics and benchmarking is critical. We <br /> 37 therefore see the research prong of these recommendations as being critical to the overall <br /> 38 success of this endeavor to launch a multi-year investment in economic development on behalf <br /> 39 of Orange County. <br /> 40 <br /> 41 IF NEEDED: <br /> 42 Examples of industry-standard metrics include: <br /> 43 - Number of qualified inquiries <br /> 44 - Increased hit rate (number of wins gained from total number of inquiries) <br /> 45 - Increased strike rate (value of wins from estimated total value represented by inquiries) <br /> 46 - #of local university start-ups established in Orange County and verified to have <br /> 47 remained in Orange County over time <br /> 48 - #of existing local businesses who expand and remain in Orange County over time <br /> 49 - # of relocating businesses choosing Orange County whose <br /> 50 managers/executives/employees have chosen Orange County as home <br />