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14 <br />Expected Results <br />• Increase # UNC Spin -Offs <br />locating in OC <br />• Increase # of 10 -100 <br />Employee Businesses <br />(Re)Locating in OC <br />• Increase Private Sector Job <br />Creation <br />• Increase Non - Residential Tax <br />Collections (Gross and <br />Percent of Total) <br />• Data - Driven Performance <br />Local universities have spun -off numerous companies and industries. Examples include SAS and Quintiles, products of NC State <br />and UNC, respectively, both of which were started by university professors spawned global billion dollar industries. Each year, <br />UNC's Carolina Entrepreneurial Initiative serves as the springboard for a variety of viable businesses. The most recent crop <br />includes 25 showcased in the CEI's 6th annual business plan competition held in March. Representing customers and markets <br />across the globe, the focus of these entrepreneurs spans beyond Orange County's borders, yet all also represent opportunities for <br />Orange County to court and support as long -term local businesses. <br />Even as start -ups and entrepreneurs abound, even more established business opportunities are within Orange County's grasp - - -if <br />their needs are met. Whereas start-ups offer long -term potential, established business offer immediate opportunities on a larger <br />scale, many of which employee 10 +, 20 +, even 100+ people and offer benefits beyond the reach of young or lifestyle businesses. <br />Speaking with any realtor will involve numerous examples of CEOs, CFOs, COOS, CIOs, and other executives who have relocated <br />here and who continue to choose Orange County for their personal residences while also choosing other counties as the location <br />for their business. Investing in applicant - friendly, streamlined permitting, infrastructure, and tools tailored to entrepreneurs and <br />established businesses, and locating in Orange County will begin to qualify as a sensible business decision . <br />The EDC contends that a thorough grounding in economic analysis and other data - driven considerations will be required to gain <br />the results desired in terms of business start -ups, retention, expansion, recruitments As with any endeavor, the quality of a <br />decision is only as good as the data and analysis informing and supporting it. Moreover, Orange County will achieve only what it <br />measures, which is why ongoing metrics and benchmarking is critical. We therefore see the Research prong of these <br />recommendations as being critical to the overall success of this endeavor to launch a multi -year investment in economic <br />development on behalf of Orange County. <br />IF NEEDED: <br />Examples of industry- standard metrics include <br />Number of qualified inquiries <br />Increased hit rate (number of wins gained from total number of inquiries) <br />Increased strike rate (value of wins from estimated total value represented by inquiries) <br /># of local university start -ups established in Orange County and verified to have remained in Orange County over time <br /># of existing local businesses who expand and remain in Orange County over time <br /># of relocating businesses choosing Orange County whose managers /executives /employees have chosen Orange County as home <br />Annual measure of residential /non- residential tax ration <br />Total value of private capital invested in Orange County <br />Total number of private sector jobs created <br />Number of private sector jobs by OC socio- economic strata <br />7 <br />