Agenda - 03-13-2012 - 4b - Laserfiche WebLink

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12 to downtown Raleigh or to locations close to NCSU. Most technology companies draw on innovations generated by the engineering and natural resource expertise on campus. Raleigh and NCSU recently announced an initiative to focus Raleigh's economy on innovation. The plan is to have an "Innovation Summit" in January 2012 and to sponsor an incubator jointly under the direction of Springboard at NCSU. This initiative directly responds to the progress made in Durham to become the region's hub for innovation and entrepreneurship. The City of Durham is currently attracting companies in industry clusters identified by the Research Triangle Regional Partnership (RTRP). It has several successful incubators and innovative supportive programs. Bull City Forward is a unique incubator in downtown Durham that effectively serves social entrepreneurs with flexible arrangements including month-to-month leases. The Durham Chamber has begun a highiysuccessful program called Bull City Startup Stampede. Companies apply and the selected ones occupy space on Main Street free of charge for 60 days. They have access to free advice and interact with other entrepreneurs. American Underground located in basement space at American Tobacco is home to new companies that could grow to become tenants on the campus. All of this space is currently occupied.g Launch Box Digital funded 7 internet-oriented stariups in the past year but is not currently active. The Council for Entrepreneurial Development (CED) moved from RTP to American Tobacco to contribute to the budding startup scene in Durham. CED sponsors events at American Tobacco in shared classroom space. CED is also allowing Blackstone Entrepreneurs Network to use its facilities at American Tobacco as Blackstone ramps up its operations. The American Tobacco campus is well located adjacent to the Durham Freeway which makes it easily accessible from RDU and other areas in the Triangle. Public parking is readily available and free. Both Raleigh and Durham have older buildings offering Class B and C office space or flex-space in or near central areas. The available inventory is larger and rents are comparable or lower than in Orange County. These downtown areas enjoy good access and several have the right "vibe" (American Tobacco, Main Street in Durham, several areas near Fayetteville Street in downtown Raleigh, etc.). OCED needs to find its proper niche in the region and by its example discourage Durham and Raleigh from directly competing for startups and seed capital. Oran~e Count~Locations and Space for Startups The location and space needs of startups depend on the preferences of startup founders in the life-science, IT and broader market segments. The founders of life-science companies tend to be 8 One tenant that moved from Carrboro is paying $20.80/SF plus utilities which is comparable to Carr Mill but is much more satisfied in Durham both with the space and interaction with similar companies. Tenants also pay for internet access and telephones. 9