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13 <br />established medical doctors or scientists who live in Chapel Hill and have families. Many would <br />prefer to locate their company closer to home as it grows, especially if employees live in or near <br />southern Orange County. They would be comfortable in less urban locations, but affordable <br />space in the county is limited. <br />Founders of companies in the IT and broader market segment may be generally described as <br />tech-sawy entrepreneurs who are using IT and/or the web intensively to develop and market a <br />range of new services and products. These college-educated, under 35, predominantly male <br />entrepreneurs have chosen to build their own company rather than attempt to join the corporate <br />sector. They are willing to trade long hours working with interesting people in lively places for <br />the greater security of scarce "resume" jobs. These entrepreneurs overwhelmingly want to grow <br />their companies in urban environments.9 <br />Across the Triangle area, Durham has central places that are generating the right "vibe" for <br />young tech entrepreneurs. These places offer affordable space, proximity to amenities <br />(restaurants, bars, convenience retail and personal services), access to business and professional <br />services, nearby space for expansion and reasonable commutes from home to work. As more <br />companies co-locate, the place should begin to attract funding from various informal and formal <br />sources as well as additional service providers (attorneys, accountants, PR and marketing <br />specialists, etc.). <br />Indeed it is ironic that downtown Durham, the least attractive location in the early 1990s <br />compared to Raleigh, Cary, Chapel HilUCarrboro and RTP, is now the most vibrant and popular <br />urban center in the Triangle area. Old unoccupied well-designed buildings and strategic <br />public/civic investments became the assets that were exploited through public-private <br />partnerships. American Tobacco stands as the flagship project. <br />Downtown Chapel Hi11 has several liabilities: downtown is less central and accessible in the <br />region; rents are high - above $20/SF and over $30/SF in some areas; convenient parking is not <br />reliably available; and, according to several principals interviewed, employees working late feel <br />unsafe. Downtown Carrboro has more affordable space in older buildings, but tfie potential <br />inventory is small, and available space is in short supply. Like Chapel Hill, it is not central in the <br />region and has limited parking in the core area.lo <br />9 It is important to recognize that most tech-sawy college gaduates not pursuing resume jobs are not <br />destined to become entrepreneurs. Instead, they are likely to be self-employed consultants who will <br />provide local services but will hire few if any employees. On the other hand, tech-sawy entrepreneurs <br />are driven to build growth companies. <br />lo The interviews indicated that many entrepreneurs, funders and service providers avoid both downtown <br />Chapel Hill and Carrboro when meeting in Orange County. They prefer Cafe Carolina in Meadowmont <br />10 <br />