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7 <br /> Memorandum of Understanding <br /> Date: June 25, 2018 <br /> Parties: The Town of Chapel Hill, Orange County, Chapel Hill Downtown Partnership, and the <br /> University of North Carolina at Chapel Hill (Vice Chancellor's Office for Innovation, <br /> Entrepreneurship, and Economic Development-Innovate Carolina and the Kenan- <br /> Flagler Business School-Center for Entrepreneurial Studies) <br /> Re: Launch Chapel Hill Future Plans <br /> Background: Launch Chapel Hill was founded with the support of the Town of Chapel Hill <br /> (Roger Stancil), Orange County,the University of North Carolina at Chapel Hill (Judith Cone <br /> through the Vice Chancellor's Office for Innovation, Entrepreneurship, and Economic <br /> Development dba Innovate Carolina, and Ted Zoller through the Center for Entrepreneurial <br /> Studies at the Kenan-Flagler Business School), Entrepreneur Jim Kitchen, and the Becker Family, <br /> which provided a major gift through the Kenan-Flagler Business School that helped fund Launch <br /> during its first four years of operation. The Chapel Hill Downtown Partnership served in a key <br /> operational role and donors and partners have helped Launch Chapel Hill (LCH) be the success it <br /> is today. Dwight Bassett, Economic Development Officer with the Town of Chapel Hill, became <br /> the point person for LCH, and Dina Rousset has led this work and brought in staff and external <br /> experts to develop the accelerator program, coach companies, design, permit and manage <br /> build-out of a co-working facility. Sheryl Waddell represents UNC-Chapel Hill's Innovate <br /> Carolina office, along with Judith Cone. Orange County local government participation includes <br /> members from the Board of Commissioners, Manager's Office, and Steve Brantley from the <br /> Orange County Economic Development Department. Core funding comes from the Town, <br /> County, and University with added funding from donors and in-kind partners. Town and County <br /> participation is administered via an Interlocal Agreement between the two local governments. <br /> We are especially grateful to the Becker Family for their foundational funding that enabled the <br /> success of Launch Chapel Hill from its inception. <br /> The Launch Chapel Hill accelerator has been a successful initiative which has led to <br /> opportunities for growth and expansion. In sum, LCH has achieved the following: <br /> Since 2013: <br /> 75 companies have graduated, with 46 remaining in business <br /> 94%of companies remain in business after one year <br /> 31 companies primarily founded by UNC students <br /> 1,150 jobs created, with 200+of those in Orange County <br /> In 2017: <br /> $12.975 million in funding raised by companies during 2017 <br /> $20.6 million in company revenue earned during 2017 <br /> 1 <br />