An Entrepreneurial Economy

In case you haven’t heard, entrepreneurship is all the rage…and should be.

In a recent opinion column published in the Greater Wilmington Business Journal, Jonathan Rowe, the Director of the UNCW Entrepreneurship Center, stated the importance of entrepreneurship: “For Southeastern North Carolina, 73 percent of our registered businesses have less than ten employees and, according to the North Carolina Division of Labor, 60 percent to 80 percent of new jobs each year come from companies with less than 25 employees or less than five years old.” These statistics clearly encapsulate the need for entrepreneurs and startups in our region; they also mean we, as a community, must provide the proper training, education and support to ensure their emergence and fruition.

If you decide to start your own business, no one is going to hand you a blueprint that will determine the roadmap for success. There are however, a few characteristics that set successful entrepreneurs aside from the rest.

Entrepreneurs must be innovative, committed, determined, passionate, and have an ability to understand their target market and why that market must have their product…oh yeah, and successful entrepreneurs need a little financial capital too.

The News and Observer recently published a report on a Duke Alum who demonstrated such tenacious entrepreneurial spirit. A novice at Microsoft, Kimberly Jenkins went to her boss with what she thought was one heck of a pitch—sell Microsoft products to Universities. Steve Ballmer, CEO, ran the idea up the ladder to Bill Gates; neither was taken with the idea but decided to let her go with it…the N&O reports “Within a year, Microsoft’s new educational products division was responsible for 10% of the company’s domestic revenue”. Jenkins is a beautiful exemplar of someone with determination and passion, and who decided to take a risk because she knew what market to target.

We hear countless stories about entrepreneurs, young and old, who have launched successful start-ups across our region…and most of these start-ups are smaller in scale, with the occasional emergence of a Fred Eshelman—an incredible story of an entrepreneur who established a start up that blossomed into a high-growth company called PPD, with offices in 42 countries and more than 10,500 professionals worldwide. We need more of those types, and we may be on our way.

Universities across the state are already realizing the importance of entrepreneurial activity to the regional and global economy. The UNCW E-Center is growing at an incredible pace, offering mentorship, competitions, regular networking events, education, and even real financial capital. Efforts are underway at both Duke and UNC-Chapel Hill to invest in interdisciplinary entrepreneurial education (see News and Observer article link below), but efforts must go beyond just educational programs. Our region must first understand the importance of entrepreneurship and what resources are needed to foster such an environment.

Peter Drucker, the renowned business management guru and philosopher said: “The best way to predict the future is to create it”. Now is the time. Let us create a prosperous future, a creative future, a future that will buzz with economic wealth and a better quality of life.

http://www.newsobserver.com/2010/11/29/831964/duke-alumna-is-hunting-good-ideas.html#storylink=misearch

Jobless Need Technical Expertise to Re-enter Workforce

In today’s evolving workforce, there is an increasing demand for technical and computer expertise.

AP Economics writer Christopher Rugaber has reported that in the midst of financial crisis, many retirees and aging employees are finding the need to return to work, but many are not able to compete because the jobs they once knew so well are now relying on technical skills that were not needed before. People are beginning to discover they cannot even qualify for their old positions. Unfortunately, this further hinders the staggering unemployment rate across the country. As most employers are looking for a specific skill set, they are not turning to the unemployed/formerly employed sector, but rather those individuals already employed who are already equipped with the skills they need.

The competition to obtain a job in general is compounded by the fact that most manufacturing industries (where much of the retired workforce has experience) now require two skill sets: business analysis and system analysis. Christopher Rugaber of the Associated Press, reports this trend is a result of companies’ decision to control costs during the recession. The goal is to hire fewer people with varied skills which in turn maintains or increases productivity.

Rugaber reports, “Human resource specialists say employers who increasingly need multi-skilled employees aren’t willing to settle for less. They’d rather wait and hold jobs vacant”.

This is one of the issues that Cape Fear Future will help to address. The skills gap is growing in today’s workforce and it is important to push forward those training and educational programs necessary in addressing the needs of employers. Cape Fear Future is exploring STEM (science, technology, engineering, and math) programs to be implemented in the New Hanover County School System that may better prepare the upcoming workforce. Moreover, to assess the needs of local employers, the Cape Fear Future Education Task Force has distributed surveys asking employers the current educational/technical expertise needed in their field, the current performance/proficiency of their employers, and those demands they expect from future applicants. This survey will allow a closer look at the needs and expectations of our recent graduates, and our current and future workforce.

Click here to read Christopher Rugaber’s full article.

Entrepreneurship Summit - September 19-20

The University of North Carolina Wilmington and the N.C. Biotechnology Center southeastern office will host the fourth North Carolina Entrepreneurship Summit on September 19-20 at the Hilton Wilmington Riverside.

The conference will focus on fostering relationships between policy makers, entrepreneurs and advocates for business, economic or work-force development to help entrepreneurs flourish in the state.

For the two-day agenda visit: http://www.ncentresummit.org/event-details.php

Registration is $95 for professionals and $25 for students. The events are open to the public. To register, go to: http://www.ncentresummit.org

Entrepreneurs Get Opportunity for Free Business Advice

The UNCW Entrepreneurship Center is hosting an Entrepreneurial Speed Dating event on August 26th at 5:30pm where attendees will have an opportunity to talk with leading experts on the following key topics related to individual entrepreneurs and business: legal, accounting, commercial insurance, equity investing, successful entrepreneurs, and commercial bank lending. Attendees will be able to speak with the above individuals in 5-10 minute "speed dating" intervals. Each booth will have a sign-up sheet for the "speed date" on an ordered first come first serve basis.

This creative idea is a great networking opportunity for students, business owners, upcoming entrepreneurs, and all other interested parties. Events are regularly held by the Entrepreneurship Center and are vital when trying to educate, train, and connect the young entrepreneurs of our community.

The events and networking socials at the Center showcase upcoming entrepreneurs and regional businesses, serving as a catalyst in training and attracting knowledge sector workers and businesses. Jonathan Rowe, the Director of the UNCW Entrepreneur Center, is also an active team leader for the Entrepreneurship task force under Cape Fear Future. Cape Fear Future is thrilled to have the support and cooperation from Rowe and his colleagues as their efforts give momentum to the CFF Entrepreneurial Team, and benefit the business community as a whole.

For more information on the UNCW Entrepreneurship Center or the Entrepreneurial Speed Dating Event, please contact Jonathan Rowe at rowej@uncw.edu

Wilmington Looks to Expand International Ties

Wilmington Mayor Bill Saffo signed a Letter of Understanding with Samarra, Iraq Mayor Mahmood Khalaf Al Bomahdi, with the intent to establish a Sister City relationship between the two cities. The arrangement, signed on August 5th, will help open doors for cultural and educational exchanges and will encourage economic and commercial activity between the cities.

Samarra, like Wilmington, is a riverfront city that also has significant tourism, mainly due to holy sites in the area. Mayor Mahmood visited Wilmington in March of 2010, and met with local business and education leaders over lunch at the Chamber of Commerce to discuss ideas for riverfront and economic development.

If approved by the councils of both cities, Samarra will become Wilmington's fifth Sister City since the program was established in the 1980s. Twinnings have also been established with Dandong, China; Doncaster, England; Bridgetown, Barbados; and San Pedro, Belize. Having international ties is looked upon favorably by knowledge sector workers. Expanding Wilmington's international ties could also be a source for attracting skilled workers to the region in the future.

Schools Earn Good Marks

Education is one of the three priority areas for Cape Fear Future. A recent report shows New Hanover County Schools are doing well, but there is still considerable room for improvement.

Almost all area schools met expected academic growth goals, and no local schools were classified as low performing, according to a statewide report on education released Thursday, August 5, 2010.

The ABCs of Public Education report is based on results of end-of-grade and end-of-course tests taken in grades 3 through 12. The report also includes information about Adequate Yearly Progress, or AYP, the federal measure of school progress required by No Child Left Behind and the Elementary and Secondary Education Act.

In New Hanover County, 37 of 41 schools met expected academic growth, according to the report, while 27 schools recorded high academic growth. The report put 20 schools into the top three tiers of performance – Honor Schools of Excellence, Schools of Excellence and Schools of Distinction – and 29 schools met AYP.

Read the full article at StarNews Online

Article Highlights CFF Education Task Force Work

The Wilmington StarNews ran an article on June 4 noting some of the focus areas and challenges faced by the Cape Fear Future Education Task Force. Click here to read the article