Talking I&E in Raleigh/Durham
5 min read
This year's Innovate Raleigh Summit gathered a diverse group of people to explore the future of the Raleigh/Durham region (agenda here). The question before us - what does being a top center for innovation and e-ship look like in the years ahead as we think about recent growth, current pains, and the challenges to come?
Following are my notes from the day's dialogue. Far from an exhaustive summary, I offer 13 skimmable points that stand out upon reflection. I'm downloading with interest in what others took away. It'd be great to keep the conversation alive, so please build on (or poke at) my recollections! Sincere thanks, in the meantime, to the IR Team for its excellent work. Kudos Bridget Harrington, IR Executive Director, and her colleagues, Jordan Bowman and Chandler Fowler.
Here's what I heard others say:
The region is interested in keeping its soul, i.e., staying open, staying kind, being sustainable, giving first. The recent growth is great (impressive numbers here and here), but few want to replicate Silicon Valley (no shade).
To succeed, our entrepreneurs need the right advice, over and over and over again. Entrepreneurship is a team sport!
On that note...let’s make more meaningful connections. Who are you connecting with? Who are you connecting? What are you giving? (See State of the Startup Community – Raleigh/Durham for more of this thinking.)
And how about we consider a broader brand for entrepreneurship - e.g., it’s more than high tech/high growth companies. Our small businesses are the life-blood of our economy (i.e., 99.6% of NC businesses employing 1.6 million employees or 44% of the private workforce). These businesses need access to financing that isn’t crippling (like high-interest debt often is).
And what of our startups? The Triangle’s most active angel investor sees the two biggest hurdles being a dearth of: seed stage funders who’ll write a term sheet and beta customers (we’re talking about you, here, large corporates in the region).
Speaking of customers (i.e., our market), there is a debate about market, team, and product when it comes to determinants of startup success. Interested in this debate? See Rachleff’s Law of Startup Success for a deeper dive. (Tx for this MBA moment, Pendo!)
To clear some of the above hurdles, what if we were to push for: greater/better support from the NC General Assembly; less partisanship; and strong signals that talent exists here (because capital follows talent and opportunity)? Further, what if we were to hire for problems that we're going to start having 12-18 months from now?
And on the topic of talent...how about we reference more than NCSU, Duke, and UNC Chapel Hill when we talk universities? We have two Historically Black Colleges & Universities in the region, including the oldest HBCU in the South, Raleigh's Shaw University (founded in 1865), and Durham’s NC Central University (founded in 1910). Not to mention Meredith College, Peace University, Wake Tech and Durham Tech.
And since we’re broadening our view of things…what if diversity is not everyone getting their way, but everyone getting their say.
What if “soft skills” are “executive skills”?
What if being in the community means driving wealth for more than just yourself?
What if “saving the world” is edge work that's unlocking potential?
And, finally (my fav)...what if you gave yourself permission to reinvent yourself over and over in life? What would our "top center of innovation & entrepreneurship" look like then? :)
