North Carolina is consistently named as one of the best states for business in the entire country.

From businesses to schools to restaurants, the Triangle is an area that finance professionals view as critical toward growth.

One of those voices touting the area is JP MorganChase Chairman and CEO Jamie Dimon. Dimon was in Raleigh on Friday to talk about the state’s impact on national and global trends.

“North Carolina is growing in an enormous way,” Dimon said. “The Raleigh region is growing, and a rising tide lifts all boats.”

One of the primary reasons for the growth of the region is the skilled labor pipeline that exists. It’s a pipeline that generates talent thanks to the Research Triangle and its three anchor universities.

However, the research and educational institutions seen as trademark callings of the area are feeling less confident these days from the tens of millions of dollars they’ve lost as part of federal budget cuts. A hiring freeze has been announced for the UNC system, which governs 16 public colleges in the state. Duke and UNC-Chapel Hill have also announced plans to cut operational costs in recent weeks. NC State announced a hiring freeze in February.

But Dimon feels optimistic about the future of that funding, advocating for research and development.

“My own view is they’re going to… all that research money will be gotten back,” Dimon said. “It’s critical for the United States of America. University RnD is critical for almost every industry.”

“Particularly basic research. That’s, it’s basic research. It’s harder to put ROI on and invest as a business. If that basic research is there, all of the applications on top of it, that’s where you can invest with confidence.”

A Friday report said hiring in the U.S. is slowing sharply, with the country adding just 73,000 jobs in July, short of the 115,000 jobs that were expected.

Jan 29, 2025 1:45 PM IST

Budget 2025 expectations LIVE: Sandeep Agarwal, India MD & Global CTO of Visionet said, “At Visionet, we believe that the Union budget for 2025-26 has to be oriented more towards the urban infrastructure and metro programs since these will be critical to the development of smart cities, facilitating connectivity and improving urban transport. At the same time, in case the ministry of finance sets aside resources for industry-academia research partnerships, that will enable game-changing developments across various fields such as medicine, education and production, thus placing India among the leaders in the global technology ecosystem. Equally important, is the government’s effort in providing manufacturing incentives to the economy with special focus on the MSME sector which would help build the country’s manufacturing capacities and foster more competitiveness in the environment. On the social front, the increase of preventive healthcare and reduction of import tariffs on advanced medical devices in particular, will not only enhance the public health status but also ensure that high quality treatment becomes affordable and accessible to many.

In addition, as an AI-driven company, we share confidence regarding the government’s initiatives aimed at AI-first leadership since those comprise support provision for Centers of Excellence, access to data, and AI upskilling programs. As AI is set to become the biggest driver of growth globally, these measures will put India in the forefront of AI research and applications. Such a target is also important with respect to skill development, more so for drivers such as IoT, blockchain and quantum computing. It is equally imperative to bolster initiatives like the Pradhan Mantri Kaushal Vikas Yojana 4.0 to keep Indians competitive in the growing digital economy. The importance of cybersecurity cannot be overemphasized. With 93% of Indian executives expecting a hike in the budgets for cybersecurity next year, we call upon the government to hasten the adoption of policies such as the National Data Governance Framework.

Another crucial component of this year’s budget will be the simplification of tax structures. For tech companies, especially those operating on tight profit margins and complex international structures, a streamlined tax filing process will be a game-changer. Clearer tax policies that support business growth and ease the compliance burden will be essential for the continued success of India’s digital economy.

Further, we believe that the sustained focus on sustainability is really important. While India continues to roll out new technology programs such as the Green Credit scheme, we are looking for more resources and tax breaks that would encourage tech firms to go green.

As a nation, the Indian technology community stands at a critical juncture since we are poised to become a leader in the technology world and the support of the government through this budget can alter that trajectory significantly. We have a positive outlook on policies that fully take advantage of the capabilities we possess while taking us toward the technologies that would define the future.”

••• SPONSORED SECTION •••

The Triad is building a strong future through a variety of efforts. They include creating a supportive environment for entrepreneurs, adding amenities and encouraging people to put down roots.

The Triad’s second-largest city by population, Winston-Salem, has set specific goals within its 2030 Vision and Strategic Plan, including becoming the Southeast’s top mid-size city.

Strategic recruitment and expansions of businesses, along with becoming a more equitable community and the best place to raise a family, are expected to get it there. “With these pillars guiding our efforts, we have already surpassed the job growth of the previous decade over the last four years and continue to make strides in optimizing our workforce pipeline,” says Mark Owens, president and CEO.of economic development booster Greater Winston-Salem, Inc., which was recently honored as Chamber of the Year by the Association of Chamber of Commerce Executives.

Lofty goals abound in the region’s most populous city, too. “Greensboro and the Triad have always been a place where big ideas take root and grow,” says Brent Christensen, Greensboro Chamber of Commerce president and CEO. “From startups to career changers to industry leaders, this region is full of opportunities for people willing to take a chance on something new. With organizations like Action Greensboro, Campus Greensboro and the North Carolina Center for Innovation and Entrepreneurship, plus world-class institutions like the Joint School of Nanoscience and Nanoengineering, we’re making it easier than ever to turn ideas into reality. Whether you’re launching a business, investing in innovation or looking to take the next step in your career, this is a community that believes in possibility and works together to make it happen.”

The Triad’s 12 counties — Alamance, Caswell, Davidson, Davie, Forsyth, Guilford, Montgomery, Randolph, Rockingham, Stokes, Surry and Yadkin — have about 1.7 million residents and 21 colleges and universities. They’re a mix of metros and rural communities.

Within them is a variety of resources ready to help students, residents and businesses become successful. “While the resources are great and the cost of living is incredibly attractive, our secret sauce is the willingness of people in this city to help you,” says Stan Parker, president of Winston Start, which helps startups scale up. “It takes a village, and we have a great one.”

Successful Starts

NC IDEA supports North Carolina residents who want to start and grow a business. The independent private 501(c) (3) foundation awarded 18 Ecosystem and 11 Rural Impact grants worth $1.7 million in March. The Ecosystem grants help identify and support organizations that strengthen the state’s entrepreneurial ecosystem.

One Ecosystem grant went to Winston Starts. “[It will] allow us to refine our Explore program and extend it to entrepreneurs in adjacent counties [who] have an idea for a scalable business but do not know how to bring it to fruition,” Parker says. “Explore participants have access to Winston Starts offices and events and an online self-paced curriculum with personalized guidance from expert mentors. Scholarships are available for residents from designated rural counties, women and minorities.”

Winston Starts helps entrepreneurs launch and grow their business, from idea validation to market validation and growth. “We have supported 98 companies since 2018,” Parker says. “These companies have raised $138 million in capital since inceptions.” The mission is to provide intensive, inspiring support to startups, collaborate and partner with other startup enterprises across the Triad, and “promote a culture of entrepreneurship, innovation and inclusion.” Since December, it has helped companies generate $31 million in revenue and create 316 jobs.

Business High Point-Chamber of Commerce launched The Interchange in fall 2023. It offered 63 in-person and 16 virtual-training sessions and served 832 people last year. “The inspiration behind The Interchange was to create a dynamic program that encourages innovation, collaboration, leadership and entrepreneurship within the community,” says Julie Hill, The Interchange executive director and chamber chief of staff. “By offering state-of-the-art facilities and workshops and programs, The Interchange aims to attract and cultivate talent, drive economic growth and enhance the overall business ecosystem of the region.”

Hill says The Interchange has become a hub for personal growth. “Events like masterclasses and leadership academies taught by experts in the field have been well-received, further strengthening the business network in High Point,” she says. “[The High Point Chamber] has become a trusted catalyst for economic growth, advocacy, education and entrepreneurship.” It has longstanding partnerships with Visit High Point, High Point Market Authority and others. Its initiative Thrive High Point 2.0 helps entrepreneurs, including underserved and women-owned businesses, overcome challenges.

Alamance Chamber Director of Small Business and Entrepreneurial Development, Stephanie Williams, says the county has two grant programs exclusively for entrepreneurs. Small businesses use Launch Grants — $1,500 to $5,000 — if they’re in the first two years of operation. If they’re a legal entity registered with N.C. Secretary of State, they can use Growth Grants — $5,000 to $15,000. “The Chamber encourages participation of veterans, women and minority-owned businesses,” she says.

Opportunities abound across the Triad’s more rural stretches. CoSquare, the first co-working space in Yanceyville, offers variable memberships, office spaces and pricing for early stage entrepreneurs and business owners wanting to test a brick-and-mortar location. Montgomery Community College and Surry Community College offer help through their Small Business Centers. Stokes County’s website details how to start a business, and Rockingham County’s website has a 1-2-3 Tool Kit for startups.

A March Business to Business Reviews report ranked North Carolina, and in particular Greensboro, as top spots for small businesses. GuilfordWorks, one of 23 Workforce Development Boards statewide, offers career assessments, resume services and talent engagement representatives, and training grants for employers from its High Point and Greensboro offices.

The North Carolina Center for Innovation & Entrepreneurship opened in February. The nonprofit’s goal is to expand to locations at Elon University’s Innovation Center and Alamance Community College. “The NCCIE is focused not just on our community here in Alamance County but on creating a statewide innovation and entrepreneurship blueprint for smaller suburban and rural communities like ours that seek to participate actively in the state’s interconnected innovation ecosystem but often face significant barriers such as limited funding, insufficient staffing capacity and a lack of strategic guidance,” says Sara Cloud, its founder and executive director. “We believe that small businesses are the backbone of thriving communities. When small businesses succeed, they create jobs, attract larger companies and build economic stability. They ignite progress and anchor families to a community where they can live, work and prosper.”

Cloud says NCCIE’s “heart of innovation” is Ember, a co-working, co-warehousing, meeting and event space within its 25,000-square-foot headquarters in Mebane. “It serves as a dynamic hub for entrepreneurs, small businesses and innovators looking to collaborate, create and grow,” she says. “In Alamance County, we saw a critical gap. While innovation and entrepreneur centers were rapidly forming in larger cities around us, local small businesses and startups faced significant barriers to growth. Accessing business support services from organizations like the SBTDC required a drive to Chapel Hill or Greensboro.”

Innovation Quarter is 1.7 million square feet of mixed-use space on more than 330 acres in downtown Winston-Salem. It has united education, research and business for the betterment of the community at large since 2012. “At Greater Winston-Salem, Inc., we’ve created a workforce hub in the Innovation Quarter co-located with Forsyth Tech,” Owens says. “This is a centralized point where people can obtain resources to grow a business, succeed in the workforce, utilize professional development and networking opportunities, and more.”

Last January, Innovation Quarter launched a partnership with Winston Starts. “[It provides] memberships for iQ entrepreneurs and startup companies in the biotechnology, life sciences and regenerative medicine industries,” according to a news release. Its goal is simple — making it easier for businesses to succeed. “The business landscape for life sciences companies is extremely difficult and capital intensive, and at the iQ we want to reduce obstacles for tenants,” says Isaac Perry, head of biotech and life science ecosystem development for the iQ and GWSI. “By curating a connected ecosystem, we hope to help companies maximize precious early runway capital, inspire more individuals to start or relocate businesses here, and demonstrate there is an entire community in Winston-Salem eager to support them wherever they are in their company’s life cycle.”

There’s more on the way with iQ2, which covers 2.7 million square feet and 10 buildings. It’s a collaboration between city and county governments, developers, Wake Forest University School of Medicine and Wexford Science + Technology. It’s a research park district with office and lab space; rentable co-working space by Sparq, a launchpad for entrepreneurs and research; restaurants and coffee shops; and eight apartment buildings.

Attractive Amenities Attractive Amenities

One hundred acres adjacent to Wake Forest University and Winston-Salem’s sports and entertainment district is being transformed into The Grounds. The community gathering place will offer retail, dining, office, residential and activity space. “The vision … started with a combined desire to strengthen connections between Wake Forest University and the surrounding community, to serve as an economic catalyst for the city and to create a thriving hub of entertainment and events,” says Wake Forest President Susan Wente.

Atlanta-based Carter and Winston-Salem-based Front Street Capital, in partnership with Wake Forest and Winston-Salem, are developing The Grounds. “Having been part of the development of Innovation Quarter, we’ve seen firsthand how parts of our community can transform through mixed-use design that’s both authentic to the history of the place and aspirational for its future,” says Coleman Team, Front Street Capital president and managing partner and Wake Forest alumnus. “With The Grounds, we’re taking an area that’s been primarily and successfully centered around events and sports and infusing new experiences, green spaces and gathering spots — all contributing to dynamic and diverse

Phase I of The Grounds includes $35 million in state-funded infrastructure such as walking paths, reconfigured roads and utilities; 42,000 square feet of retail surrounded by patios and lawn; 130,000 square feet of office space; 230 multifamily apartments; and 22 luxury loft condominiums. It will be completed during the next two years. Phase II will further develop the 100 acres. “The revitalized stream, greenways and trails will foster a sense of place and creativity by infusing natural areas never before seen in this area — giving Triad residents and visitors a place to find inspiration, peace and creative juices,” says Jane Duncan, Front Street Capital director of marketing.

Stronger Communities Stronger Communities

Students flock to the Triad to study, including at 105,000-square-foot Joint School of Nanoscience and Nanoengineering. A collaboration of North Carolina A&T State University and UNC Greensboro that formed in 2009, the $56.3 million science and research center is on Gateway Research Park’s South Campus. It partners with Guilford Technical Community College and Forsyth Technical Community College for internships and has an outreach initiative with Guilford County Schools.

One of JSNN’s research segment is aviation safety. It includes projects with NASA to develop light-weight materials for aircraft of the future. There are others, says JSNN Interim Dean Mitch Croatt. “Projects that are being researched and developed at JSNN range from protecting the military with new materials or detection of specific compounds to protecting the environment through the treatment of water,” he says. “There are also projects to help with drug delivery or energy storage issues. Based on the breadth of research programs at JSNN, the students here are exposed to techniques, instrumentation and perspectives that will suit them well in their future careers.”

Students at High Point University’s David S. Congdon School of Entrepreneurship are interested in starting or purchasing a business or considering working in their family-owned business. “[Our] partnership with High Point University is deep from a business perspective with support of pitch competitions, internship placement, and collaborating with faculty and staff on special projects,” Hill says.

Staff at Action Greensboro, which facilitates public-private partnerships that push forward its hometown, began discussing ways the city could leverage higher education for economic development about 10 years ago. “We looked at how [students] found internships, what the availability was,” says Cecelia Thompson, Action Greensboro executive director. “And what we found was a pretty big gap when students wanted to stay but didn’t have the opportunities. They were using the friends-and-family network for jobs. We looked at how to create a platform for students and their connections outside of school. Paid internships are really good to make connections, and often your employer will pay your college tuition to get a bachelor’s or other degree.”

Bramley Crisco, director of talent development for Action Greensboro, says Greensboro and the larger Triad were discussing changing workforce and skill sets before many other people and communities were. “Our traditional industries were highly evolving, so a lot of thought was put into how do we create programs that can introduce new skills,” she says. “We have more than 50,000 college students who come here every year. How do we introduce them to our industries, to advanced manufacturing?”

The answer is Campus Greensboro, a direct connection between students and employers. It uses internships and mentorship through its Fellows Program to help students envision and begin their future in Guilford County. “We knew we couldn’t do an online website and hope for the best, because we wanted them to be attached to the community, to feel what it’s like to be here,” Thompson says.

Increasing the stickiness factor was the goal. “We work directly with employers,” Crisco says. “We come together during the summer, and students work their day job, their internship. Then we put programs together that meet in the evenings. Some of the programs are built around professional development, such as one session on financial literacy, the first budget, a two-day leadership session. We get outdoors, play football or go kayaking on the lake, let them be introduced to things they may not have seen. This is establishing their first professional network. We started out with 36 fellows, and last year we had 171 internships in the Fellows program.”

The creative concept is working. “The intention was, how do we add value to those students and their professional development and have them stay here and add to our community,” Crisco says. “That’s what makes us stand out.”

Piedmont Triad Partnership, which promotes economic development across a 12-county region, knew it had something good in the 150-mile swath surrounding the cities of Greensboro, Winston-Salem and High Point. Within its boundaries are four megasites, more than 30 colleges and universities, and more than 2 million talented workers. It’s crisscrossed by major interstates and railroads, and an international airport provides connections with places far and near. It only lacked a name.

Since being branded Carolina Core in 2018, the region has prospered. “We’ve gotten great penetration in the site-selection market and the business recruitment market with the Core label, particularly given the rapid-fire news with Toyota and Wolfspeed and Boom Supersonic and VinFast,” says Mike Fox, Piedmont Triad Partnership president and CEO. “Everyone knows where we are now. We’ve had $20 billion in investment and tens of thousands of new jobs the last four years. But the greatest success is unifying the region.

“We all work together to attract jobs, train the workers and make sure we have the infrastructure. We are much stronger as a region.”

Carolina Core offers Economic Strength Carolina Core offers Economic Strength

The Carolina Core is home to many industries. More than 50 aviation and aerospace companies near and on the grounds of Piedmont Triad International Airport in Greensboro, the state’s fourth busiest airport by enplanements, infuse nearly $6 billion into the local economy annually. Marshall Aerospace announced a $50 million investment in 2023 that will create 243 jobs, and Boom Supersonic announced in January 2022 that it was investing $500 million in a jetliner factory that’s expected to create 2,400 jobs. They join Honda Aircraft Co., which announced a 280-job expansion in 2023, HAECO Americas and Cessna. “Obviously, businesses are looking at the airport,” Fox says. “They are aviation-related, because tenants are only allowed on the property if they actually need runway access. So, there are a half-dozen or so that are very interested potential tenants.”

Biomedical breakthroughs are being made at Wake Forest Institute for Regenerative Medicine and Center for Artificial Intelligence Research, both anchored in Winston-Salem’s Innovation Quarter, and Joint School of Nanoscience and Nanoengineering at Gateway University Research Park in Greensboro. “The Triad, or even expanded to the Carolina Core, has shown in recent years that it is primed for high levels of innovation and opportunity,” says JSNN Interim Dean Mitch Croatt. “There have been several large companies that are investing in this region, which is due in part to the strong universities that can provide the companies with skilled workers and innovative thinkers to establish and advance their companies. Furthermore, collaborations and partnerships with the universities make this region stand out.”

Manufacturing continues to beat in North Carolina’s heart. Toyota announced the first of four phases of its $13.9 billion battery factory at the Greensboro-Randolph Megasite in Liberty three months after Fox joined the Partnership in 2021. It’s expected to eventually create more than 5,000 jobs. At the Chatham-Siler City Advanced Manufacturing Site, construction is nearing completion for semiconductor manufacturer Wolfspeed, which announced a $5 billion investment in September 2022 that’s expected to create 1,800 jobs. And Vietnamese automaker VinFast announced a $4 billion commitment for Triangle Innovation Point in March 2022. About 7,500 workers will make electric vehicles and batteries at the plant.

Piedmont Triad Partnership initiated a marketing campaign — More in the Core — to attract business and talent and promote the region’s amenities. “We set a goal in 2018 of 50,000 jobs by 2038, and we surpassed that goal in seven years,” Fox says. “So, we have a new ambition of 100,000 jobs, and we’re on pace to do that. Your dollar goes a lot further here than, say, the New York area or Midwest, and we highlight the lifestyle attributes. There’s a lot to do here, with college and professional sports, outdoor activities. Also, you can live in a downtown or traditional neighborhood or suburb or on a farm and have an easy commute.”

Mark Owens, president and CEO of Greater Winston-Salem, Inc., says economic growth can be found across the Carolina Core, and it’s driving momentum. “Our local community and our entire region are working together to reimagine and embrace our economic future, and you can see by the job creation numbers that the future is bright,” he says. “Our economy may not be based fully on the industries of yesterday, but our legacy companies continue to grow. The biotech and life science sector is our fastest growing sector, and aviation and aerospace continues to be strong across the region.”

Even with its list of successes, the Carolina Core has room for more. Fox says space is available at megasites and other business parks for companies needing 50 acres to 1,000 acres. “We have places that fit that mold,” he says. “And we have the workforce training. We’re happy to welcome new people and new companies. We’re open for business.” ■

— Kathy Blake is a writer from eastern North Carolina.

It’s been half a century since London native Dennis Gillings took a job as a biostatistics professor at UNC Chapel Hill, and more than 40 since he launched a five-employee company that became Quintiles and later, Iqvia, which is now valued at $35 billion.

While no longer active in North Carolina, Gillings’ vision of making drug development a more statistics-oriented and efficient process keeps paying big dividends for the state. That includes a burgeoning private-equity investment company, of which he remains an investor.

QHP Capital’s roots date to 2015 when Jeff Edwards joined NovaQuest, the Raleigh-based company spun out of Quintiles in 2010 by Gillings and other former Quintiles managers. NovaQuest’s main focus is providing financing for late-stage clinical research trials, a sometimes complex process that didn’t fit conventional bank lending strategies. NovaQuest has raised $2.5 billion and managed $3.6 billion in assets.

Beyond project financing, Gillings also saw an opportunity to tap his team’s industry expertise and contacts to start a private-equity business. To lead the charge, he tapped Edwards, a PE executive at the Texas Teacher Retirement System in Austin, who joined in August 2015. A year later, Michael Sorensen joined from PE giant BlackRock.

Eight years since inception, QHP Capital has about $2.5 billion of assets under management after making 10 investments in “picks and shovels” companies that are part

of the medical services and technology. It has made 12 add-on acquisitions. The firm has raised $875 million in two funds.

The PE firm targets companies with values of $50 million to several hundred million dollars. Its most recent purchase, which occurred last year, was Maitland, Florida-based Copilot, which sells technology related to medical payments, patient assistance and education programs and other services.

QHP appears poised for further growth in a fairly recession-resistant business, given that demand for treatments of chronic disease doesn’t fade during downturns. Bringing a new drug to market in the United States costs an average of more than $2.5 billion over many years. That frustrates many consumers and policymakers looking for quicker fixes.

The process, though, creates countless opportunities for entrepreneurs that assist the large pharmaceutical companies launching those drugs, QHP officials note.

Added resources enabled QHP to add three partners with lengthy experience in the Triangle business community: Vern Davenport in 2017, Ashton Poole in 2019 and Matt Jenkins, last year.

“The Research Triangle area is one of the top five biotech hubs in the United States and we’re not aware of any PE firm in North Carolina that is purposely built around life sciences,” says Poole, a former Wall Street executive and ex-CEO of Raleigh-based Triangle Capital. “We’re working hard as a partnership with a goal of building the best private-equity healthcare firm in the world.”

Steve Malik, a veteran Triangle tech executive, expects QHP Capital to thrive. “What they are good at is being operationally oriented. I’ve lived it with Vern, driving (key performance indicators) and dashboards and knowing what to focus on. The whole deal is trying to grow some good companies.” Davenport was CEO at Medfusion, a Cary-based company founded by Malik and acquired by NextGen Healthcare for $43 million in 2019.

The region’s draw as an attractive, livable location is an asset, Poole and others say. Davenport worked in several major markets before returning in 2007. After 13 career moves, “I’m done moving,” he says.

Befitting North Carolina’s strong economy, private equity is an expanding business in the state. The largest firms include Charlotte’s Ridgemont Equity Partners and Pamlico Capital, which were spun off in 2010 from Bank of America and Wachovia amid changing regulations of bank ownership of PE groups. Ridgemont raised a record $2.3 billion last October and manages assets topping $8.5 billion spanning a variety of industries.

Charlotte-based Falfurrias Capital Partners has also attracted much attention, raising $850 million in 2021, marking its fifth fund. It manages $1.9 billion in several different sectors. In Raleigh, Plexus Capital has made more than 140 investments and has raised $1.7 billion, focusing on deals with middle-market companies.

QHP is taking a more surgical approach by acquiring majority stakes in specialty healthcare companies led by founders. In most cases, the companies have reached inflection points where they need more money or new strategies, says Davenport. While many PE companies can provide capital, the QHP partners say few have comparable experience of operating and investing in healthcare technology businesses. The goal is to boost growth rates and expand employment at the companies, a contrast to the popular image of private-equity investments that lead to downsizing and executive-level turnover.

A success story is Boston-based Azurity Pharmaceuticals, which adapts medicines to make them easier to consume by patients who struggle with conventional dosages. Since QHP invested in 2018, Azurity’s staff has grown from 50 to about 325. In 2021, it bought a related company from PE giant KKR. Azurity is QHP’s only investment in a business that sells directly to consumers; the others are business-to-business enterprises.

QHP partners’ “deep knowledge of the healthcare system, resources and operational knowledge have been invaluable to us over the past several years,” says Azurity CEO Richard Blackburn.

Another winner has been Wilmington’s Catalyst Clinical Research, which provides trial support for oncology biotechs and outsourced services for other companies. Since QHP bought a majority stake in Catalyst in 2018, staffing has jumped from 13 to more than 400 full-time employees, and the number of testing projects has jumped from zero to more than 50, says Chief Financial Officer Patti McNamara.

“QHP gets involved when they need to be involved, but they stay home when they should,” she says on a video on the firm’s website. “They give us the tools and the intent and then we figure out what to do with it.”

Four QHP portfolio companies are based in North Carolina, including one that moved here after the group took majority control.

Building the right culture at QHP, which employs 22, is a priority, Poole says. “We have a lot of pride in this organization, but there are no egos. We always work as a team.”

Appeared as a sponsored section in the June 2020 issue.

We’re all in this together: This phrase has become commonplace during the COVID-19 pandemic. But in the Carolina Core, this notion has been gaining momentum since August 2018.

Bridging the urban crescent between Charlotte and the Research Triangle at the heart of the state, the Carolina Core is defined not by city or county lines, but by diverse assets connected along U.S. Highway 421 (future Interstate 685) and I-85. The Carolina Core is home to four megasites and several industrial sites, urban research parks and mixed-use developments. Businesses have access to North Carolina’s fast-growing metros, while still benefiting from the quality of life of midsized cities and small towns.

Public and private leadership in the Carolina Core is highly engaged and aligned on a vision for the future. Central North Carolina business, education and economic development leaders have coalesced around a cohesive economic growth strategy that focuses on the cumulative impact of the region’s globally competitive assets in transportation, education, real estate, workforce and more.

“From our companies to our people to our deep investments in our communities, the Carolina Core is a future-ready region brimming with opportunity set to transform North Carolina,” says Stan Kelly, president and CEO of the Piedmont Triad Partnership. “In fact, we believe that central North Carolina is the next engine of transformational growth for the state. The public and private sector have invested hundreds of millions of dollars in infrastructure, sites and higher education, positioning the region as a top destination for business and jobs. When we come together to tell our region’s collective story, our potential is unlimited.”

The Carolina Core strategy has yielded collaboration and regionalism, with local chamber and economic development leaders who once competed against each other joining forces to sell the region collectively.

“We take pride in working together as a team,” says Brent Christensen, president and CEO of the Greensboro Chamber of Commerce. “What sets us apart is our belief that when one of us succeeds in landing a project, we all succeed.”

Over the last year, local economic development leaders from the region have participated in joint marketing missions to Chicago, Dallas, Greenville, S.C., and Atlanta to share the Carolina Core story with site-selection consultants. The coalition of leaders has also hosted site-selection consultants and the state’s top economic development leaders on visits to the region. Together, these and other collaborative marketing efforts are increasing the visibility of a region on the rise.

“Through the Carolina Core, our region can present a unified voice of our many strengths including prime available sites and land, a diverse and educated workforce, and our innovative mindset,” says Mark Owens, president and CEO of Greater Winston-Salem Inc. “When you pull together our unique assets, we are a strong and complete region that is ready for any project.”

Today, leaders from the public and private sectors in the Carolina Core come together to fund large development efforts that attract and retain the best talent and entice new companies that want to build out industry clusters.

“Our collaborative, proactive approach through the Carolina Core provides an opportunity to differentiate central North Carolina in a highly competitive economic development landscape to attract businesses and new jobs,” says Kirk Bradley, president and CEO of Lee-Moore Capital.

Community leaders have rallied around several projects that have helped transform the region such as Winston-Salem’s Innovation Quarter, one of the nation’s foremost urban research parks; Greensboro’s Tanger Center for Performing Arts; and High Point’s downtown Catalyst Project.

A region on the rise

[media-credit name=”Piedmont Triad Partnership” align=”aligncenter” width=”700″] [/media-credit]

Companies such as Amazon, Publix and Pfizer have plans to invest and grow in the Carolina Core. Many other companies including Honda Aircraft, FedEx, HAECO and Aetna are continuing to grow in the region.

The companies cited the Carolina Core’s robust workforce, strategic location, vast transportation and logistics networks, readily available sites and excellent quality of life as what attracted them to the area.

Instead of county lines, the Carolina Core’s boundaries are built by the assets that make the region a globally competitive market: multiple airports, a talent pool of more than 2 million people, more than 30 colleges and universities with 250,000 students and more. These assets have long served companies from the era of producing goods such as tobacco and textiles to the current global tech-based economy.

In Greensboro and Winston-Salem, more than 800,000 square feet of Class A office space is available, and the Innovation Quarter in Winston-Salem has 2.1 million square feet of office, laboratory and educational space. Industrial operations have their pick of Whitaker Park, a 220-acre mixed-use campus, or one of four megasites that total 7,200 acres of certified land. The Greensboro-Randolph Megasite is a certified site located minutes from I-40 and I-85. At the Chatham-Siler City Advanced Manufacturing Site, 1,800 acres of certified, shovel-ready land are powered by excellent logistics and high-capacity utilities. The 2,500-acre Moncure Megasite offers close proximity to the state capital, Research Triangle and three Tier 1 research universities. At the Piedmont Triad International Airport, the PTI Aerospace Megasite’s 1,000 acres include runway access and preliminary approval for development by the U.S. Environmental Protection Agency.

Smart and growing workforce

The Carolina Core’s population is fast-growing. The key working age population of 25- to 34-year-olds is projected to grow 7.3% between 2019 and 2024. The workforce continues to become more educated, with a 6.7% increase in degrees between 2013 and 2018. With access to more than 30 colleges and universities, the Carolina Core is a hotbed for higher education. These institutions not only fuel the region’s workforce, but also contribute to an innovation mindset and inject a vibrancy into communities with academic lectures, sports games and performances available to the public. Kontoor Brands President and CEO Scott Baxter says the talent at “our local universities is incredible, particularly around tech.”

Talent in the Carolina Core “has a strong work ethic as we have seen in interns from nearby colleges as well as associates that have been with us for over a decade,” says Michimasa Fujino, president and CEO of Honda Aircraft.

Still first in flight

The more than 200 aerospace companies in the Carolina Core are experiencing tremendous success thanks to an educated and productive workforce, high-value cost of real estate and utilities, and access to suppliers and market.

The region’s community colleges are taking a central role to ensure North Carolina is still first in flight. This fall, Forsyth Technical Community College will welcome its first class of 25 students at the new, state-of-the-art Mazie S. Woodruff Aviation Technology Lab at Smith Reynolds Airport. The $16 million, 53,000-square-foot lab can accommodate eight airframes and will help meet the growing demand for aviation technicians and mechanics. Starting salaries for graduates are expected to exceed $60,000. Graduates of this program and aviation programs at Guilford Technical Community College are critical to the continued growth of the regional aerospace industry.

More than 18,000 people are employed in regional aerospace and supply chain companies. Aerospace leaders thriving in the Carolina Core include Honda Aircraft, headquartered in the region since 2006 and operating R&D, manufacturing and customer-service facilities; HAECO Americas, with 600,000 square feet of facilities including a new hangar that is one of the largest in the HAECO family; Textron Aviation, operating one of only 15 service centers for Cessna business jets worldwide; and Collins Aerospace Systems, operating the aircraft interiors division with 1,500 employees. ■

What They’re Saying About the Carolina Core

What makes the Carolina Core unique in the words of executives:

“There’s a lot of momentum here, and things are starting to take hold. Be a leader and get in on the ground floor of what’s to come for this community.”

— Scott Baxter, president and CEO of Kontoor Brands

“A strong work ethic is critical to Honda Aircraft Company achieving its goals, and we are lucky to have found it here in the Carolina Core.”

— Michimasa Fujino, president and CEO of Honda Aircraft Co.

“This is a place where you can get involved and have great prospects for your career as well as start and raise a family.”

— Elise Peters Carey, president of Bethany Medical

#GreensboroStrong

The Greensboro Chamber of Commerce steps up during the pandemic to become a steady resource for local businesses.

[media-credit name=”Sean Pavone 2017″ align=”aligncenter” width=”700″] [/media-credit]

Gov. Roy Cooper’s March executive order limiting mass gatherings sent small businesses into flux as they tried to determine how to operate under new normals caused by the coronavirus pandemic. The Greensboro Chamber of Commerce quickly sprung into action to become a reliable resource for its member organizations while navigating the crisis, compiling an extensive online information guide and hosting daily Zoom webinars covering pandemic-related questions.

“We needed a way to talk to our membership and the wider community and let them know we’re still here,” says Megan Mabry, director of marketing and communications at the Greensboro Chamber. “We started getting a ton of calls asking about … the Small Business Administration, where funding was going to come from — anything like that.”

The “Daily Action Calls” webinar series, hosted every weekday at 3 p.m. with local health and elected officials, have explored topics such as securing funding and pandemic resources, improving working from home and planning for reopening. The Chamber has also provided businesses with detailed online explanations of the SBA loans’ application process, unemployment insurance and other local funding resources on its website.

One major blow Greensboro suffered due to the pandemic was the cancelation of this year’s ACC and NCAA basketball tournaments, which were expected to have a $30 million impact on the city. To make up for that lost revenue, the chamber partnered with the nonprofit Downtown Greensboro Inc. to push #GreensboroStrong, an initiative to support local businesses by providing information on purchasing local business gift cards, local online shopping options, area restaurants’ pickup or delivery services, and apparel products that support businesses in the community.

“It sort of morphed into something that’s bigger than us,” Mabry says. The Interactive Resource Center, a local nonprofit, started selling Greensboro Strong and Greensboro Local T-shirts to support the arts and service industries.

After Gov. Cooper announced North Carolina would begin reopening on May 8, the Chamber’s next challenge was assisting local businesses in safely navigating the three-phase plan.

It partnered with local human resources firm ALT HR Partners to develop the Small Business Restart Guide, a checklist of all the necessary steps businesses are required to take before reopening. The chamber reached out to its members and created a network of local companies that can provide protective gear, cleaning equipment and services, and workplace signage for businesses in the community. The “Daily Action Calls” shifted focus to best practices for reopening and were slowly phased out at the end of May. But Mabry says it has established a strong brand that can be utilized again in the future. “We want to be a valuable resource for our members and community.”

The Swipeby solution

A Winston-Salem startup helping small restaurants offer curbside takeout has turned into an overnight success during the coronavirus pandemic.

North Carolina’s restaurant industry has been devastated by the coronavirus pandemic. Gov. Roy Cooper’s stay-at-home order forced more than 18,000 establishments in the state to close their dining rooms. Swipeby, an app startup developed in Winston-Salem’s Innovation Quarter, is helping keep small restaurants running with affordable, app-enabled curbside takeout.

Customers can browse menus and order, pay for and pick up food using the Swipeby app. It’s become a safer option for restaurants to do business while social distancing.

Founder and CEO Carl Turner says he created Swipeby “with the mission to provide a better, more convenient and affordable takeout solution for eaters and restaurants.” While popular delivery services such as GrubHub, DoorDash and Uber Eats charge customers $5 to $8 and upward of 25% to businesses, Swipeby’s businesses fees are usually 4% or less. Since the pandemic started, Swipeby has waived its fees to help as many restaurants as possible, Turner says.

Turner, a native of Berlin, graduated from Wake Forest University with a degrees in finance and computer science and a minor in entrepreneurship in 2017. That year, he began developing what would become Swipeby, using Winston-Salem’s downtown coworking space, Flywheel, and gaining initial support from the Winston-Salem Chamber of Commerce.

Swipeby became one of the first in a cohort of companies at the nonprofit Winston Starts incubator.

By the end of 2019, Swipeby had several hundred restaurants using its service, and Turner was seeking venture capital to take the company nationwide. The app was growing at a month-to-month rate of 30% before the pandemic. When the virus outbreak struck and restaurants were forced to close their doors for dine-in services, Swipeby’s popularity skyrocketed. Demand was doubling by the day in late April. The app has been downloaded “tens of thousands of times,” Turner says, and is on track to have more than 2,000 U.S. restaurants utilizing its services.

“As a startup, it’s always nice to see growth, but in times like this, … our attention is truly not focused on the app’s success,” Turner says. “Right now, our sole focus is on how we can help the biggest number of people and businesses.”

Full Speed Ahead: Progress on Future I-685

[media-credit name=”Piedmont Triad Partnership” align=”aligncenter” width=”700″] [/media-credit]

Partners in the Carolina Core are collectively rallying behind a game-changing future interstate designation for Highway 421 to spur economic growth and make the region more competitive on the global stage. A future interstate designation will further enhance the region’s robust transportation network by improving safety and mobility while providing the vital connection of Interstates 77, 85 and 95.

Support for Future I-685 is building, with the N.C. Department of Transportation and seven counties along the route unanimously passing resolutions endorsing the effort. The area’s metropolitan and rural planning organizations have also given the green light in support of the interstate designation.

In partnership with members of North Carolina’s congressional delegation, a bill of support for the future I-685 designation was drafted and approved by the Senate Transportation Subcommittee. The next step is inclusion in a bill that will be voted on in the future. While the language still has a long path to becoming law, this marks significant positive progress.

Click here to view a PDF of the section