Regional Spotlight: Raleigh, North Carolina
As the famous tech hubs in America grow bigger and more saturated, entrepreneurs are choosing new cities to support their businesses. The city of Raleigh, North Carolina, is one of the fastest growing regions in the country, testifying to the investments being made to foster success and innovation. Raleigh and its surrounding Research Triangle Park (RTP), a research campus comprising of North Carolina State University, Duke University, and University of North Carolina-Chapel Hill, have witnessed a sizable increase in the technology sector in recent years. A recent report done by Cushman and Wakefield, titled “Tech Cities 1.0,” recognized the region as the country’s fifth top tech market and according to CompTIA, Raleigh has the fourth highest concentration of tech industry workers in the nation. In fact, Raleigh experienced a nearly 40% increase in tech jobs between 2010 and 2015.
Raleigh and the surrounding region offer an entrepreneurial pipeline through the RTP. Established 50 years ago, it has helped Raleigh grow into a globally competitive city with more than 500 startups and the presence of both pioneering innovators such as SAS Institute, and legacy tech companies, likeIBM and Cisco.
Prior to ACP’s founding and seeing the area’s potential, ACP co-founder, Raz Zia, invested in tech company, TrialCard. The company, based in the RTP, has grown rapidly over the past seven years with plans to add another 600 jobs to the area.
The density of networks for startups allows innovators to collaborate and remain competitive. Programs at the nearby universities, such as the Entrepreneurship Initiative and Tech Incubator at NC State, provide talent and a source for connections. The abundance of educated workers in Raleigh is part of what earned the city the number two spot on Forbes’ list for “Best Places for Business and Careers. “Another advantage listed by Forbes that separates Raleigh is its business costs, which are 14% below the national average.
Performing consistently for the past 16 years, Raleigh is expected to continue to grow as a tech hub and city for entrepreneurship.