Via Scoop.it – Charlotte North Carolina
Today, the Business Innovation & Growth Council (BIG) announced the results of the first ever BIG Entrepreneurial Growth Index, led by Terry Cox, CEO of BIG, and David Jones, CEO of Peak 10, a longtime member and advisor to BIG.
The study, supported by quantitative data gathered from 94 high growth companies in the Charlotte, NC region, examined the growth history and investment profile of the area’s startup and entrepreneurial business community to uncover the high growth market size in Charlotte and what their impact on the community actually is.
“Based upon the survey results, we believe the high growth entrepreneurial economy accounts for more than one billion dollars in revenue within our region,” says Cox. “Beyond significant revenue, they contribute to job growth, healthy payrolls, and the potential to continue helping the economy grow in coming decades. It also confirms there is little involvement from institutional investors in area business.”
Jones adds, “As a long-time entrepreneur, this validates my belief that there is a significant, unsung population of vibrant growth companies here that typically get little recognition for the jobs and investment they make in the region. Numbers speak louder than words.”
*Key study findings include:
· A 25-30% average revenue growth rate over each of the last three years.
· A projected total of $650 million in revenue for 2012 with a growth rate of 30% over 2011.
· A 25% growth rate in employment with projected 622 new jobs in 2012 for the reporting companies in total
· An average of 30 employees per company over the last three years, with an average weighted salary of $55,000 per year
· Funding sources for businesses in the survey were as follows:
o 1% Venture Capital
o 12% Private Equity
o 22% Angel Investment
o 20% Bank Financing
o 45% Self Funded
· Fifty percent (50%) of the companies reporting are less than five years old; 80% are less than ten years old.
Via charlottechamber.com