Tech Startup Density Rises in the Triangle
Cary, NC – Tech startup density is on the rise in the Triangle, according to a new report by Engine. That’s good news for local business.
Tech Startup Density Rises in the Triangle
Engine in collaboration with the Kauffman Foundation has just released a report on Tech startups: “Tech Starts: High-Technology Business Formation and Job Creation in the United States“.
The report specifically examines the impact of new, high-tech startups on job creation, finding that high-tech startup formations are way up, and that these firms create jobs at twice the rate of other young private sector firms.
The report looks at both the high-tech sector and the information and communications technology (ICT) segment of high-tech and their important contributions to entrepreneurship in the U.S. economy.
During the last three decades, the high-tech sector was 23 percent more likely and ICT 48 percent more likely than the private sector as a whole to witness a new business formation.
NC has 2 Metros Ranked in the Top 25
NC Metros for High-Tech Startup Density* (2010):
- Raleigh-Cary, 13th at 1.9
- Durham-Chapel Hill, 22nd at 1.6
NC Metros for ICT High-Tech Startup Density* (2010):
- Raleigh-Cary, 10th at 2.1
- Durham-Chapel Hill, 19th at 1.6
* Density values of one (1) indicate that a region has the same density of startups as does the United States as a whole. Density measures greater than one indicate above average densities. Metro startup density peaks around 3 (with Boulder, CO as an outlier at 6+). Startup density determined by comparing 384 metropolitan areas in the United States in 2010.
Changes Over the Last Decades – High-Tech Startup Density
Raleigh-Cary, NC
- 1990 – 1.8
- 2010 – 1.9
Durham-Chapel Hill, NC
- 1990 – 0.9
- 2010 – 1.6
Changes Over the Last Decades – ICT High-Tech Startup Density
Raleigh-Cary, NC
- 1990 – 1.4
- 2010 – 2.1
Durham-Chapel Hill, NC
- 1990 – 0.7
- 2010 – 1.6
The Triangle has a Bright Future
The Triangle has a developing entrepreneurial community anchored by Research Triangle Park, fueled by our 3 major university centers (NCSU, Duke, UNC-CH), housed in our exploding incubators and accelerators (American Underground, HQ Raleigh, First Flight Venture, etc.) and supported by our great quality of life. Our Tech startup density is increasing rapidly; where it stops, no one knows!
Read the report for all the details.
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Story by Ian Henshaw, Managing Partner of Technology Tank in Cary. Photo by Hal Goodtree for American Tobacco District.
