CHARLOTTE, N.C.--(BUSINESS WIRE)--The Business Innovation & Growth Council (BIG) released results of its second annual Entrepreneurial Growth Index, a measure of the health of the Charlotte-region’s entrepreneurial companies. “We continue to be impressed by the growth and resilience of the entrepreneurial community in Charlotte,” says Terry Cox, president and CEO of BIG. “It is especially notable that we had 28% more companies respond to the survey in 2013 than 2012, while nationally the number of entrepreneurial startups has dropped slightly two years in a row.”
David Jones, CEO of managed hosting and cloud services provider Peak 10, and a leadership advisor to BIG noted the increased revenue reported by companies in 2013. “The companies responding to this year’s survey have revenue just under one billion dollars and an average growth rate of 37% over the last 3 year,” Jones says. “The survey indicates that entrepreneurial companies will add another 928 jobs to the local economy in 2013. That is an impressive message as we consider today’s economic environment.”
Key findings of the 2013 study show:
- 120 companies responded, compared to 94 in 2012
- Projected revenue for 2013 is $960 million, an 18% increase over 2012 revenue of $817 million and a 3-year average growth rate of 37%.
- A 24% 3-year average growth rate in employment (full time, part time, and contract) with projected 928 in headcount for 2013, of which 42% are contractors.
- Average headcount of 49 per company, with an average weighted salary of $54,000, as compared to an average of 30 per company and average salary of $55,000 reported in the 2012 survey.
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Funding sources for businesses surveyed were:
- 2% Grants
- 5% Venture Capital
- 5% Private Equity
- 13% Bank Financing
- 19% Angel Investment
- 56% Self Funded
- Twenty percent (20%) of the companies participating were founded in the past two years and fifty two percent (52%) of the companies are less than five years old.
- 84% of the companies are located in Charlotte, while 16% are in the outlying cities/towns.
- 47% of those surveyed are in technology, 11% business services, 8% technology based education, 7% healthcare, 5% retail, 5% marketing, 4% transportation and distribution, and 14% in various other industries.
BIG continues to track data from entrepreneurial companies as a measure of the health of the local start-up economy. “The Charlotte region continues to grow through the contributions of our high growth entrepreneurial community,” Jones notes. “An important part of the region’s economic future is to continue to develop the supporting infrastructure that enables entrepreneurial companies to grow.”
For more information about the BIG Entrepreneurial Index, contact Terry Cox at (704) 927-8064 or terry@bigcouncil.com.