Introduction from Mary Ann Baldwin and Terri Lomax // Success stories
✦ Mary Ann and Terri are the co-founders of a movement.
• The Innovate Raleigh journey started with a collision of creative city leaders who shared a
passion for moving Raleigh forward
• “The first year, Mitch Silver said we had a lot of entrepreneurs, but that we were like
peanut butter: spread out everywhere.”
‣ “Now we’ve molded into a gourmet sandwich with lots of flavors.”
✦ We’ve created exciting outcomes together.
• The story of Raleigh has gone from “a place where your parents live” to a dynamic “hub of
hubs”
• Since 2012 HQ Raleigh is a thriving entrepreneurial space
• Since 2013 the Raleigh M.A.I.N Event brings the city together
• In 2014
‣ American Underground launched in downtown Raleigh
‣ Innovate Raleigh launched the first-ever startup crawl to showcase local innovators
‣ Citrix-Red Hat Startup Accelerator Innovators Program launched in partnership
with HQ Raleigh and the City of Raleigh
- Mayor McFarlane announced $100K grant from the City to support the
program
• NC State is a hotbed for innovation
‣ “Having all the departments together at NCSU has fostered an incredible synergy
for the innovation scene.”
‣ “It’s really valuable to have a thriving ecosystem. Being able to plug into the entire
community is really valuable.”
‣ NC State will lead energy partners in increasing energy eciency through the Next
Generation Power Electronics National Manufacturing Innovation Institute
- Announced by President Obama and the U.S. Department of Energy
- We’re known for the first time as a national tech hub
‣ New Innovation & Design Cluster
- Collaboration between College of Design and Poole College of Management
- Purpose to teach, inspire, foster innovation and sustainable design via
design thinking and business practices
• Entrepreneurship education has started to infiltrate schools We heard stories of children interested in creating social good through
entrepreneurship
• We’ve brought innovation and entrepreneurship to the forefront as a policy priority
‣ The City is investing in telling the Raleigh story
‣ The City created a unique position for an Innovation and Entrepreneurship Manager
- Derrick Minor’s list has become a tremendous resource for entrepreneurs in
our region
Keynote speakers // Learnings
✦ Wells Fargo
• “Turned out to be a pretty nice start up.”
• The principle sponsor for the Summit for three years running
• Four lessons we can learn from the Wells Fargo success story
‣ Know and follow your passion
‣ Be courageous and follow your gut instinct
‣ Be aware of changing events and know how to capitalize on them
‣ Don’t go alone. Go with a great team.
✦ Lyle Estill encouraged us to embrace failure
• Founder of Piedmont Biofuels
‣ Mission to “lead the sustainability movement in NC”
• He challenges the status quo of “business as usual”
• As a “poster boy for flops,” his mantra is, “Just jump and go after it.”
• He qualifies his entrepreneurial record in “Strike-outs” (9), “Base hits” (7), and “Home
runs” (4)
‣ He would not have had any successes without his failures
‣ Experimented in multiple industries
- Snails
- Bees
- Circuit boards
- The internet
- Biofuels
- Worms
- Ice
- Chess sets
- Wind
- Mico hydro
- Fish farming
- Beverages
• Lessons from his years of experimentation
‣ Snails who eat garlic and cilantro don’t come out pre flavored
‣ Distinguish when to write o a venture and let it go
- Money (or lack of) is a good indicator
- But even if the money isn’t flowing, some industries build valuable social
capital
‣ Create partnerships with people who have done what you’re trying to do See an opportunity in waste
- Raleigh is ahead of other SE cities when it comes to energy
- Still, “There’s so much waste and so much opportunity it seems endless.”
‣ We can make Raleigh the best place in the world for people who want to change the
world.
- There are ways Raleigh stands out:
“We’re awfully resilient.”
“We’re doing a good job of feeding, fueling, and financing ourselves.”
✦ Troy Henikoff shared the ingredients of a thriving entrepreneurial ecosystem
• Troy created Excelerate Labs in Chicago
‣ It has grown into one of the top 3 accelerators in the nation
‣ The focus is on building great entrepreneurs, rather than great businesses
‣ After 5 years, the work is beginning to pay o
- “The opportunities [we’ve created] are amazing”
- “We’re creating something that’s an amazing place to be a part of.”
• The key ingredients for a healthy entrepreneurial community
‣ The entrepreneurs are the leaders
- It’s not a government-led initiative
‣ All area universities have a presence
‣ As people find success, they are encouraged to return as mentors
- Many entrepreneurs want to come back, give back, and reinvest in the
community where they got their start
- The flywheel starts turning
‣ Venture capital oces help subsidize
‣ Building a strong ecosystem takes long-term commitment
- “The longer the window of time to maximize your opportunity, the better
you’ll do”
‣ Inclusivity is key
- Make sure everyone has a place where they feel like they fit
The leaders
The followers
The wanna-bes
‣ Create continuous engagement
- Host events and gain exposure all year round
- If you come together just once a year, the movement won’t gain traction
Key ideas from the Summit // The What
Overheard at the Summit
“We’re not as big as Chicago by any means, but we pack a pretty big punch.”
“We’re going to keep topping the charts.”
“We’re poised to succeed in the same way Chicago has.”
Innovated Raleigh is now an established “platform that knits the entrepreneurial community
together.” It’s designed to be a catalyst for some of the most exciting conversations around entrepreneurship in
the region.”
“We’re giving a voice to entrepreneurs of all stripes.”
Healthy Cities, Healthy Entrepreneurs
✦ What makes a healthy city?
• Fresh, local, healthy food
• Alternative transportation infrastructure
• Mental health crisis access
• Community gathering spaces
• Work/life balance
‣ Institute city-wide recess
• Public/private/non-profit partnership
• Healthy living education
• Optimism/positive thinking
• Clean air and water access
• Alternative energy sources
• Keeping cost of living low
• A feeling of safety across all neighborhoods
• Free public wifi
• Triple bottom line focus
• Rooftop fields
• $.10 per bottle refunds
• Random acts of kindness
✦ What does it mean to be a healthy entrepreneur?
• Helping other entrepreneurs succeed through mentorship and coaching
• Work/life balance
• Space for collaboration
• Shifting the perspective on failure
• Business leaders encouraging exercise and healthy lifestyle
• Freedom to dream and fail
• Focus on results, not on hours
• Open to feedback and criticism
• Tools not just for the richest 10%
• Lead by example
The Underbelly of Entrepreneurship
✦ What does risk look like?
• Fear of the unknown
‣ Lack of support and resources
‣ Feeling alone
• Risk looks dierent at dierent stages of career and life
• Risk for risk’s sake is not good, but a calculated risk can be a great teacher and learning
opportunity
• Risk can be a positive thing that promotes opportunity, potential, passion, and breaking
traditions, and growth Risk and failure doesn’t have to be the end
• Forging through risk helps bolster confidence
‣ The more you fail the more you learn
✦ How do we make Raleigh a climate that celebrates risk?
• FailCON Raleigh
• Make it an enthralling community that celebrates entrepreneurship
‣ Focus on our strengths as a city
- Esse Quam Videri
• Public/private collaboration to mitigate risk
‣ Provide safety nets like pooled healthcare
• Create a one-stop shop for all available resources
‣ Derrick’s list
• Use church pulpit to inspire and enthrall
How can entrepreneurs be city influencers?
✦ Tell the story of local individual successes
• Increase media awareness
‣ Rankings are good, but stories are better
‣ Remove the natural humility
‣ Tell the story loud and proud
• More communication outside the region
✦ Increase collaboration between students and entrepreneurial groups
• Keep university talent here by plugging students into a rich ecosystem
• More fun/casual meetings of people who wouldn’t normally interact
✦ Engage entrepreneurs to solve transportation challenges
• Google Fiber initiative
• Car to go
• Pedestrian-friendly
• More connections to hubs
• Make it harder to park
• Grassroots eorts
✦ Incentivize diverse funding options
• Policies to incentivize funding
• It’s not just about venture capital
• Encourage corporations to invest locally
• Encourage exited entrepreneurs to invest locally
• Provide tax incentives for investment
• Publicize wins/returns
• Creative financing
✦ Create continuous engagement
• Innovate Raleigh 365
• Reinvigorate a thriving TedX presence in Raleigh Make it a regional eort
‣ Get more communities involved
✦ Encourage youth entrepreneurship
• Drive social entrepreneurship
• Provide more paid internships and job opportunities
• Teach entrepreneurship skills to young kids
Panel Conversation // Goals
“It takes action, dedication, commitment, and intentional investment.”
“We’re well on our way to achieving our goal.”
“We’ll know we’re successful when we don’t need Innovate Raleigh anymore.”
“Innovate is a broader term. It means we’re trying to drive toward solutions that will change our
world.”
“A real entrepreneur is someone who figures out how to solve a problem.”
✦ Build diversity and inclusivity within the entrepreneurial community
• “Right now we’re pretty white and tech centered.”
• “We’re not talking about Innovate Downtown. We’re talking about Innovate Raleigh.”
• “Reach out across Raleigh to enrich this conference.”
• Engage Southeast Raleigh and Suburbia
• Follow up with Innovate Chapel Hill and Innovate Durham
• Include those who have recently moved here
• Connect with the veteran community
• Seek corporate representation
✦ Highlight individual stories to tell the Raleigh story
• “This could be one of the healthiest places to launch a business in the country.”
• “So many solid individuals and businesses are not talking about what they do.”
• “If we know the stories behind the entrepreneurs who are struggling or trying to get
started, we can rally around them.”
• Bring TedX to Raleigh
• Be intentional about shaping the picture of our region
✦ Create opportunities for creative collisions
• “Entrepreneurs want to help each other.”
• “Mentorship will only help lift up this community.”
• Build collaboration around the fun events we have here
• Help each other by connecting each other
✦ Rebrand the idea of political engagement
• “One of the ways entrepreneurs can help innovate Raleigh is by becoming politically
engaged.”
• “Build more awareness of the policies that make entrepreneurship possible.”
• Ensure people don’t feel threatened by becoming political
‣Get people focused on the outcomes– not the political label Host a forum on politics at HQ Raleigh
✦ Teach entrepreneurship to youth early on
• Get more teachers engaged in the conversation
• Engage public schools
✦ Engage the design community
• “The D. School at Stanford has nothing on the Design School at NCSU”
• “Let’s beat our chests a little more, and get our students out.”
• “We’re going to break the College of Design out.”
✦ Take care of our health, so we can keep giving back
• Stay balanced “so that you can have a successful business and contribute to the economy.”
• Institute a day of city-wide recess
