CHARLOTTE, N.C.--(EON: Enhanced Online News)--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.
“Based upon the survey results, we believe the high growth entrepreneurial economy accounts for more than one billion dollars in revenue within our region”
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:
- 1% Venture Capital
- 12% Private Equity
- 22% Angel Investment
- 20% Bank Financing
- 45% Self Funded
- Fifty percent (50%) of the companies reporting are less than five years old; 80% are less than ten years old.
An update of the information is planned for mid 2012 in addition to annual benchmark surveys. In the meantime, BIG continues to collect company data at http://eval.me/respond/big-survey-2012. For more information, contact Terry Cox at (704) 927-8064 or firstname.lastname@example.org.
About BIG Entrepreneurial Growth Index
Beginning in January 2012, the BIG Entrepreneurial Growth Index is an annual survey taken to identify growth market size and community impact of high growth entrepreneurial businesses. The survey targets companies in any industry, who are startups, early stage or second stage in their lifecycle, with the potential for high growth. The profile shows companies, in general, were in business for at least three years, with revenue greater than $1 million and annual growth rates of 20% or higher. Companies come from a wide variety of business segments, but most heavily weighted in the technology, software and services industries.
About Business Innovation & Growth Council
BIG is a non-profit membership organization, founded in 2006, comprised of like-minded high growth entrepreneurial companies in this region who share similar challenges in growing their businesses. BIG provides education, content, and best practices for a growth oriented company as well as access to resources and capital. The value of BIG is the peer-to-peer exchange that develops from being in the group. For more information, visit www.bigcouncil.com.