The Cape Fear Entrepreneurial and Innovation Benchmark Survey Shaping Entrepreneur Success

Wilmington’s business landscape is booming and boast the #1 ranked startup ecosystem in the world for cities under 300,000, so how do we leverage a diverse economy with a growing talent pool to build the best companies in the country?

According to Startup Genome, Wilmington’s entrepreneurial ecosystem is valued at $9.16 billion, primarily fueled by technology, healthcare, and education. Entrepreneurship, small businesses, and innovation serve as key drivers of community prosperity, fostering economic growth and enhancing societal well-being.

In the United States, more than 28.9 million businesses operate without access to comprehensive data to assess their economic environments. To bridge this critical gap, Genesis Block, in partnership with the UNCW Swain Center, UNCW Center for Innovation and Entrepreneurship, and the Coalition, is launching the Cape Fear Entrepreneurial and Innovation Benchmark Survey.

This initiative seeks to illuminate the key economic drivers of local businesses and the innovation economy in the Cape Fear region. The lack of comprehensive data on essential factors like enterprise creation, business sustainability, and business failure trends hinders the development of effective policies, the strategic allocation of resources, and meaningful gap analysis.

Genesis Block is developing a cutting-edge collaborative software platform (Genesis Bridge) designed to manage, track, and analyze data from key economic development initiatives such as Conversations to Contracts and the Cape Fear Entrepreneurial and Innovation Benchmark Survey. This platform will serve as a comprehensive tool to streamline data collection and provide actionable insights to inform best practices for small businesses and other stakeholders.

The Cape Fear Entrepreneurial and Innovation Benchmark Survey aims to inform decision makers providing actionable insights into these key areas of business sustainability for entrepreneurs in these segments. By equipping stakeholders with accurate and relevant data, the index will drive practical policy changes, enable targeted resource allocation, and support the development of a more robust and sustainable entrepreneurial ecosystem. This tool will empower communities and entrepreneurs alike, fostering growth and innovation at the local level.

Here is more information on the benchmark survey and the objectives.

What is the purpose of the Cape Fear Entrepreneurial and Innovation Benchmark Survey?

The purpose of the Cape Fear Entrepreneurial and Innovation Benchmark Survey is to create a repository of data and actionable metrics focused on the small business community in the Cape Fear region. The data will include both publicly available data at the state, county, and census tract level, as well as surveys, and other non-public data that we will aggregate to paint a more precise picture of the on-the ground circumstances.

What is the desired outcome of the Cape Fear Entrepreneurial and Innovation Benchmark Survey?

This initiative seeks to evaluate the Cape Fear region’s innovation, entrepreneurship, and small business economy, comparing it to other midsize metropolitan areas to understand how key similarities and differences impact business creation and sustainability. The goal is to develop a strategic tool that identifies resource needs, addresses service gaps, and measures the performance of the region’s entrepreneurs.

What counties will the survey track and measure?

New Hanover, Pender and Brunswick counties will be the targeted populations for the Cape Fear Entrepreneurial and Innovation Benchmark Survey.

How will the Cape Fear Entrepreneurial and Innovation Benchmark Survey be administered?

There are three distinct survey types:

1. Entrepreneur Survey — Tailored for individuals who have launched or are actively testing a business idea in the market.
2. Small Business Survey — Designed for businesses that have been operating for at least three years and are currently in operation.
3. Innovation Survey — Intended for businesses, organizations, economic development agencies, and community stakeholders engaged in the innovation economy.

Entrepreneurship plays a pivotal role in shaping the future of work in the United States. Nationally, 81.9% of small businesses operate as a sole proprietor (with no employees). With the average small business owner earning $69,119 — approximately 16% above the national average salary of $59,428 — this represents a workforce of nearly 27 million people

Why is this survey important for economic development and community prosperity?

In August 2024, North Carolina Secretary of State Elaine F. Marshall announced that even a modest increase in the number of businesses achieving self-sufficiency could generate tens of thousands of new jobs. According to research conducted in collaboration with the North Carolina Department of the Secretary of State and faculty at Fayetteville State University, these jobs could contribute an estimated $1.5 to $2 billion annually to North Carolina’s economy. To achieve this growth, it is essential to identify resource needs, align entrepreneurs based on their stage of development, and address service gaps that hinder business sustainability.

When does the Cape Fear Entrepreneurial and Innovation Benchmark Survey launch?

The survey launches on February 4 and will end on February 26 at Conversations to Contracts register here.

How can I take the survey?

There will be a link to the survey on https://genesisblockilm.com/ and you can follow Genesis Block social media for more information and survey links.

Facebook: https://www.facebook.com/profile.php?id=61552904945539

Twitter: https://twitter.com/block_ilm

LinkedIn: https://www.linkedin.com/company/genesis-block-ilm

Instagram: https://www.instagram.com/genesisblockilm

Medium: https://genesisblkilm.medium.com/

Greater Wilmington Business Journal: https://www.wilmingtonbiz.com/insights/girardnewkirk/237

Considering that 44% of all U.S. workers are low-wage earners, fostering entrepreneurship presents a powerful pathway to mobilizing the future workforce.

How can we get the results from the Cape Fear Entrepreneurial and Innovation Survey?

The objective is to deliver regular analyses of the macro and micro economic factors shaping the entrepreneurial landscape. This report will be complemented by a quarterly event — integrating Conversations to Contracts and regional economic development gatherings — to present key findings and insights.