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Downtown Durham Short

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by

Matthew Coppedge

on 24 October 2013

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Transcript of Downtown Durham Short

Downtown Durham
The
Background
The
Environment
The
Future
Downtown Durham
12x16 blocks
.8 sq miles
Downtown Master Plan
Then & Now 2013 1995
Number of Businesses 500+/- >200

*Total Employees 15,000+ >3,000

*Residential Units 1000+ >100

*Residents (1.6/unit) 1,500+ >160

*Median Age 38 yrs mid-50’s

*Average Salary $56,430 mid $30,000's

*Median Salary $55,000 mid $30,000's
Downtown Highlights
$1.1 Billion of investment since 2000
92% Office Occupancy Rate
99% Residential Occupancy Rate
Over 100 Restaurants & Shops
Durham Bulls
American Tobacco
Private Investment: $200+ Million
Public Investment: $46 Million
1,000,000 Square Feet
3,000+ Jobs
Current Major Tenants:
CompuWare
Duke University
McKinney
InterSouth Partners
Square One Bank
Mellow Mushroom
Cuban Revolution
Bronto
Tyler’s Taproom
Saladelia Cafe
The Art Institute
Burt’s Bees
2,800 seat performing arts center
Nederlander, the theater operator is responsible for any operating loss and has agreed to commit $250,000 to the project
Total Investment: $46 Million
Over 500,000 visitors in first two years (320,000 in year 2)
Net Revenues over $1.2 million in 2nd year
61 sellouts and 175 events in 2nd year
DPAC
The Rest
Brightleaf Square
West Village
Central Park
Golden Belt
Carolina Theatre &
Arts Council
Historic DAP
Skate Park
Music Venues, Breweries & More!
So, why does all of this matter?
This is what they want.




An environment where they can walk out of their office and go to restaurants, bars, events, a ballgame, a broadway show, a concert; all within a 10 minute walk.




A place where successful companies are a model.




A chance to interact and exchange ideas with other startups & successful entrepreneurs.




An Environment for Success.
A hotbed for entrepreneurs
100+ startups (600+ employees) within a mile
2 accelerators
2 incubators
4 universities
American Underground
The Smoffice
Startup Stampede
Google Tech Hub

‘Startup Hub’ in the Triangle
Key Factors
Education
Venture Capital Funding
Talent
Environment
The Future of job growth is entrepreneurial companies.
American Underground
Designed for creativity, flexibility and collaboration
Seed Investment & Accelerator Program

Applicants from all over the country

13-week accelerator program –LaunchBox gets stake in company & helps to find investors at the end of program
We accelerate the launch of your game and company and together maximize your chance of success
Applicants from all over the country
13-week accelerator program –Joystick gets stake in company & helps to find investors at the end of program
We BUILD the entrepreneurial talent pipeline by growing talent locally, recruiting talent nationally, and converting it relentlessly.
Community co-working space for social entrepreneurs
Run by Christopher Gergen
Bull City Forward
Started with a Coffee Meeting
Fits with ‘open-source’ mentality
60 days of free space, just bring laptop and cell phone
Space surrounded by other startups, coffee shops, bars
No requirements outside of using the space daily
The Program
Three week application process, no idea how this would go
$0 for marketing, outside of the creation of the web site
4,300 web hits in a six week period
Hits from 40 foreign countries and 465 cities
Press hits across U.S. and Southeast, overseas, and visits from elected officials including U.S. Senator.
78 startups applied for space, 15 were accepted
13 tech companies
2 healthcare/IT
6 minority/female led companies
Age ranged from college student to 50 y.o. seasoned business person.
3 companies launched products during the 60 days
Rippple was winner of the Startup Madness competition
Finger Puppet Games forged relationships with investors at Joystick Labs and NC IDEA
Rippple invited to TechStars NYC for a day
So, did it work?
4 actively seeking equity investments now
3 companies are signing leases at American Underground
5 companies are moving to Bull City Forward
4 companies previously not located in Durham have moved
TALENT, TALENT, TALENT

Summary:
5 started and stayed; 4 relocated and stayed; 6 returning to Triangle
90% said their perception of downtown became more positive

75% said they are more likely to launch their company in Durham

100% said they would recommend Durham to other startups looking to launch
Over $45,000 in in-kind support for the Stampede
27 hours donated by attorneys
15 hours donated by accountants
8 hours donated by marketers
35 hours donated by other entrepreneurs
800 hours of Chamber and DDI staff time
Total of $7,000 from Chamber and almost $1,000 from DDI
So how did we pull it off?
Aaron Houghton
Chris Heivly
Taylor Mingos
Henry Kaestner
Christopher Gergen
Dave Kellerman
Joel Bush
Jess Eberdt
John Warasilla
Janet Cowell
Sen. Kay Hagan
Forrest Firm
Smashing Boxes
Crossroads PR
Triangle Business Journal
Change and Course
Design Kompany
InterSouth Partners
Morris Manning and Martin
Hutchison Law
Robison Bradshaw Hinson
Smith Anderson
Wyrick Robins
SpringMetrics
EyeNet Security
Frost PLLC
Hughes Pittman and Gupton
CFO Relief
TKTK
Rankin McKenzie
Dr. Jim Johnson
Bull City Forward
Contactology
Olive and Olive
Southern Capitol Ventures
NC IDEA Fund
Durham Chamber of Commerce
Downtown Durham, Inc
CED
LaunchBox Digital
Joystick Labs
Sec. Keith Crisco
Square One Bank
Silicon Valley Bank
Scale Finance
Relevance Software
Self-Help
Time Warner Cable Business Class
Method Savvy
Ben Quinn
Supporters of the Stampede
The Future
Launching again in the fall
Applications open July 18
Looking to attract entrepreneurs from outside the Triangle through some spectacle marketing
Will begin September 16 and conclude November 18.
Targeting 10-15 startups
What did we learn?
Importance of context
Great for talent, even if companies fail
>Pay attention to how you network them
Importance of developing a community of entrepreneurs and making it fun
Value of working closely with successful entrepreneurs in your community
?
Presented by:
Adam Klein
Director of Strategic Initiatives
Matthew Coppedge
Director of Marketing & Communications
Southern Capitol Ventures
NC IDEA Fund
Durham Chamber of Commerce
Downtown Durham, Inc
CED
LaunchBox Digital
Joystick Labs
Sec. Keith Crisco
Square One Bank
Silicon Valley Bank
Scale Finance
Relevance Software
Self-Help
Time Warner Cable Business Class
Method Savvy
Ben Quinn
DDI's Mission
To create and environment for private investment.

This includes work in 5 program areas:
1. Economic Development
2. Promotion
3. Appearance
4. Parking
5. Safety
How does DDI get things done?
Information
Research
Deal Making
Advocacy
Public Relations
Making & keeping Downtown a community priority
Major Projects Under Construction
West Village Apartments
605 West
21C Hotel - Hill Building
Armada Hoffler
Diamond View 3 – Office
Ballpark Expansion
Major Projects Approved - Construction in 2013-14
Aloft Hotel
Holland Hotel
Residence Inn Hotel
Proposed Projects
Austin Lawrence Partners - 26 story tower & Southbank
East West Partners - Liberty Warehouse
Car Dealerships
Apartments - 700+ Under Construction, 500+ proposed
Hotel Rooms - 150+ Under Construction, 300+ proposed
Full transcript