Success of public-private partnership in Wake Forest's strategic development

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Success of public-private partnership in Wake Forest’s strategic development by Jason Cannon & Gerard Hayes

E

arlier this year, the state of North Carolina

job opportunities. Part of the strategic vision behind

and communities across the nation were

this emphasis operates by providing a layer of

abuzz at the possibility of recruiting

strategically focused programming that brings

Amazon and Apple to build new headquarters in their

together entrepreneurs with communities of mentors

neck of the woods. This revolutionary moment in the

who have networks with regional, national, and global

history of economic development highlighted the

business partners and investors as a catalyst for

potency of public-private partnerships for strategic

growth.

development across the nation.

Development of this innovation infrastructure includes

The Town of Wake Forest has long understood one of

two major projects for the Town and private partners.

the strongest tools for steady and sustainable

These include the development of a new downtown

development are these “P3s” (public-private

business incubator led by a private coworking firm in

partnerships) driven by knowledge, technology,

collaboration with the WRC, and a new mixed-use

entrepreneurship and innovation.

nearly 200-acre technology park where people will live,

With progressive foresight into these strategic growth opportunities, the Town of Wake Forest provided initial funding to help launch the Wireless Research Center in

work and play in a “walkable” community with hightech office spaces, cultural amenities and a variety of retail, dining and living options.

2010 as a private, independent nonprofit organization

The vision includes a variety of strategic components

dedicated to innovation and collaboration as a shared

found in Wake Forest that will be leveraged to help

resource. This whole endeavor garnered public

grow businesses ranging from the communications

resources, including two grants from the N.C. Golden

engineering, testing and development found at the

Leaf Foundation of approximately $1.5 million.

WRC, to lawyers who help form businesses and file

Now independently functioning and committed to jumpstarting the growth of other entrepreneurs, the WRC specializes in communications engineering, and hosts world-class wireless testing equipment and a

patents, and marketers with experience in web design, writing and photography – all in a welcoming community environment that nurtures creativity, innovation and collaboration.

commercialization center with shared business

The strategic vision, a sort of vision 2.0, extends the

incubator office space.

Town’s original partnership with the WRC from 2010 to

In partnership with the Wireless Research Center, both in regard to shared vision and resource development, the Town’s economic development initiatives are now

build a collaborative ecosystem that will emphasize mentorship and the sharing of expertise and resources.

focused on providing innovation infrastructure to help

The Wireless Research Center was initially founded in

accelerate development of entrepreneurs and other

Wake Forest because of the appealing quality of life in


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