Building What’s Next
A New Chapter for
Forty years ago, CED was founded to help North Carolina dream bigger—to make the Triangle a place where innovation could take root and thrive. That vision is more alive than ever.
In 2024, we stepped boldly into a new chapter. We clarified our purpose, centered founders, and started building the infrastructure our region needs to grow. We launched new communities—FORGE, ACCELERATE, and CONNECT—to ensure every startup, investor, and partner knows where they belong and how to engage. We rolled out tools like Dealroom to track real-time growth and hold ourselves accountable.
At the heart of all of this is one shared goal: Unlock $20 billion in new enterprise value for the Triangle by 2034.
This work is about more than events or programs. It’s about density. Systems. Shared value. We’re not just supporting startups—we’re empowering them to build boldly and reinvest. And CED is proud to serve as the connective tissue for this movement.
The Triangle is no longer an emerging ecosystem. It’s an accelerating one. Our startup density is rising. Our investors are showing up. And our founders are creating real value.
As we look ahead, I invite you to join us—whether you’re building, backing, or just beginning your journey. Our impact is powered by the people who show up, believe in this region, and are ready to build something bigger than themselves.
KELLY ROWELL | CEO Center for Entrepreneurial Development
Learn More about our Initiatives.
LET’S KEEP GOING.
Repositioning the Center
In 2024, CED clarified its role as a central hub in the startup ecosystem by launching three distinct but interconnected communities. This framework ensures that every stakeholder knows how to plug in, where they can contribute, and how to access support.
A founder-first community for startup leaders and operators to connect, learn, and grow through peer cohorts, curated resources, and shared experience.
A focused initiative to engage investors, increase deal flow, and make the Triangle a must-watch region for capital deployment.
A network of ecosystem partners—from universities to coworking spaces, economic developers to corporations—who help power and sustain the innovation economy.
Leading Among the Nation’s Next Startup Hubs
Innovation doesn’t happen in isolation.
It happens in ecosystems—places where capital, talent, and collaboration converge. The Triangle is no longer trying to “catch up”—it’s defining what’s next.
With strong research universities, and a new generation of founders reinvesting in others, the Triangle is proving that it can go head-to-head with markets like Atlanta, Austin, and Miami— not just in ideas, but in outcomes. *Austin’s $3.1T EV includes Tesla and Meta HQs. With them removed, the adjusted EV is ~$487B.
L-R: Peter Walker, Carta Insights and Bill Spruill, 2ndf
THE TRIANGLE RISES
Despite having fewer firms and a smaller market size, the Triangle punches far above its weight in value creation and efficiency.
The Triangle is one of the most entrepreneur-centric cultures I’ve ever engaged with.
Unlike Silicon Valley’s high-risk, high-reward model, where VCs invest in 100 startups expecting 80 to fail, the culture in North Carolina is focused on sustainable success. Here, it’s really about the human—we want them to succeed.
SUSAN COOK | CED BOARD MEMBER + STARTUP CEO
Why It Matters
70K+ 68% of all venture deals in North Carolina happen in the Triangle
Jobs Triangle startups have created
Triangle’s Growth Momentum
Dealroom tracking shows early signs of acceleration in key verticals like BioTech, Enterprise Software, and Agtech. We are also watching the DeepTech and Sustainability sectors on the rise.
We’re seeing increased engagement from both founders and funders—with a network strength that is starting to rival legacy innovation hubs.
THE GROWTH IS REAL—AND ACCELERATING. INVESTORS ARE SHOWING UP. FOUNDERS ARE MOVING HERE. AND THE REGION IS COALESCING AROUND ONE SHARED IDEA: WE CAN BUILD BETTER, TOGETHER.
L-R: Susan Cook, DAS42 and Kelly Rowell, CED
A Community Built for Founders & Operators
As the Triangle rises among the nation’s leading startup ecosystems, our ability to scale that momentum comes down to one thing: action. FORGE is where that action happens.
This founder- and operator-first community is the engine behind many of the programs, connections, and reinvestment activities driving growth across the region. Whether we’re leading programs ourselves or collaborating with ecosystem partners, FORGE helps turn density into velocity.
706
STARTUPS SUPPORTED
13,111
SUPPORT HOURS
1,072
INTRODUCTIONS MADE
Where the Support Happened
We tracked every hour of support, whether it came from our own programs or in partnership with others.
CED-LED INITIATIVES
CXO Workshops, CXO peer cohorts, GRO Incubator programs, 1:1 founder coaching, Mentor Match program, Power Lunches, curated match programs, and Venture Connect.
Reinvestment Model is Thriving
Our Founders-in-Residence program expanded from 1 to 5 supports across software, biotech, and agtech 5 94
Founders & Operators gave back through educational programs and 1:1 support engagements
PARTNER-LED ENGAGEMENTS
CED staff provided over 371 volunteer hours supporting other Triangle area entrepreneur support organizations, including: Raleigh-Durham Startup Week, Business of Software Conference, SBTDC, NC IDEA, Grep-a-Palooza, NCEEM, NC Tech, Triangle Tech Night, UNC-Chapel Hill (VCIC and ECON 125), NC State University (Andrews Launch Accelerators and Chancellor’s Innovation Fund)
Building my first company—growing it from ‘idea’ to a ‘successful exit’—was one of the most challenging and rewarding chapters of my life. Now, helping new founders navigate early days brings me joy. It’s a way to stay close to the energy that sparked it all.
KELLI LUGINBUHL CED | FOUNDER-IN-RESIDENCE
Capital at Work
ACCELERATE is CED’s strategy for making capital move smarter, faster, and more intentionally in the Triangle. Whether through large-scale programs like Venture Connect or curated 1:1 introductions, our goal is simple: help the right investors meet the right startups—and build confidence in the region’s capacity to deliver.
2024 was a milestone year for ACCELERATE. We directly connected over 80 unique investment funds from 21 states with Triangle-based founders. The conversations didn’t stop at introductions—more than 500 curated investor-to-investor and founder-to-investor connections were made, often leading to follow-on meetings, diligence, and real dollars moving.
It’s important for CED to exist so entrepreneurs have somewhere to go for resources. A lot of times, they’re new to the area, or new to the industry. CED is a community in addition to resources.
MEGANN WATTERS | LABCORP VENTURE FUND
CONNECT TO CAPITAL ACTIVITY OVERVIEW
Key Programs and Events
VC24 welcomed 1,000+ attendees, showcased 150+ companies, and included sector-specific sessions in biotech, cleantech, and software. New this year: curated founder kick-off event, a Strength in Numbers founder/funder mixer, and ancillary partner events extending the experience to three days of programming.
Dealroom + DataDriven Visibility
In 2024, we launched our public Dealroom dashboard to track real-time startup activity and capital movement. The insights not only inform our capital programs but help investors and partners across the country understand what’s happening here.
DEALROOM FEATURES:
• Public dashboard at: cednc.dealroom.co
• Regional capital heatmaps
• Startup trends
• Investor engagement tools available to partners
Attracted over 80 funds back to the region in Q4 for a specialized LP session, growth company update and syndication activities.
CONNECT TO CAPITAL SERVICE
Provided bespoke matching and investor insight reports to growthstage companies through-out the year
Strengthening the Ecosystem Through Partners & Students
The Triangle’s innovation economy thrives because of the connections that fuel it—between partners, students, and the startups they support. CONNECT is CED’s answer to that challenge, offering structure and visibility to the regional support system.
Our Partners
CED works hand-in-hand with the Triangle’s valued resources including businesses, universities, nonprofits and government entities that have services and resources that founders need to accelerate business growth.
PARTNER ACTIVITY HIGHLIGHTS:
• Increased corporate support for GRO via Wells Fargo Cohort sponsorship, and Michael Best Demo Day sponsorship expanding startup company engagement.
• Hosted 3 workshops facilitated by partner organizations, focused on software development, leadership development, and accounting.
• Launched the CED Marketplace—designed to connect innovative startups with corporate partners providing critical resources, expertise, and opportunities to accelerate growth and collaboration.
MATTHEW COOKE | DAVIS MOORE BOARD MEMBER & STRATEGIC PARTNER
PARTNERS INVESTED VIA CED 81
8
PROGRAMS HOSTED BY PARTNERS
FOUNDER TO PARTNER INTRODUCTIONS
Our Associates
CED partners with students who are the next generation of talent. Leveraging our university partnerships combined with donations from the community, we are able to provide talent development across North Carolina.
2024 STUDENT ENGAGEMENT HIGHLIGHTS:
CED continues to deepen engagement with university career centers and experiential learning programs, aiming to expand student involvement through programmatic pipelines, mentorship connections, and a growing Startup TNT Associate Program
STUDENTS ENGAGED
UNIVERSITY PARTNERS
STARTUP TNT PROGRAM
Expanded Ecosystem Impact: Associates played key roles in major CED events—Venture Connect, GRO Demo Day, 40th Birthday Bash, Investor Fly-in, and more—gaining exposure while supporting execution.
Peer-Led Program Model: With Jenna (Spring) and John (Fall) as Senior Associates, Startup TNT tested a peer-led model, empowering students to lead onboarding, curriculum, and mentorship.
Deepened Strategic Engagement: Associates worked across CED’s core initiatives—startup support, GRO Incubator, venture capital, and partnerships—while deepening BOD connections through 1:1 interviews.
This program was funded by the CED Board of Directors through their Annual Campaign. CED is actively looking for additional capital to expand the program.
John Buxton Arya Ranjan
Rahul Narang
Sophie Ashley
Natia Jones
Satvik Chethan
Taylor Walicki
Fall 2024
John Buxton
Jenna Houchins
Spring 2024
Emma MartinezMorison
Building $20B by 2034
The Triangle’s long-term economic growth depends on our ability to align people, programs, and partners around a shared vision—and act with urgency. That’s why CED set a 10-year target to unlock $20 billion in new enterprise value by 2034. This number is built on substance, not just style. It’s a challenge to the entire region to show up, reinvest, and build what’s next.
Our path forward includes 3 distinct phases—each with a different focus, and each powered by the collaborative work of FORGE, ACCELERATE, and CONNECT.
Milestones to the $20B Target
Repositioned CED to scale
Secured initial seed for program expansion
Recruited an excited and engaged board and team to drive goals forward.
Expanding program capacity, deepening investor engagement, and driving founder-led growth.
Anticipated Outcomes by 2028: More startups graduate to Series B+, Increased corporate partnerships & hiring pipelines, strengthened late-stage capital access
IPOs, exits, and reinvestment cycle accelerates
Triangle leads as a Multidisciplinary Hub $168B+ total enterprise value achieved
$4M $10M* $20M*
I invested in the Triangle’s startup ecosystem because I get to help build the next generation of companies, back diverse founders, and support bold ideas in emerging tech. The momentum here is real, but so is the need, and there’s never been a better time to get involved. I encourage anyone looking to make a real impact or pay back into the ecosystem that allowed their success –to do the same.
CHARLES GADDY 4LV | FOUNDER
Scale and Sustain Regional Growth
To reach our shared goal of $20B in new enterprise value by 2034, we must scale what’s working and sustain what’s essential. The opportunities below represent strategic investments that directly support founder success, talent retention, and capital velocity.
FOCUS AREA: TALENT
Impact
Expand Startup Talent & Training (TNT)
Launch Transitioning Executives (TE) Program
Builds an early talent pipeline that retains soon-to-be graduates in the Triangle—reducing talent drain to competing innovation hubs.
Helps experienced executives find roles in Triangle startups, accelerating founder bandwidth and company maturity. Program leverages university partnerships and regional networks.
FOCUS AREA: CAPITAL ACCESS
Enhance Dealroom Tracking & Data Tools
Super Angel Cultivation Program
Marquee Fund Engagement
Founders’ Fund
Impact
Enables smarter investor engagement and real-time deal flow visibility.
Activates early capital at $100K+ levels from high-net-worth individuals seeking regional impact opportunities.
Builds long-term relationships with top-tier funds through curated, high-trust engagement—improving dealflow and investor confidence.
A first-of-its-kind regional reinvestment fund, enabling syndication and pooled capital to flow back into high-potential Triangle companies.
FOCUS AREA: PROGRAMS
Expand Founder-inResidence (FIR) Program
Scale Peer Programming for Founders & Operators
Impact
Provides tactical, high-touch support to scaling startups. FIRs bridge the gap between traditional resources and founder/operator realities.
Peer cohorts offer practical, founder- and operator-led support across growth stages and functions—marketing, finance, product, and more.
Interested in investing in one of these initiatives?
We’d love to connect and share more about the impact behind ach opportunity.
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Fueling the Flywheel
CED’s funding model is designed to balance earned revenue with philanthropic support—ensuring our services remain accessible while scaling our impact. As we grow, we remain committed to financial transparency and founder accessibility.
CED is predominantly funded through philanthropic investment made by founders, individuals and companies who are passionate about regional growth.
64% Donations
18% Sponsorships
14% Registrations
4% Membership
Capital is then reinvested to fund the launch and expansion of programs and services that enable companies to scale.
54% Programs & Services
17% Peer Support
19% Ecosystem Infrastructure
10% Admin & Operations
A total of 1,383 individuals, investors, and ecosystem partners invested over $2.1 million into CED’s mission in 2024. This community-backed model allows us to serve a broad base of founders while giving stakeholders clear, measurable outcomes to support.
Of that investment, $1.9 million was reinvested directly into the ecosystem—through programs, mentorship, curated connections, and infrastructure designed to help startups grow. With an 8% operating margin, CED remains both sustainable and impact-driven—ensuring that every dollar works harder for the region.
How Each Community Contributes
FORGE activates density: it supports scalable startups, fosters peer learning, and encourages founder reinvestment.
ACCELERATE builds capital access: it connects startups to investors, tracks deal flow, and boosts regional visibility.
CONNECT powers sustainability: it surrounds founders and operators with the resources, talent, and infrastructure to thrive.
The People Powering Our Mission
Behind every connection made, program delivered, and startup supported, there’s a network of dedicated people who show up—consistently, selflessly, and with conviction.
CED is powered by a lean but mighty team of ten full-time staff, a rotating cohort of Startup TNT Associates, and five Founders-in-Residence who bring lived experience and tactical expertise to support high-growth entrepreneurs. This team serves as the engine room of our work—delivering thousands of hours of guidance, resources, and connection each year.
Our Board of Directors, led by Co-Chairs Karl Rectanus and Scott Uknes, includes committed leaders from across the startup, investment, and corporate landscape. Through our Executive Committee and strategic workgroups, Board members serve as ambassadors, advocates, and investors—guiding our long-term strategy while fueling our day-to-day impact.
But the real strength of CED is the community itself. Founders who pay it forward. Operators who show up after hours. Investors who share deal flow and insights. Partners who collaborate instead of compete. This shared energy—the willingness to contribute to something bigger—remains our greatest asset.
Ecosystems don’t scale because of one program or one fund. They scale because people commit to showing up—and bringing others with them.
KELLY ROWELL | CEO
Who’s Invested in Building Tomorrow, TOGETHER
Behind every founder story is a network of believers— those who see potential before it scales. In 2024, over 1,300 individuals, companies, and organizations invested in the future of the Triangle. Their support fuels our programs, powers connections, and strengthens the flywheel that drives innovation forward.
WE’RE GRATEFUL FOR THEIR VISION—AND FOR THEIR COMMITMENT TO BUILDING SOMETHING BIGGER THAN THEMSELVES .
$1M+
Bill Spruill $100K+
Charles Gaddy - 4LV
$25K+ Wells Fargo
$100K+ Fred and Nancy Hutchison
$50K+ Gray Family Foundation $25K+ Hutchison PLLC
Cloud Software Group
$25K+ Wyrick Robbins
STRATEGIC | $5,000+
PREMIUM | $3,000+
Alfred Williams and Co.
Aprio
Bagchi Law, PLLC
Bernard Robinson & Company
BioLabs
CIBC Innovation Banking
CLA
Cofounders Capital
CSC Leasing Company
Dean Dorton
Dualboot Partners
Fox Rothschild LLP
Fulcrum Equity Partners
Function
Live Oak Bank
Michael Best
PNC Bank
Polsinelli PC
RC Capital
SJF Ventures
Wade Associates
PATRONS | UP TO $2,500
Alex Gray
Allen Tear
Annalise Perry
Anne English
Bradley Mooring
Ed McCarthy
Elizabeth Kelly
Galen Robertson
Gregg Bordes
Jay Bigelow
Joe and Jackie Mancini
Kelly Rowell
Launch Chapel Hill
Matthew Cooke
Michelle Egger
Ryan Bethencourt and Mariliis Holms
Scott and Susan Uknes
Scott Bryant
Shila Nieves Burney
Sonna Patel
Susan Cook
Susan Wall
Tim Fleischman
Tim McLoughlin
Tim Wilson
Toni Bucci
Work In Progress (WIP)
This isn’t just a list— it’s a movement.
Every name here represents a decision to invest in our region’s talent, energy, and potential. If you believe in a future built by founders and fueled by community, we invite you to join us.
Become an Investor in the Ecosystem.
CED is a nonprofit organization that provides support to the entrepreneurial community by deploying its own resources and resources from the CED Network of Partners. Donations made directly to CED enable us to track entrepreneurial and investor activity, then report out to you on an annual basis. For information on how you can support the work of CED, please contact us: