Research Triangle Park, NC, June 10, 2010 --(PR.com
)-- CED, formerly the Council for Entrepreneurial Development (www.cednc.org), a private, nonprofit organization that promotes entrepreneurial efforts in the Triangle region of North Carolina, has announced the results of its 2010 online member survey, conducted by the organization in February and March. The purpose of the survey was to understand how entrepreneurial members assess their current business situation and to solicit feedback on how the organization can better respond to their needs.
The member survey, conducted by CED member company Percept Research, found, among other things:
- 70 percent of responders say they work in companies with fewer than 50 employees, with most saying they work in biotechnology and pharmaceuticals, information technology or business consulting.
- Despite a bad economy, 50 percent say their company either “expanded a little” or “expanded a lot” in the past 12 months, with 21 percent saying their business contracted.
- In the next 12 months, only 6 percent say they expect their company to contract, with the rest projecting that their business will stay the same or expand.
- 55 percent engage in business outside the United States and 12 percent plan expansion in overseas markets this year.
Funding and the state of the economy were listed as their top concerns:
- The majority of enterprises are self-funded, with entrepreneurs relying on their own savings, friends and family, and credit cards.
- 18 percent report angel investors and 13 percent have funding from venture capitalists.
- In open-ended comments, respondents most frequently expressed worries about managing cash flow and getting access to credit, followed by dissatisfaction with government policy and the unpredictability of world markets.
Results of the survey and four separate focus groups conducted in March will be shared with CED members in a free program, Direct Connections, from noon-1:30 p.m. Wednesday, June 9, to be held at CED, located at 100 Capitola Drive, Suite 106, in Durham. Registration for this and other CED events is available on CED’s website.
“The response to CED’s member survey and focus group sessions provide insight into the state of entrepreneurship in our community,” said CED president Joan Siefert Rose. “It is a sign of optimism that despite continuing uncertainty over the state of the economy, our member companies are poised for growth. The findings also confirm that despite their small size, entrepreneurial companies are acting globally when it comes to finding new markets for their products and services.”
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- In addition to self-funding and angel and VC investors, entrepreneurs report funding from grants and awards (15 percent), bank loans (15 percent) and corporate partners (14 percent).
- Hiring and retaining talent remain a top concern of entrepreneurs. Despite the high unemployment rate, they report that it is difficult to find the right people who understand the dynamics of working in a startup company, and to retain those at risk of burning out.
- CED will be offering a free program to members from 7:30 a.m. to 10 a.m. Thursday, June 17 as part of its popular CAFÉ series discussion “Company Valuation: So, We’ve Created Value, But How Much?” Details and registration are available at CED’s website.
CED (formerly the Council for Entrepreneurial Development) is a private, nonprofit organization founded in 1984 to identify, enable and promote high-growth, high-impact companies and accelerate the region’s entrepreneurial culture. Headquartered in Research Triangle Park, CED is the oldest and largest entrepreneurial support organization in the nation with more than 5,500 active members. CED provides know-how, networking, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, programs and Web-based resources. CED has helped entrepreneurs, investors, service partners, researchers and public policy makers in diverse emerging industries and at all stages of development – from high-tech, production-based organizations to service companies, from one-person startups to 1000-person businesses. Visit www.cednc.org for more information.
MMI Public Relations