New Report Shows UNC Start-ups Are Generating Billions and Creating Thousands of Jobs

UNC has been getting down to business.

A biannual report released shows that startups and social ventures connected with UNC generate $10 billion in annual revenue, create more that 8,000 jobs in North Carolina and 63,000 jobs worldwide.

With a 26 percent increase in UNC related ventures just in the past year, its’ clear these numbers will continue to grow.

Judith Cone, Vice Chancellor for Innovation, Entrepreneurship and Economic Development, says UNC has seen a major uptick in business interest.

“When the stories become out there and people read the stories- we all have ideas. And so somebody with an idea will say ‘well if they could do it, gee I think I could do it, I have a better idea than that. And so I think it feeds into itself and there becomes this sense of possibility,” Cone said.

The report included analysis of all ventures founded by faculty, staff and students during their time at UNC or within three years of graduating from or leaving the University.

Cone says this type of report might be the only one of its kind, and hopes it will become a model to help other Universities create their own.

“A lot of these statistics come from non-intellectual based faculty startups and being able to report on that has been a three-year under taking of creating one of, if not the first in the country, detailed, longitudinal data base to track affiliated startups out of the university going back starting in 1958,” said Cone.

Many UNC startups deal with solving some of the most serious issues facing the world such as treating types of cancer and creating life saving emergency devices.

“We really try to channel people into looking at these issues and then taking that entrepreneurial spirit and know-how and passion and hard work, perseverance, towards really serious issues,” said Cone.

A few successful UNC startups include oncology company G1 Therapeutics, 3D audio company Impulsonic and frozen produce company Seal the Seasons.

Seal the Seasons was started by a UNC student, and Cone says the support provided by the whole town and groups like Innovate Carolina, helps businesses like that one be successful.

“Of course it’s a long hard journey to now be in Harris Teeter, Lowes’, Whole Foods and flash-freezing local produce and making it available, that’s a long hard journey but they did that pretty quickly and they’re the first to tell you they couldn’t have done that without the support of many groups around in our region helping them including the University, the town and the county,” said Cone.

The report is conducted by Innovate Carolina, a group of more than 200 university faculty, staff and student leaders who collaborate to create new connections, identify gaps and strengthen the innovation and entrepreneurial environment on and off campus.