UNC-Chapel Hill startups boost employment, economic development in North Carolina communities

Startup companies and social ventures connected to UNC-Chapel Hill employ more than 8,500 people in North Carolina, contribute $10.6 billion in revenue to state, regional and global economies

Published March 26, 2018

Startups affiliated with the University of North Carolina at Chapel Hill continue to bring jobs and increased revenue to North Carolina communities, according to a biannual report that analyzes the economic impact of the University’s commercial and social ventures. 

The analysis conducted in early 2018 indicates an upward growth trend for UNC-Chapel Hill startup companies and social ventures across North Carolina. The majority of these companies are headquartered in the state. This local connection translates into new employment opportunities for North Carolina citizens, modern workforce development opportunities, and an infusion of revenue to companies, local governments and businesses.

As of January 2018, data on UNC-affiliated ventures show:

● A 25 percent increase in the total number of ventures (521 compared to 418) since January 2017, with 77 percent of the total ventures launched (399 of 521) still active.

● 84 percent of active ventures (336 of 399) are headquartered across 21 North Carolina counties, an 8 percent increase in the number of active UNC-affiliated ventures based in the state compared to 311 of such startups at this time in 2017.

● 94 percent of the $10.6 billion in annual revenue earned by the ventures comes from those headquartered in North Carolina.

● 70,225 people are employed by these ventures, with 8,569 of these employees located in North Carolina.

Scientists Natalie McDonald and Carolina Lin with chemistry consultant Brian Marron in the Ribometrix lab.
Scientists Natalie McDonald and Carolina Lin with chemistry consultant Brian Marron in the Ribometrix lab.
Alain Glanzman, co-founder of WalletFi, describes his company's experience after graduating from startup accelerator Launch Chapel Hill.
Alain Glanzman, co-founder of WalletFi, describes his company's experience after graduating from startup accelerator Launch Chapel Hill.
Seth Glickman, assistant professor in the UNC Department of Emergency Medicine (right), co-founded startup company Bivarus, which was recently acquired by Press Ganey, a leading provider of patient experience measurement and performance analytics for healthcare organizations.
Seth Glickman, assistant professor in the UNC Department of Emergency Medicine (right), co-founded startup company Bivarus, which was recently acquired by Press Ganey, a leading provider of patient experience measurement and performance analytics for healthcare organizations.
EmpowerRT recently announced Zambia Cancer Disease Hospital in Africa as its first test site where its solution will be used to procide personalized, low-toxicity cancer treatment.
EmpowerRT recently announced Zambia Cancer Disease Hospital in Africa as its first test site where its solution will be used to procide personalized, low-toxicity cancer treatment.

The research includes ventures founded by faculty, staff and students during their time at UNC-Chapel Hill or within three years of graduating from or leaving the University. Nearly 60 of these ventures will be featured on April 12 at the annual UNC Innovation Showcase, where innovators and entrepreneurs affiliated with University will gather with more than 100 investors to pitch their latest ideas for inventions, .

“At UNC-Chapel Hill, we have talented and creative faculty, students and alumni who fuel innovation inside the University and then extend their ingenuity outward to make an economic and human impact across North Carolina and beyond,” said Judith Cone, vice chancellor for innovation, entrepreneurship and economic development. “Scientific discoveries, technological advances and social initiatives that begin on campus mature to become next-generation products and services. These companies and nonprofits connect the academic world to the marketplace. They not only benefit the economy, but also bring live-saving treatments, new medical devices and important inventions to the market where they can improve the lives of more people than would otherwise be possible.”

The economic impact analysis is conducted by the Office of the Vice Chancellor for Innovation, Entrepreneurship and Economic Development on behalf of Innovate Carolina. Innovate Carolina is a cross-campus alliance of people and programs that helps UNC-Chapel Hill students, faculty and alumni turn their ideas into innovations.

The Innovate Carolina Startups Database is the most comprehensive of its kind in higher education. While many institutions track startups founded on university intellectual property, the Innovate Carolina database includes University IP-based startups, those not based on University IP, and social ventures, which gives UNC-Chapel Hill a complete picture of the impact.

Judith Cone, vice chancellor for innovation, entrepreneurship and economic development
“Scientific discoveries, technological advances and social initiatives that begin on campus mature to become next-generation products and services. These companies and nonprofits connect the academic world to the marketplace. They not only benefit the economy, but also bring live-saving treatments, new medical devices and important inventions to the market where they can improve the lives of more people than would otherwise be possible.”

A number of Carolina startups made significant advances during late 2017 and early 2018:

● Bivarus, a company that developed a survey-based cloud analytics platform to gain insight into patient experiences, was acquired in January 2018 by Press Ganey, a leading provider of patient experience measurement and performance analytics for healthcare organizations. Bivarus was co-founded and launched in 2012 by a professor of emergency medicine at the UNC School of Medicine. Bolstered by the strength of its technology, an investment from the Carolina Angel Network and a separate round of funding raised from a group of venture capital firms led by Hatteras Venture Partners via its management of the Carolina Research Venture Fund, Bivarus experienced early success. In 2016, it reported 700 percent annual revenue growth, and by late 2017, its staff had grown to 50 employees.

● Ribometrix, a platform therapeutics company that was co-founded by a professor in the UNC Department of Chemistry, is working on a new approach to small molecule drugs that hold the potential to change the behavior of disease-causing RNA. The company raised $7.5 million in seed capital in 2017, and its approach could improve millions of lives by offering new treatments for a range of diseases, ranging from cancer, neurological disorders, immunological diseases, and rare diseases such as Huntington’s Disease. 

● EmpowerRT is social enterprise startup with a mission to help people in developing countries by improving cancer radiation therapy without spending millions of dollars on modern treatment technology. Founded by a professor in the UNC School of Medicine, the company recently announced Zambia Cancer Disease Hospital in Africa as its first test site. Other potential test sites include Brazil, India and Honduras or Peru.

● WalletFi, a financial technology company that allows people to easily manage recurring payments from one card to another, was founded by an MBA alumnus of the UNC Kenan-Flagler Business School and received early support from the Launch Chapel Hill business accelerator. WalletFi has raised more than $300,000. In 2017, the company was accepted into the VC FinTech Accelerator, a 12-week program sponsored by FIS, the largest FinTech company in the world.

Through the support of the Innovate Carolina Network, these and other UNC-Chapel Hill startups are positioned for success as they move through their innovation journey. With a mission to create an environment where innovators thrive, Innovate Carolina provides the right resources and connections that startup companies and ventures need to nurture their ideas.