Driving Economic Growth and Innovation in 2022

 The outcomes of UNC-Chapel Hill’s entrepreneurial endeavors enrich local communities throughout the state, yielding substantial economic benefits in 2022. 

An annual data report by Innovate Carolina, UNC-Chapel Hill’s innovation services hub and University-wide initiative for innovation and entrepreneurship, reveals that startups and social ventures launched by the university’s faculty, students and staff are not only generating job opportunities but also fostering a thriving revenue stream within local economies.

The startups database of Innovate Carolina presents a comprehensive snapshot, encompassing a cumulative record of outcomes for both intellectual property (IP) and non-IP startups. By diligently tracking the outcomes of commercial and social ventures, a full view of startup company endeavors emerges, encompassing the University and extending well past the boundaries of North Carolina.

“Tracking startup data is not just about numbers; it’s a compass that guides us towards a future of innovation and economic success,” says Cindy Reifsnider, director of data and partnership strategy for Innovate Carolina. “By capturing the data of entrepreneurial endeavors, we gain invaluable insights that shape strategic decisions, foster collaboration, drive meaningful growth and adjust programmatic support to further accelerate their success.”

Strategic data collection on startups provides in-depth analysis into the profound impact of investments in innovation. The dashboard aims to illuminate the economic and social value derived from innovation and entrepreneurship programs, benefiting not only the University but also the state and wider region.

As of February 2023, data about UNC-affiliated ventures reveal:

• 911 total UNC startups created (since 1958)
• $18.3B annual startup revenue (2022)
• 102,479 total UNC startup jobs, and 13,562 within NC (2022)

Commercialization opens doors to an array of new moments of engagement with industry counterparts, spanning corporations, non-profit organizations, foundations and community entities. Such partnerships offer the University unique opportunities to advance research and development in emerging technologies.

UNC-Chapel Hill Commercialization activity in FY 2022:

• 140 invention disclosures
• 58 new U.S. patents issued
• $11.8M licensing revenue

The dashboard highlights the importance of UNC-Chapel Hill startups, showcasing their remarkable achievements and contributions within the business landscape. Here are just a few of the many notable startups making a big impact:

• Renovion, a UNC startup, have developed a novel therapy that restores mucus clearance and reduces inflammation in the lungs that will give those with chronic inflammatory airway diseases hope for a better quality of life. 
• GeneVentiv Therapeutics is developing the first universal gene therapy for all types of hemophilia, including the most difficult cases. By working to bring breakthrough therapies to market, this UNC-affiliated startup is also giving hope to patients who wrestle with the daily realities of their disorder.
• Chapel Thrill Escapes is the first student-built, student-operated escape room, and is both a nonprofit and student organization – with a mission to provide an outlet for student creativity, entrepreneurship and collaboration on UNC-Chapel Hill’s campus.
• Pulvinar Neuro, a UNC-Chapel Hill spinout company, offers a novel device that shifts brain activity patterns for patients suffering from mental illness and substance abuse. Pulvinar Neuro has worked with Innovate Carolina – the University’s central team that provides strategic guidance and practical tools for innovation and entrepreneurship on campus and in the community – over the past five years.
• PORTRAY is a transformative technology that allows dentists to capture more detailed imaging for identifying cavities and other dental diseases. The novel 3D x-ray tech developed through a collaboration between scientists in the Department of Physics and Astronomy and the Adams School of Dentistry.

With a commitment to nurturing a thriving hub for visionary minds, Innovate Carolina creates and fosters dynamic partnerships with startups within UNC-Chapel Hill’s entrepreneurial ecosystem, increasing the reach of ideas and inventions. This commitment aligns with The Junction, a part of the Carolina Economic Development Strategy, which launches in 2023 and will function as a collaborative space, bringing together industry partners and individuals from the University, local community and surrounding region.

Learn more about Innovate Carolina’s dashboard.