Economic Development Partnership of North Carolina (EDPNC)

Background

The Economic Development Partnership of North Carolina (EDPNC) is a nonprofit public-private organization established in 2014 to enhance the economic well-being and quality of life for all North Carolinians. Operating under contract with the North Carolina Department of Commerce, the EDPNC collaborates with state, regional, local, and private-sector partners to achieve its mission. The organization's primary areas of focus include:

Business Recruitment: Attracting new businesses to the state.

Existing Industry Support: Assisting current employers with expansion and retention.

International Trade: Facilitating export opportunities for North Carolina companies.

Small Business Counseling: Providing guidance to startups and entrepreneurs.

Tourism Promotion: Marketing North Carolina as a premier travel destination.

Over the past decade, the EDPNC has played a pivotal role in driving economic growth across the state, contributing to North Carolina's recognition as a top state for business.

Key Strategic Focus

The EDPNC's strategic objectives are centered on:

Attracting New Businesses: Leveraging North Carolina's favorable business climate to draw companies from diverse industries.

Supporting Existing Industries: Providing resources and assistance to help current businesses expand and thrive.

Promoting International Trade: Assisting local companies in accessing global markets to boost exports.

Encouraging Entrepreneurship: Offering counseling and support to startups and small businesses.

Enhancing Tourism: Showcasing North Carolina's attractions to increase visitor spending and economic impact.

The organization targets key sectors such as clean energy, electric vehicles, biotechnology, and advanced manufacturing, aligning with the state's economic development priorities.

Financials and Funding

As a nonprofit entity, the EDPNC operates with funding from both public and private sources. In the fiscal year ending June 2023, the organization reported:

Revenue: $52,521,206

Expenses: $51,278,426

Net Assets: $6,958,336

The EDPNC's funding supports its various programs, including business recruitment, international trade assistance, small business counseling, and tourism promotion.

Pipeline Development

The EDPNC has been instrumental in securing significant economic development projects for North Carolina. Notable recent announcements include:

Toyota's EV Battery Plant Expansion: An additional $8 billion investment in Liberty, creating 3,000 new jobs, bringing the project's total to $13.9 billion and 5,000 jobs.

Natron Energy's Manufacturing Facility: A $1.4 billion investment in Edgecombe County, expected to create 1,000 jobs.

Pratt & Whitney's Expansion: A $650 million investment in Buncombe County, adding 800 high-tech manufacturing jobs.

FUJIFILM Diosynth Biotechnologies' Expansion: A $1.2 billion investment in Holly Springs, creating 680 jobs.

These projects reflect the EDPNC's success in attracting substantial investments and job creation across the state.

Technological Platform and Innovation

While the EDPNC does not develop proprietary technologies, it plays a crucial role in promoting North Carolina's innovation ecosystem. The organization facilitates connections between businesses and the state's research institutions, technology hubs, and academic resources. This support helps companies leverage cutting-edge technologies and methodologies, particularly in sectors like biotechnology, clean energy, and advanced manufacturing.

Leadership Team

The EDPNC is led by a team of experienced professionals dedicated to advancing the state's economic development goals:

Christopher Chung: Chief Executive Officer

Background: Extensive experience in economic development and business recruitment.

Contributions: Oversees the organization's strategic direction and operations.

Michael Ebert: Chief Operating Officer

Background: Expertise in organizational management and operational efficiency.

Contributions: Manages internal operations and ensures program effectiveness.

Melissa Smith: Vice President of Business Recruitment

Background: Skilled in business development and corporate relations.

Contributions: Leads efforts to attract new businesses to North Carolina.

William Tuttle: Vice President of Tourism

Background: Experience in tourism marketing and destination promotion.

Contributions: Directs initiatives to boost North Carolina's tourism industry.

Denise Desatnick: Vice President of Marketing

Background: Proficient in strategic marketing and brand management.

Contributions: Oversees marketing strategies to promote the state's economic assets.

Larry Price: Director of Finance

Background: Financial management and accounting expertise.

Contributions: Manages the organization's financial operations and budgeting.

Korey Howard: Director of Business Development

Background: Experience in business growth strategies and client relations.

Contributions: Supports business expansion and development initiatives.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within the EDPNC's leadership team.

Competitor Profile

Market Insights and Dynamics

North Carolina's economic development landscape is highly competitive, with several organizations striving to attract businesses and investments. The state's favorable business climate, skilled workforce, and strategic location contribute to its appeal for companies across various industries.

Competitor Analysis

Key competitors in the economic development sector include:

Arizona Commerce Authority: Focuses on business attraction, expansion, and innovation in Arizona.

Empire State Development (New York): New York's chief economic development agency, promoting business growth and job creation.

Mississippi Development Authority: Leads Mississippi's economic development efforts, including business recruitment and community development.

These organizations, like the EDPNC, aim to enhance their respective states' economic prosperity through strategic initiatives and partnerships.

Strategic Collaborations and Partnerships

The EDPNC collaborates with various entities to strengthen its economic development efforts:

North Carolina Department of Commerce: Works closely with the department to align strategies and resources for business recruitment and support.

Local and Regional Economic Development Organizations: Partners with local agencies to tailor solutions for businesses considering North Carolina.

Private Sector Investors: Engages with private companies to secure funding and support for economic development initiatives.

These collaborations enhance the EDPNC's capacity to attract investments and support business growth across the state.

Operational Insights

The EDPNC's strategic considerations include:

Competitive Positioning: Emphasizing North Carolina's advantages, such as a skilled workforce, low corporate tax rates, and quality of life, to attract businesses.