The results from the second annual Charlotte-area Entrepreneurial Growth Index came out Tuesday morning, and the numbers are encouraging, says Terry Cox, president and CEO of Business Innovation & Growth Council (BIG), which conducted the study.
The index is a measure of the health of the region's entrepreneurial companies, and this year's findings are based on the responses of 120 local startup companies.
Here are some key findings:
- Projected revenue for 2013 is $960 million, an 18 percent increase over 2012 revenue of $817 million and a three-year average growth rate of 37 percent.
- a 24 percent three-year average growth rate in employment, including full-time, part-time and contract positions, with a projected 928 employees. Forty-two percent of those are contractors.
- The average headcount per company is now 49 employees, with an average weighted salary of $54,000. In 2012, the average headcount was 30 employees per company with an average salary of $55,000.
- Funding sources for businesses surveyed:
- 56 percent: self-funded.
- 19 percent: angel investments.
- 13 percent: bank financing.
- 5 percent: private equity.
- 2 percent: grants.
- Twenty percent of the companies were founded in the past two years. Fifty-two percent are less than 5 years old.
- Of the respondents, 84 percent are located in Charlotte, while 16 percent are in the outlying cities and towns.
- The breakdown by sector:
- 47 percent: technology.
- 11 percent: business services.
- 8 percent: technology-based education.
- 7 percent: health care.
- 5 percent: retail.
- 5 percent: marketing.
- 4 percent: transportation and distribution.
- 14 percent: other.