In a push to position Durham as an attractive place to start a business, the city’s Chamber of Commerce has created an innovative plan to draw in budding companies.
The “Bull City Startup Stampede” will offer up to 15 entrepreneurs free office space in downtown Durham for 60 days, from April 1 through May 31. The idea was conceived by Adam Klein, Director of Strategic Initiatives for the Durham Chamber of Commerce, and Aaron Houghton, founder of Preation and co-founder of iContact.
The events’ contributors have expressed their belief that the Stampede will give entrepreneurs a favorable impression of the Durham startup scene. Klein said he hopes the event will allow entrepreneurs to experience firsthand the creativity and energy that Durham has to offer, with few of the obstacles that many new businesses face.
“All they need to do is show up to Durham with a laptop and a business idea,” Klein said. “We provide the space, the wi-fi [and] the furniture.”
In a collaborative effort with other local organizations, the Durham Chamber of Commerce secured 3,500 square feet of office space at 201 W. Main St. from Downtown Durham, Inc., as well as free parking from the city, the state’s fastest wi-fi from Time Warner Cable and furniture from local interior designers. According to Klein, the Chamber of Commerce acquired the accommodations at a low cost, allowing the chamber to pay for the event on its own.
Participating entrepreneurs will also benefit from event mentors—current Durham startup owners will provide advice and feedback, and Stampede members will have access to lawyers, economic developers, web designers and marketing experts who have experience working with local startups.
Klein said the concrete advantages of Durham’s thriving entrepreneurial scene are promising for attracting new talent.
“Entrepreneurs want to be around other entrepreneurs,” he explained.
Because of the event’s attractive incentives, Klein said potential participants have expressed resounding enthusiasm, noting that the Stampede received 22 applications within only five days of launching its website.
Though the creators anticipated interest coming mostly from the Research Triangle Park area, the Chamber of Commerce has received applications from as far as Mozambique, Spain, Australia and China. Applications are due March 11 and participants will be notified of their status by March 18.
Houghton, who has experienced firsthand the benefits of developing a startup in Durham and calls himself the event’s “chief cheerleader,” cited the city’s low costs, population density and proximity to university talent as major draws to the area.
“The biggest initial costs for entrepreneurs are employees and space, which are cheaper here,” Houghton said. “The Triangle is pretty spread out. Durham offers the density that areas like Boston, Austin and Silicone Valley have. That collaboration breeds success.”
The offices used by Stampede entrepreneurs will help foster the creative, collaborative atmosphere that the event seeks to encourage, said Matthew Coppedge, director of marketing and communications for Downtown Durham Inc—the company that worked with local developers to secure the space. The site is centrally located in downtown Durham, near a Bull City Connector bus stop, local coffee shops, bars and restaurants. Additionally, Coppedge said the office itself contains large, open spaces to promote collaboration as well as “breakout rooms” for smaller meetings.
Klein said the Chamber of Commerce is not looking for entrepreneurs within a specific industry, but is rather looking for those with innovative ideas. He did, however, express interest in technology startups – namely software, IT and social media.
“In reality, what we are providing is good for software companies, not, for instance, a biotech company,” Houghton said.
Although the Chamber of Commerce seeks to show entrepreneurs the advantages of launching a startup in Durham, Klein also said he believes that Durham will in turn benefit from the increase in business activity. He added that over 50 startups currently exist in downtown Durham alone, employing 500 workers.
Startups also contribute to Durham’s collaborative atmosphere—both between the entrepreneurs themselves, as well as between Duke and downtown Durham. The creators of the Stampede said they hope to encourage talented local entrepreneurs to start and maintain businesses in Durham, as Taylor Mingos, Pratt ’07, did with his startup Shoeboxed.com.
“We hope the Bull City Startup Stampede will help activate Durham’s street life and also generate buzz,” Coppedge said. “We want people to realize that they can launch a company here and be successful.”
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