Report Highlights Charlotte’s Startup Ecosystem Growth & Opportunities

Published on April 18, 2025

CHARLOTTE, N.C. (April 18, 2025) – A new research report shows that Charlotte has made major progress in building a thriving startup ecosystem over the past decade and outlines key steps to accelerate future growth.

The 2024 Charlotte Startup Ecosystem Report (CSER24), led by nonprofit Innovate Charlotte and funded by the City of Charlotte and the Principal Foundation, draws from surveys and interviews with 31 local entrepreneurs, investors and startup leaders, as well as national benchmarking data and case studies.

“This comprehensive report is an example of how the city is collaborating to create a bright future for our residents and to support business growth,” said Council Member Malcolm Graham, chair of the city’s Jobs and Economic Development Committee. “We are focused, not just about creating jobs but about driving innovation as we push to make a thriving startup hub.”  

CSER24 builds on the foundational 2015 Charlotte Entrepreneurial Growth Report and uses its data as a baseline to track Charlotte’s progress.

Key highlights include:

• UNC Charlotte’s research impact: The university reported a record $92 million in research expenditures for fiscal year 2023 and achieved Carnegie R1 status in February, marking it among the nation’s top research institutions.
• New innovation anchor: The Wake Forest University School of Medicine–Charlotte, opening this fall, will be the region’s first four-year medical school and the centerpiece of The Pearl, a life sciences innovation district.
• Increased federal funding: From 2019 to 2023, Charlotte-based businesses received 46% more Small Business Innovation Research and Technology Transfer awards than in the previous four-year period.
• National recognition: Charlotte jumped into the top 10 of the Milken Institute’s Best-Performing Cities in 2024. Sixty Charlotte companies made the Inc. 5000 list, with eight in the top 500 – more than any year this century.
• Venture capital growth: From 2019 to 2023, the region saw $1.5 billion raised across 261 VC deals, compared to minimal investment in 2015.
• Founder commitment: Of the founders surveyed, 90% plan to remain in Charlotte, citing its strong business climate and high quality of life.

While Charlotte’s momentum is clear, the report also identifies gaps, particularly in corporate engagement and later-stage funding, that present opportunities for further growth.

To build on its progress, CSER24 recommends deeper collaboration among corporate partners, experienced founders, higher education institutions, support organizations, government and the community.

Innovate Charlotte developed the report with support from UNC Charlotte’s Belk College of Business, the Jay Hurt Hub for Innovation & Entrepreneurship at Davidson College, and Charlotte-based Spark Strategic Ideas. Paul Wetenhall, who authored the original 2015 report, also contributed to the 2024 edition.

Public presentations of the findings will be held:

• Tuesday, April 29, 7:45 a.m. at the Hurt Hub at Davidson College.
• Wednesday, May 7, 5 p.m. at the CO-LAB at UNC Charlotte.

The full report is available online.