The Wilmington area has a strong base of entrepreneurs and risk-takers who are looking to start their own business, said the Wilmington Chamber of Commerce in a comprehensive economic report released in 2015.
For these entrepreneurs, developing their business can take resources and ideas to which they don’t currently have access. However, there is a developing support system for those aspiring to launch their own business.
One challenge many entrepreneurs face is product development. Moving an idea from concept to the marketplace can be an overwhelming challenge for many entrepreneurs and business startups. But a Wilmington company is offering the space and services to help nascent startups develop their products and market to wider audiences.
Elite Innovations is Wilmington’s first “makerspace,” which offers a variety of tools and services to prospective entrepreneurs who want to take their idea and turn it into a product. Andrew Williams, CEO of Elite Innovations, sees potential for startups in the Wilmington area. The goal is to create a business that can help keep local designers and programmers in Wilmington instead of going to other areas, including cities with robust technology economies like Raleigh.
Williams sees Wilmington as building an “ecosystem” for startup businesses, with Elite Innovation being an anchor for entrepreneurs in local economy. Wilmington is the state’s third-, or potentially second-best business environment for startups, with significant growth coming over the past 18 months, he said. A welcoming posture from the city government is helping to advance Wilmington’s startup culture.
“Wilmington has their thumb on the pulse,” Williams said. “We have all the facets of an enabling culture for startups and the city has been very supportive.”
Williams noted the downtown environment was encouraging for startups. However, one key element lacking in the Wilmington startup ecosystem is access to financing, he said.
“Some people are going to have to take some risks with investments to get Wilmington growing,” he said.
Williams said he was recently looking for funding for a product launch and was forced to make trips to Raleigh and Atlanta for financing meetings, since he wasn’t able to find such meetings locally.
Other local organizations are helping foster entrepreneurial spirit in Wilmington.
At the University of North Carolina Wilmington, the Center for Innovation and Entrepreneurship also offers office space and mentoring, with a goal of preparing small business startups for research and development grants from the government Small Business Administration.
Located alongside its parent organization, CastleBranch, tekMountain is a startup incubator in Wilmington that offers similar services, but with a focus on technology service businesses, as opposed to the product development that Elite Innovations focuses on.
Craig Galbraith, president of CIE, said that Wilmington’s startup “ecosystem” doesn’t have the strong high-tech base that is growing in other cities, most notably Raleigh. CIE works closely with UNCW, helping to encourage innovation among students and faculty while providing resources to help commercialization of those ideas. And since UNCW doesn’t have a medical or engineering school, that leaves out a lot of high-tech or biotech entrepreneurs.
“We have a lot of entrepreneurs here, but it’s a different type of entrepreneurship,” Galbraith said. “Entrepreneurs here are working more in services and hospitality.”
However, the area’s location and university does offer for some unique startup opportunities, especially in marine biology and aquaculture, Galbraith said.
For $25 a month, entrepreneurs get access to the high-tech tools and expertise available at Elite Innovation’s 6,000-square-foot shop at 707 18th St. in Wilmington. In addition to advanced technology like 3D printing, computer-assisted design, metal fabrication, textiles and wood-working tools, entrepreneurs also have access to expert consulting.
Elite Innovations has helped develop a total of 60 projects, with 22 of those moving to prototype. So far, the concept behind the Wilmington makerspace is gaining traction. In 12 months of operation, Elite Innovations has grown from two people to eight paid employees.
The developers at Elite Innovations have worked with Otero Dentistry in Hampstead, North Carolina, to create a functional prototype of an innovative new type of denture. The “boil and bite” denture can fit just about anybody, Williams said, potentially offering a low-cost denture for people that can’t ordinarily afford them. The unique product, which has been under development for the past 10 months, can be fit after just 30 seconds of boiling.
Williams’ shop is also marketing its own products. One, a self-tying bootlace called Taclace, is being sold online and in some overseas retailers. But the store was recently accepted for a new Amazon.com marketplace, which should open new channels for the product, Williams said. Another is the Tailgator, which will be ready for launch in March. It mounts in a truck bed, extending it to create a management system for accessories, Williams said, making it useful for a variety of outdoor activities.
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