What can NC Department of the Secretary of State learn from data collected from failed businesses about possible business survivorship interventions and resources that would be most likely to increase business success rates during the initial seven-year period?
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Project Overview
Summary
1:00-1:45pm Project 1 (click here to learn more): Do new business creations provide near-real-time insight into the statewide economic health of North Carolina or of the state’s individual counties? If so, can this information, either by itself or in association with other data, be used to reveal statewide economic trends or economic trends of specific counties?
1:45-2:30pm Project 2 (click here to learn more): What are the business knowledge, social capital, and financial capital needs of new businesses that are most needed to prevent failure of North Carolina businesses within the first seven years of operation? Based on the answers developed, what intervention strategies would be most likely to address the identified needs in order to increase business success rates during this initial seven-year period?
2:30-3:15pm Project 3 (described below): What can the NC Department of the Secretary of State learn from data collected from failed businesses about possible business survivorship interventions and resources that would be most likely to increase business success rates during the initial seven-year period?
3:15-4:00pm Project 4 (click here to learn more): What additional data should the NC Department of the Secretary of State collect to answer questions about new business creation, new business survival, North Carolina’s economic health, and related issues? How should such data be collected to be most useful to investors, lenders, and policymakers?
The details of the research questions and project opportunities are not set in stone; discussion and refinement are likely.
Project 3:
The NC Department of the Secretary of State (NCSOS) is charged with promoting economic growth and protecting the public from financial harm. NCSOS has a wide range of administrative data, which it is interested in using to identify and understand the needs of businesses.
The aim of this project is to identify the various factors that promote business success and prevent failure of North Carolina businesses within the first seven years of operation. Better understanding those factors would inform intervention strategies that have the greatest likelihood of improving the success rates of North Carolina businesses. Such information may be used by NCSOS, investors, lenders, and policymakers to support and ultimately implement these intervention strategies.
The NC Department of the Secretary of State and the NC Office of Strategic Partnerships (OSP) hosted a research partnership meeting on October 18, 2022, to discuss this project. Meeting recording (part 1; part 2). Click here for the slide deck.
Anticipated deliverables
- Resources that NCSOS could use as part of intervention strategies to increase the rates of new business success in North Carolina. Related future deliverables would likely include implementation and evaluation of the resources and intervention strategies.
- Research findings - The Potential & Success of North Carolina Start Up Businesses: Listening to Our Entrepreneurs.
- Press release - Secretary of State Elaine Marshall issued a press release that highlights the NCSOS-Fayetteville State partnership and potential impact (see link above).
Planned use of results
Results can help NCSOS, investors, lenders, and policymakers improve the identification of factors that put businesses at risk and also provide actionable information to better support businesses with resources/interventions that may aid in business survivorship across North Carolina.
Funding
OSP, agency partners, and research partners work together to determine if a project has costs, what funding may be available, and possibilities for pursuing funding, if needed.
Data
OSP, agency partners, and research partners work together to assess what data would advance a project, whether the data are already collected and available, and/or whether and how to collect and share it. NCSOS data reflect the agency’s status as the processing and registration repository for all North Carolina business entities created pursuant to statute – i.e., corporations and limited liability entities, not non-statutory formations such as sole proprietorships or general partnerships. These data are the most accurate and up-to-date comprehensive directory of active businesses and contact information available. The data do not include statements regarding business valuation, business purpose, or the number of employees, though such information may be available through data held by other agencies or private entities. Other data held by NCSOS reflect trademark applications, the existence (but not the value) of lien filings made pursuant to the Uniform Commercial Code, and federal tax lien filings against real property.
Project Team
NC Secretary of State's Office
Fayetteville State University