Business

Zachery Eanes
Jan 26, 2023 - Business

Boom breaks ground on supersonic jet factory in North Carolina

A rendering of the under-construction Boom Supersonic jet factory. Photo: Courtesy of Boom Supersonic

Boom Supersonic, a Colorado aviation startup trying to resurrect supersonic passenger jets, broke ground on its manufacturing facility in Greensboro Thursday — a significant step in the company's ambitious plans in North Carolina.

Why it matters: If Boom is successful in recreating the supersonic jet, it could lead to an explosion of manufacturing jobs in Greensboro, where it would assemble and test the jets.

Zachery Eanes
Jan 9, 2023 - Business

The Factory coworking space is closing its doors

The Factory was created to provide infrastructure for retail-focused startups. Photo: Courtesy of The Factory.

The Factory, one of the few Black-run coworking spaces in the Triangle, will close its doors this month, Johnny Hackett Jr., CEO of Black Dollar Corp., the company that owns and operates the business, tells Axios.

Why it matters: Black Dollar Corp. is one of the more prominent organizations trying to tackle a racial disparity in entrepreneurship in Raleigh.

Driving the news: The Factory (811 W. Hargett St.) has since exhausted the funds it received from the grant that used to open the space, Hackett said, and a lack of additional grant funding placed it in a precarious position. The Factory's landlord, David Meeker, has given it rent breaks in recent months.

  • Black Dollar Corp. also runs the Black Friday Market retail incubator space downtown, which is used by dozens of Black retail entrepreneurs.
  • That space is not in danger of closing, Hackett said.

What they're saying: Hackett said he believes places like The Factory are key to helping attract and support entrepreneurs of color.

  • "When you've got entrepreneurs — especially those in retail — thinking about what city to move to, I want Raleigh to show up," Hackett said, "because we've got infrastructure like The Factory to help them create and outlets like Black Friday Market that helps them sell."

What's next: Hackett said he still believes The Factory's mission has a future and is committed to reviving it in the future.

  • This isn't the end of the idea, he said, just the end of this version of it.

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Zachery Eanes
Dec 13, 2022 - Business

Outdoor recreation company Yonderlust to open shop in Durham

The under-construction Yonderlust space at 109 N. Gregson St. in Durham. Photo: Zachery Eanes/Axios

A new cafe and outdoor recreation company is setting up a retail shop near Brightleaf Square in downtown Durham.

Driving the news: Yonderlust will open at 109 N. Gregson St. as early as next month, owner Kit Linton tells Axios. The company is also releasing an outdoor recreation mobile app to help users find trips near here.

Zachery Eanes
Nov 3, 2022 - Business

Bill Spruill has a new mission after $300M sale of his startup

Bill Spruill

Bill Spruill, co-founder and CEO of Raleigh-based Global Data Consortium. Photo: Global Data Consortium

Just months after selling his Raleigh technology startup, Global Data Consortium, for $300 million, Bill Spruill is using his newfound wealth to invest in the Triangle's entrepreneurs of the future.

Driving the news: He's started a new family foundation called 2ndF, which will seek to boost the Triangle's startup ecosystem through angel investing, grants and mentorship.

  • 2ndF — an abbreviation for Second Foundation as well as a reference to the science fiction novel by Isaac Asimov — will focus on boosting minority involvement in the local tech scene.

Why it matters: With the sale of Global Data Consortium, a provider of digital identity verification, Spruill became one of the most successful Black founders in the Triangle's history.

  • Spruill said he wants use his influence to ensure more people of color are leading tech companies and local startups in the region.
Zachery Eanes
Nov 3, 2022 - Business

Female startup founders in the Triangle see slowdown in funding

Data: PitchBook; Chart: Axios Visuals
Data: PitchBook; Chart: Axios Visuals

Investor funding for women-led startups in the Triangle has slowed this year after hitting record highs in 2021, according to a new report from PitchBook.

What's happening: Triangle startups with a female founder or co-founder raised $178 million from investors in the first three quarters of this year.

  • Last year, they raised $409 million overall.
Zachery Eanes
Oct 26, 2022 - Business

Allstacks raises $12 million for its productivity tools

A group of software workers in matching blue shirts stare at a whiteboard.

The Allstacks' team in a meeting. Photo: Courtesy of Allstacks.

Allstacks, a software startup split between Raleigh and Austin, has raised $12.3 million to fund an expansion of its productivity tools that have benefited from a rise in remote work, the company tells Axios.

Why it matters: Productivity tracking tools, like the one offered by Allstacks, have become attractive as companies manage the progress of teams spread all over the world.

Zachery Eanes
Oct 20, 2022 - News

Raleigh company plans to refurbish a block of Glenwood South

The block of Glenwood Avenue now under LODEN Properties' control. Photo: Courtesy of LODEN

The block of Glenwood Avenue now under LODEN Properties' control. Photo courtesy of LODEN

A Raleigh real estate company and its Chicago partner have bought yet another piece of land on Glenwood Avenue's southern end with an eye toward adding more retail and restaurants in the area.

Driving the news: Raleigh-based LODEN Properties and Chicago's Northpond Partners dropped $4.4 million on the Carter Building at 14 Glenwood Ave., a property across the street from the AC Hotel.

Zachery Eanes
Oct 20, 2022 - News

North Carolina cities are a top target for foreign investors

The under-construction Toyota battery plant in Randolph County. Photo courtesy of Toyota

Raleigh, Charlotte and Greensboro are among the 20 best American cities for foreign investment, according to a new ranking by the Financial Times and Nikkei

Why it matters: Being attractive to foreign companies can change entire regions, especially in the Southeast.

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