New Jobs for North Carolina

Guest blogger Stephen A. Schwarzman is Chairman, CEO, and Co-Founder of The Blackstone Group, one of the launch partners for the Startup America Partnership.

As proud partners in the Startup America Partnership, The Blackstone Charitable Foundation today announced its most recent endeavor – the Blackstone Entrepreneurs Network - a project with the potential to create 17,000 jobs in North Carolina.

Influenced by the urgent need for job growth in the United States in the wake of the economic collapse, Blackstone changed its Charitable Foundation’s mission and committed $50 million in 2010 to fostering entrepreneurship.  We are developing and implementing programs in conjunction with local partners that we hope will serve as national models for spurring economic growth through entrepreneurship.

Our latest venture is a plan to create regional “ecosystems” that better identify and support promising young companies by connecting entrepreneurs with the advice, capital and support needed to succeed. We teamed up with The University of North Carolina at Chapel Hill, Duke University,North Carolina Central University, North Carolina State and the Durham-based Council for Entrepreneurial Development to implement the first such regional network in North Carolinas’Research Triangle Park region (RTP).

Founded 50 years ago around world-class research institutions with tremendous resources and potential, the RTP has lagged other regions in terms of new companies founded.The Blackstone Foundation is committing $3.63 million over the next three years to create a dense network of entrepreneurial support in the RTP, similar to networks that exist in Silicon Valley and the Boston Corridor. By linking local start-ups with veteran entrepreneurs and a network of support resources, the Blackstone Entrepreneurs Network has the potential over 10 years to create more than 17,000 jobs, attract more than $800 million in seed, start-up and expansion capital, and generate more than $4 billion in revenue.  

In our work protecting and growing the retirement savings of 23 million U.S. pensioners we have studied hundreds of thousands of businesses and invested more than $60 billion of our investors’ capital in promising companies.  This experience has made us firm believers in the power of entrepreneurs to meaningfully contribute to the economic rebuilding of the nation when they receive the support they need to succeed. 

 

For more information about the Blackstone Entrepreneurs Network please visit:http://www.blackstone.com/CharitableFoundation.htm