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HomeMy WebLinkAboutAgenda - 11-17-2015 - 7a - New Interlocal Agreement Between Orange County and the Town of Chapel Hill to Continue Funding the “Launch Chapel Hill” Small Business Incubator 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 17, 2015 Action Agenda Item No. 7-a SUBJECT: New Interlocal Agreement between Orange County and the Town of Chapel Hill to Continue Funding the "Launch Chapel Hill" Small Business Incubator DEPARTMENT: Economic Development PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Steve Brantley (1) Memorandum to BOCC from Director, Economic Development Launch Chapel Hill's Program (919) 245-2326 Manager, Dated September 29, 2015 (2) Interlocal Agreement Between Orange County & Town of Chapel Hill to Support a Small Business Incubator (3) UNC Press Release Dated 11/4/15, Launch Chapel Hill Incubator Rank PURPOSE: To consider a new Interlocal Agreement between the County and Town of Chapel Hill that extends the County's Article 46 funding support for entrepreneurial development to continue supporting the existing "Launch Chapel Hill" innovation center located at 321 West Rosemary Street in Chapel Hill. BACKGROUND: As part of the Board of County Commissioners strategic planning in 2011 to utilize Article 46 funding to support key economic development priorities, the importance of growing and retaining entrepreneurial start-up talent in Orange County was included. The Board sought to reverse the historic trend where promising, growth-oriented start-up companies originating out of the University of North Carolina would eventually relocate to adjacent counties over time. The County contracted with the department head of UNC Chapel Hill's Department of City & Regional Planning (Dr. Emil Malizia) in 2011 & 2012, who conducted a regional real estate assessment of average lease costs, ideal space needs and working environments that start-up companies seek throughout their developmental life span. A key recommendation from the consultant report highlighted a severe shortage of competitively priced incubator facilities here in the County, and suggested the development of an innovation center to better retain entrepreneurial talent coming from the University and local community. In March 2012, available property located at 321 West Rosemary Street in Chapel Hill was identified as a potential incubator location, and the Town of Chapel Hill and Orange County began working collaboratively to support further development of an innovation center at this site. 2 On April 3, 2012, the Board of County Commissioners received a summary of the potential economic development project during closed session. Following this report, the Board agreed to continue moving forward on this opportunity. In July 2012, Orange County prepared a draft Interlocal Agreement outlining the commitments of both parties. The final version of the Interlocal Agreement was signed by the County and Town in late 2012, establishing an initial 3 '/2 year term where both local governments would provide a 50/50 co-share of the lease cost for the facility. The County's cost, paid by Article 46 funds, was $10,000 per quarter, or $140,000 total. "Launch Chapel Hill" eventually took form at 321 West Rosemary Street by accepting the initial group of student tenants, and officially opening on May 1, 2013. In addition, UNC Chapel Hill's close mentoring support expanded into becoming a financial backer, and a conduit to attract private venture capital support for Launch. On November 4, 2015 the University of North Carolina at Chapel Hill was recognized among the top five best performing university business accelerators in North America, based on a 2015 benchmark study by UBI Global, a thought leader in performance analysis of business incubators around the world. A memorandum (see attachment 1) from Launch Program Manager Dina Rousset outlines the incubator's recent success stories, a list of current entrepreneur companies, and a brief survey of private funding raised by many of these start-up firms. This summary describes how Launch "brings in a cohort or class of 6 - 10 companies every six months (January & July). Bringing companies in as cohorts allows us to most effectively and efficiently serve their needs. We have traditionally received 3 applications per available space at Launch. Selection is made by a selection committee made up of the Entrepreneurs in Residence, Launch graduates, and university and town representatives. The number of companies we are able to accept is based on the size of the teams and the number of seats we have available. As each new class or cohort comes into the program we look to identify both those that are not performing and those that are growing and have secured funding to move out into space in the community." With the original 2012 Interlocal Agreement expiring on December 31, 2015, the small business incubator is now seeking a continuation of support from the County and Town. The proposal is to sign a 2-year lease (January 1, 2016 through December 31, 2017) to fund "Launch" at the current location, and allow the option for a third year (January 1, 2018 through December 31, 2018). This allows some flexibility if UNC, also a financial supporter of Launch, is able to bring together a larger combined space within two years. This proposal outlines a new 3-year economic development relationship where the County and Town continue backing the existing "Launch Chapel Hill" innovation center located at 321 West Rosemary Street in Chapel Hill. The County's total financial commitment to be paid from Article 46's entrepreneurial development category is $120,000 over the next 3 years. The draft Interlocal Agreement (see attachment 2) was prepared by the County Attorney and is similar to the small business incubator's original 2012 Interlocal Agreement. The new document has also been reviewed by the Town's Attorney and will be presented to the Chapel Hill Town Council for review on November 17, 2015. FINANCIAL IMPACT: The proposed new Interlocal Agreement requires Orange County to contribute $10,000 per quarter for three years, or, a total of $120,000 from January 1, 2016 through December 31, 2018. This is the same level of funding support, per quarter, as 3 approved in the current Interlocal Agreement with Chapel Hill. County funding is provided by Article 46 proceeds, and not from the General Fund. SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to this agenda item: • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY The creation and preservation of infrastructure, policies, programs and funding necessary for residents to provide shelter, food, clothing and medical care for themselves and their dependents. RECOMMENDATION(S): The Manager recommends that the Board receive and review the proposed new Interlocal Agreement, and approve and authorize the Manager to sign. 4 Attachment 1 MEMORANDUM TO: Board of County Commissioners FROM: Dina Rousset, Program Manager Launch Chapel Hill on behalf of the Executive Committee of Launch Chapel Hill— Judith Cone (UNC), Ted Zoller (UNC), Steve Brantley (Orange County), Dwight Bassett (Town of Chapel Hill), Jim Kitchen (community) SUBJECT: Recommendation for an extension of the Memorandum of Understanding By and Among the Town of Chapel Hill. The Chapel Hill Downtown Partnership and The University of North Carolina at Chapel Hill dated November 26, 2012 together with the related financial commitment. DATE: September 29, 2015 RECOMMENDATION: The Executive Committee of Launch Chapel Hill has reviewed the Memorandum of Understanding as well as the Performance Agreement between the Downtown Partnership and the Town of Chapel Hill and recommends that they be continued for an additional 3 year term, beginning on January 1, 2016 and continuing until December 31, 2018. The Executive Committee recommends that Orange County continue to fund at $40,000 annually and has recommended that the Town of Chapel Hill also fund at $40,000 annually. SPECIAL REQUEST(S): None BACKGROUND: In November 2012 the Town of Chapel Hill, The Chapel Hill Downtown Partnership and The University of North Carolina entered into an agreement regarding the creation, governance, operation and funding of the Downtown Incubator. In January 2013 Launch Chapel Hill opened its doors and since that time has supported a wide variety of start-ups and entrepreneurs. To date 42 companies have completed the six month accelerator program and numerous others have participated in workshops, seminars and networking events in the space in Downtown Chapel Hill. In addition the support provided by the Town and County, 5 3 the University of North Carolina has provided up to $100,000 in support annually through the Chancellor's Office and an additional $135,000 in annual support through donor funds allocated to developing and supporting the program at Launch Chapel Hill (salaries, speakers, events, etc). For the initial term of the agreement 3 Birds Marketing contributed $10,000 annually to the facilities budget for Launch Chapel Hill. 3 Birds commitment ends in December 2015 and this request asks that the Town step in to fill that funding gap. The Town agreeing to fund at $40,000 per annum would bring its' commitment in line with that of the County. The extension of the MOU and funding will allow Launch Chapel Hill to sign an extension of the lease for the 3400 space they currently lease in Downtown Chapel Hill. The extension of the lease term is at a somewhat more favorable rent rate. The Executive Committee of Launch Chapel Hill will be authorized to negotiate and finalize an extension of the lease for the existing space for a 2 year base term with a third year extension possible. This term matches the funding commitment sought. Launch Chapel Hill Program Update Launch Chapel Hill opened its' doors in January of 2013. Since that time a total of 49 companies have participated in the accelerator program offered by Launch. Year Number of Companies Participating January - December 16 2013 Cohort 0 January — December 18 2014 Cohorts 1 & 2 January — December 15 2015 Cohorts 3 & 4 Three Year Total 49 37 of the 49 teams are still in operation: 76% 6 4 Highlights from 2014 annual calendar year survey: (24 of the 34 Launch teams served thru Dec 2014 responded) 18 Teams sought funding and 60% of those received some funding in 2014: Type of Funding Amount Number of companies receiving Friends & Family $ 160,000 3 Grants $ 399,000 4 Companies, 5 Grants Prizes $ 16,000 1 Angel $ 1,075,000 4 Venture Capital $ 2,000,000 1 Crowd Funding $ 35,000 1 2014 Total $ 3,685,000 The 24 teams surveyed now employ a total of 94 individuals in full or part time paid position, 73 of those jobs were created in the 2014 calendar year. • Impact of Launch on their venture: 8 • $35,568 spent in downtown bars and restaurants while working at Launch. • 31% of teams collaborated with another Launch venture • 86% of teams benefitted from 3 or more strategic introductions. The survey for 2015 will be completed in January 2016. In addition to directly supporting the 49 ventures that have taken up residence at Launch and participated in the 22 week accelerator program, Launch has also become the hub for start-up activity in the area. We typically host at least one event per week that includes entrepreneurs who are not residents. Some examples are 1 million cups, Health 2.0, NC Idea Fund's Idea Pitch, Triangle Start-Up Week, Start- Up weekend, Patriot Bootcamp, Global Entrepreneurship Week, etc. This has raised the profile of our area as a place for start-ups. Some of our successes: 1) Keona Health (Cohort 0) — Keona Health joined LCH in May 2015 with 1 person working full time in the business. In their initial few months at LCH they closed their first round of outside investment and continued to scale — expanding number of employees and customers. LCH was successful in helping Keona move into some temporary university space as they closed on their larger funding round ($2 million). Today Keona employs 8 people and has a multi-year lease on office space at Europa Center. 7 5 2) Impulsonic (Cohort 0) —located in Carrboro 3) Freedom (Cohort 1) — Freedom makes technology less distracting, so you can be more productive. Our software enables consumers to effortlessly manage distractions across all of their devices. Our cross-platform solution works on Mac, Windows, Android, and iOS. To date we've won an NC IDEA grant ($46,000) and raised $350,000 from investors. Freedom currently has 7 employees (SFT, 2PT), with a goal of getting to 10 by year's end. We're located in Durham in 1500sgft. Launched into public beta in August 2015, we've added 50,000 users (growing 600-800 per day), connected 75,000 devices, and given our users an extra 20 years of productive time. 4) ABAN (Cohort 1) — located in Carrboro 5) Get Spiffy (Cohort 1) - Spiffy is a technology fueled, on-demand mobile car washing and detailing company. We provide convenient, trusted and professional mobile car washing and detailing services through a mobile app technology. To date we have raised $2.5M in Angel funding. We employ 36 people in three offices across North Carolina (Raleigh and Charlotte operations and a RTP HQ).Our corporate HQ is 4518 Miami Blvd, Durham, NC 27703. We have served over 10,000 clients and will generate over $LOM in revenue in 2015. www.getspiff 6) UConnection (Cohort 3) —resident at Launch 7) Communigift (Cohort 3) is the first on-line platform fostering product-based giving. Communigift is a UNC student run company. Since joining Launch they have raised $150k and recently made their first full-time hire and will be making two more in the next 3 months. The main office is in Brentwood, CA (suburb of LA) with about 800 square feet of office space as Salvation Army of LA is a key corporate partner. They are planning to make CH/RTP home in the long-term (in large part due to UNC and Launch). They are adding 2nd and 3rd cities for birthdays and will have 400% more partners for holidays compared to last year. They are currently resident at Launch. 8) Tom & Jenny's (Cohort 3) — split residency — Launch and American Underground 8 6 Launch Chapel Hill is supported by: • Town of Chapel Hill : $30,000 per year plus additional in-kind services (accounting/bookkeeping, payroll, etc) through the Chapel Hill Downtown Partnership • Orange County : $40,000 per year • University of North Carolina: up to $100,000 per year • Becker Family - $135,000 per year The Town and County funds are used to pay facilities expenses. UNC funds are available to cover any shortfall on facilities expenses. UNC & Becker Family funds are used to support staff salaries (Director, 3 Entrepreneurs in Residence) and other program expenses (marketing, programming, events, etc) 9 7 Media Article, dated 10/9/15, appearing on the EXITEVENT.COM Web Site tt w.exiteve t.c m /artic e/ a c -c a e - ill-overview-151009 Launch Chapel Hill: Where 49 Startups Grew Up, 94 Jobs Began & $3.7M Funded Them - Launch Chapel Hill reports results since launching its Chapel Hill (and UNC- supported) accelerator and workspace in January 2013. By Edgar Walker, @Edgar_Walker October 9, 2015 Just two blocks off the UNC-Chapel Hill campus, Launch Chapel Hill serves as the unofficial headquarters for startup activity in Chapel Hill and Orange County. In recent years, UNC-Chapel Hill has committed to making entrepreneurship one of the school's cornerstones. The ever-growing Entrepreneurship Minor is now enrolling more than 150 students per year; the Carolina Challenge continues to develop as a premier year-long business competition, and a $100 million gift to the School of Pharmacy was used to create the Eshelman Institute for Innovation earlier this year. (Here's Part of that commitment to entrepreneurship came in the form of Launch Chapel Hill, a partnership between the university, the Town of Chapel Hill and a private donor. Opened in January 2013, the 3500-square-foot office space hosts a mix of UNC students and faculty and local residents, all looking for help growing and scaling their startups. Since opening its doors, Launch has graduated 42 companies from the accelerator, with seven startups participating in the 22-week program now. Launch Chapel Hill By the Numbers 7 — Companies currently going through Launch Chapel Hill's 22-week accelerator program 11 — Launch accelerator program alumni that are continuing to work out of the space as "tenant ventures" 49 — Total companies that have gone through the 22-week accelerator program since January 2013 37 — Companies still in operation 33% — Percent of the companies that won Carolina Challenge honors in 2015, spanning all three competition categories 94 — Total number of employees (full and part-time) hired by companies that have gone through Launch Chapel Hill program $3.685 million — Total funding raised by Launch startups through December 2014 (24 of 34 teams served through December 2014 responded to survey) 10 8 Creating the launch pad Launch's calling card is the accelerator, which has acted as the springboard for companies like Keona Health, Impulsonic, Freedom and Tom & Jenny's as they launch products, hire staff, raise money and move into larger spaces. Dina Rousset —a serial entrepreneur who now works as associate director for UNC's Center for Entrepreneurial Studies —serves as program manager of Launch and oversees the progress of its ventures. "(The ventures) work with their entrepreneurs-in-residence and set goals for the time that they're here," Rousset says. "During that time, we heavily lay on mentorship resources and resource partners. We're trying to hold their hand and pull them along." Three of the seven ventures in the cohort that started in July are student-led companies that won funding in the Carolina Challenge. Rousset says that all seven have made significant progress since beginning the program. "They're all in the process of trying to scale, and at the same time working to raise funding to help them get there," she says. She noted that every company has raised funds, and three have applied for Orange County small business grants. The cohort is also having success in launching beta products and reaching customers. Here's the lowdown on the companies: Trill Financial, which uses data to quantify financial decisions and allow financial managers to save time on manual analysis, has released a beta version has received positive feedback from financial managers. Tribal Intel, a service meant to streamline sales and customer feedback operations, has also released a beta site and is attracting customers. Seal The Seasons, which freezes and distributes local produce to make it available year- round, took second place honors at Carolina Challenge and has continued to grow quickly in local markets. SWAP Socks is creating mismatched socks with the purpose of raising awareness and money for visual impairment in developing countries; this team has been working with a manufacturer in western North Carolina to design and make the product while refining what Rousset calls "interesting and exciting sales methods" as they build their go-to- market plan. BlipMe—a smartphone app used to keep tabs on friends' locations, especially during nights out—and Textile Solutions, which works with manufacturers to repurpose industrial waste and use it to create new products, have built out their products and attracted customers. Rousset mentioned both are "heads down" as they are immersed in sales and business development processes. 11 9 To round out the new cohort, Waterless Buddy's—another Carolina Challenge winner— has in a matter of months created a business plan for a waterless car-detailing service, tested it with customers, won various pitch competitions, gained attention from national media and attracted funding — all before taking part in Launch's accelerator program. "They really made us think and dive deeper," Buddy's co-founder Austin Helms says of the mentors at Launch, who he says preach long-term stability over short-term momentum. Mentors include serial entrepreneur, professor (and Launch co-founder) Jim Kitchen and Chris Mumford, founder of Joe Start up and an investor and corporate leader. "In short, they saved us a ton of money." Launch is planning its first Demo Day in December, where the new cohort will pitch to members of the UNC and Chapel Hill communities, along with investors. "We're in the final stages of planning it," Rousset says, adding that Top of the Hill Restaurant or Varsity Theatre serve as potential locations. Building a startup pipeline in Orange County The space is also occupied by several "tenant ventures"— graduates of the accelerator program that are not yet in position to rent their own office space but continue to make substantial progress toward scaling. Launch is currently housing 11 tenant ventures, including a handful that have recently made large steps forward. UConnection, which provides exclusive coupons and daily specials in college towns, has grown from two colleges to 17 in the past year and has doubled its users this month. That's leading to fresh funding discussions. Sticker Farm, which creates toys and other children's' items, finished in the Top 20 of a recent Shopify contest with 63,000 total entries and has an upcoming pitch in front of Shark Tank's Mark Cuban. Tooth-friendly caramel maker Tom & Jenny's has also fared well in business competitions as a recent winner of the Samuel Adams "Made in America" contest, building off a Carolina Challenge victory and an appearance in front of Steve Case in April's Rise of the Rest event in Durham in May. While the growth of the tenant ventures is encouraging, Rousset acknowledges that companies cannot stay at Launch forever. "Every six months I have the very difficult job of sitting here and figuring out how many people can fit," she says, noting that January is the next transition period, as Cohort 4 graduates and a new group of ventures enter. 12 10 "The town and the county work with us on (finding office space for ventures)," Rousset says. Earlier this year, UNC-Chapel Hill allowed a few promising Launch startups to work out of the University Square complex for six months before it was demolished. That period proved to be vitally important, allowing Keona Health and Impulsonic to close funding rounds. After a $2 million raise in 2014, Keona Health now has a multi-year lease for 2,300 square feet of office space in Europa Center. Impulsonic, which makes sound software used to improve the sound in gaming and simulate building sounds for architects, has moved to office space in Carrboro. Rousset has attributed much of the early success of Launch to the local mentors and groups who have offered their help. Experienced entrepreneurs and top investors from around the Triangle host lunch-and-learns at Launch, while local accounting, public relations and legal companies conduct free workshops for the Launch ventures. A few local landlords have offered discounts on office space for companies moving out of Launch, and the Chapel Hill Downtown Partnership has become a key partner in the initiative. As entrepreneurship continues to become a priority on campus, Rousset is excited about the growth that the startup scene has experienced off the campus, as well. "From the community, it's been wonderful to see the support." 13 Attachment 2 STATE OF NORTH CAROLINA INTERLOCAL AGREEMENT COUNTY OF ORANGE This INTERLOCAL AGREEMENT ("Agreement")is hereby made and entered into this the day of ,2015,by and between ORANGE COUNTY,hereinafter referred to as("County"), and the TOWN OF CHAPEL HILL, hereinafter referred to as ("Town") pursuant to N.C. Gen. Statute 160A-460 et seq., 160A-17.1 and other applicable laws. WITNESSETH: WHEREAS, County and Town desire to continue with a partnership initiated through a 2012 interlocal agreement between the Parties whereby local startup businesses have more opportunities to remain in Orange County and Chapel Hill. NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained herein, the parties hereto agree as follows: 1. County Grant. County shall grant to the Town one hundred twenty thousand dollars ($120,000.00). This grant shall be payable quarterly in installments of ten thousand dollars ($10,000.00). Town acknowledges and agrees the full amount, which shall not exceed one hundred twenty thousand dollars ($120,000.00), shall be expended by Town for the sole purpose of establishing and maintaining a small business incubator/joint working space at 321 West Rosemary Street, Suite 110, Chapel Hill, North Carolina (the "Small Business Incubator"). County and Town agree this grant is the full extent of the County's contribution. Town shall be responsible for conducting any statutorily required public hearing prior to the expenditure of any grant funds. 2. Town Obligation. Town shall be responsible for payment of the rental obligation of the Small Business Incubator property using the County grant, together with Town resources, in order to maintain the property's availability for lease and sublease as a Small Business Incubator. 3. Term. The term of this Agreement shall commence the 1st day of January 2016 and shall continue for a period of thirty-six (36) months. This Agreement may be renewed for up to two additional three-year terms. Any such renewal, or any other modification, shall be accomplished through a mutually agreed upon written amendment to this Agreement and may be approved and executed by the managers of the County and Town. 4. Reporting. Town shall on or before July 1 annually during the term of this Agreement provide a report to the Orange County Manager detailing the expenditure of the grant funds described in Section 1 above. Upon request by County,Town shall provide County with any audit or underlying documents necessary to verify the contents of the annual report. In the event such report or documents are not provided County may suspend grant installments until such time as the report or documents are provided. 5. Force Majeure/Emergency Non-Appropriation. In the event Town or County should be delayed in, or prevented from,performing or carrying out any of the agreements, covenants, or obligations made by, and imposed upon, said Party by this Agreement, by reason of or through any cause reasonably beyond its control and not attributable to its neglect, including but not limited to condemnation, order of any court granted in any bona fide adverse legal proceeding or action, explosion, fire or other act of God or public enemies, and/or emergency non-appropriation,then, in each such case or cases,the affected Party shall be relieved of performance under this Agreement. 6. Termination. The County and Town may terminate this Agreement upon mutual written agreement approved by the County's and Town's managers. Either County or Town may terminate this Agreement 14 upon a material breach by the other. Material breach includes but is not limited to the failure by Town to expend grant funds as required by this Agreement. Effective the date of termination any termination of this Agreement relieves County of any further responsibilities or obligations established by this Agreement. IN WITNESS WHEREOF,the parties have caused this Interlocal Agreement to be executed as of the day and year first above recorded. FOR ORANGE COUNTY FOR CHAPEL HILL By: By: Bonnie Hammersley Roger Stancil Orange County Manager Chapel Hill Town Manager This instrument has been pre-audited in the manner required by the Local Government Budget and Fiscal Control Act. Orange County Chief Financial Officer This instrument has been pre-audited in the manner required by the Local Government Budget and Fiscal Control Act. Town of Chapel Hill Finance Director 2 l J ..... ..... 1 , � / l , I r, 1 , �l l r r , r. �1l 1 ll � 1 1 r �Y i f / I y News Release: For immediate use UNC-Chapel Hill selected as 4th best performing university business accelerator (Chapel Hill, N.C.— Nov. 4, 2015)–The University of North Carolina at Chapel Hill has been recognized among the top five best performing university business accelerators in North America, based on a 2015 benchmark study by UBI Global, a thought leader in performance analysis of business incubators around the world. Carolina received the honor for Launch Chapel Hill, a start-up accelerator located in downtown Chapel Hill that offers a bi-annual, structured accelerator program for entrepreneurs interested in launching businesses in Chapel Hill and Orange County. The UBI Global award recognizes that Launch Chapel Hill provides more value for the ecosystem and its startup clients than its regional or global peers and produces better outcomes on economy enhancement, access to funds and post-acceleration performance indicators. "To have Launch Chapel Hill recognized as one of the top five university business accelerators in North America is an honor and we are proud to help entrepreneurs develop and grow their early-stage businesses into thriving enterprises," said Dina Rousset, associate director of the Center for Entrepreneurial Studies at UNC Kenan-Flagler Business School and program manager for Launch. Launch Chapel Hill is a partnership between UNC Kenan-Flagler and the Chancellor's Innovate Carolina Initiative, the Town of Chapel Hill, Orange County and the Eric Becker family. "This award demonstrates the power of bringing together government, university and private sector partners to support start-ups," said Judith Cone, special assistant to the chancellor for innovation and entrepreneurship and interim vice chancellor of commercialization and economic development. "Our goal is to strengthen UNC-Chapel Hill's innovation ecosystem in ways that benefit our community, North Carolina and the world." Twice a year Launch Chapel Hill accepts a new class of promising entrepreneurs who are committed to building their early-stage, high-potential businesses into self-sustaining enterprises. Program features include on-site business support and collaboration from entrepreneurs in residence; access to successful industry and function-specific mentors and ,r r r 1 , r / / r. r / / .............. entrepreneurs; lunch-and-learn sessions; entrepreneurs sharing their experiences through a speaker series; office hours with marketing experts, lawyers, accountants and others; and shared office space. It will host its first "Demo Day" on Dec. 9 at the new Silverspot Cinema in Chapel Hill, where the seven companies that make up Launch Chapel Hill's fourth cohort will take the stage to showcase their work. The deadline to apply for the program's fifth cohort is Nov. 15. Launch Chapel Hill has worked with company founders that include Carolina students, faculty, staff and alumni as well as members of the Chapel Hill, Orange County and wider Triangle communities. For an application and more information, visit www.launchchapelhill.com. UBI Global helps business incubators become more efficient and competitive through a comprehensive benchmark and ranking. For its 2015 study, UBI Index assessed over 1,200 incubators worldwide and ultimately benchmarked just over 300 incubators. It is the only index to scrutinize incubators from the five populated continents, including the burgeoning markets of Africa. During an earlier event, UBI Global announced and awarded 10 top university business incubators, five top university business accelerators and two high-impact incubation programs in North America. The awardees also are shortlisted for the UBI Global's world rankings, to be announced in London on Nov. 25. -Carolina- About the University of North Carolina at Chapel Hill The University of North Carolina at Chapel Hill, the nation's first public university, is a global higher education leader known for innovative teaching, research and public service. A member of the prestigious Association of American Universities, Carolina regularly ranks as the best value for academic quality in U.S. public higher education. Now in its third century, the University offers 78 bachelor's, 112 master's, 68 doctorate and seven professional degree programs through 14 schools and the College of Arts and Sciences. Every day, faculty— including two Nobel Laureates, staff and students shape their teaching, research and public service to meet North Carolina's most pressing needs in every region and all 100 counties. Carolina's more than 308,000 alumni live in all 50 states and 150 countries. More than 167,000 live in North Carolina. .............. Launch Chapel Hill contact: Dina Rousset, (919) 423-2770, dina2launchchapelhill.c m Kenan-Flagler contact: Allison Adams, (919) 962-7235, aadams2unc edu Communications and Public Affairs contact: MC VanGraafeiland, (919) 962-7090, mc.vangraafeiland(Tunc.edu