Press Release
Contact: Robert Albright |
Phone: 919-549-7500 ext.123 |
CED Merges with Coastal Entrepreneurial Council
Wilmington Group Will Become “CED-Coastal” Division of RTP-Headquartered Nonprofit
July 21, 2005, Research Triangle Park, NC – The Council for Entrepreneurial Development (CED) announced today that it has completed a merger with the Wilmington-based Coastal Entrepreneurial Council (CEC) - resulting in the combination of two of North Carolina’s leading, nonprofit member-based entrepreneurial support organizations. Under the terms of the approved merger, CEC will become “CED-Coastal,” a CED division focused on entrepreneurial development in Wilmington and throughout North Carolina’s entire coastal region.
CED, founded in 1984 in the Research Triangle Park, is the largest and oldest entrepreneurial support organization in the nation with more than 4,000 members representing over 1,100 entrepreneurial companies. Founded in 1995 in Wilmington, CEC (now CED-Costal) has assisted southeastern North Carolina entrepreneurs through educational and networking events for 150 members and the coastal North Carolina business community.
CEC members will become members of CED effective July 31, 2005. Members from both organizations will enjoy all of the same benefits of membership as before, plus access to additional programs and networking created by the merger. Some specific examples of resulting synergies will include new educational programming; new publication content; access to additional expert and financing networks, markets, and industry sectors; and an expanded platform for statewide advocacy on issues of importance to high-impact entrepreneurs.
Officials with CED and CEC said the combined organization will better serve North Carolina’s pipeline of innovators and successful entrepreneurial companies as well as promote CED’s overarching vision for North Carolina as the nation’s top entrepreneurial state.
“This merger is an excellent fit in terms of the aligned missions, community synergies, and mutual opportunities for growth,” said CED President Monica Doss. “The merger offers CED members access to an excellent, high-potential emerging market in Coastal Carolina while providing CEC members and coastal entrepreneurs with easy access to CED’s strong programming and information resources.”
Christy Shaffer, CEO of Durham-based Inspire Pharmaceuticals and CED’s chair for 2005-2006, said the merger would add value to CED and its members.
“The merger provides coastal North Carolina with a platform to expand its entrepreneurial network and resources at an important time. With companies like PPD, expanding, growing Marine Science and business schools at UNC-W, and a deep pool of both human and angel capital, Wilmington is poised to be one of North Carolina’s great entrepreneurial communities.” said Shaffer. “CED members in other parts of North Carolina will have better access to the broader Coastal Carolina base of industry sectors and varied capital opportunities and expertise.”
“Over the last year, CEC has been exploring ways to generate greater value and increase the relative importance of entrepreneurship in Coastal Carolina. Through this merger with CED, we’re convinced that we’ve developed a strategy that more than fulfills our mission,” said CEC President Gene Haley. “CEC, now as CED-Coastal, will continue its local presence and flavor while significantly enhancing our value through the addition of CED’s programs and capabilities.”
Overseeing the combined organization will be one CED Board of Directors, which will continue to guide CED’s vision and strategy. The CED-Coastal constituency will be represented on both the CED Board and Executive Committee. In addition, CED-Coastal will have a local Advisory Board to guide community-specific programming and initiatives.
The CED staff in the Research Triangle will serve both communities, in conjunction with a staffed divisional office located in Wilmington. The merged organization has scheduled a conference under the new organizational structure in November in Wilmington.
About CED: The Council for Entrepreneurial Development, headquartered in Research Triangle Park with a divisional office in Wilmington, is a private, non-profit organization formed in 1984 to stimulate the creation and growth of high-impact companies in various North Carolina innovation centers. CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, seminars, workshops and programs on entrepreneurial management and finance. CED is the largest and oldest entrepreneurial support organization in the nation with more than 4,000 members representing over 1,100 entrepreneurial companies, financiers and professional firms. www.cednc.org.
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