A recent report has put Charlotte's small business ecosystem under the microscope, unveiling the strengths and deficits that local entrepreneurs face. The Charlotte Small Business Ecosystem Assessment, finalized in November, leaned on the voices of over 860 small business survey respondents and dozens of focus group discussions. The report, a collaborative effort by workforce and economic development consulting firm TPMA and Charlotte Economic Development, offers a blueprint for future growth and resiliency in the small business sector.
Christi Floyd, senior manager at Charlotte Economic Development, underscored the value of the assessment to the Charlotte Observer, “Now that we have the results, there’s a big opportunity to turn those findings into lasting impact,” as mentioned on the City of Charlotte website. The study's insights aren't gathering dust. Instead, they're informing an action plan slated for a 2026 reveal to city officials. Workshops and further community engagement are part of the process, aiming to tailor city investments, and programs to the identified needs in the business community.
Key takeaways from the survey indicated a robust network for entrepreneur support and city initiatives like AMP Up that bolster business growth — with 90% of service users reporting satisfaction. Concurrently, the feedback highlighted concerns. Top among those are the need for improved access to capital, with 54% of businesses challenged in finding suitable funding options, and a desire for stronger connections with large employers and academic institutions.
Innovation Charlotte also threw its hat in the reporting ring earlier this year with the 2024 Charlotte Startup Ecosystem Report (CSER24). These studies, including the Small Business Ecosystem Assessment, are accessible on the Charlotte Small Business Ecosystem Assessment webpage. Both reports are funded through the Coronavirus State and Local Fiscal Recovery Fund and collectively aim to catalyze Charlotte's competitive edge in the entrepreneurial arena.
The initiatives in question are not just about analysis. Floyd mentioned the creation of the Small Business Readiness program. An offering under the Skilled to Build initiative, set to kick off in the latter part of 2026, it aims to prime businesses for city contract opportunities that will surface following a newly approved sales tax.
