Steve Rao: North Carolina’s startup rebellion is here — And the Force is strong :: WRAL.com

On the heels of May the 4th,  I wanted to  reflect on North Carolina’s startup economy through the lens of Star Wars—because right now, the Force is strong in our state’s entrepreneurial ecosystem.

A long time ago—in a galaxy not so far away—North Carolina made a choice. We would not simply recruit the future economy. We would build it.

This spirit and energy was on full display at the recent Raleigh-Durham Startup Summit and Tweener Awards at Durham Bulls Athletic Park. Entrepreneurs, investors, innovators and community leaders gathered to celebrate one of the most exciting movements shaping our state today: the rise of homegrown startups and the statewide expansion of the Triangle Tweener Fund.

The energy in the room was electric. It felt less like a traditional business event and more like the early days of a rebellion—one powered not by massive corporations, but by founders willing to take risks, build companies, create jobs and shape the future of North Carolina.

Fittingly, one of the leaders of this movement, Scot Wingo, is a devoted Star Wars fan. At this point, he may very well be North Carolina’s Jedi Master of startups.

Like a Jedi training the next generation, Wingo has spent years helping founders navigate uncertainty, avoid costly missteps, and see possibilities others cannot yet imagine. Through the Tweener Fund and partnerships with NC IDEA, he and many others are helping entrepreneurs harness the “Force” of innovation, creativity and opportunity.

So what exactly is the Tweener Fund?

Scot Wingo started Triangle Tweener Fund to solve one of the most critical challenges in the startup lifecycle: the “in-between” stage of growth. Many companies are too advanced for early friends-and-family funding, but not yet ready for large venture capital investment. That gap can determine whether a promising company scales—or stalls.

By investing in high-potential startups and surrounding founders with mentorship, strategic guidance, and networks, the fund has become more than a source of capital. It is a catalyst for North Carolina’s innovation economy.

And increasingly—we are seeing the results.

Just this week, a powerful example emerged right here in the Triangle. Scot’s Raleigh-based startup, ReFiBuy announced a $13.6 million oversubscribed seed round to accelerate what it calls “agentic commerce”—an emerging frontier at the intersection of artificial intelligence and consumer decision-making.

This announcement is a major funding milestone for the region as it is the largest seed round by a Raleigh-based founder since any of us can remember. It sends a clear message to Silicon Valley and major investors that the Research Triangle and North Carolina are ready for prime time! Perhaps our region’s AI startups can help persuade more Silicon Valley investors to deploy their capital—and park their billions—in Research Triangle Park, where the next wave of innovation is already taking shape.

Events like these also validate that the kind of early belief, capital access and ecosystem support championed by efforts like the Tweener Fund is working. These are the kinds of companies that, not long ago, might have felt compelled to leave for Silicon Valley to scale. Today, they are choosing to grow right here in the Research Triangle—helping position North Carolina at the forefront of industries that will define the future.

This is how momentum builds. One founder. One investment. One breakthrough at a time.

For decades, economic development has often focused on recruiting large companies with major incentive packages to the tune of millions of dollars. Apple is delayed, Vinfast is not coming, and over the past few years, big whales like Microsoft, Infosys and many others have reneged on their economic development packages. The efforts  to recruit large companies and employers still matter. However,  the long-term strength of any economy comes from within—from entrepreneurs building companies in their own communities.

Because today’s startup can become tomorrow’s industry leader.

We have seen this pattern before. Companies like SAS Institute, Red Hat and Pendo all began as small, uncertain ventures backed by early believers. Someone took a chance on them before they became global names.

That is exactly what the Tweener Fund has been doing—now expanding statewide and supporting more than 170 companies across North Carolina.  In partnership with NC IDEA, the NC Tweener Fund (new name) deployed $700,000 across 14 North Carolina startups in the first quarter of 2026. The investments include seven new portfolio companies and seven follow-on investments, marking a significant milestone in the Fund’s transition from a Triangle-focused model to a statewide investment platform.

But the bigger story is not just financial but about the strengthening the sense of community within our start up ecosystem

We are building a state where entrepreneurs feel supported—where founders no longer believe they must leave for Silicon Valley, Austin or Boston to succeed. While the Triangle remains a hub, this movement now stretches across Charlotte, Wilmington, Asheville, Greensboro and rural communities throughout our state.

Startups mean jobs—jobs, jobs, jobs—and, in classic Clinton-era clarity, it’s the jobs, stupid.

North Carolina’s “Jedi Economy” is no longer a metaphor—it is a measurable force powered by everyday entrepreneurs across our state. According to the North Carolina Secretary of State’s Office, more than 171,000 new businesses were registered in 2023, up roughly 70% from about 100,000 in 2019, with business formation still running about 64% above pre-2019 levels. And at the 2024 NC IDEA Summit, Deputy Secretary Bill Toole shared findings from a joint study by the Secretary of State’s Office and Fayetteville State University showing that enabling small firms to reach self-sufficiency at $50,000-plus in annual revenue could generate thousands of jobs and add an estimated $1.5 to $2 billion to North Carolina’s economy.

This kind of sustained, broad-based growth shows that North Carolina is not just recruiting the future economy—we are building it from within, powered by innovators, risk-takers and small business owners who embody the spirit of the Jedi: Resilient, mission-driven and committed to creating opportunity for others.

Entrepreneurship is no longer a side story—it is becoming the main story.

Equally important, many founders today are launching companies out of opportunity—not necessity. They see possibilities and are choosing to build.

This same optimism was evident at this year’s Raleigh-Durham Startup Week, NC Idea and other ecosystem gatherings. The message was clear: North Carolina’s future economy will increasingly be shaped by founders, innovators and entrepreneurs building from the ground up—right here at home.

Meanwhile, some high-profile recruitment projects have struggled to meet expectations or timelines. And yet, across our state, startups and small businesses continue to grow steadily—often with far less attention and far fewer resources.

That should prompt an important question: What if we invested as aggressively in our local entrepreneurs as we do in recruiting the next big company?

Small Business Month is the perfect time to recognize that economic development is evolving. The states that win will be those that empower local builders, talen, and innovation.

North Carolina is already on that path.

We are seeing momentum across industries—from AI and life sciences to fintech, health tech, clean tech and advanced manufacturing. But perhaps our greatest advantage is something less tangible: community.

That collaborative culture may be our greatest competitive edge.

In Andor, the Rebel Alliance succeeds because ordinary people believe they can build something bigger than themselves.

That same belief is alive in North Carolina today.

The Force is strong in our startup ecosystem.

Congratulations to the 2026 RDSW Tweener winners, who embody the rise of North Carolina’s “Jedi Economy”—a powerful new force of disciplined, innovative startups achieving real scale and traction, with the Force now flowing beyond the Triangle to power a unified, statewide startup rebellion.

And with leaders like Scot Wingo (and Thom Ruhe) helping guide the next generation, the next great global company may already be rising—right here in North Carolina.

May the Start Up Force be with all of us!

About the author

Steve Rao is a former Council Member and Mayor Pro Tem for the Town of Morrisville, Political Analyst on PBS Carolinas Statelines and Black Issues Forum and an Opinion Writer for WRAL Tech Wire.