According to Jeff Kaplan, Director of Venture Asheville and Director of Entrepreneurship at the Asheville Area Chamber of Commerce, the hot topic in the economic market right now is turbulence.

He said that housing issues, talk of recession, and cryptocurrency inflation are on many people’s minds across the county. “Asheville is insulated from a lot of that,” Kaplan said. “Because of the unique aspect of the desirability of a place to live, WNC doesn’t see big swings like some other markets.”

Economic ecosystems, according to Kaplan, need both density and social fabric to thrive. “The density of labor, feedback, ideas, and customers make it easier for businesses to succeed,” he said. “This is a bigger problem farther outside of Asheville. It’s hard to build a business without a support network. Business owners need to be around others doing the same thing.

Kaplan said that the technology industry and remote working capabilities are helping to support that stability. “Asheville Digital Nomads is a great indicator of growth in that space,” Kaplan said of the social community for remote workers. “Several of those members from this organized group have mentioned wanting to start their own company in the near future as well.

“Another industry that has done well is food and beverage consumer packaged goods,” Kaplan said. “There is a literal appetite for people to buy local, and our locals are willing to spend more for local goods. Take Fresh Market, for example. Their local section does really well in Asheville, but not so well in Atlanta.” He said that the abundance of local farmer’s markets helps with the success of these businesses. “There is so much opportunity to get more sales, more traction, and more data. In 2023, I imagine we’ll see more businesses leaning into that. Like Curate At Home, they’ve found a high-growth channel for their business with ecommerce that allows for a lifestyle brand with a better margin and better potential. I’d like to see more of that high-growth entrepreneurial mindset; people should stop shying away from that.”

In addition to Venture Asheville’s existing programs supporting local businesses and entrepreneurs, there will be a new program launched in 2023 called the Entrepreneur Resiliency Summit. Kaplan said that this summit will focus on the entrepreneurial journey and improving self-efficacy. This program will be open to the public for those that are a part of the community with an experience portfolio and will combine panels, conventions, and workshops to help entrepreneurs create their road map to their future.

Venture Asheville will also open spaces for nonprofits to join Elevate, an Asheville Area Chamber of Commerce initiative focused on catalyzing Asheville’s high-growth entrepreneurial community and connecting entrepreneurs to start-up funding, mentors, and talent to scale their ventures. “Some nonprofits are thinking very entrepreneurially with revenue drivers,” Kaplan said. “If a nonprofit has revenue potential, they may be a candidate for these new openings. 

Kaplan’s words of wisdom for growing businesses are to focus on doing fewer things from the start, to get really good at them, and to do them in a great and unique way.