Growing Business in Winston-Salem

Alumna Laura Johnson Lee (’08, MSM ‘09), Senior Vice President of Economic Development for Greater Winston-Salem, speaks with Stacy Owen, Executive Director, Alumni Engagement, about what it takes to recruit and grow business in Winston-Salem.

Stacy: You were a graduate of the third Masters in Management (MSM) class. Do you recall what made you pursue the MSM program?

Laura: I was a communication major at Wake Forest and wanted business acumen. In its third year, the Masters in Management program had 28 students – it was a very personalized experience. I appreciated the team focus and the practicum experience, a marketing project with Golding Farms Foods. This opportunity with Golding was my first exposure to a manufacturing environment and their challenges and goals.

Stacy: Can you share your career path in economic development?

Laura: I started in a research capacity for the Asheville-Buncombe Economic Development Coalition in Asheville, NC, and fell in love with the field. Economic Development convenes all decision makers in an economy. During my five years there, I participated in many exciting projects (i.e., New Belgium Brewing moved their East Coast operations there). I progressed into a marketing role and was supporting projects and wanted to grow further in project management. Through networking, I learned of an opportunity at the Savannah Economic Development Authority in Savannah, GA, which was a wonderful educational experience. Learning about the ports dynamic and growing the aerospace industry was invaluable. (Gulfstream Aerospace is headquartered in Savannah with over 10,000 employees.)

As a North Carolina native, I was excited to move back in 2017 for a position with the Economic Development Partnership of North Carolina (EDPNC), an opportunity to transition from a local economic development role to one that was statewide, focused on recruiting food processing companies (Agriculture is NC’s top industry). It was the only industry-specific role at the time; I also worked on the development of the NC Food Innovation Lab in Kannapolis.

I joined Greater Winston-Salem as Senior Vice President for Economic Development in July 2020. I was attracted to the role for the significance of Innovation Quarter, the emphasis on Life Sciences, the chance to lead a team, and a great experience when I was a student. Winston-Salem is a town that captures you; I loved the opportunity to grow a community that I had grown in.

Stacy: What are your key goals as Senior Vice President of Greater Winston-Salem?

Laura: Winston-Salem and Forsyth County are facing a pivotal moment for economic development. We have a distinct opportunity to transform legacy industries into partnerships for continued prosperity and investment.
My goal is to grow jobs and capital investment in Forsyth Country through attracting new businesses, growing existing companies, and supporting entrepreneurs. We target specific industries: Healthcare and Life Sciences, Aerospace, Headquarters and Business Services, Technology and High Growth Entrepreneurs, Food Processing/Logistics Distribution (Advanced Manufacturing).

We’ve announced over 700 jobs and $300 million in capital investment to the community since January 2021. Among these wins are an expansion of Garner Foods and a new headquarters relocation for nutritional supplement manufacturer Nature’s Value from New York.

We’ve also added the WSPR fund, a Winston-based angel fund with over 70 members to support local startups, which just closed over $1M in investments in its first year.

For additional context, Greater Winston-Salem Inc’s 2030 goals are to be the top midsize city for economic growth in the Southeast; the best place to raise a family; be a more equitable community, plus adding 500 jobs each year.

Stacy: What is the biggest challenge you have in your role?

Laura: Convincing a company to locate in a community takes extensive effort and patience with extended timelines (i.e., years). We have to ensure our messaging stays relevant and our community partners are comfortable with longer lead times to win these jobs. Companies are considering the appropriate land/real estate, a workforce to support their needs and other local partners. One thing Winston-Salem does extraordinarily well [that is somewhat unique] is the partnerships among the city, county and planning departments.

North Carolina has been attractive for years and has grown steadily. It’s the ninth most populous state in the country and is one of the top states for in migration. Winston-Salem is now perfectly positioned for this growth as well.

Stacy: What is your relationship like with Innovation Quarter?

Laura: Innovation Quarter is such a jewel. We work closely with the IQ team on supporting and recruiting new companies. We’re collaborating intentionally to market and expand the Regenerative Medicine Hub, as part of the Wake Forest Institute of Regenerative Medicine (WFIRM). It’s exciting to have the opportunity to grow this cluster which will truly transform our approach to healthcare. We often share Innovation Quarter with prospective companies, to showcase the stunning visuals and story of this innovation district.

Stacy: Winston-Salem is a wonderful place to live and work; what is your team doing to recruit more companies to our community?

Laura: Winston-Salem first captivated me as a community renowned for its rich history, arts and culture. Winston-Salem has a high livability factor: it’s affordable, welcoming and envelops people. It is highly competitive with other metro communities in the state, from a quality of life and workforce perspective. Our population can support a wide variety of positions that companies are seeking, while also being attractive for entrepreneurs looking to launch their startup.

We are actively targeting markets both nationally and internationally (i.e., higher cost of living, more challenging labor environments) for both talent and company attraction. We know in order to position ourselves for success, we need to connect with decision maker level contacts to share our value. We’ve invested heavily in marketing our community in all channels and are seeing great results.

A unique partnership we’ve developed is Nordic Amplify, a collaboration with all five Nordic Trade Partner Organizations. This program is targeted to educate growth stage healthcare firms in Nordic countries on how to enter the U.S. market. We hosted 14 companies in Winston-Salem in May to culminate our two cohorts! We look forward to launching the third iteration of the program later this fall.

Stacy: How can Wake Forest University be a partner to Greater Winston-Salem?

Laura: Greater Winston-Salem wants to share open positions [at Winston-Salem companies] with the University, as well as promote Wake Forest’s programs to prospective companies. Our hope is to reintroduce Winston-Salem to Wake Forest alumni who have spent time here and bring them back to live and work!

Interested in learning more about locating your business in Winston-Salem? Reach out to Laura at laura.lee@winstonsalem.com.