Regional economic coalition lays out five‑year recovery plan, including innovation hub and startup funding

Clark Duncan, executive director and senior vice president of the Asheville-area Economic Development Coalition, told the Planning, Economic Development and Environment Committee on Sept. 16 that the coalition's updated AVL 5 by 5 strategy is intended to accelerate economic recovery after the September storm and to drive five years of growth in jobs, wages and investment. "I think this is a real game changer," Duncan said of a proposed federal Economic Development Administration grant application tied to a proposed innovation hub.

The plan sets several public targets over the next five years: the coalition is aiming for roughly 5,000 new jobs in target industries, more than $1 billion in new capital investment, and average wages of about $85,000 for announced jobs over that period. The coalition also described short-term programs to support startups and small businesses, workforce training and a new research unit to track business impacts.

Duncan said the coalition will pursue a signature innovation hub, the "Futures Factory," with AB Tech named as the lead applicant on a reported $35 million EDA grant application intended to combine advanced manufacturing training, applied research and partnerships with colleges and universities. "Bringing that collaborative approach to North Carolina universities and community colleges under one roof is very exciting," he said. The coalition said the hub would combine workforce training (AB Tech and partner colleges) and workplace modernization support for local manufacturers.

On startups, Duncan described Optimus Ventures, an accelerator intended to deploy about $1 million to a first cohort of 20 firms. The coalition said each participating startup would receive a $25,000 forgivable grant plus $25,000 in venture funding, for a total of about $50,000 per startup. Venture Asheville programming, the coalition said, served more than 125 startups over five years and helped attract roughly $45 million in venture or angel equity.

The coalition also emphasized workforce and inclusion programs. Duncan said the coalition plans to relaunch the Buncombe Trades Accelerator (initially funded with ARPA dollars) and to work with a network of local non-profit hiring partners on inclusive hiring and apprenticeship pathways to STEM and advanced manufacturing jobs. He highlighted Riverbird Research, the coalition's data team, and said the group has launched multi-wave business impact surveys to inform recovery policy.

Committee members asked questions about how the strategy aligns with city priorities, incentives and land constraints. Rachel Taylor, the city's economic development division manager, said the city and the coalition are coordinating on target industries, toolbox development and shared data. Councilwoman Kim Roney raised the importance of retaining creative and locally rooted manufacturers and asked whether incentive policies and site/building availability need revision. Duncan said the coalition has pursued incentive requirements tied to local hiring and sustainability at the county level and sees an opportunity to align public incentives with city goals.

No formal committee action was taken during the presentation; the item was for information and discussion. The coalition and city staff said they will continue coordinating on grant applications, workforce programs and follow-up data reporting.

How this matters: the EDC tied its five-year targets to recovery from a recent storm and to long-term shifts in industry and technology, including wider use of automation and AI in manufacturing and services. The coalition emphasized combining short-term relief for damaged small businesses with longer-term investments in workforce credentials and local startup funding.