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Upside: Raleigh is on the map

Jul 11, 2000, 20:43 (0 Talkback[s])
(Other stories by Catherine Liden Traugot)

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"When Scott Wingo started his first company in Raleigh in 1994, there was little support for high-tech entrepreneurs. "There were two lawyers in town, two accounting firms," says Wingo, who started and sold Stingray Software and AuctionRover.com. "You had to personally guarantee any loans."

"Things have changed in RTP [Research Triangle Park], but the locals aren't about to kid themselves. This isn't Silicon Valley with magnolias. In 1999, two high-tech Triangle companies went public. In Silicon Valley, it was 250."

"It helped immensely that one of the Triangle companies that went public in 1999 was Red Hat (RHAT). The supporter of Linux open source software had a red-hot stock offering in August that captured international attention. The stock soared to $151 a share before falling back to earth earlier this spring. "I think it really put the Triangle on the map," says Paul Jones, a partner in Eno River Investments, a venture fund that specializes in software and life sciences. Jones was an angel investor in SciQuest (SQST), the other successful high-tech Triangle IPO of 1999."

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