North Carolina’s famed Research Triangle is one of its kind. There have been attempts made at replicating its success in other parts of the world, but nothing has come even close in terms of its size and scale. Just consider these facts- the research park covers some 7000 acres and contains nearly 2000 companies employing more than 40000 employees.
The reason Research Triangle got its name is because it is bounded on three sides by three premier universities- North Carolina State University in Raleigh, the University of North Carolina in Chapel Hill, and the Duke University in Durham. With three top research universities abutting the many companies that are based out of the area, one can imagine that there will be no dearth of talented individuals for the latter to hire.
It is not surprising therefore that Research Triangle is a great center of innovation credited with many things that have had a significant national and international impact. This includes among other things the UPC Bar Code and Scanner, the Taxol anti-cancer drug, and Azidothymidine- the very first drug to help enhance the quality of life of HIV and AIDS patients.
Other important contributions with global ramifications have been onboard plane wind shear warning and industrial LED lighting. As a matter of fact, more than 3700 patents have been received by organizations operating out of Research Triangle Park since 1976.
That Research Triangle Park is very highly regarded internationally can be understood by the fact that Chinese industries have a significant presence there. Chinese interpreters and Chinese translators are therefore much in demand. It is not just the Chinese who are present in the Research Triangle. There are a many global life sciences companies that also have a presence there.
One can, therefore, understand that anyone who specializes in certified translation service and interpreters service would be in great demand there. Likewise is the case for any translation company. In fact, Research Triangle Park boasts of a slew of multinational companies, startups in diverse fields like agricultural biotechnology, clean and green technologies, information technology, and financial and insurance services.
Given the prominent international dimension of businesses entities in Research Triangle Park, it is evident that there would be huge scope for document translation services, simultaneous interpreting, simultaneous translation and translation agencies. Not only does Research Triangle Park provide direct employment to 40000 people, but it has also given benefits to the region by way of construction jobs and various kinds of tax yields.
If one were to attribute reasons to the phenomenal success of the Research Triangle Park over the years, one would have to look at a number of things. These include the presence of three world-class universities which made it possible for the Park to foster relationships with top scientists and engineers. It also allowed them to employ the brightest products produced by these centers of learning.
Another important contributing factor was the presence of a large number of diversified businesses employing a large number of extremely highly skilled personnel. This has helped the Research Triangle Park evolve into a knowledge-centric cluster possessing the ability to optimally utilize the available skills to achieve long term sustainable economic growth.
No wonder the Research Triangle Area has the distinction of having fastest growing businesses and communities anywhere in the world. Nowhere else in the world do you find this unique synthesis of innovation, education, and networking driving the economic success of a region, the way it has over here. This area is comprised of the ten counties of Chatham, Durham, Franklin, Granville, Johnston, Lee, Person, RTP, Wake, Warren, and Wilson, and provides one with the opportunity to live a very fulfilling life.
Not only is the cost of living there quite attractive, but the region’s economy is also booming. Besides, the infrastructure is quite conducive to both working and living. In fact, the quality of life is markedly better than that in the large metros. These are facts that are getting noticed by leading companies around the world who are flocking to invest in the region. For instance, the Indian technology giant Infosys invested $8.73 million on an innovation and technology hub in Raleigh that is expected to create 2000 new jobs in the Research Triangle region. Another Indian technology company Zensar opened its first US customer delivery center in Durham.
All the economic dynamism displayed in the Research Triangle Area means that there are a lot of jobs available in the area, especially in information technology where there are as many as 13000 jobs available. This is an area that values and rewards excellence and whosoever boasts of that will find his or her services in demand.
Research Triangle is indeed a unique success story that has been the subject of many a case study. Be that as it may, the fact is that the region is a driver of economic growth and a provider of a great standard of living. This is a state of affairs that looks set to continue in the time ahead, as all the factors that made the Research Triangle the success that it is continue to exist and propel it ahead.
One of the greatest lessons from this story is surely the fact that proximity to centers of excellence in education plays a major role in the economic growth of a region. This is as true of Research Triangle as it is of Silicon Valley. Perhaps other regions of the world could take a leaf out of Research Triangle’s book and focus on creating their own versions of the region near universities of repute.
The way things are poised however, the Research Triangle shall retain its position at the top for the foreseeable future. There are a number of things working in its favor that brought it to this happy stage, and these are the factors that will continue to keep it at the top. Research Triangle indeed is a special place.