RESEARCH TRIANGLE PARK – From the early days of building healthcare technology firm Medfusion to selling it to Intuit, “retiring” then buying it back to taking on professional soccer as an owner, Steve Malik has created lasting, positive impressions across the Triangle’s entrepreneurial community. And Malik’s latest move – a $1.9 billion soccer/entertainment/mixed use development in Raleigh – has colleagues singing his praises once more.
Rick Smith, WRAL TechWire’s editor and a cofounder and author of The Skinny blog.
“Like many entrepreneurs, Steve has a near bottomless supply of grit,” Scot Wingo, serial entrepreneur and investor, tells The Skinny shortly after news broke about Malik’s deal alongside Triangle developer magnate John Kane.
“Once he locks onto something, he won’t let go until he sees it to the endgame.”
Malik is determined to turn his North Carolina Football Club (formerly RailHawks when he bought the team) into a Major League Soccer franchise. The stadium, which would seat 20,000, is crucial. And after one stadium try failed in 2017, Malik has returned with a bigger vision with a lot more land.
Plus, $1.9 billion in total investment is an Apple campus-like deal in scope.
Wingo, who cofounded ecommerce firm ChannelAdvisor and is now expanding on-demand maintenance firm Spiffy into a national firm, sees Malik succeeding.
“That tenacity makes me excited he is the champion of bringing MLS soccer to the Triangle,” Wingo explains. “He’s not going to give it a half-effort or raise a flag to see who salutes – he’s going to put 100% of his energy and passion into it.”
How big is Malik-Kane $1.9B stadium project proposal? ‘Huge’
David Jones and Jason Caplain, the duo leading venture capital firm Bull City Venture Partners, were among the early investors in Medfusion, which Malik launched two decades ago. And they are fans.
Speaking on behalf of Caplain, Jones declares: “He has a will that is almost super human.”
Jones describes Malik as “an amazing entrepreneur and strategic thinker with a resolve second to none” and believes he will succeed in landing an MLS franchise.
“We have had the great fortune to work with him at Medfusion and see this same determination applied to NCFC and an MLS franchise,” Jones stresses.
“I would never bet against Steve Malik!”
Investor, mentor
David Gartner, the founder of Cofounders Capital in Cary, has seen different sides of Malik as Gardner has built a very active startup investment firm.
“Steve is an investor in my second fund and we are both on the Council for Entrepreneurial Development board. He is always willing to help out local entrepreneurs when he can,” Gardner says.
“His company MedFusion put out a press release [Tuesday] that it is partnering with one of my companies, Carenexsis,” Gardner adds, noting Malik’s willingness to help foster growth in the region.
Serial entrepreneur Malik, developer Kane plan $1.9B soccer/entertainment/housing project in Raleigh
And based on what he has come to learn about Malik, Gardner like Jones and Wingo is a fan.
“I don’t know anything about his stadium deal,” Gardner points out, “but I can tell you that Steve is very resourceful when he puts his mind to something.”
Wingo also stresses Malik’s wisdom in teaming up with Kane, the developer behind North Hills and other Triangle properties who also si an acknowledged leader in economic development and entrepreneurship.
“It’s also exciting that he has John Kane realty on board [for the stadium],” Wingo explains.
“You have a top triangle tech entrepreneur paired with the top real estate entrepreneur so in my mind the project’s chances of success easily doubled!”
