A recently launched nonprofit aimed at boosting innovation and tech commercialization in North Carolina could soon receive $1.425 billion in funding from the state.
NCInnovation is geared specifically towards bringing UNC technologies from the lab to the marketplace. The organization has raised over $20 million to support its activities, which include developing regional innovation networks to connect industry, academia, and entrepreneurs.
The $1.425 billion from the state is part of a budget recently announced by the state senate. If approved, it could rank as the largest economic investment in the state’s history.
“I’m grateful to North Carolina’s legislators for their many months of work,” says Kelly King, board chair of NCInnovation and former CEO of Truist Financial. “NCInnovation’s model will be a gamechanger for North Carolina, especially our rural areas that have the human talent but need support to press forward on commercializing research outputs.”
NCInnovation CEO Bennet Waters adds, “North Carolina is a national leader in research and development funding, but data shows we lag competing states in commercializing that research and turning it into jobs. NCInnovation was created by some of the state’s top business minds to enable a public-private partnership to invest in commercializing our outstanding university research. Our objective is simple: provide local support for talent and research to create jobs and economic opportunities for all North Carolinians.”
Source: WRAL TechWire
