RALEIGH — NCInnovation, a nonprofit led by prominent executives to promote regional innovation networks connecting the state’s research universities, industry partners and the private sector, stands to receive a significant boost in the proposed Senate budget that was unveiled Monday.
The funding would be available for drawdown and includes substantial reporting requirements and clawback provisions.
The group says it has already raised more than $23 million in the past two years to fund its staff, overhead and expenses. That would allow nearly all state funding would go to NCInnovation’s core activities, such as commercializing applied research and creating more companies that stay in the state long-term.
Senate Majority Leader Paul Newton (R-Cabarrus) said, “Innovation at RTP laid the foundation for the Triangle’s decades-long growth. But we can’t view that success as the end of North Carolina’s story because to be satisfied is to fall behind. NCInnovation has a bold model to accelerate applied research and commercial outputs statewide, helping create jobs and secure our state’s future.”