Second Round of State Funding Moves to NCInnovation Endowment
NCInnovation endowment now has full $500 million prescribed in 2023-25 state budget
Organization uses interest and investment income from endowment to fund university research grants; endowment continues to grow
Durham, NC – NCInnovation, a non-profit organization that helps unlock the innovative potential of North Carolina’s world-class public universities, announced the second of two $250 million rounds of state funding has been transferred to the NCInnovation endowment. The endowment will continue to earn interest and investment income, which NCInnovation deploys to fund university research with real-world applications.
Bennet Waters, CEO of NCInnovation, said, “NCInnovation’s regional hubs are up and running in each corner of the state, eight pilot grants for research projects at seven universities are moving forward, and we’re preparing to scale our pilot program to the entire state. We’ve accomplished all of this in a matter of months, and without yet spending a single state dollar.”
The North Carolina General Assembly charged NCInnovation with supporting university applied research that holds commercial promise, especially in areas of the state outside the Triangle. When a research application completes the university research & development sequence and enters the commercial market (through a startup, a licensing deal, or other avenues), it creates economic opportunity in the surrounding region and revenue for the university.
NCInnovation accomplishes this using the interest and investment income earned from the NCInnovation endowment. The organization’s grants support public university research projects that have already achieved proof of concept, but that require more development before they can attract private investment. NCInnovation research grants also support business development mentorship for researchers.
Waters added, “We want university faculty to go build something amazing and enduring with their university research. A quick walk around NC State’s Centennial Campus shows just how much of a powerhouse the university-to-industry pipeline can be when fully mature.”
NCInnovation already approved pilot grants for university research into lithium refining, cancer treatment, PFAS mitigation in drinking water, and other research with real-world applications.
NCInnovation is 501(c)(3) not-for-profit corporation focused intensely on accelerating commercialized innovation from North Carolina’s universities. NCInnovation deploys funding, mentors, and support services so that North Carolina university proofs-of-concept turn into companies and create jobs that remain in North Carolina. Learn more at NCInnovation.org.
