NCInnovation Response to Recent Coverage
By Michelle Fiscus, Senior VP & Chief Communications Officer
Recent public discussion regarding NCInnovation’s long-term sustainability and organizational structure has generated questions about how the organization operates, how it compares to innovation commercialization models nationally, and how NCInnovation continues to evolve as it matures. The following statement is intended to provide additional context regarding those discussions, clarify the exploratory nature of recent board conversations, and reinforce NCInnovation’s continued focus on statewide research commercialization and long-term economic development outcomes for North Carolina.
During a recent public board discussion regarding the long-term sustainability of NCInnovation, board members discussed a range of hypothetical concepts and models commonly used across innovation and commercialization organizations nationally. For example, Virginia combines non-dilutive university commercialization grants through its Commonwealth Commercialization Fund with direct startup investment programs managed by Virginia Venture Partners. South Carolina and Maryland similarly operate hybrid commercialization models that combine grant funding with investment and accelerator programs.
As the organization continues to mature, the board is appropriately evaluating long-term sustainability considerations similar to many public-private organizations at this stage of growth. These discussions are exploratory in nature, and any future structural changes would require significant review and public approval before implementation. We look forward to continuing to work alongside the North Carolina General Assembly, our university partners, and stakeholders across the state to strengthen and refine a world-class model for sustainably commercializing university research — one informed by other successful approaches and focused on building the strongest possible long-term benefit for North Carolina. The goal remains clear: advancing technologies that solve real-world problems while strengthening North Carolina’s economy in critical industries and regions across the state.
NCInnovation, Inc. is a Research Triangle Park, NC-based 501(c)(3) public-private partnership designed to accelerate commercialized innovation from North Carolina’s research universities. Backed by more than $25 million in private philanthropic commitments, NCInnovation uses the interest and income from a $500 million State-funded endowment to provide non-dilutive grant funding, mentors, and support services so that North Carolina university proofs-of-concept return value to the regional communities that created them. Learn more at NCInnovation.org.