North Carolina Reaffirms Long-Term Commitment to Innovation-Driven Economic Development Through NCInnovation
By Michelle Fiscus, Senior VP & Chief Communications Officer
Research-Triangle Park, NC
July 1, 2026
The North Carolina General Assembly has approved a budget that preserves NCInnovation's endowment and governance structure, reaffirming the state's long-term commitment to innovation as a driver of economic development. The budget now heads to Governor Josh Stein for consideration.
The budget reinforces North Carolina's investment in a model that recognizes the state's public universities as one of its greatest economic assets—helping transform promising discoveries into new companies, high-paying jobs and long-term economic opportunity across every region of the state. It provides the long-term stability for NCInnovation to continue building the commercialization support and statewide innovation ecosystem needed to help more breakthrough technologies reach the marketplace.
"This is an important milestone for North Carolina," said Michelle Bolas, president and CEO of NCInnovation. "The General Assembly has reaffirmed its confidence in a long-term vision that recognizes our public universities as one of the state's greatest economic assets. North Carolina is investing not only in research, but in the opportunity to transform that research into homegrown companies that stay and scale in the state. That economic growth benefits communities across our state."
"The budget decision gives our regional teams and university partners something we've been working toward for a long time—certainty," said Megan Coneybeer, senior regional innovation director for Western North Carolina. "Every day, we're on campuses in communities across the state working alongside researchers, entrepreneurs, and community partners to move promising innovations into new businesses and jobs. This decision allows us to focus fully on that work. It provides stability not only for NCInnovation, but also for the universities and regional partners who are investing their time, ideas, and expertise."
In just over two years, NCInnovation has invested more than $37 million across a portfolio of 47 technologies.
"Over the past several years, we've built the foundation," Bolas continued. "We've established partnerships across the state, identified a strong portfolio of technologies, and created a framework that helps researchers navigate the path from discovery to commercialization. The next phase is about expanding that support, strengthening connections with industry, and preparing more technologies to attract private investment so they can create lasting economic impact.
Innovation and economic development are inseparable. North Carolina's universities don't just educate tomorrow's workforce—they create tomorrow's industries. By helping more university discoveries become successful companies, NCInnovation is creating new opportunities for investment, entrepreneurship and business growth that strengthen regional economies while ensuring more North Carolina innovations are commercialized here at home.”
"The Board appreciates the confidence the General Assembly has placed in NCInnovation and the mission we were created to fulfill," said Kelly King, chair of the NCInnovation Board of Directors. "We remain committed to working alongside NCInnovation's leadership, our university partners, state leaders, donors, and stakeholders across North Carolina to ensure this investment delivers measurable results and lasting economic value. Together, we have an opportunity—and a responsibility—to demonstrate what this model can achieve for our great state."
As NCInnovation enters its next phase, the organization will continue advancing innovations in industries that will define North Carolina's economic future, including advanced manufacturing, biohealth, energy transition and electrification, agtech, computing and informatics, and defense innovation. By expanding commercialization support, NCInnovation is helping build the next generation of North Carolina companies and ensuring the state remains nationally competitive in the industries that will drive growth for decades to come.
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.