Millions of dollars for university researchers around North Carolina could be approved as soon as Wednesday as part of the first-ever round of funding from a group designed to invest in home-grown innovation.
Armed with more than half a billion dollars from the state government and private companies, the goal of NCInnovation is to work with university and private sector leaders to identify projects with potential commercial use that aren't yet advanced enough to compete for private investment — but which nevertheless show future promise for boosting the state's economy.
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At a meeting Wednesday in Research Triangle Park, the group's board of directors gave a public update on their efforts to this date. They then went into a closed meeting to hold discussions about the projects that are seeking funding for the initial round of pilot-project grants. Details of any grants they approved in that closed session are expected to be made public in the coming days.
The group's leaders say they want to target the so-called “valley of death” between proving a concept in a laboratory and maturing it to attract investors and licensing deals. Its investing will largely focus on the scientific fields such as biotechnology, but research in any industry is eligible to be considered for its grants — as long as it could lead to broader economic benefits for the state.
A major driver of North Carolina's economic and population growth, for decades, has been Research Triangle Park, a 7,000-acre park situated between the region’s top three research universities — UNC-Chapel Hill and N.C. State and Duke universities — designed as a magnet for technology and life sciences companies. It's home to a number of tech and science companies that feature professors from local universities as advisors or founders.
But there are universities all over the state, and NCInnovation is tasked with finding projects and professors in the Charlotte, Triad, eastern and western areas of the state whose work could kickstart economic development in those regions — similar to what RTP has done for the Triangle region.
Michelle Bolas, the group's executive vice president, said research-oriented universities such as N.C. State and UNC-Chapel Hill already have the staffing and institutional expertise to turn academic work into lucrative business projects, but many of the state's other universities could use some help with similar efforts.
"We are really stepping in to provide that support," she said.
The chairman of the NCInnovation board of directors is Kelly King, the former chief executive of BB&T and Truist banks who grew up in poverty on a Wake County tobacco farm. He said Wednesday he's eager to get to work helping bring investment to more rural parts of the state.
"I yearn for them to have a better life," he said.
Possible audit
But at the same time, the group continues to face some internal scrutiny and criticism — largely from board member Art Pope, a millionaire businessman who's one of the state's most influential conservative political insiders.
Pope previously called for a state audit of NCInnovation, questioning whether it should've been eligible to receive any state funding at all. State Auditor Jessica Holmes' office has declined to comment on whether the group is being audited already, or if it will be. During Wednesday's board meeting, NCInnovation staff told the board they're now preparing to be audited. Beyond any action Holmes's office might take on Pope's request, NCInnovation is also legally required to undergo an annual audit by an outside firm.
Also during Wednesday's meeting Pope said he was unsure the group's tax filings were correct. He raised concerns over excessive spending on lobbying, which he said was potentially being under-reported on the tax filings that a nonprofit such as NCInnovation is required to make public.
But the board largely ignored those concerns, with a near-unanimous vote Wednesday to approve the tax filings despite Pope's concerns.