NCInnovation (formerly called The Innovation State and the North Carolina Innovation Corridor) is a nonprofit organization that provides support services and grant funding to public-university applied researchers in North Carolina. The goal of NCInnovation is to fund the research and development stage of projects and discoveries with commercial promise, in the hopes of accelerating the transition from academia to industry. ¹

Activities

NCInnovation provides funding to North Carolina public universities for the research and development (R&D) stage to convert research breakthroughs into viable and thriving businesses. NCInnovation’s grants are available to researchers at all 16 universities in the University of North Carolina system. The grants are focused on the middle phase of the R&D process, between proof of concept and development of a mature technology that will attract private investment. Proposed projects must define a technology at a Technology Readiness Level (TRL) of three or higher to be considered. ²

NCInnovation operates four regional innovation networks across the state, which use regional directors to provide North Carolina public university researchers with support services intended to accelerate commercialization strategies. These networks, which are anchored by “hub” universities, connect researchers with industry partners and private sector knowledge. ⁴

NCInnovation is also funded by donations from individuals, foundations, and businesses. While NCInnovation does not disclose its donors, tax filings confirm donations from the Research Triangle Institute ($2.9 million in 2022), ⁵ the Winston Salem Foundation ($2 million in 2021), ⁶ and the JPMorgan Chase Foundation ($500,000 in 2023). ⁷

Leadership

Bennet Waters is the president and CEO of NCInnovation. Waters formerly worked as a senior advisor at the Chertoff Group and an assistant professor at the University of North Carolina at Chapel Hill. ⁸

Michelle Bolas is the executive vice president and CIO of NCInnovation. Bolas formerly worked as the executive director of Innovate Carolina at the University of North Carolina at Chapel Hill. ⁹

Linda Hall is the executive vice president and CFO of NCInnovation and a former executive vice president, COO, and CFO of the Research Triangle Foundation of North Carolina. ¹⁰

Erin Hopper is the vice president for grants and research at NCInnovation. Hopper formerly worked as director for programs and grants at the Institute for Convergent Science at the University of North Carolina at Chapel Hill. ¹¹

Erica Shrader is the vice president of corporate affairs at NCInnovation. Shrader formerly worked as the director of strategic initiatives at the North Carolina General Assembly and a senior legislative assistant for U.S. Congresswoman Virginia Foxx (R-NC). ¹²

David Wyrick is the vice president for regional networks and hubs at NCInnovation, the founder of the Institute to Promote Athlete Health and Wellness at University of North Carolina Greensboro, and the president of Prevention Strategies. ¹³

Board of Directors

Kelly King is the chair of the board of NCInnovation and the retired chair and CEO of Truist Financial. ¹

Kirk Bradley is the vice chair of the board of NCInnovation and the president and CEO of the Lee-Moore Capital Company.  ¹

Cantey Alexander is a retired regional president of Truist Financial.  ¹

Deanna Ballard is a principal at Evergreen Management Consulting. Ballard is a former Republican member of the North Carolina State Senate.  ¹

Kelly Fuller is a public policy consultant at KLF Strategies and a former president of the NC Chamber Foundation.  ¹

Todd Kasper is a vice president and head of global business operations at IQVIA. ¹

Stan Kelly is the CEO and president of the Piedmont Triad Partnership.  ¹

Blannie Miller is a partner at the Miller Law Group and the president of Miller Enterprises. ¹

Ven Poole is the retired chair and CEO of Waste Industries Inc. ¹

Art Pope is the chair and CEO of Variety Wholesalers, Inc. and the chair of the John William Pope Foundation. ¹

Wayne Sasser is a former Republican member of the North Carolina House of Representatives. ¹

Benjamin Teague is the vice president of strategic development at Biltmore Farms. ¹⁴

Jeff Turner is the executive vice president and COO of Murphy Family Ventures. ¹

1. “About.” NCInnovation. Accessed May 1, 2025. https://ncinnovation.org/about/.
2. “Statewide RFP.” NCInnovation. Accessed May 5, 2025. https://ncinnovation.org/statewide-rfp/.
4.  “About.” NCInnovation. Accessed May 1, 2025. https://ncinnovation.org/about/.[/ntoe]

   Funding

   NCInnovation was initially funded by a $500 million endowment established by the North Carolina state budget, allocated over 2 years. The endowment is independently managed to produce low-risk investment and interest income, avoiding the need to use taxpayer dollars from the state budget each year. ³ “About.” NCInnovation. Accessed May 1, 2025. https://ncinnovation.org/about/.

5. Research Triangle Institute, Return of Organization Exempt from Income Tax (Form 990), 2022, Schedule I, Part II.
6. Winston Salem Foundation, Return of Organization Exempt from Income Tax (Form 990), 2021, Schedule I, Part II.
7.  JPMorgan Chase Foundation, Return of Organization Exempt from Income Tax (Form 990), 2023, Schedule I, Part II.
8. “J. Bennet Waters.” LinkedIn. Accessed May 1, 2025. https://www.linkedin.com/in/jbennetwaters/.
9. “Michelle Bolas – Executive Vice President, Chief Innovation Officer – Ncinnovation.” LinkedIn. Accessed May 9, 2025. https://www.linkedin.com/in/michelle-bolas-1a91b211/.
10. “Linda Hall – Research Triangle Park.” LinkedIn. Accessed May 9, 2025. https://www.linkedin.com/in/linda-hall-00a64412/.
11. “Erin Hopper, PhD.” LinkedIn. Accessed May 1, 2025. https://www.linkedin.com/in/ehopper/.
12. “Erica Shrader.” LinkedIn. Accessed May 1, 2025. https://www.linkedin.com/in/ericashrader/.
13. “David Wyrick, PhD.” LinkedIn. Accessed May 1, 2025. https://www.linkedin.com/in/davidwyrick/.
14. Michelle Bolas.” LinkedIn. Accessed May 9, 2025. https://www.linkedin.com/in/michelle-bolas-1a91b211/.