In order to drive economic growth and create jobs in the changing economy, states like North Carolina must find ways to promote innovation and entrepreneurship. North Carolina currently has a great talent pool for entrepreneurs but lacks sufficient access to venture capital to fund new businesses. Many talented entrepreneurs are therefore moving elsewhere to seek funds to drive their new business ideas.
Treasurer Janet Cowell is supporting legislation to create a Venture Multiplier Fund that will help grow the local economy by prioritizing investments in new businesses and local university innovation. This proposal would allow the Department of State Treasurer to invest a small portion of the state’s unclaimed property fund with the new Venture Multiplier fund. The fund would prioritize early-stage and smaller private-sector businesses while also creating seed capital for North Carolina’s universities to stimulate commercialization of university technology innovations across the state.