Our Chamber is excited to welcome NCInnovation as a new member supporting economic growth and innovation across eastern North Carolina. Formed by a group of academic and industry leaders, NCInnovation was created to address a key gap in the state’s economy by helping turn strong research into real-world business opportunities.
Operating as a regional economic development organization, NCInnovation focuses on supporting startups that emerge from North Carolina’s public universities and community colleges. Rather than relying on traditional recruitment models, the organization works to advance promising research and help bring new ideas to market, strengthening the connection between education, entrepreneurship, and long-term growth.
With significant funding from both private investment and the state, NCInnovation provides non-dilutive support to early-stage ventures, helping them move from the lab into real-world application. Importantly, this model does not rely on spending state appropriations directly. Instead, NCInnovation manages a large pool of state funding by investing it and utilizing only the interest generated—effectively protecting the principal while reinvesting earnings back into North Carolina through its projects. These efforts contribute to the creation of high-quality jobs while also building a stronger pipeline of innovation across the region. Early projects include advancements in areas such as melanoma treatment, highlighting the impact of investing in research at this level.
A central focus of this work is retaining talent and opportunity within eastern North Carolina. By investing in local ideas and entrepreneurs, NCInnovation aims to create lasting economic momentum while ensuring those benefits reach communities across the region.
Leading efforts in this region is Derrick Welch, Senior Regional Director, who brings nearly two decades of experience in higher education strategy, research commercialization, and economic development. His background includes leadership roles at East Carolina University, the North Carolina Senate, and higher education systems across the country, all centered on expanding opportunity and strengthening regional innovation.
