Our History
In 2005, NC IDEA began with a simple focus; to grant seed funds directly to growing technology startups. Today, we are committed to challenging old thinking and practices, thereby rewriting the manual on how communities, and even statewide efforts, economically empower people. The following timeline highlights some of the important events along our journey.
NC IDEA IS BORN
NC IDEA is created and spun out of the Microelectronic Center of North Carolina (MCNC). Did you know that the word IDEA in our name was originally chosen for its double meaning? It is also an acronym for Innovative Development for Economic Advancement.
FIRST GRANTS AWARDED
NC IDEA awards its first seven seed grants to CardioVascular Resonances, DeltaSphere, Illuminus, ImagineOptix, InsituTec, TransLoc and ZumaTek. Years later, in 2018, Durham-based transit app developer TransLoc, is acquired by a subsidiary of Ford Motor Company.
A NEW HOME
NC IDEA moves from the Research Triangle Park to the American Tobacco Campus in downtown Durham to be closer to the center of entrepreneurial activity and the constituents we serve.
NO STRINGS ATTACHED
Groundwork Labs, now known as NC IDEA LABS and a program of the Foundation, is launched with funding from NC IDEA to provide mentorship and guidance to startups too early for a grant. Unlike traditional accelerators, there was no exchange of equity; the only commitment from the founder was time.
NEW LEADERSHIP
Thom Ruhe joins NC IDEA as CEO and President. Previously, Thom spent seven years at the Kauffman Foundation where he directed the Foundation’s programs addressing entrepreneurial education, mentoring, access to capital and fostering entrepreneurial ecosystems.
A NEW KIND OF GRANT
NC IDEA ECOSYSTEM was born out of the Foundation’s vision to create more opportunities for the statewide exchange of ideas, experiences and connections. In its inaugural 2016 cohort, NC IDEA welcomed eleven partners awarding a total of $1.3 million.
EXPANDING OUR NETWORK
After the launch of NC IDEA ECOSYSTEM, there was a clear need to help facilitate access and activities to a broader group of partners across the state. NC IDEA ENGAGE grants averaging $5K or less were created to help more organizations bring together like-minded folks to celebrate entrepreneurship.
HELPING MORE ENTREPRENEURS
The Foundation pilots NC IDEA MICRO to award smaller, validation grants in the amount of $10K to companies not yet positioned for our traditional $50K NC IDEA SEED grant. Fifteen companies were awarded grants in its inaugural cycle. Today, NC IDEA MICRO remains a signature program of the Foundation.
100,000 MINDSETS
NC IDEA commits to a statewide rollout of the Ice House Entrepreneurship Program with the ambitious goal to educate 100,000 North Carolinians with an entrepreneurial mindset. In December 2018, 50 individuals from across the state graduated from the Foundation’s first Ice House Facilitator Training.
UNPRECEDENTED GATHERING
In November 2019, NC IDEA hosted the first-ever statewide Ecosystem Summit with the ambition to redefine economic development through entrepreneurship. The Summit was an unprecedented gathering of nearly 500 individuals and organizations who support, encourage and nourish NC’s entrepreneurs.
ELEVATING BLACK ENTREPRENEURSHIP
NC IDEA establishes the North Carolina Black Entrepreneurship Council (NC BEC) and awards over $360K in grants to 8 partners advancing Black entrepreneurship
