North Carolina Offers Financial Boost for Tech Start-Ups
In a bid to enhance its status as a technology hub, North Carolina has opened applications for its One North Carolina Small Business Program, aimed at supporting innovative small businesses statewide. This initiative provides crucial funding to aid companies in transforming ideas into high-impact products or services.
North Carolina’s Commerce Secretary, Lee Lilley, emphasized the importance of this support, stating: “Supporting start-ups and creating a high-tech talent pipeline is essential to maintaining North Carolina’s economic competitiveness. By leveraging federal and private dollars, the One NC Small Business Program has generated 250X return on investment for taxpayers, created more opportunities, and built our innovation ecosystem.”
Integration with Federal Programs
The One NC Small Business Program complements federal initiatives like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, collectively referred to as America’s Seed Fund. With participation from 11 federal agencies, these programs offer $4 billion annually, serving as a primary source for early-stage technology funding across the nation.
Program Components and Financial Provisions
The program divides into two main components: Incentive Funds and Matching Funds. Incentive grants reimburse small businesses in North Carolina for expenses when preparing federal Phase I SBIR/STTR applications, with $210,000 allocated for Fiscal Year 2027. This encourages companies to vie for national funding, enhancing their applications with additional resources.
Matching Funds are available to those who have secured a federal Phase I award, and this year, $1,920,000 has been set aside to make these businesses more competitive for Phase II funding. Companies in regions severely impacted by Hurricane Helene can apply for an extra $25,000 for the second consecutive year.
Dr. Greg Coppenhaver, Interim Chair of the North Carolina Board of Science, Technology & Innovation, remarked, “De-risking early-stage technology development can positively influence private investment. It is important for the state to foster the entrepreneurial culture and support these home-grown businesses with high-growth potential.”
Program Administration and Legacy
The One North Carolina Small Business Program is facilitated by the North Carolina Department of Commerce’s Office of Science, Technology & Innovation for the North Carolina Board of Science, Technology & Innovation. Active since 2006, the program has supported over 500 companies, leading to the creation of 2,000 jobs and generating more than $8.6 billion in subsequent funding.
Applications will be accepted until June 30, 2027, or until the allocation for the 2026-2027 fiscal year is depleted. Interested businesses can find comprehensive information, including eligibility requirements and an online application portal, on The Program webpage. Inquiries should be directed to Chris Schmidt at chris.schmidt@commerce.nc.gov.
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