Innovation Fund North Carolina is a statewide initiative led by Catawba Valley Community College as a Kauffman Foundation and Innovation Fund America pilot project in order to provide technology start-ups in North Carolina with the resources necessary to become thriving businesses. Innovation Fund North Carolina seeks to improve the odds of promising technologies turning into great companies that are led by extraordinary entrepreneurs.

North Carolina startups in Agricultural Technology, Advanced Manufacturing Technology, Healthcare Technology or IT/Communications can apply for either a $25,000 Proof-of-Concept grant or an Early Launch Loan (non-recourse) up to $100,000. There will be three application cycles per year. Innovation Fund North Carolina plans to award a total of up to $1.2 million during the first year.