S649 - North Carolina Venture Fund Summary

• Establishes the North Carolina Technology Development Investment Program to provide early-stage, evergreen venture capital funding for technology-based businesses located in or substantially impacting North Carolina.

• Creates the North Carolina Technology Development Corporation located within the Department of Commerce, governed by a 15-member Board of Directors appointed by the Governor, General Assembly, and Secretary of Commerce.

• Establishes the Startup Capital Enterprise Fund allocating 67% of funds to certified venture firms and 33% to direct corporate investments, with venture firms required to match state investments dollar-for-dollar in qualified businesses within three years.

• Defines qualified businesses as technology-based companies with 250 or fewer employees, principal operations in North Carolina or substantial state economic impact, excluding retail, real estate, banking, insurance, and professional services.

• Requires annual reporting to the General Assembly on investments, jobs created, employee counts, venture firm details, and impact on qualified minority and women-owned businesses, with funding intended from American Rescue Plan Act of 2021 resources.