NC IDEA receives record $1.25M from Research Triangle Foundation

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by WRAL TechWire

The NC IDEA Foundation on Tuesday has received a $1.25 million commitment from the Research Triangle Foundation and immediately committed to seven grants totalling $250,000.

NC IDEA is an economic development group seeking to promote entrepreneurship across the state. The Triangle foundation oversees Research Triangle Park.

“We are grateful and inspired that the Research Triangle Foundation is joining our efforts to empower more North Carolinians to pursue their entrepreneurial ambition, particularly in underserved communities,” said Thom Ruhe, CEO of NC IDEA. “Investing in such activity statewide demonstrates that economic impact can be shared well beyond the Research Triangle Park, and is a reflection of their leadership.”

The two groups have created a partnership through which they aim to help fund NC IDEA’s ECOSYSTEM grant program and to support the NC IDEA-created North Carolina Black Entrepreneurship Council over five years. Ray Trapp, vice president of Strategic Engagement for the foundation, will join the North Carolina Black Entrepreneurship Council.

“The Foundation’s work has always been about more than the Park,” said Linda Hall, Executive Vice President and CFO for RTF. “Our mission, which has been the same since RTP’s founding in 1959, tasks us with creating economic impact for all North Carolinians. We are thrilled to have the opportunity to do so through NC IDEA’s ECOSYSTEM grant program.”

The recipients of the first grants are:

Original Source: WRAL TechWire