In 2020, NC IDEA provided about $3 million in funding to entrepreneurs across North Carolina, and it plans to distribute $3.5 million more this year, Thom Ruhe, NC IDEA's president and CEO, told Insider.
Seed grants and micro-grants of $50,000 and $10,000 are awarded directly to entrepreneurs to help them develop their product or business. Ruhe said the grants don't have to be repaid and NC IDEA doesn't receive equity in the business.
NC IDEA also provides funding to other organizations that support entrepreneurs, including universities, two-year colleges, cities, and counties. The organization prioritizes this funding based on what's needed in specific parts of the state.
Since the organization was founded in 2015, NC IDEA has provided about $15 million to companies and partners in the state and supported nearly 500 companies, Ruhe said. Recently, NC IDEA created the North Carolina Black Entrepreneurship Council to support Black entrepreneurs.
"We feel that the greatest economic impact that comes from this activity is when you marry innovation with entrepreneurship," Ruhe said.