McCrory Signs Legislation to Encourage Innovation and Entrepreneurship

RALEIGH, N.C. -- Governor Pat McCrory was recently joined by entrepreneurs, educators and elected officials as he signed legislation to promote crowdfunding in North Carolina at a local start-up on the Centennial Campus at North Carolina State University. Senate Bill 481 allows entrepreneurs, start-ups and small businesses in the state to raise up to $2 million in capital through small increments from non-accredited investors. This legislation helps level the playing field for small businesses that do not have access to big banks or venture capital firms and is a critical funding source for small businesses which employ 80 percent of North Carolina’s workforce.

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“Crowdfunding will further strengthen North Carolina’s position as one of the top states for access to capital, technology and innovation in the country,” said Governor McCrory. “As the competition continues to get tougher, this bill will help us encourage the next generation of entrepreneurs and innovators right here in North Carolina.”

A North Carolina start-up, WebAssign, served as the backdrop of the bill signing event. WebAssign originally launched in 1997 as a project of North Carolina State University and now serves more than 1 million students at over 2,600 educational institutions making it the leading independent provider of online instructional tools for faculty and students.

Just last month, North Carolina was named the No. 5 Top State for Business by CNBC and ranked second in the nation in access to capital. The report cited access to capital, workforce quality and technology and innovation as key drivers of North Carolina’s ranking.

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