RALEIGH – North Carolina Republicans will provide a lot less funding for NCInnovation than originally planned, WRAL News reports.

The proposal in the emerging state budget calls for $500 million, split over two years, to fund NCInnovation, an attempt to boost economic development around state universities by helping researchers turn ideas and discoveries into successful businesses. The influential group behind the idea had asked for a $1.4 billion endowment, and the group’s chief executive called that the “minimally acceptable amount,” but that proved too big an ask for many lawmakers.

“We all realize this is an opportunity for a great project with great business leaders to try to recruit and keep the intellectual property that is developed in North Carolina,” House Speaker Tim Moore said.

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