Bennet Waters , the chief executive officer and president of North Carolina state-backed commercialisation nonprofit NCInnovation, is preparing to leave the organisation.
NCInnovation is a public-private partnership that aims to accelerate commercialisation activities at North Carolina’s public research institutions.
It is backed by a $500 million commitment from the state and $25 million in philanthropic donations. It uses the money for grant funding, mentoring, and support services to move inventions from the lab to the market.
Waters revealed his decision to leave in an interview with local news outlet WRAL, saying that while NCInnovation had been doing great work, it had also faced the challenge of being the first of its kind in the US.
Waters, who was a top aide at the US Department of Homeland Security from 2005 to 2009, said he had been approached with job offers in the federal government last year but turned them down because NCInnovation was still in the process of ramping up operations and undergoing an audit.
He did, however, discuss a succession plan with colleagues at the time.
And while Waters denied the current political turmoil had any impact on the timing of his decision, it is worth noting that some Republican lawmakers in the state want to sever ties with NCInnovation and have introduced a bill to take back the $500 million that was allocated in 2023.
Waters, who has led NCInnovation since April 2022, played an instrumental role in securing that commitment from the state government. Without the public funding, NCInnovation would face an uncertain future, although it is unclear whether the bill would be able to pass both houses.
Internal struggles add to political woes
There have also been internal struggles at NCInnovation, according to an earlier report by WRAL.
Board director Art Pope accused the organisation of a range of issues, costing NCInnovation $1 million for an internal investigation that found his claims to be unsubstantiated, apart from one, which had been resolved before Pope filed his complaint.
Four complaints lodged against Pope by Waters, on the other hand, were revealed to be well-founded.
Waters stated that he had no target date in mind for handing over the reins at NCInnovation, but that he could step aside within a few months.