A BILL TO BE ENTITLED
AN ACT to appropriate funds to first flight venture center for operating expenses.
Whereas, the citizens of North Carolina deserve high‑paying jobs; and
Whereas, two ways to create jobs include recruiting them and growing them through entrepreneurship; and
Whereas, entrepreneurial growth is more sustainable and accounts for the vast majority of new jobs; and
Whereas, the Research Triangle Regional Partnership, working with Professor Michael Porter of Harvard Business School, identified target industry clusters for entrepreneurial growth in the Triangle region; and
Whereas, information technology and biotechnology are target clusters; and
Whereas, there is a need for incubators to grow emergent technology companies; and
Whereas, there is a shortage of incubators in the Triangle region; and
Whereas, First Flight Venture Center has provided a supportive start‑up environment for more than 150 technology‑based companies and 500 workers since 1992; and
Whereas, the Center is now home to 23 small companies with a total of 100 employees; and
Whereas, the center has not received State funds since 2001; and
Whereas, the Center's operations cannot be sustained without at least modest assistance from the General Assembly; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to First Flight Venture Center, Inc., a nonprofit corporation, the sum of three hundred five thousand dollars ($305,000) for the 2005‑2006 fiscal year and the sum of three hundred five thousand dollars ($305,000) for the 2006‑2007 fiscal year to fill vacant positions and to market the Center to attract new technology-based companies.
SECTION 2.  This act becomes effective July 1, 2005.