Economy of the Future

A generation ago, North Carolina's leaders realized that our state would have to revolutionize its economy to compete in what was then the emerging global economy. North Carolina built the Research Triangle Park to attract some of the world's most innovative companies. Our state invested heavily in all levels of public education, lifting up rural and urban elementary schools across North Carolina, consolidating and strengthening an already powerful university system, and building one of the strongest community college systems in America.

Today North Carolina's economy bears little resemblance to the furniture, textile, and tobacco economy of the post-World War II era. From banking to biotech to information technology, a new North Carolina economy emerged.

Our state is on the threshold of another economic revolution, one based this time on a wave of completely new developments. Alternative energy, clean and green technologies, new materials, bioengineering, advanced medical technologies, climate change: they all hold the promise of delivering high-paying jobs to the states that can foster the growth of profitable businesses in these fields and others.

I've spent my legal career helping start-up companies get off the ground. Helping large companies restructure and combine and grow. Helping local governments put in place the infrastructure to attract new businesses and new jobs. In today's brutal economy, and with revolutionary economic possibilities ahead for our state, my life's work helping innovators succeed is exactly the leadership experience North Carolina needs now.

Here is my plan for fostering innovation today to create North Carolina's economy of the future:

New Research & Development Tax Credit

Our country's manufacturing sector has been hard hit by global economic changes, but there is hope for recovery if we take bold steps now. If our manufacturing companies step up the pace of their advanced research and development, they can create more jobs here at home and sell more highquality, cutting-edge products to the rest of the world.

I propose a new Research and Development Tax Credit for manufacturing companies that produce 50% or more of their output here in the United States. This new policy will reward North Carolina companies that invest in innovation and keep jobs in our state.

Tech Transfer and Entrepreneurship at Universities

Our universities are one of the greatest assets in North Carolina. Not only do these institutions educate our future workforce, they also bring in significant research funding. That funding leads to the creation of entrepreneurial spin-off companies that generate many good jobs in our state.

I support policies to make that technology transfer process easier, by increasing federal funding for university research and development and expanding university-based business incubators and venture capital funds across the state.

Socially Responsible Companies in NC

I believe the next economic boom will be powered in significant part by socially responsible companies that perform well financially and are also responsible stakeholders in their communities, treating their employees well and protecting the planet. As these "triple bottom line" companies (profits, people, planet) look for corporate homes around the world, North Carolina can successfully compete for thousands of good new jobs by making its business environment friendlier to firms committed to the triple bottom line.

I propose providing Sustainability Tax Credits for North Carolina firms that commit to, and achieve, triple bottom line milestones, such as reducing carbon emissions by a specified amount, increasing charitable giving in North Carolina, and adopting sustainable environmental management systems such as ISO 14000.