The NC Innovation Council has hired an executive director to oversee its regulatory sandbox program designed for financial and insurance companies.
Victoria Avramovic serves as the group's first leader. She is based in Charlotte. Her role includes managing daily operations of the organization, such as overseeing budgetary and financial activities and planning and coordination with state agencies. She will also engage with potential sandbox applicants.
Avramovic told CBJ she's held various roles serving as a bridge between the public and private sector. She helped those sectors navigate the policies, practices and funding needs to develop affordable housing, bring industry specific workforce training programs online and manage public private partnerships for redevelopment projects in rural areas.
"This role allows me to continue to work in the crossroads of government and industry for an effort that has the potential to put our state at the forefront of incubating innovation and giving way to breaking ground on bringing forward updated regulations that align with the pace of innovation," she said on her new position as the council's executive director.
In February, the organization also appointed Doug Hague, UNC Charlotte's executive director of the School of Data Science, to serve as chair. Agnes Gambill-West, an associate professor at Appalachian State University, was brought on as vice chair. They are both based in the Charlotte region.
Other members include Tariq Bokhari, Charlotte City Council member and leader of the Carolina Fintech Hub; government regulators appointed by Gov. Roy Cooper; and experts in finance and technology.
The regulatory sandbox allows business owners to apply for an interim exemption from the NC Innovation Council for ideas typically blocked by state regulations. The site launched late in 2022, following a year of work on the platform after legislation establishing the regulatory sandbox was passed in October 2021.
The council will begin accepting applications in late fall as the council and Avramovic finalize guidelines for the submission process, she said. Companies can apply for the program on the council's website, innovation.nc.gov. Approved applicants will have access to the sandbox for two years and will be under guidance from the council. That's even if businesses may not meet current banking or insurance regulations.
Avramovic said North Carolina has the opportunity to become a "powerhouse for fintech and insurtech." That's as North Carolina is home to the nation's second-largest banking hub, business friendly environments and a growing blockchain industry. North Carolina is also among 14 states to have launched a regulatory sandbox, according to a report by the Institute for Reforming Government.
However, the state's current innovation growth is happening within existing regulatory frameworks. And those rules are prohibiting the acceleration of innovation in North Carolina, Avramovic said.
"Imagine, the potential of untapped innovations North Carolina could potentially help bring to market through sandbox activities," she said.
The council is working to ensure businesses have safe operations of their products and services. Avramovic said it is also aims to recognize regulations that may need to be modernized as innovation across the state advances.
She added, "We hope the program becomes a widely used resource that ultimately boosts the state’s economic development by helping innovators and businesses create new products and services that will lead to increased jobs for North Carolinians that fosters generational economic prosperity."
