Charlotte Appoints Victoria Avramovic as Leader of New Innovation Council’s Regulatory Sandbox Program

Charlotte Unveils New Innovation Council Leader for Financial Sector

Charlotte, a city buzzing with financial and technological growth, is making headlines as it welcomes Victoria Avramovic as the first executive director of the newly formed NC Innovation Council’s regulatory sandbox program. This innovative initiative is specifically designed to help financial and insurance companies navigate regulatory challenges, opening doors to fresh ideas and new opportunities.

A Vision for the Future

Avramovic, who is based in Charlotte, isn’t new to the intersection of public and private sectors. With a rich background that includes facilitating projects for affordable housing and industry-specific workforce training, she is set to manage daily operations for the council. Her responsibilities will include overseeing the budget, coordinating with state agencies, and, most importantly, engaging with potential applicants for the sandbox program.

In her own words, Avramovic expressed her excitement: “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.” Her enthusiasm reflects a vision to harmonize updated regulations with the dynamic pace of innovation, which is crucial for both businesses and consumers alike.

Meet the Leadership Team

The innovation council isn’t just a one-woman show. It recently appointed Doug Hague, the executive director of the School of Data Science at UNC Charlotte, as its chair, while Agnes Gambill-West, an associate professor at Appalachian State University, takes on the role of vice chair. This team, along with other members like Charlotte City Council member Tariq Bokhari, aims to create an impactful environment for innovation.

Understanding the Sandbox Program

So, what exactly is a regulatory sandbox? It’s a groundbreaking opportunity for business owners in North Carolina to apply for temporary exemptions from state regulations that may usually hinder innovative ideas. Launched late last year, the sandbox has already started generating buzz. With the council developing guidelines for the application process, they anticipate accepting submissions by late fall.

This program has been in the making since legislation was passed in October 2021, emphasizing the council’s commitment to encouraging innovation in the state. Companies accepted into the program can have access to resources and guidance tailored to their unique innovations for a two-year period.

The Economic Potential of Innovation

According to Avramovic, North Carolina stands poised to become a powerhouse in the fintech and insurtech sectors. With the state hosting the second-largest banking hub in the nation and an increasingly friendly environment for businesses coupled with a growing blockchain industry, the potential for growth is immense.

However, Avramovic also pointed out that many existing regulations are like speed bumps on the highway of innovation. “Imagine the potential of untapped innovations North Carolina could bring to market through sandbox activities,” she remarked. The excitement in her voice is contagious as she describes the program as a vital resource aimed at boosting economic development, generating new job opportunities, and securing a prosperous future for North Carolinians.

Looking Ahead

As the NC Innovation Council prepares to kick off its regulatory sandbox initiative, the excitement is palpable. With leaders at the helm who understand the value of collaboration between the public and private sectors, the stage is set for innovation to flourish in North Carolina. The hope is that the council will help catalyze a wave of fresh ideas, modernized regulations, and enduring economic prosperity for the state.

Stay tuned as we continue to track the progress of this exciting new development in Charlotte and beyond!