Bank of America Triangle Innovation Summit Recap (Part 1/2)
Economic outlooks, AI transformation, and investor insights shaping the Carolinas startup scene
The Triangle Innovation Summit
Last week, Bank of America hosted the Triangle Innovation Summit at the Spark Campus in Morrisville, gathering founders, investors, and ecosystem leaders from across North Carolina to explore the region’s innovation landscape.
The half-day event combined economic briefings, founder pitches, and panel discussions on AI, venture markets, and innovation strategy, all focused on one big question:
How do we keep the Carolinas at the forefront of the next wave of growth?
Photos courtesy of Jim Roberts, thank you for capturing the event!
Thanks to our sponsors for sponsoring this post:
Bank of America – BofA’s Transformative Technology Group helps game-changing tech businesses and founders realize their boldest ambitions across a wide range of technology sectors. With hands-on support, world-class resources, and an extensive network – BofA provides the stability and scalability that tech companies need to rapidly grow today and into the future.
Robinson Bradshaw - A full-service business law firm with a passion for supporting the Triangle entrepreneurial ecosystem. Learn more about Robinson Bradshaw’s startups and venture capital practice here.
EisnerAmper (formerly HPG) - One of the world’s largest business consulting firms, with a dedicated technology practice offering outsourcing, accounting, tax, and advisory services. Our experienced professionals serve more than 2,000 technology companies, from early-stage startups to public enterprises. Discover how EisnerAmper’s stage-specific solutions and industry expertise can help you achieve your milestones whether startup, international expansion, M&A, or IPO: eisneramper.com/tech.
Lithios Apps - Lithios Apps is a Triangle-based software design and development studio that builds custom mobile and web applications focused on quality and user experience. We help founders and teams bring products to life that drive growth, engage customers, and stand out in competitive markets. We’ve worked side by side with clients whose products have gone on to earn millions in follow-on funding.
ExtensisHR - As a Professional Employer Organization (PEO), ExtensisHR empowers tech founders and growing businesses to scale smarter. We take HR administration off your plate—managing payroll, recruiting, employee benefits and retirement plans, compliance, risk, and more—so you can focus on innovation. For over 25 years we’ve leveraged a people-first approach, customer-centric mindset, and deep industry expertise to ensure employers have the tools needed to stay competitive in today’s market.
Whitley Recruiting Partners - Whitley Recruiting Partners specializes in recruiting top tech talent for growth-stage startups in the Triangle. We target industry-specific, entrepreneurial employees who drive immediate results through a fast, accurate, and scalable recruiting process. Special offer for Tweener Times subscribers: Free survey of available local talent for one of your openings.
Economic & Market Outlook: Magda Heinrich, Bank of America
Magda Heinrich (Bank of America) delivered a crisp market snapshot that underscored the dual story of 2024: strong performance and rising caution.
Markets up big: S&P +12%, Nasdaq +15%, a 33% rally since April lows.
Retail investors are back: They’ve been net buyers almost every day since “Liberation Day.”
AI dominance: Tech giants and Nvidia’s $5T valuation continue to lead market gains.
Softening labor market: Slowest job creation since 2011; a key watch area.
IPO rebound: 200+ IPOs since May with strong returns, especially in AI, fintech, and semiconductors.
Heinrich’s takeaway: AI is no longer a single-sector phenomenon, it’s a market driver.
Photos courtesy of Jim Roberts, thank you for capturing the event!
Private Market Valuations: Investor Panel
Shawn Hoyer (Bank of America), Gene Riechers (Sands Capital), David Spitz (Vista Equity Partners), Mahati Sridhar (Revolution Capital) investor panel dove deep into capital dynamics shaping today’s private markets.
VC concentration: 52% of all VC funding now flows to just nine firms, pushing founders toward regional and early-stage capital efficiency.
Fund mechanics: Institutional investors’ minimum check sizes ($30M+) and portfolio limits are creating artificial valuation floors for IPO-ready companies.
AI’s effect: Every company now mentions AI, and companies must leverage its use. But, defensibility matters more than implementation. “Easy to add means easy to rip out,” one panelist noted.
New metrics like the Rule of 60 (instead of the rule of 40) are redefining performance expectations as AI makes companies more productive. Long-term defensibility now comes from owning unique, high-quality data, not just technology.
Revenue Growth % + Profit Margin % ≥ 40
↓
Revenue Growth % + Profit Margin % ≥ 60
Above, I pulled a graph from Tony Fedorov’s article explaining the rule of 40. While it’s dated, I’ve added this new rule of 60 line to show what we mean.
Also, Mahati slipped in “Tweener” while answering a question, don’t think we didn’t notice 😉
Founder Lessons and Funding Insights
This panel closed with timeless, practical advice from the investor panel and a candid look at what separates resilient founders from the rest.
Mahati shared how her team evaluates early-stage startups outside major hubs like Raleigh, Pittsburgh, and Atlanta:
Capital efficiency and scrappiness are key. Founders who build more with less.
Curiosity, coachability, and perseverance matter as much as market traction.
AI as leverage: Even non–AI companies should use AI to improve operations and insight.
Clear expectations: A $3M seed round should be capable of driving toward $5–10M in revenue before the next raise.
Long-term alignment: With typical hold times of 8+ years, personality fit is as critical as performance.
Across the panel, investors agreed on several universal truths:
What they want: curiosity, domain expertise, and capital efficiency.
What they avoid: tech-first founders without market fluency.
Relationship reality: average partnership lasts eight years, “longer than most marriages.”
Fundraising cycles: timing matters. Smart founders raise when “the ducks are quacking.”
As Gene put it best:
“Constraint breeds focus. Abundance breeds distraction.”
Key Takeaway from Part 1
The first half of the Summit painted a clear picture, AI and capital discipline are reshaping every part of the innovation economy. For the Carolinas, that means doubling down on community connectivity and regional strength as the global market resets.
Next up in Part 2: the rise of Chief Automation Officers, organizational AI enablement, and how leading Triangle companies are keeping their innovation edge.