HD38 - Economic Development
Executive Summary: House Joint Resolution No. 132, agreed to during the 1986 Session of the General Assembly, requested that a joint subcommittee be established to conduct a two-year study on the economic development activities and needs of the Commonwealth. The Subcommittee held five meetings and public hearings subsequent to the publication of its interim report in 1987. Meetings and public hearings were held in Herndon at the Center for Innovative Technology, Newport News and Roanoke; two meetings were held in Richmond. The meetings provided the citizens of the Commonwealth a forum in which their views could be presented on the future of economic development in Virginia. It became apparent during these meetings that the state Department of Economic Development had improved many of its capabilities as a result of action taken by the 1987 Session of the General Assembly and at the direction of the Governor. The restructuring of the Department, the hiring of additional personnel, and the availability of other resources have assured increased activity on the part of the Department of Economic Development (DED). The Department has also developed a close working relationship with the Center for Innovative Technology and the community college system in Virginia. Dr. Edward M. Davis, President of the Center for Innovative Technology (CIT), and members of his staff made a presentation to the Subcommittee regarding the programs and goals of the CIT. The Subcommittee was informed that almost all of the states have CIT's or organizations with the purpose of galvanizing the technical capabilities of the state and applying them to industry. Virginia's CIT is unique in that it has a greater degree of flexibility which industry likes. CIT is also heavily connected with the university system. The mission of the Center for Innovative Technology is to enhance, mobilize and transfer science and technology resources of industry-based corporations to promote economic development in the Commonwealth. The programs of the Center for Innovative Technology pertaining to technology development, technology transfer and technology commercialization were analyzed. The technology development program enables CIT to co-sponsor research with industrial corporations at Virginia universities. The funding of research programs at state universities is proving to be valuable to industrial corporations. The research conducted at the university is expected to improve the corporation's productivity, product quality, and the utilization of the product, to create new ideas and to benefit economic development. Information regarding the research grants illustrated that industrial support has increased each year. |
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