RD188 - Advancing Technology and Economic Development in Virginia by Investing in Higher Education Research


Executive Summary:
In accordance with § 2.2-2233.1.E of Title 22, Chapter 22, Article 3 of the Code of Virginia, this report regarding the Commonwealth Technology Research Fund (CTRF) is respectfully submitted. The CTRF was created to attract public and private research funding for institutions of higher education, in order to increase technological and economic development in Virginia. Awards from the Fund may be made to Virginia public institutions of higher education or their associated intellectual property foundations.

The CTRF was created in the 2000 session of the General Assembly. The CTRF’s initial appropriations funded twelve projects between 2001 and 2003; the Commonwealth’s investment totaled $24.6 million. These CTRF projects were completed by June 30, 2006, and the 2006 CTRF Annual Report provides information on the awards and their outcomes. The CTRF did not receive additional funding until the FY2006 session of the General Assembly, when legislators appropriated $2M for CTRF in the FY2007 budget. The following year, the General Assembly appropriated a $1M for the CTRF, for a total of $3M in new CTRF funding. As of June 30, 2006, those monies were unspent.

To ensure that CTRF monies would most effectively drive innovation, activities in FY2007 focused on governance and operations. Key activities included 1) developing updated guidelines, 2) forming and convening a nine-member Grant Allocation Committee to hone guidelines, review proposals and make award decisions, and 3) engaging with the research community and elected officials about CTRF activities and opportunities. In addition, the Fund administrator fielded inquiries from university administrators as well as industry and university researchers, and it received twelve proposals from four universities. Because guidelines will be updated in early FY2008, award decisions were not made in FY2007. (Note: Proposals may be resubmitted, and new proposals submitted, in conjunction with the new guidelines.)

The foundation laid in FY2007 will lead to a grant solicitation issued in Fall 2007. Proposal submissions, reviews, and award decisions are planned for the fall, with award decisions made by the end of December 2007.