RD205 - The Commonwealth Technology Research Fund: Advancing Technology and Economic Development in Virginia by Investing in Higher Education Research Annual Report July 1, 2008 - June 30, 2009


Executive Summary:
In accordance with Section 2.2-2233.1 E of the Code of Virginia, this report regarding the Commonwealth Technology Research Fund (CTRF) in FY2009 is respectfully submitted. In the 2009 Session of the General Assembly, the CTRF was renamed the Commonwealth Research Commercialization Fund (CRCF). For the purposes of this report, the name in effect in FY 2009 will be used.

The CTRF was created in the 2000 Session of the General Assembly 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 could be made to Virginia public institutions of higher education or their associated intellectual property foundations.

This report addresses the FY 2009 progress of the six awards made in FY 2008 and a program created in FY 2009 known as the Virginia Innovation Partnership.

In FY 2008, the Fund invested $1,845,178 in six projects at four universities: Eastern Virginia Medical School (EVMS), George Mason University (GMU), the University of Virginia (U.Va.), and Virginia Tech (VT). The projects involve research in the disciplines of information technology, life sciences, modeling and simulation and nanoelectronics. A Table of Grants is provided in Appendix B. In addition a summary of each report is provided below, and the FY 2009 report for each project is on file with the Fund Administrator.

The Virginia Innovation Partnership (VIP) program was created following discussions between then Secretary of Technology Aneesh Chopra and representatives of Virginia universities serving on the Virginia Research & Technology Commission (VRTAC). Their shared goal was to develop a program to selectively move promising university technologies closer to commercialization in order to interest potential licensees or investors. In April 2009, the Virginia Innovation Partnership solicitation was issued. The academic research community submitted proposals in May, and the proposal review process commenced in June. As of June 30, the review process remained underway. One award was made to the University of Virginia for administration of the VIP review process.

Funds available at the close of FY 2009 totaled $747,772. This reflected the unspent balance of the appropriation, and $287,054 returned from Virginia Tech because its IALR / Corning project terminated early.