RD200 - The Commonwealth Research Commercialization Fund: Advancing Technology and Economic Development in Virginia by Investing in Higher Education Research Annual Report July 1, 2009 - June 30, 2010


Executive Summary:
In accordance with Section 2.2-2233.1 E of the Code of Virginia, the Center for Innovative Technology (CIT) respectfully submits this report regarding the performance of the Commonwealth Research Commercialization Fund (CRCF) in FY 2010.

The predecessor of CRCF, the Commonwealth Technology Research Fund (CTRF), was created in the 2000 Session of the General Assembly. Its purpose was 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. The CTRF was renamed in the 2009 Session of the General Assembly to the Commonwealth Research Commercialization Fund (CRCF). At that time its goals were oriented more strongly towards commercialization.

This report addresses FY 2010 progress of the four awards made in FY 2008 that remained active; the Virginia Innovation Partnership program, created in FY 2009; and an award made in FY 2010 using remaining funds from an FY 2008 award that was terminated early. The FY 2010 report for each project is on file with the Fund Administrator, and the Table of Grants provided in Appendix A identifies all awards discussed in this report as well as the two FY 2008 awards that concluded prior to FY 2010.

As of this writing, no monies are in place for new awards. The $1 million for CRCF in the FY 2010 budget was withdrawn during budget shortfall actions, and the FY 2011 and FY 2012 budgets do not include CRCF appropriations.