RD221 - The Commonwealth Research Commercialization Fund: Advancing Technology and Economic Development in Virginia by Investing in Higher Education Research Annual Report July 1, 2010 – June 30, 2011


Executive Summary:
In accordance with Code of Virginia Sections 2.2-2233.1 G and 2.2-2221 (18), and on behalf of the Innovation and Entrepreneurship Investment Authority, the Center for Innovative Technology (CIT) respectfully submits this report regarding the performance of the Commonwealth Research Commercialization Fund (CRCF) in FY2011. Separately, and in accordance with Code Section 2.2-2221.2 D, CIT will submit the Commonwealth Research and Technology Strategic Roadmap, which discusses research, development and commercialization initiatives and opportunities in the Commonwealth.

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 projects discussed below aligned with programs established in legislation at that time. The CTRF was renamed in the 2009 Session of the General Assembly to the Commonwealth Research Commercialization Fund. At that time its goals were oriented more strongly towards commercialization.

This report addresses the two CTRF FY2008 awards that remained active in FY2011: 1) The Development of BioEclipse, the First Biologically Optimized Treatment Planning System for Proton Radiotherapy, Eastern Virginia Medical School (EVMS), and 2) A Center for Community Security and Resilience, Virginia Tech.

Both projects were completed in FY2011. The annual and final reports for each project are on file with the Fund Administrator, and the Table of Grants provided in Appendix A identifies both awards discussed in this report. Completion of these projects closes out CTRF expenses; $1,277.17 remained unspent and available to the Fund.

This report also discusses planning that took place in FY2011 in order to issue FY2012 solicitations. Although the original FY2011 and FY2012 budgets did not include CRCF appropriations, $6 million was appropriated for CRCF during the 2011 Session of the General Assembly.