RD371 - Virginia Biotechnology Research Partnership Authority, A Component Unit of the Commonwealth of Virginia, Annual Financial Report for the Fiscal Year Ended June 30, 2014


Executive Summary:
Big changes are happening at the Virginia Biotechnology Research Park. During the 2014 fiscal year, the Research Park experienced a transition between Executive Directors and a new strategic vision for the Park was developed and approved.

Like any business, in order to remain relevant and competitive, the Virginia Biotechnology Research Park must also evolve and innovate by fostering a knowledge-based community adaptive to the needs of today. We are strengthening our partnerships at the local and state level –both in the public and private sector, better utilizing the resources and talent within our scientific community, in order to move forward with our new strategic vision. With the adoption of the new strategic vision in June, we are poised to reposition and rebrand the Park as a core place component of a comprehensive regional innovation system. This new vision is paramount for the future of our innovation district and economic growth at large.

We are turning our attention to the process - not the place - through infrastructure for entrepreneurial, innovation and commercialization success. We can achieve this by taking the following steps:

• Integrating the present Research Park site with its adjacent context - defining the place as a larger, integrated, coordinated district forming a knowledge-based community;

• Developing a framework of strategic goals and associated metrics evaluating progress and accomplishments in innovation;

• Bolstering activity and support of all components within the regional strengths of the innovative and advanced technologies of the ecosystem including life sciences;

• Opening of a shared lab facility that will be utilized by scientists and Research Park companies, encouraging collaboration;

• Contributing to the reinvigoration of the community by sponsoring and participating in events that highlight and improve the Richmond region at large; and

• Supporting the formation of an organized regional innovation council to bolster the innovation ecosystem in a concerted, collaborative framework.

Additionally, the evolution of the Corporation Board into an innovation council with a regional focus will bring together stakeholders from across the region. A new Richmond regional innovation council will better define representation to reflect the innovation ecosystem stakeholders - maintaining the current state, local and university-led representation – allowing for the fulfillment of its original charge of educational and scientific purposes.

Future success of the Research Park will be through an evolution of our activity and business model to maintain and increase our relevancy and our impact, so our application can be more than imagined. The Virginia Biotechnology Research Park is the catalyst for the life sciences component of the ecosystem with assets and the entrepreneurial infrastructure we are building. Revolutionary effort will be the transformational change to defining the destiny of the Research Park. The opportunity is ours.

Regards,

/s/Carrie Roth
Executive Director
Virginia Biotechnology Research Partnership Authority