RD277 - Commonwealth Research Commercialization Fund: Advancing Technology and Economic Development in Virginia by Investing in Priority Research and Commercialization Activities Annual Report July 1, 2014 – June 30, 2015

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 (IEIA), the Center for Innovative Technology (CIT) respectfully submits this report regarding the performance of the Commonwealth Research Commercialization Fund (CRCF) in FY2015. The CRCF accelerates innovation and company formation in the Commonwealth, while solving important state, national, and international problems through technology research, development, and commercialization.

In FY2015, CIT issued one solicitation resulting in $2.8 million invested in 38 projects(*1) and leveraging the Commonwealth’s investment with approximately $5.6 million in matching funds. These CRCF projects are being performed by companies, universities, and research institutes across the state and align with Virginia’s key strategic technology priorities as outlined in the Commonwealth Research and Technology Strategic Roadmap.

$2.3 million was made available to CRCF for FY2015 for the purpose of advancing science- and technology-based R&D and commercialization activities to drive economic growth in Virginia. CRCF’s funding capabilities were expanded by an additional $2.4 million as a result of carryover monies and grants that had not been fully expended or had been declined.
(*1) 38 projects were selected for funding; three organizations declined their awards