RD214 - Center for Innovative Technology (CIT) Operating Plan - Fiscal Year 2017
Since 1985, the Center for Innovative Technology (CIT), a not-for-profit corporation, has been the Commonwealth's primary agent for accelerating innovation, technology, technology company formation, and entrepreneurship. FY'17 represents the start of a transformation period for CIT that enhances our role as that agent for innovation based economic growth for the benefit of Virginia. In this fiscal year, CIT will:
• Accelerate our pace of joint venture partnership formation in new technology and entrepreneurship areas critical to Virginia and enhance its reputation as an innovation leader
• Expand the outreach of our core programs such as GAP Funds to more regions of the Commonwealth to accelerate new company formation and job growth
• Privatize our internationally recognized MACH37 accelerator, increasing its ability to launch companies and support the Commonwealth's goal as the Capital of Cyber Security
• Increase CIT's outreach to business, universities and organizations of all sizes to bring them into our innovation ecosystem and expand our benefits to more stakeholders
• Rebuild our financial assets to increase CIT's ability to invest in more programs of value to our stakeholders and the Commonwealth in the future
The FY'17 Operating Plan describes the six corporate objectives that advance the innovation and economic development agenda of the Commonwealth and CIT. The objectives also provide the framework for the activities and success measurements of CIT's service lines and strategic initiatives. The five primary service lines- Entrepreneur, R&D, MACH37 Cyber Accelerator, Connect and Broadband - as well as other strategic initiatives, leverage public and private expertise and financial resources to create innovation-based economic opportunities.
With this operating model CIT has provided substantial return on investment for the Commonwealth. For example, CIT's targeted research commercialization, investments, acceleration and innovation assimilation consulting have:
• Produced 150 new or pending patents and licenses over 3 years (CRCF)
• Scaled 140 startups in all regions of the Commonwealth since 2004 (GAP Funds)
• Created 35 new cyber companies over the last 3 years (MACH37)
• Helped secure $83 million in federal research (SBIR/STTR) in a single year for researchers, innovators and entrepreneurs in the Commonwealth
• Supported 70 localities and 13 regions in underserved areas with developing broadband strategies and preparing action plans for implementation of broadband service in the past year
• Designed and managed a ground-breaking federal partnership that used accelerators to find innovative wearable technologies for first responders in the past year
• Designed and built a comprehensive data analytics system to strengthen student and school performance affecting over 1 million Virginia primary and secondary students over the last 2 years
Finally, CIT's strong performance and that of the companies and innovators it propelled is producing excellent economic results and new innovations today, and projects the creation of up to 9,000 new high technology jobs over the next five years.
CIT remains focused in FY'17 on accelerating new economic opportunities, adding to the projection of new high technology job creation, enhancing its reputation as a thought leader and partner in innovation and entrepreneurship, strengthening our financial asset base, and attracting and retaining passionate people to the CIT mission. Achieving these objectives will create benefits all across the Commonwealth and plant even more seeds to grow the New Virginia Economy and strengthen the CIT brand.