RD356 - Commonwealth Research Commercialization Fund: Advancing Technology and Economic Development in Virginia by Investing in Priority Research and Commercialization Activities Annual Report July 1, 2015 – June 30, 2016
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 FY2016. The CRCF accelerates innovation and drives economic development in the Commonwealth, while solving important state, national, and international problems through technology research, development, and commercialization.
Economic outcomes reported in FY2016 by CRCF award recipients identified early returns on the Commonwealth’s investment and include $69 million in follow-on monies to support further technology advancement, $7 million in in-kind contributions, three companies formed, and eleven products or services launched. These and other outcomes, as well as several project profiles, are discussed below.
In FY2016, CIT issued one solicitation resulting in $3.4 million recommended for award in 48 projects(*1) and leveraging the Commonwealth’s investment with approximately $11.6 million in matching funds. These CRCF projects are being performed by companies, universities, and research organizations across the state and align with Virginia’s key strategic technology priorities as outlined in the Commonwealth Research and Technology Strategic Roadmap.
The $3.4 million in awards comprised of a $2.8 million FY2016 General Fund appropriation plus carryover monies from grants that had not been fully expended or had been declined.
(*1) 48 projects were selected for funding; three organizations declined their awards