RD199 - Center for Innovative Technology Fiscal Year 2018 Operating Plan
Since 1985, the Center for Innovative Technology (CIT), a not-for-profit corporation, has been the Commonwealth’s primary agent for accelerating innovation, technology company formation, and entrepreneurship. Our FY17 Operating Plan represented 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. We achieved much in FY17 and will continue the transformation in FY18, positioning CIT for a more impactful role in spurring Virginia’s economic growth and diversification in FY19 and FY20.
In FY18, CIT will
• Accelerate our pace of joint venture partnership formation in new technology and entrepreneurship areas critical to Virginia, e.g., Smart Communities, Autonomous Systems and enhance our reputation as an innovation commercialization leader.
• Expand our engagement with every region of the Commonwealth, with underserved populations and expand the outreach of our core programs such as Growth Accelerator Program (GAP) Funds to accelerate new company formation and job growth.
• Operate our internationally recognized MACH37 Cyber Accelerator on private funds, fulfilling our commitment to the Commonwealth.
• Increase CIT’s outreach to universities, incubators, and accelerators to create a collaborative network to better identify and fund innovators and entrepreneurs.
• Engage deeply with other components of Virginia economic development including the Virginia Research Investment Committee (VRIC), Virginia Economic Development Partnership (VEDP), GO Virginia, etc. to craft complementary and consistent strategies, policies and programs.
• Complete the transition to Strategic Initiatives with a focus on federal and private innovation funding and projects that provide a leadership, reputational and/or financial benefit to Virginia.
• Continue to closely manage our funding and position the company for additional funding in the future in order to increase our impact for Virginia.
• Recast our branding to highlight our mission for the benefit of all Virginia.
FY18 promises new opportunities to help grow and diversify Virginia’s economy. It builds on the progress we made as an organization in FY17.
With this operating model CIT has provided substantial return on investment for the Commonwealth. For example, CIT’s research commercialization, investments, acceleration and innovation assimilation initiatives have:
• Attracted more than $100M in follow on investment over 2 years (CRCF).
• Scaled 177 startups in all regions of the Commonwealth since 2004 (GAP Funds).
• Since 2004, leveraged one-half billion dollars of private funding – largely from sources outside of Virginia – into CIT GAP Funds portfolio companies.
• Created 46 new cyber companies over the last 3 years (MACH37).
• Helped secure $127 million in Small Business Innovative Research and Small Business Technology Transfer (SBIR/STTR) federal research in a single year for researchers, innovators and entrepreneurs in the Commonwealth.
• Completed the first ever, state-wide broadband demand campaign which collected responses from residents and businesses from 129 Virginia localities.
• Launched the Smart City Works Actuator program, the world’s first business accelerator focused exclusively on infrastructure and the built environment.
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 FY18 on accelerating new economic opportunities, adding to the projection of new high technology company and 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 Virginia economy and strengthen the CIT brand.