RD348 - Commonwealth Research Commercialization Fund: Advancing Technology and Economic Development in Virginia by Investing in Priority Research and Commercialization Activities Annual Report July 1, 2016 – June 30, 2017
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 FY2017. 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 FY2017 by CRCF award recipients identified early returns on the Commonwealth’s investment and include nearly $100 million in follow-on monies to support further technology advancement, more than $5 million in in-kind contributions, two new companies formed, and more than 25 products or services launched. In support of the Fund’s goal to commercialize high-potential technology, annual outcomes reported by awardees often reflect the maturation and evolution of an organization and its technology as they journey down the path toward market entry. Outcomes, as well as several project profiles, are discussed below.
In FY2017, CIT offered one solicitation, which resulted in 40 awards1 totaling $2.7 million and leveraging the Commonwealth’s investment with approximately $7 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 program was supported by a $2.8 million FY2017 General Fund appropriation. Funds available for awards and CIT’s administrative fee reflected a $200,018 reduction from the state’s required savings strategy. The reduction was offset in part by carryover monies from grants that had not been fully expended or had been declined.