RD334 - Commonwealth Research Commercialization Fund: Advancing Technology and Economic Development in Virginia by Investing in Priority Research and Commercialization Activities Annual Report July 1, 2017 – June 30, 2018
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 FY2018. 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 FY2018 by CRCF award recipients identified early returns on the Commonwealth’s investment and include approximately $108 million in follow-on monies to support further technology advancement, more than $1 million in in-kind contributions, four new companies formed, and more than 60 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 advance toward market entry. Outcomes, as well as several project profiles, are discussed below.
In FY2018, CIT offered one solicitation, which resulted in 34 awards totaling $2.68 million and leveraging the Commonwealth’s investment with approximately $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 program was supported by a $2.8 million FY2018 General Fund appropriation. Funds available to award reflected CIT’s administrative fee and monies from grants that had not been fully expended or had been declined.