RD262 - Center for Innovative Technology (CIT) Operating Plan - Fiscal Year 2020
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 continued our transition in FY18, FY19 and achieved much, as well as positioned CIT for a more impactful role in spurring Virginia’s economic growth and diversification in FY20 and beyond.
CIT will execute the FY20 plan within the context of the Northam’s Administration strategic planning and consolidation effort of the Commonwealth’s innovation, entrepreneurship and university commercialization organizations, programs and funding. CIT will support the work led by Deputy Secretary Demeria to create the new Commonwealth vision, strategy and proposed legislation as well as build Commonwealth-wide support for that work. While supporting the Administration’s work, CIT also must diligently execute the programs approved in Virginia’s FY20 budget and captured in the FY20 Operating Plan. We must approach execution of our plan and budget with the same enthusiasm, energy and transparency as with past plans.
In FY20, CIT will
• Accelerate our pace of partnership formation in new technology and entrepreneurship areas critical to Virginia, e.g., Smart Communities, Autonomous Systems, Cyber Physical Systems and enhance our reputation as an innovation commercialization leader.
• Continue to expand our engagement with every region of the Commonwealth and with underserved populations through greater outreach of our core programs such as CIT GAP (Growth Acceleration Program) Funds, CIT Broadband, and the Commonwealth Research Commercialization Fund as well as the Virginia Founders Fund, to accelerate new company formation, research, technology commercialization, and job growth.
• Continue to collaborate with our internationally recognized MACH37 Cyber Accelerator now operating under a long-term agreement with private funds through our partner VentureScope.
• Create Autonomous System-driven economic opportunities in Virginia through the Unmanned Systems Center of Excellence and collaborations with partners such as Virginia Tech, Old Dominion University, NASA, and Virginia’s Unmanned Systems Industry Association
• Continue to increase CIT’s outreach to corporations, 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.
• Enhance Virginia broadband expansion efforts by assisting localities in broadband planning, creating and maintaining broadband tools and resources, and supporting the Commonwealth’s Chief Broadband Advisor, the Broadband Advisory Council, and GO Virginia
• Expand our 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 communications, outreach, and branding to highlight our mission and engagement for the benefit of all Virginia.
FY20 promises new opportunities to help grow and diversify Virginia’s economy. It builds on the progress we made as an organization in FY19.
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 $500M in follow on investment for CRCF awardees since 2015.
• Provided critical early stage funding to more than 200 startups in all regions of the Commonwealth since 2004 (GAP Funds).
• Since 2004, has leveraged more than $800M dollars of private funding – largely from sources outside of Virginia – into CIT GAP Funds portfolio companies.
• Helped launch 64 new cyber companies over the last 6 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, statewide broadband demand campaign which collected responses from residents and businesses from 129 Virginia localities.
• Built on FY18/FY19 successes to continue implementing State Action Plans for Smart Communities.
• Continued Smart Communities and Broadband initiatives focused on delivering Government services more efficiently, closing the digital divide hampering economic growth for rural and agricultural areas of the Commonwealth, creating global business opportunities, and helping make Virginia a place that the next generation workforce can work, live, and thrive.
• Established the Virginia Unmanned Systems Center at CIT to champion the expansion of this important industry in the Commonwealth. The Center focuses on creating UMS-driven economic opportunities for businesses and the integration of UMS strategies in Virginia's state and local government agencies.
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 FY20 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.