RD386 - Center for Innovative Technology FY2019 Annual Report

Executive Summary:

The Center for Innovative Technology (CIT) is Virginia’s leading resource for innovation-based economic growth strategies and programs. CIT creates technology-based economic development strategies to accelerate innovation, imagination and the next generation of technology and technology companies at the earliest stages of the Innovation Continuum – commercialization and seed funding – as it helps entrepreneurs launch and grow high-growth technology companies that create high-paying jobs for the future.

CIT builds public-private initiatives that bring government, industry and universities together to help entrepreneurs create new companies, government improve performance, and community leaders lay the foundations for their innovation economies. CIT has long been known as a source of ideas, programs, and capital for Virginia’s innovation ecosystem. To build on that foundation, CIT has become an integral part of economic development policy formation and execution with public and private stakeholders across the Commonwealth that include the Commonwealth government, Virginia universities and community colleges, businesses, and investors. Working closely with Virginia Economic Development Partnership (VEDP), GO Virginia, Virginia Biosciences Health Research Corporation/Virginia Catalyst (VBHRC), the Tobacco Commission, Virginia Research Investment Committee (VRIC), Department of Housing and Community Development (DHCD), the emerging Virginia Innovation Ecosystem and others, we share our expertise, craft strategies and design complementary programs to fulfill our mission of economic growth and diversity across Virginia and to make the best use of public and private funds entrusted to our organizations.

CIT, a not-for-profit corporation, carries out its mission through five service lines: CIT Entrepreneur, CIT R&D, CIT Strategic Initiatives, CIT Broadband, and CIT Regional and Policy Initiatives. Through these activities, CIT leverages public and private sector investments to drive innovation and entrepreneurship in the Commonwealth, creating new, high-growth companies and sustainable job growth.