RD419 - Commonwealth Research Commercialization Fund: Advancing Technology and Economic Development in Virginia by Investing in Priority Research and Commercialization Activities Annual Report – July 1, 2018 - June 30, 2019
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 FY2019.
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. Since its inception in FY2012, nearly 350 projects around the Commonwealth totaling close to $28 million have been approved for funding.
Economic outcomes reported in FY2019 by CRCF award recipients identified early returns on the Commonwealth’s investment: approximately $117 million in follow-on monies to support further technology advancement, nearly $2 million in in-kind contributions, ten new companies formed, and approximately 50 products or services launched in the market. In support of the Fund’s goal to commercialize high-potential technology, annual outcomes reported by awardees reflect the maturation and evolution of an organization and its technology as they advance toward market entry. Outcomes are discussed below.
In FY2019, CIT offered one CRCF solicitation, which resulted in 41 awards(*1) totaling $2.51 million and leveraging the Commonwealth’s investment with nearly $6 million in matching funds. These projects, along with those in the CRCF portfolio, 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 current Commonwealth Research and Technology Strategic Roadmap.
The program was supported by a $2.8 million FY2019 General Fund appropriation. Funds available to award also reflected CIT’s administrative fee and monies from grants that had not been fully expended or had been declined.