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CST: 08/12/2019 10:33:06   

Governor Ralph Northam Honored Recipients and Leadership of Virginia's Research and Commercialization Funding Programs

24 Days ago

Special Event Hosted at the Executive Mansion in Richmond, Virginia

Herndon, VA, Nov. 13, 2019 (GLOBE NEWSWIRE) --

Governor Ralph Northam honored the recipients and leadership of Virginia's research and commercialization funding programs at a special event hosted at the Executive Mansion on Tuesday, November 12, 2019. Recipients of recent awards from the Commonwealth Research Commercialization Fund (CRCF), the Virginia Catalyst, the Commonwealth Health Research Fund (CHRF), and the Virginia Research Investment Fund (VRIF) were recognized for their exceptional contributions to innovation, commercialization, and technology development in the Commonwealth.

“Innovation is about seeing, understanding, and solving problems in creative ways,” said Governor Northam. “We are proud to support Virginia innovators who are actively addressing a wide range of unmet challenges in industries that include life sciences, cybersecurity, data analytics, unmanned systems, and renewable energy. These investments are key to advancing research, development, and commercialization and driving economic growth in all regions of the Commonwealth.”

Collectively, these four programs have deployed $70 million in grant funding, which includes awards in every region of the Commonwealth, at all of Virginia’s research universities, and at many small companies and other institutions. That investment has leveraged more than $650 million in follow-on funding – a greater than 9:1 ratio. These investments advance science and technology-based research, development, and commercialization to drive economic growth in Virginia.

“Commercialization of products from researchers and start-up companies in Virginia plant the seeds for the technologies, products, firms, industries, and jobs of tomorrow,” said Secretary of Commerce & Trade Brian Ball. “Their entrepreneurial spirit bridges the critical gap between research excellence and market success.”

“Diversifying our economy by investing in innovation, commercialization, and technology development is critical to ensuring high-wage jobs are available to Virginia students after graduation,” said Secretary of Education Atif Qarni. “When we invest in Virginia’s innovators and enhance collaboration among our great universities, research institutions, state agencies, and our vibrant private sector, we pave the way for students to succeed in the 21st century workforce.”

At the event, Governor Northam also recognized the dozens of scientists, researchers, engineers, investors and business leaders who volunteer to guide these programs and recommend investments by the Commonwealth.

About the Commonwealth Research Commercialization Fund (CRCF)
The CRCF, managed by CIT, advances science and technology-based research, development, and commercialization to drive economic growth in Virginia, create and foster high-potential technology companies in the Commonwealth, and to encourage and strengthen collaboration and partnerships between the public and private sector. The Fund seeks to advance Virginia’s position in strategically important areas including, but not limited to human health, cybersecurity, smart communities, and unmanned systems.

About the Virginia Catalyst
The Virginia Catalyst, formerly known as the Virginia Biosciences Health Research Corporation (VBHRC), has a vision of advancing life sciences throughout Virginia as a means of addressing large unmet medical needs to improve human health and to create high-paying jobs throughout the Commonwealth. Funded by the Virginia General Assembly’s General fund, the University of Virginia, Virginia Commonwealth University, Virginia Tech, Eastern Virginia Medical School, George Mason University, Old Dominion University, and William and Mary, Virginia Catalyst has funding opportunities to support collaborative projects in the Commonwealth and is home to the Virginia Neuroscience Initiative.

About the Virginia Research Investment Fund (VRIF)
The Virginia Research Investment Fund (VRIF) fosters economic development and job creation through competitive awards that support innovative and collaborative research, development and commercialization efforts among and between public institutions of higher education and the private sector. The General Assembly created the VRIF in 2016 to position the Commonwealth as a national leader in science-based and technology-based research, development and commercialization. Grants are awarded in areas of focus identified in the Commonwealth Research and Technology Strategic Roadmap.

About the Commonwealth Health Research Board (CHRB)
The Commonwealth Health Research Board (CHRB) was created to provide financial support, in the form of grants, donations, or other assistance, for research efforts that have the potential of maximizing human health benefits for the citizens of the Commonwealth. Research efforts eligible for support by the Board include traditional medical and biomedical research relating to the causes and cures of diseases as well as research related to health services and the delivery of health care. Since its inception in 1999, the CHRB has funded 230 research grants totaling approximately $19.2 million.

About the Center for Innovative Technology (CIT)
Investing for Commonwealth Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. Contact: 2214 Rock Hill Road #600, Herndon, VA 20170 | 703.689.3000 | www.cit.orgYou can also follow CIT on Twitter, LinkedIn and Facebook.

Sara Poole
Center for Innovative Technology
sara.poole@cit.org

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