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Technology, Innovation and Startups July 10, 2013. Mission. CIT accelerates the next generation of technology and technology companies. Our objective is to be globally recognized as the innovator, builder and premier provider of services that accelerate
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Technology, Innovation and Startups July 10, 2013
Mission CIT accelerates the next generation of technology and technology companies Our objective is to be globally recognized as the innovator, builder and premier provider of services that accelerate technology company development
Service Lines and 2013 Objectives Accelerate federal funding for small businesses Operate the GAP Fund Operate technology sourcing and management consulting practice Operate Office of Telework and Broadband Promotion Provide demand generation and infrastructure services Deliver technology solutions via R&D programs Maintain a statewide research and tech roadmap Administer the Commonwealth Research Commercialization Fund
Areas of Operation PROOF OF CONCEPT OR INVENTION EARLY STAGE DEVELOPMENT PRODUCT DEVELOPMENT RESEARCH PRODUCTION
CIT GAP Funds Overview • Family of Seed-Stage Venture Funds • Virginia Investment Focus • Convertible Debt & Equity Fund • Spin-Outs from Virginia Research Institutions • “Double-Bottom Line” Fund • Deep Engagement with Portfolio Companies
Track Record • 81 New Companies Seeded • 7 Spin-Outs from Universities and Federal Labs • 13X Private : Public Funding Secured • 8 Portfolio Companies Exited • 4X Named “Top 100 Venture Fund” • Value Creation for … • Entrepreneurs • Co-Investors • Commonwealth of Virginia
R&D Service Line • Deliver technology solutions to solve national and regional challenges • Coastal ocean observing • Remote sensing technologies for mine safety • Vessel detection • Manage the Commonwealth Research Commercialization Fund • Maintain a statewide research and technology roadmap • Established the Innovation & Entrepreneurship Measurement System
R&T Roadmap • Identify key industry sectors for potential investment • Identify basic and applied research opportunities withcommercial promise in these sectors • Encourage commercialization and economic development in these sectors • Help ensure that investments in research are made prudentlyin focused areas with significant potential for commercializationand economic growth
Regional Priorities Include… • Northern Virginia • Cyber security • National defense • Advanced Manufacturing • Data analytics • Bioinformatics • Aerospace • Virginia Piedmont • Defense intelligence • Specialty manufacturing • Education technology • Bioinformatics • Sensors & robotics • Data management & analytics • Shenandoah Valley • Energy storage • Biomass conversion • Drug research • Bio-threat defense • Food Processing • Education Technology • Region 2000 • Wireless RF • Cognitive radio • Nuclear plant life • Healthcare • Integrated comms • Sensor / measurement • Fredericksburg • Secure telework • Defense logistics • Cyber security • Information assurance • Green tech • Modeling & simulation • Roanoke - Blacksburg • Power electronics • Smart construction • Bioinformatics • Remote patient care • Transportation • Advanced Engineering • Greater Richmond • Cyber security • Data management & analytics • Smart grid and analytics • Advanced Manufacturing • Biotechnology • Medical devices • Southwest Virginia • Biomass • Coal bed methane conversion • Plug-less power • Telemedicine • Tobacco-cultured vaccine • Data Management & analytics • Hampton Roads • Modeling & simulation • National defense • Next Generation Shipbuilding • Biofuels • Aerospace • Regenerative medicine • Southern Piedmont • Energy Efficient Coatings • Micro propagation • Advanced manufacturing • Biopolymers • Data Analytics • Modeling & simulation
Commonwealth Research Commercialization Fund (CRCF) Driving innovation and economic growth in Virginia through technology-based research and commercialization Roadmap: Key Industry Sectors 2012 Program Profile • Advanced Manufacturing • Aerospace • Communications • Cyber Security • Energy • Environment • Information Technology • Life Sciences • Modeling & Simulation (M&S) • Nuclear Physics • Transportation • 181 proposals were received, representing • all ten tech council regions • $35.5M in funding was requested • 47 grants were awarded • $5.8M funding was provided • Funding was 100% matched by recipient Example CRCF Project Profile and Impact 2013 Program Profile • Focus areas included young companies; proof of • concept work; cyber security, M&S, IT for K-16 ed, • life sciences • Security for wireless devices – active • defense mechanism • Novel compounds – new therapeutic strategy • to halt or reverse diabetes • 100+ proposals submitted, with $7.4M requested • Portable device for bone imaging – battlefield and • emergency trauma analysis • 43 grants were awarded • $3M funding was provided • Simulation software – 3D modeling for homeland security • Funding was 100% matched by recipient
Innovation & Entrepreneurship in Virginia Entrepreneurs and startups account for 30% of new jobs in the Commonwealth • Provide strategic vision for growing the I&E sector of Virginia’s economy • Develop, track, analyze and report on key I&E metrics • Recommend statewide initiatives designed to capitalize on industry and research strengths • Assess national priorities and programs that offer opportunities to Virginians • Support regional organizations and initiatives focused on I&E • Current programs include: • Innovation & Entrepreneurship Measurement System (IEMS) • Virginia Performs Scorecard • “Virginia Blueprint” economic development strategic plan • STEM • Veterans Employment Initiative
Goal - Build a statewide consensus among private and public sector leaders regarding investment priorities • Blueprint Virginia Economic Drivers: • Educational Excellence • Workforce Readiness • Robust Infrastructure • Supporting Advanced Manufacturing • Attractive Business Climate • Technology, Innovation and Startups • Small Business and Entrepreneurship • Quality, Cost-effective Healthcare • Energy Diversity & Security