Virginia Introduces Statewide Innovation Partnership with U.S. Department of Commerce

By Frances Dumenci

Virginia Commonwealth University will participate in a new statewide network designed to accelerate innovation and economic growth.

One of only six multi-institution initiatives to win federal funding as part of the U.S. Department of Commerce’s i6 Challenge in 2012, the Virginia Innovation Partnership will bring together universities, community colleges, corporations, investment capital and other resources to drive promising research discoveries forward. 

The Virginia Innovation Partnership is unique in the United States because it creates a network that links talent, ideas and capital together across an entire state. The approach is designed to be scalable to other states, thus providing the foundation for the resurgence of real value creation in America that creates jobs and economic growth.

"VCU is proud to work together with a statewide network of fellow academic institutions as well as corporate, community and governmental partners to boost economic development in the state through research,” said VCU President Michael Rao. "Within VCU’s strategic plan, Quest for Distinction, one of our highest priorities is research that accelerates discoveries, promotes innovation and makes a positive impact on quality of life for those in Richmond, the commonwealth and beyond."

The Virginia Innovation Partnership, or VIP, will receive $1 million in federal funding over two years as part of the i6 Challenge, with additional matching funds provided by corporate participants, university partners and other entities. In addition to VCU, current participants are George Mason University, Hampton University, Mountain Empire Community College, New River Community College, Norfolk State University, Northern Virginia Community College, Old Dominion University, Piedmont Virginia Community College, Radford University, Tidewater Community College, University of Richmond, University of Virginia, University of Virginia-Wise, Virginia Tech and corporate and government partners.

“Commercialization of innovations developed by the VCU research enterprise is an important part of VCU’s mission. This funding will help us to transform basic science research into products that will benefit society,” said Francis Macrina, Ph.D., VCU’s vice president for research.

The partnership seeks to create a sustainable growth model that will allow innovative projects created at the state’s universities and colleges to be developed into new prototypes and businesses.

“The i6 Challenge grant and the VIP will help boost commercialization and start up activities within Virginia. VCU has a number of promising inventions that this funding could help get to a company-ready stage of development,” said T. Allen Morris, Ph.D., associate director of VCU Tech Transfer.

The partnership will invest $800,000 in proof-of-concept projects each year. Following a statewide call for proposals, an experienced review board will select the most promising projects for funding. All project teams will receive expert feedback and mentoring.

An external advisory group for VIP will be chaired by former U.S. Chief Technology Officer, Aneesh Chopra. 

“The i6 award is incredible validation of the great work already under way at the partner organizations committed to a new level of collaboration that will grow Virginia's economy statewide,” said Chopra, currently senior adviser on health care technology strategy for The Advisory Board Company. “I am excited to join a team that will birth the jobs and industries of our future.”

Each year, the partnership will fund 20 projects at the $40,000–$80,000 level, with the expectation of attracting significant follow-on funding and forming new Virginia companies.

In addition to strategic investments, the Virginia Innovation Partnership will provide project teams with a rich network of mentors to assist them in developing new businesses around their discoveries. The network will include business, finance, investment, legal, subject-area and other experts with ties to each of the partner institutions.

Launched in 2010, the i6 Challenge "supports truly innovative initiatives to spur innovation commercialization, entrepreneurship and jobs creation at the local level." Administered by the U.S. Commerce Department Economic Development Administration's Office of Innovation and Entrepreneurship, the competition will award up to $1 million to the winning proposal from each of six regions throughout the United States in 2012.