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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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Presentation Transcript
slide3

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

slide4

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

slide5

Areas of Operation

PROOF OF

CONCEPT OR

INVENTION

EARLY

STAGE

DEVELOPMENT

PRODUCT

DEVELOPMENT

RESEARCH

PRODUCTION

slide6

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
slide8

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
slide9

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
slide10

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
slide11

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
slide12

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
slide13

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
slide15

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