1
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 technology sourcing and management
consulting practice
•
•
Operate Office of Telework and Broadband Promotion
•
•
•
Deliver technology solutions via R&D programs
Operate the GAP Fund
Provide demand generation and infrastructure services
Maintain a statewide research and tech roadmap
Administer the Commonwealth Research
Commercialization Fund
Areas of Operation
RESEARCH
PROOF OF
CONCEPT
OR
INVENTION
EARLY
STAGE
DEVELOPMENT
PRODUCT
DEVELOPMENT
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
GAP Funds – Leverage Value (all)
13x
Track Record

81

7

13X Private : Public Funding Secured

8 Portfolio Companies Exited

4X Named “Top 100 Venture Fund”

Value Creation for …
 Entrepreneurs
 Co-Investors
 Commonwealth of Virginia
New Companies Seeded
Spin-Outs from Universities and Federal Labs
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 with
commercial promise in these sectors
• Encourage commercialization and economic development
in these sectors
• Help ensure that investments in research are made prudently
in focused areas with significant potential for commercialization
and economic growth
Regional Priorities Include…
Northern Virginia
Virginia Piedmont
• Cyber security
• Defense intelligence
Shenandoah Valley
• National defense
• Specialty manufacturing
• Energy storage
• Advanced Manufacturing
• Biomass conversion • Education technology
Region 2000
• Data analytics
• Bioinformatics
• Drug research
• Wireless RF
• Bioinformatics
• Sensors & robotics
• Bio-threat defense
• Cognitive radio
• Aerospace
• Data management & analytics
• Food Processing
Fredericksburg
• Nuclear plant life
•
Education
Technology
• Secure telework
• Healthcare
• Defense logistics
• Integrated comms
• Cyber security
• Sensor / measurement
• Information assurance
• Green tech
Roanoke - Blacksburg
• Modeling & simulation
• Power electronics
• Smart construction
• Bioinformatics
• Remote patient care
• Transportation
• Advanced Engineering
Southwest Virginia
• Biomass
• Coal bed methane conversion
• Plug-less power
• Telemedicine
• Tobacco-cultured vaccine
• Data Management & analytics
Southern Piedmont
• Energy Efficient Coatings
• Micro propagation
• Advanced manufacturing
• Biopolymers
• Data Analytics
• Modeling & simulation
Greater Richmond
• Cyber security
• Data management & analytics
• Smart grid and analytics
• Advanced Manufacturing
• Biotechnology
Hampton Roads
•Modeling & simulation• Medical devices
• National defense
• Next Generation Shipbuilding
• Biofuels
• Aerospace
• Regenerative medicine
Commonwealth Research Commercialization Fund (CRCF)
Driving innovation and economic growth in Virginia through
technology-based research and commercialization
Roadmap: Key Industry Sectors
• Advanced Manufacturing
• Aerospace
• Communications
• Cyber Security
• Energy
• Environment
• Information Technology
• Life Sciences
• Modeling & Simulation (M&S)
• Nuclear Physics
• Transportation
2012 Program Profile
 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
• Security for wireless devices – active
defense mechanism
 Focus areas included young companies; proof of
concept work; cyber security, M&S, IT for K-16 ed,
life sciences
• 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
• Simulation software – 3D modeling for
homeland security
 Funding was 100% matched by recipient
 $3M funding was provided
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:
o Innovation & Entrepreneurship Measurement System (IEMS)
o Virginia Performs Scorecard
o “Virginia Blueprint” economic development strategic plan
o STEM
o 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