The Innovation and Entrepreneurship Investment Authority (IEIA) was created by an Act of the General Assembly in 2009. The legislation consolidated two existing entities with research and development (R&D)-related responsibilities – the Innovative Technology Authority and the Virginia Research and Technology Advisory Commission – into a single authority - the IEIA. The new Authority continues the work of the Innovative Technology Authority, with the added duty to create a strategic R&D roadmap for the Commonwealth. Additionally, the Authority streamlines government, saves resources and mandates the development of a consistent, long-term plan for identifying research priorities. This will, in turn, foster economic development opportunities in the Commonwealth and encourage cooperation between the public and private sector in research and development-related initiatives.
View CIT Expenses