About the Center for Innovative Technology (CIT) Investing in Virginia's Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. Contact: 2214 Rock Hill Road #600, Herndon, VA 20170 | 703.689.3000 | www.cit.org
About CIT GAP Funds CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has convened leading regional entrepreneurs, angel and strategic investors, and national venture capital firms in the interests of Virginia’s entrepreneurs. Membership has included New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.
About the Virginia Founders Fund (VFF) Launched in 2018, the Virginia Founders Fund (VFF) is focused on providing venture capital for Virginia’s traditionally underrepresented entrepreneurs. Proceeds from the Center for Innovative Technology’s (CIT) successful GAP Funds investment program are being reinvested into the Virginia economy through the VFF, which specifically supports female, minority or veteran founders, or other entrepreneurs located in regions outside of Northern Virginia who are emerging into sectors such as software, hardware, life science, cleantech, and technology-enabled services. The VFF works with regional startup initiatives, early-stage funds, and accelerator programs across the Commonwealth to identify strategic opportunities for investment and potential co-investment to leverage additional capital.
About the Commonwealth Research Commercialization Fund (CRCF) The CRCF, managed by CIT, advances science and technology-based research, development, and commercialization to drive economic growth in Virginia, create and foster high-potential technology companies in the Commonwealth, and to encourage and strengthen collaboration and partnerships between the public and private sector. The Fund seeks to advance Virginia’s position in strategically important areas including, but not limited to human health, cybersecurity, smart communities, and unmanned systems.
About the Virginia Unmanned Systems Center at CIT Launched in 2017, the Virginia Unmanned Systems Center serves as a unifying voice and primary source for information and assistance related to the unmanned systems landscape in Virginia and is charged with building on the rich assets and business climate to make Virginia "THE" state for unmanned systems. The Center is responsible for developing an entrepreneurial culture regarding Autonomous Systems across Virginia, encouraging economic growth across the Commonwealth via Autonomous emergent business activities, and continuing to increase the Commonwealth's position as a leader of the Autonomous Systems community. For more information about the Virginia Unmanned Systems Center at CIT, please visit https://www.vus.virginia.gov/.
About SBIR/STTR Assistance Program CIT is the lead organization in Virginia for SBIR/STTR support. CIT's Federal Funding Assistance Program works to support Virginia's early stage technology firms in their efforts to learn about and apply for federal SBIR and STTR awards. Small Business Innovation Research (SBIR) grants and Small Business Technology Transfer (STTR) grants provide $150K to $1.5M to high risk, high payoff R&D that supports the missions of the 11 participating federal agencies. Virginia ranks 3rd in the US in awards with over $130+M in SBIR/STTR funding in 2017. CIT’s Federal Funding Assistance Program works with over 250 start-ups, university researchers, and young technology firms each year to educate, mentor, train and support SBIR/STTR applications.
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