Summary | Virginia companies (including independent non-profits) have access to a number of emergency financial support programs.
Some are existing programs and some are new, set up specifically to address COVID-19-related economic disruption. Some are state programs, some are federal programs, and some are private programs.
Eligibility for each program is different, and each program requires its own application.
This brief resource guide is targeted primarily to the needs of Virginia’s high-growth startup community, but should be helpful to Virginia companies in general. It provides brief descriptions of each financial support program, and includes links to find out more.
Please note that we are coordinating our efforts with Governor Northam’s office, and we encourage you to also monitor the governor’s COVID-19 resource page (https://www.virginia.gov/coronavirus-updates/).
CBInsights, a highly respected source of information on venture funding, released a report outlining possible effects the Coronavirus pandemic could have on seed-stage funding efforts. The report makes dire predictions on how the COVID-19 crisis could affect this vital source of early-stage capital.
A link to the report is here: How Covid-19 Could Impact Seed-Stage Startup Investing
While projections for private capital availability show a sharp drop off, CIT has resources available, and we remain committed to maintaining an uninterrupted presence in the early stage venture market. We continue to provide critical funding to startups, entrepreneurs, and innovators. Since the beginning of Virginia’s pandemic response, we have closed five deals totaling $725K in new money to the local startup community. Additionally, the CIT GAP Funds team has a long pipeline of promising opportunities that have great potential to close in the near term.
In addition to CIT GAP Fund activities, our work on strategic initiatives in areas such as smart communities and commercialization allowed us to provide $325K in funding to private companies and university innovators during this period.
Finally, our Commonwealth Research and Commercialization Fund team remains on track for non-dilutive financial grant awards to the private sector and university innovators totaling over $2M in June of this year.
Bottom line - CIT remains in the market. We maintain our ability to fund companies and innovators. We are here to engage with you. I am reaching out to encourage connecting on opportunities to work together during this time.
CEO & President
Center for Innovative Technology
During Women’s History Month, celebrated each March, the Center for Innovative Technology (CIT) is proud to highlight Virginia’s community of female entrepreneurs. Nearly 60 of CIT GAP Funds’ 200+ investments were founded by or include female executives. Bolstered by the Virginia Founders Fund, which increases access to capital for startups founded by women and other traditionally underserved entrepreneurial communities in the Commonwealth, CIT maintains a strong commitment to continue investing in women-led startups.
Women entrepreneurs make up a significant portion of U.S. small business owners, with the U.S. Census Bureau estimating over 12.3 million companies owned by women. According to a recent report from SmartAsset that set out to identify the top cities for women in tech, examining U.S. cities with 200,000 residents or more, two Virginia cities – Chesapeake and Arlington – were both named among the top five best cities for women in tech. The findings were based on a number of factors, including the city’s tech employment growth over the last three years, number of women in the tech workforce, and its gender pay gap.
Press Release Here | http://www.globenewswire.com/news-release/2020/03/26/2007128/0/en/CIT-Recognizes-Women-Led-Virginia-Startups-During-Women-s-History-Month.html
CIT GAP Funds Invests in MetiStream to Improve Patient Outcomes by Addressing Healthcare Industry’s Unstructured Data Problems
Company’s Ember Platform provides faster and deeper patient insights, leading to decreased health risks and lower costs
“MetiStream’s mission to accelerate and simplify how clinical insights are delivered is solving a large market need for improved patient care and outcomes,” said Tom Weithman, Managing Director of CIT GAP Funds. “CIT is confident that the company’s established customer success team, combined with Ember’s strong data integration capabilities to onboard a variety of healthcare datasets from clinical to genomics with limited coding required, will be a recipe for success.”
Link to press release here: https://www.globenewswire.com/news-release/2020/03/24/2005678/0/en/CIT-GAP-Funds-Invests-in-MetiStream-to-Improve-Patient-Outcomes-by-Addressing-Healthcare-Industry-s-Unstructured-Data-Problems.html
A Letter to Virginia's Innovation, Research, and Entrepreneurial Communities Regarding CIT's COVID-19 Response
Herndon, VA, March 18, 2020 (GLOBE NEWSWIRE) -- As the global and national COVID-19 situation evolves, it is vital to communicate that the health and safety of everyone is our number one priority. Our thoughts are with those who have been most affected by this crisis. There will be significant economic effects on all businesses; the innovation, research, and entrepreneurial communities in Virginia are no exception. The nature of these effects will evolve over the coming weeks and months. However, I remain confident that the continuity of innovation efforts happening now will be critical to weathering the storm and will speed the eventual long-term recovery in the Commonwealth. With that said, I would like to make it clear that CIT is open for business.
Full content here: http://www.globenewswire.com/news-release/2020/03/18/2002885/0/en/A-Letter-to-Virginia-s-Innovation-Research-and-Entrepreneurial-Communities-Regarding-CIT-s-COVID-19-Response.html
Congratulations to the Virginia CIT Gap Funds Portfolio Companies who made the list this year & congratulations to all | Full list found here: https://www.crunchbase.com/lists/hot-tech-companies-globally/18356751-e468-4735-b94b-c22e4a87e838/organization.companies
GAP Funds Portfolio Companies MarginEdge and HUNGRY named among the best Startup Employers in the US by Forbes
Congratulations to CIT GAP Funds Portfolio Companies MarginEdge and HUNGRY named among the best Startup Employers in the US by Forbes
The future of public safety has landed in Albemarle County, as first responders across the commonwealth gather for the 4th annual Public Safety UAS Conference
CIT CTO Dave Ihrie | In the News | #SmartCommunities
COURTHOUSE AREA COULD BECOME ‘SMART COMMUNITY’
Stafford targeted to become Virginia's first Smart Community By James Scott Baron The Free Lance–Star:
“We’re looking to build a secure facility from the ground up,” said David Ihrie, chief technology officer of the Center for Innovative Technology. “Our goal is to make Stafford a model community for all of Virginia.” Ihrie said CIT would bring a host of interested partners to Stafford to help boost economic development in the region and realize his vision. “We want to make Downtown Stafford the state’s first standalone smart community,” Ihrie said.
Building an entrepreneurial ecosystem is a long process involving a complex array of factors. In "Business Attraction and Start-Up Investment: Flip Sides of the Economic Development Coin," I argue for accelerating ecosystem maturation through a unified approach to conventional economic development and start-up company support.
I sometimes hear risk capital or tech transfer held out as the panacea for jump-starting tech-driven entrepreneurial activity. The commentary goes something like this: “If only we had more venture capital, we could become the next Silicon Valley” or “If only we could spin technology out of our universities we would jump start an entrepreneurial economy.
CIT CRCF awardee | In the News | ReAlta Life Sciences Announces FDA Orphan Drug Designation for PIC1 for the Treatment of Hypoxic-Ischemic Encephalopathy
Chuck Kirby, vice president of broadband for the Center for Innovative Technology (CIT), said last month at a community broadband forum that the county must dig deeper to determine the types of needs that exist in Smyth County. He urged people to complete the survey saying, it is “a chance to have your voice heard.” He called the survey data the foundation of the county’s needs assessment, which will be used in part to seek grants and form partnerships to improve broadband access.
CRCF FY19 Award Recipient, JKM Technologies, Featured on NPR Segment
This fall, NPR's "How I Built This with Guy Raz" featured CRCF FY19 awardee, Dr. Casey Kerrigan, and her unique approach to making shoes using 3D printing.
"After concluding a 2-year effort focusing on sensor-based technologies for public safety, our SCITILabs partnership is launching similar R&D to combat wildfires in urban areas. We’ll continue our work with the Center for Innovative Technology, Smart City Works and TechNexus - along with these four new industry partners, who will ready their prototypes for testing with first responders over the next 6 months." DHS Science and Technology Directorate
DHS S&T selected four new industry partners to participate in a new wildfire sensors workstream of the Smart Cities Internet of Things Innovation (SCITI) Labs.
Congratulations Elaine Horn-Ranney on the long-awaited docu-series about your research project aboard the International Space Station! It was filmed by NASA over the course of two years and highlights Tympanogen work and the work of other investigators.
Tympanogen | CRCF award recipient | CIT GAP Virginia Founders Fund (VFF) Portfolio Company | Based in Richmond, Virginia
With sale of iconic building imminent, CIT looks to reinvent itself in Richmond
By MICHAEL MARTZ Richmond Times-Dispatc
CIT GAP Funds is proud to once again be acknowledged by CBInsights as Virginia's most active VC
CIT GAP Funds is proud to once again be acknowledged by CBInsights as Virginia's most active VC ... a great testimony to the unwavering commitment of the Commonwealth to entrepreneurship and the strength of our entrepreneurial ecosystem. Check out our high-growth company portfolio at www.citgapfunds.com. #investing #CIT
Regulation of the Skies | CIT CEO Edward Albrigo talks about the Future of this technology with Host James E. Lee and Sharon Rossmark, CEO, Women And Drones
The fastest-growing industry of new aircraft in the history of aviation. But how will drones be regulated? Find out more in this BBB National Programs episode: Regulation of the Skies | CIT CEO Edward Albrigo talks about the Future of this technology with Host James E. Lee and Sharon Rossmark, CEO, Women And Drones
Many thanks to BBB National Programs for the interview:
CIT Press 2020