Center for Innovative Technology (CIT)

"Now that the Richmond ecosystem has been talking about the challenges facing Black and other underrepresented founders for more than a year, what’s changed? And — perhaps more importantly — what work remains?"

"Funding: The Crucial Piece"

"...The Center for Innovative Technology, or CIT, launched the Virginia Founders Fund in 2018 and has since directed more than $3 million toward founder who are women, BIPOC and veterans, as well as those located outside of Northern Virginia. 

There are aspirational, strategic and programmatic goals throughout the Fiscal Year 2022 operating plan that are dedicated to furthering our diversity, equity, and inclusion efforts - especially in light of the national conversation about systematic racism,” spokeswoman Sara Poole

Last fall, CIT Gap Funds hosted a roundtable event to bring together BIPOC founders to discuss barriers to forming and funding minority-led startups, a discussion that is expected to yield changes going forward..."

CIT GAP Funds Managing Director Tom Weithman to Participate in Valleys Innovation Council Founders and Funders Webinar Series
 
Richmond, Va. – April 19, 2021 – The Center for Innovative Technology (CIT) today announced CIT GAP Funds Managing Director, Tom Weithman, will serve as a panelist for an upcoming webinar focused on venture capital as part of the Founders and Funders Webinar Series presented by Valleys Innovation Council (VIC). The webinar, taking place Thursday, April 22 at 3:30pm ET, will feature a panel of experts from across the region discussing various types of capital and challenges that entrepreneurs and startups may encounter when seeking capital.
 
Tom will join speakers James Ramey, Managing Director and Fund Manager at Middleland Capital; Jason Caplain, General Partner and Co-Founder of Bull City Venture Partners; and Moderator, Fourd Kemper, M&A Attorney from Woods Rodgers Law Firm. For more information about the webinar, please click here. Registration is free and open to the public.
 
When: Thursday, April 22, 2021 from 3:30 PM – 4:30 PM ET
Where: Zoom – Click here to register

​Virginia Venture Connect | Ep 6: Forget Smart Homes, We're Talking Smart Cities | Charlottesville Business Innovation Council (CBIC) | Interview with David Ihrie, CIT Chief Technology Officer

Charlottesville Business Innovation Council (CBIC) - interview with Sean Mallon, Vice President, Entrepreneurial Ecosystems at CIT

CIT's Entrepreneurial Ecosystems Division (EED) was established in July 2020 to support and promote technology-focused entrepreneurial ecosystems throughout the Commonwealth of Virginia. Starting with the understanding that entrepreneurs are important drivers of economic growth, EED supports Virginia-based partner organizations that support entrepreneurs through the early stages of business formation and growth.

"Richmond is home to a host of business incubators, nonprofits and educational initiatives that foster innovation and creativity; we look at what they do, the projects they support and what’s on the horizon..."

“CIT is focused on the growth of innovation and entrepreneurship in all sectors of Virginia, or all regions,” says Bob Stolle, president and CEO of CIT. “We have a variety of programs that provide direct investment into early-stage companies and seed-stage investment for equity positions in early-stage startups.”

https://richmondmagazine.com/news/features/the-innovators/
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​State of Virginia - CIT is a nonprofit corporation that invests in technology companies within the state. The Entrepreneurial Ecosystems Division is one of four the nonprofit recently created as the operating arm for the Virginia Innovation Partnership Authority. Investment, Commercialization and Strategic Initiatives make up the other three divisions.