Governor Northam Announces $3.4 Million to Advance Research Commercialization in Key Technology Sectors
34 small technology-focused businesses to receive grants in inaugural round of Commonwealth Commercialization Fund awards
RICHMOND--Governor Ralph Northam today announced that 34 small technology-focused businesses in Virginia will receive a total of $3.4 million in Commonwealth Commercialization Fund (CCF) grants to commercialize research in an array of sectors, including agricultural and environmental technologies, autonomous systems, clean energy, cybersecurity, data analytics, life sciences, and space and satellites. These awards mark the inaugural funding round for CCF, which was developed through the Virginia Innovation Partnership Authority (VIPA).
“Facilitating research breakthroughs and getting new technologies out of the lab and into the hands of consumers is key to driving economic growth and creating jobs in the Commonwealth,” said Governor Northam. “I am confident this first round of CCF awards will produce far-reaching benefits and congratulate these innovators and entrepreneurs on their success in developing transformative solutions to improve lives and address some of the most pressing challenges we face.”
CCF was launched in 2020 to promote innovative and collaborative commercialization efforts, consolidating two legacy programs, the Commonwealth Research Commercialization Fund and the Virginia Research Investment Fund. The Fiscal Year 2021 round offered grants of up to $100,000 to advance early-stage technology projects in strategically important industries through product or service development, market research, intellectual property protection, marketing, pilots, and more. Award recipients will provide 1:1 match funding.
“The new Commonwealth Commercialization Fund signals Virginia’s commitment to increasing commercialization outcomes for small Virginia businesses across many industries,” said Secretary of Commerce and Trade Brian Ball. “Early funding is essential in bringing new products and innovations to market and we look forward to watching the awardees’ innovations thrive in the Commonwealth.”
“We are excited to announce these awards from this first solicitation of CCF,” said Bob Stolle, President of VIPA. “VIPA was created to be a catalyst for expanding innovation and entrepreneurship in Virginia with a clear goal of accelerating scientific, technology-based research and commercialization. These awards are just the beginning of our work with companies, universities, and research institutes to advance research from proof-of-concept to commercialization.”
CIT Press 2020-2021