Innovation Index

CIT and Virginia’s ten regional technology councils are in constant collaboration, and worked together to establish the Innovation Index, a strategic planning and management tool for the Commonwealth and its regions. Since 2009, CIT and each tech council have held focus groups and hosted other discussions to examine the region’s current and future strategic industry priorities.  Most recently, findings from the Innovation Index provided the basis for the industry assessment for the Commonwealth Research and Technology Strategic Roadmap.

To learn more about the Index, view the Phase I Update, describing activities and findings between December 2009 and June 2010, in  PDF and/or the December 2009 Phase I report in PDF.

Innovation Index Background

Since 1984, CIT has been a leader in the efforts to create a globally competitive innovation economy in Virginia. CIT has worked with public and private stakeholders to boost entrepreneurial endeavors, support research, and create seed-stage funding for start-ups and intellectual property – the essential ingredients for the creation of the new generation of technology companies.

But sustained growth of an innovation economy requires more than funding to create new opportunities. Investment must be combined with proven management tools and common sense performance metrics so that those investments offer the greatest return. Moreover, unlike other models that use centralized planning and top-down directives, CIT has advocated, instead, for a grass-roots, regional approach that gives local industry and technology leaders the opportunity to provide input about innovations that will shape the future of their regions.

In 2008, the Virginia General Assembly passed a resolution creating the Commonwealth Innovation Index – a community-driven tool that will help the Commonwealth build and attract advanced technology companies. Specifically, it directed CIT to work with Virginia’s technology councils and technology regions to create the Index. This partnership provides elected officials with valuable guidance and expertise so that they can support the new innovation economy that benefits all regions of the Commonwealth.