Research and Innovation

Virginia is a national leader in entrepreneurial energy, with strong levels of venture capital investment and fast-growth companies that are bringing research and innovation to the market.

The Virginia Research Investment Committee (“VRIC”) and the Virginia Research Investment Fund were established by the General Assembly in 2016 as a part of the GO Virginia Initiative.

To position the Commonwealth as a national leader in science-based and technology-based research, VRIC makes investments in innovative and collaborative research, development, and commercialization projects and programs from Virginia’s public colleges and universities that have a high potential for economic development and job creation opportunities.

Virginia leads the nation in its concentration of advanced industries. These industries create jobs, innovate, and deploy advanced research and technologies to compete in the market.

Virginia has an extensive base of existing research activity and investment.

One of VRIC’s initial steps was to study Virginia’s current research assets. Through Virginia’s State Council for Higher Education (“SCHEV”), VRIC engaged TEConomy Partners, LLC for this purpose. The resulting report – Assessment of Virginia’s Research Assets: Strategic Directions to Advance Innovation-Led Growth and High Quality Job Creation across the Commonwealth – provides detailed analysis, best practices, and insights for policy-makers to help drive Virginia’s innovation economy.

The study further identified four strategic growth opportunity areas that align with the state’s research and industry innovation strengths as well as future market opportunities:

  • Cyber and Cyber-Physical Security
  • Integrated Networking, Communications and Data Analytics
  • Systems of Systems Engineering Solutions (SoSE)
  • Life Sciences

Read VRIC’s enabling legislation here.

In 2020, VRIC merged with other state resources focused on innovation and entrepreneurship to create the Virginia Innovation Partnership Authority (VIPA).

Read VIPA’s enabling legislation here.

You can also learn more about the group’s priorities here.

 

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About GO Virginia

GO Virginia is an initiative by Virginia’s senior business leaders to foster private-sector growth and job creation through state incentives for regional collaboration by business, education, and government.