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2019 SESSION

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SB 1597 Research and development; changes related to the funding and oversight of initiatives.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Research and development in the Commonwealth. Makes several changes related to the funding and oversight of research and development initiatives in the Commonwealth. The bill codifies the existing Virginia Biosciences Health Research Corporation (VBHRC) and brings it under the authority of the Innovation and Entrepreneurship Investment Authority (IEIA). The bill also creates a new Capital Research Investment Advisory Committee (Investment Committee), and an accompanying nonstock, nonprofit corporation under the IEIA, to oversee early and seed-stage venture capital investments. The Virginia Research Investment Committee (VRIC) would provide guidance to the IEIA and the Investment Committee. The Board membership of the IEIA is expanded to include the chairman of the VRIC and the VBHRC. Finally, the bill directs the Secretaries of Commerce and Trade and Education to convene a stakeholder group to review a recent technology report and make recommendations concerning the allocation of resources related to research, development, and commercialization.


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