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2004 SESSION

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HB 541 Entrepreneurial support network; CIT to develop statewide focus for development thereof.

Introduced by: Joe T. May | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Center for Innovative Technology; statewide focus for the development of an entrepreneurial support network. Directs the Center for Innovative Technology (CIT) to develop a statewide focus for a coordinated entrepreneurial support network. This focus shall include (i) reviewing the Commonwealth’s university, federal laboratory and industry assets and using this review to develop a plan for state and federal investments; (ii) assessing the commercial potential of research underway at these facilities in leading-edge areas such as nanotechnology; (iii) developing and assessing alternative commercialization approaches through pilot projects that concentrate on specific research areas or researchers; (iv) creating, with the assistance of outside investment experts, an investment program designed to attract additional investors into the first financing round, secure additional follow-on investment for startups, and provide a return on funds invested by the Commonwealth; (v) implementing, with the assistance of the Department of Business Assistance, a public awareness program designed to profile the Commonwealth’s focus on entrepreneurial support; (vi) examining opportunities to leverage state funds with private angel investor funds to yield a five-to-one leveraged investment fund and a seed stage program; (vii) developing a plan with assistance from the Department of Business Assistance and the Virginia Economic Development Partnership to provide researchers and emerging companies in these areas with business development and mentoring resources; and (viii) developing an annual program review to determine the effectiveness of these initiatives. CIT shall also develop a benchmark to determine whether any of these initiatives should be transitioned to private sector management. The Department of Business Assistance and the Virginia Economic Development Partnership shall provide technical assistance. CIT shall report its findings to the Governor and the General Assembly by November 30, 2004.


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