by Tyler Arnold
Virginia companies and research universities will receive more than $1.5 million to fund 24 technology-related projects in the commonwealth.
The technology funding will be awarded through the Virginia Innovation Partnership Corporation’s Commonwealth Commercialization Fund. The program was launched in 2020 to promote technologies that could yield more economic development and job creation in the state, according to Gov. Glenn Youngkin’s office.
“Virginia recognizes the importance of moving university-developed innovations into the commercial market, and supporting emerging startups as they develop and grow,” Youngkin said in a statement. “VIPC’s CCF program consistently provides critical funding support to university projects with strong commercialization potential, as well as to scalable technology-driven private startups. The VIPC and these Virginia-based businesses and universities contribute to our economic vitality and new high-paying jobs.”
Secretary of Commerce and Trade Caren Merrick said in a statement that the grant funds will help bolster technology innovation and support job creation.
“The 24 CCF awards that we celebrate with this announcement represent a variety of industries and innovators who have all discovered that Virginia values their entrepreneurial spirit and vision for the future,” Merrick said. “Helping university-based innovators and private-sector entrepreneurs find a path to success is critical to technology leadership, job creation, and the development of emerging industries in the Commonwealth.”
The CCF program accepts applications on a rolling basis and awards funds to for-profit technology companies and universities that are based in the commonwealth. The program awards up to $75,000 per grant.
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Tyler Arnold reports on Virginia and West Virginia for The Center Square. He previously worked for the Cause of Action Institute and has been published in Business Insider, USA TODAY College, National Review Online and the Washington Free Beacon.
Photo “Rotunda at University of Virginia” by Bestbudbrian. CC BY-SA 3.0.
