The Center for Innovative Technology (CIT), a renowned institution for its contributions towards growth and diversity in Virginia’s economy, has announced a major rebranding as the Virginia Innovation Partnership Corporation (VIPC). The rebranding signifies a new era of prioritizing innovation and entrepreneurship in the Commonwealth. VIPC, now the nonprofit operating arm of the Virginia Innovation Partnership Authority (VIPA), aims to build on successful programs and regional ecosystems that are crucial for Virginia’s strategy to promote emerging technologies and high-tech startups. The rebranding is a product of extensive research and stakeholder outreach, including town hall meetings, surveys, and consultations with major state research universities, tech transfer offices, and community colleges. VIPC programs include GAP Investment Funds, Commonwealth Commercialization Fund, Virginia Founders Fund, and others, all aimed at supporting Virginia’s innovation landscape.
Introduction
CIT Rebrands to VIPC
Richmond, VA The Center for Innovative Technology (CIT), known for its efforts to grow and diversify Virginia’s economy by investing in and accelerating innovation, commercialization, and entrepreneurship for more than 35 years, announced today that it has completed a major rebranding. CIT will now be known as the Virginia Innovation Partnership Corporation (VIPC) and will function as the nonprofit operating arm of the Virginia Innovation Partnership Authority (VIPA).
Importance of Innovation and Entrepreneurship
CIT’s name and brand change to VIPC reflects a new era in the prioritization of innovation and entrepreneurship in the Commonwealth. The new Authority consolidates and builds on an existing foundation of successful programs and regional ecosystems that are key elements in Virginia’s strategy to nurture emerging technologies and create high-tech startups and jobs.
Stakeholder Engagement
The brand change came as a direct result of extensive research and stakeholder outreach to identify strategies for Virginia to maintain a leadership position in this important sector of our economy. That process included town hall meetings across the Commonwealth engaging with nearly 1000 participants and survey respondents; meetings with 65 organizations, from chambers of commerce and tech councils to accelerators and angel networks; 3 work sessions with 172 business and educational leaders; and input from every major state research university, tech transfer office, community college. Additionally, SCHEV, Senate Finance, and House Appropriations, in consultation with the existing Boards and staff of CIT, drafted legislation that created the Virginia Innovation Partnership Authority (VIPA).
Virginia’s Commitment to Innovation
With the development of the Virginia Innovation Partnership Authority (VIPA) and the support for the rebranding of CIT to the Virginia Innovation Partnership Corporation (VIPC), the Commonwealth’s commitment to emerging technology and opportunity at all stages of the innovation process is clear.
About the Virginia Innovation Partnership Corporation (VIPC)
About the Virginia Innovation Partnership Corporation (VIPC)
VIPC connects innovators with opportunities. The nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include | GAP Investment Funds | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | University Partnerships | Startup Company Mentoring & Engagement.
Question & Answer
What is the significance of CIT rebranding to VIPC?
The rebranding from CIT to VIPC signifies a new era of prioritizing innovation and entrepreneurship in Virginia, consolidating and building on successful programs and regional ecosystems.
How was the decision for rebranding made?
The decision for rebranding was made after extensive research and stakeholder outreach, including town hall meetings, surveys, consultations with major state research universities, tech transfer offices, and community colleges.
What programs are offered by VIPC?
VIPC offers programs such as GAP Investment Funds, Commonwealth Commercialization Fund, Virginia Founders Fund, Smart Communities, Unmanned Systems, SBIR/STTR Support, Entrepreneurial Ecosystems, Regional Innovation Fund, University Partnerships, and Startup Company Mentoring & Engagement.
