VIP at a Glance
What is the Virginia Innovation Partnership (VIP)?
VIP is a statewide network designed to accelerate innovation and economic growth. One of only seven multi-institution initiatives to win federal funding as part of the U.S. Department of Commerce’s i6 Challenge in 2012, VIP is bringing together universities, community colleges, corporations, investment capital and other resources to drive promising research discoveries forward.
What is the i6 Challenge?
Launched in 2010, the i6 Challenge “supports truly innovative initiatives to spur innovation commercialization, entrepreneurship and jobs creation at the local level.” Administered by the U.S. Commerce Department Economic Development Administration’s Office of Innovation and Entrepreneurship, the competition awarded up to $1 million to the winning proposals throughout the U.S. in 2012. More info: www.eda.gov/challenges/i6/
Key Program Elements
All Virginia colleges and universities invited to apply for proof-of-concept funding, with funded projects selected by VIP’s review and advisory boards:
- $40,000-80,000 per project
- At least 20 projects a year to be funded
Selected projects have access to expansive VIP mentoring network and partners.
Matching funds provided by VIP partners expected to lead to business and product development, industry collaboration, job creation and economic growth.
VIP will serve as a unique model for adoption in other states.
Organizations providing tax-deductible gifts to VIP enjoy:
Membership on the i6 Corporate Mentoring Advisory Committee
Enhanced connections with Virginia colleges and universities and other VIP partners.
Exposure to pipeline of de-risked university and college technologies, and the opportunity to help shape or guide these technologies
Access to “tomorrow’s workforce,” talented Virginia undergraduates, graduate students and post-doctoral fellows
Role in growing Virginia’s economy, through innovation.
Eastern Virginia Medical School
George Mason University
Mountain Empire Community College
New River Community College
Norfolk State University
Northern Virginia Community College
Old Dominion University
Piedmont Virginia Community College
Tidewater Community College
University of Richmond
University of Virginia
University of Virginia’s College at Wise
Virginia Commonwealth University
Virginia State University
15+ Corporate Partners
10 Incubators, Economic Development Agencies, Crowd-funding Organizations
$10 Billion in Top-Quartile Venture Capital Partners