Herndon, VA, Sept. 25, 2019 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) announced today the Commonwealth Research Commercialization Fund (CRCF) Request for Proposals (RFP) for FY2020.

The CRCF accelerates Virginia’s economic growth by supporting high-potential technology commercialization projects at Virginia's public and private institutions of higher education, technology companies, and federal labs and nonprofit research organizations. A single solicitation for approximately $2.5 million will be offered in FY2020, through five programs: Commercialization, SBIR Matching Funds, STTR Matching Funds, Eminent Researcher Recruitment, and Matching Funds.

Since its inception in 2011, CRCF has awarded nearly $28 million dollars in support of early-stage technology development efforts in strategically important industries. This year, applications are invited in clean energy, cybersecurity, data analytics, life sciences, and unmanned systems. More information about these five sectors, programs, eligibility criteria, submission materials, resources, and the solicitation timeline are available now at www.cit.org/initiatives/crcf/fy2020/.

The RFP will remain open until November 6, 2019, the deadline for submitting Letters of Intent (LOIs). Between now and early October, the CRCF team will travel to regions across the Commonwealth to introduce CRCF and the FY2020 round, discuss this year’s LOI process, and answer questions. To find out when we’ll be in a region near you, visit www.cit.org/initiatives/crcf/fy2020/resources/ for the full schedule. Anyone interested in seeking funding this round is encouraged to attend a briefing; it’s a terrific opportunity to learn more about the programs and processes and engage with the team and others in the community through Q&A and networking.

In FY2019, CIT issued one solicitation resulting in 41 awards for $2.51 million. These projects leveraged the Commonwealth’s investment with approximately $6 million in matching funds. CRCF’s portfolio of nearly 350 projects have leveraged more than $72 million in match and, this past year, reported more than $120 million in additional follow-on investments to support further technology advancement.

About the CRCF

The CRCF advances science- and technology-based research, development, and commercialization to drive economic growth in Virginia, create and foster high-potential technology companies in the Commonwealth, and to encourage and strengthen collaboration and partnerships between the public and private sector. The Fund seeks to advance Virginia’s position in strategically important areas including, but not limited to human health, cybersecurity, smart communities, and unmanned systems.

About the Center for Innovative Technology (CIT)

Investing for Commonwealth Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies to create high-paying jobs throughout the entire state of Virginia. Founded in 1985, CIT, a nonprofit corporation, has been a primary driver of advocating for innovation and entrepreneurship in the Commonwealth. CIT accelerates next generation technologies and technology companies through commercialization, capital formation, and market development initiatives. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement on behalf of Virginia Entrepreneurship & Economic Development. CIT’s CAGE Code is 1UP71. Contact: 2214 Rock Hill Road #600, Herndon, VA 20170 | 703.689.3000 | www.cit.org

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Sara Poole
Center for Innovative Technology
7036893064
sara.poole@cit.org