CIT Announces Inaugural Solicitation for the New Commonwealth Commercialization Fund

Up to $7 million in non-dilutive funding available for Virginia companies

Herndon, Virginia, UNITED STATES


Richmond, VA, Jan. 07, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) announced today its Request for Proposals (RFP) for the first solicitation under the newly formed Commonwealth Commercialization Fund (CCF).

The CCF was launched on July 1, 2020 to foster innovative and collaborative commercialization efforts in Virginia, consolidating two legacy programs: the Commonwealth Research Commercialization Fund (CRCF) and the Virginia Research Investment Fund (VRIF). In FY2021, CIT is conducting a single CCF solicitation for young Virginia companies that have strong potential to drive economic growth in Virginia, including through revenue and job creation. Up to $7 million is available to award; a one-to-one match is required.

This competitive round will provide grants up to $100,000 to support companies' commercialization and market entry goals through product or service development, market research, intellectual property protection, marketing, pilots, and more. High-potential projects are sought in seven strategically important sectors: agricultural and environmental technologies, autonomous systems, clean energy, cybersecurity, data science and analytics, life and health sciences, and space and satellites. All Virginia companies that meet the eligibility criteria are invited to seek funding.

Complete information on the FY2021 round is available from www.cit.org/ccf-fy21.html.

"We're really excited to launch this first solicitation of the new CCF," said Bob Stolle, CIT's President and CEO. "The program and related criteria were approved by the Virginia Innovation Partnership Authority (VIPA) Board at its December meeting and we are already announcing the first RFP. This is another clear indicator of the level of urgency Governor Northam has placed on helping Virginia's private sector recover from the impact of COVID."

The RFP will remain open until noon on February 8, 2021, the deadline for submitting executive summaries. Between now and early February, the CCF team will host virtual briefings to introduce CCF, the RFP, and answer questions. To view the schedule and register for a session, visit bit.ly/ccf-fy21briefings. Anyone interested in seeking funding for this round is encouraged to attend a briefing.

About the Commonwealth Commercialization Fund (CCF)
The CCF was created through 2020 legislation to provide grants and loans in support of technology-based research, development, and commercialization activities to drive economic growth in Virginia. In FY2021 and FY2022, up to $15 million has been allocated to CCF in support of Virginia's private sector and higher education institutions. CCF builds upon two programs that transitioned to the Fund: the Commonwealth Research Commercialization Fund (CRCF) and the Virginia Research Investment Fund (VRIF). CIT continues to support the CRCF and VRIF portfolios, which combined, total more than $34 million.

About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs, and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.

 

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