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CTRF Review for Senate Finance Committee, Education Subcommittee June 7, 2007

CTRF Review for Senate Finance Committee, Education Subcommittee June 7, 2007 . Peter Jobse Center for Innovative Technology. Agenda. CTRF Purpose, Background Current Funding and Opportunities CTRF Governance and Operations Value to the Commonwealth. Purpose and Background. Origin

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CTRF Review for Senate Finance Committee, Education Subcommittee June 7, 2007

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  1. CTRF Review for Senate Finance Committee, Education SubcommitteeJune 7, 2007 Peter Jobse Center for Innovative Technology

  2. Agenda • CTRF Purpose, Background • Current Funding and Opportunities • CTRF Governance and Operations • Value to the Commonwealth

  3. Purpose and Background Origin • Created in 2000 session of General Assembly • Focus: • Attract public and private research funds • Resulting in increased tech / economic development in Virginia • Monies provided • FY2002: $9.2M • FY2003: $7.8M • FY2004: $7.7M History • $24.6M invested • 12 awards • $167M in awards leveraged • INCOGEN • VBI / Bioinformatics • VMASC Battle Lab • Cancer Diagnostic Tools & Therapies • UVa Lab Renovation

  4. Current Funding and Opportunities Opportunities • Top down • Southside – materials research with VA Tech; $12M potential • Central VA – semiconductor-related research at UVa; $5M potential • Southwest – materials research with VA Tech; $6M potential • Bottom up • Tissue engineering to accelerate disc repair in humans • Aerospace engineering for high-speed jet engines • Bio-nanoscience for lung cancer diagnostics 2007/2008 Funding • $3M GF ($2M/$1M) • One-to-one match required • FY2007: primarily technology commercialization • FY2008: enhance research opportunities at public institutions of higher education

  5. Governance and Operations CTRF Process • Issue guidelines • Establish Grant Allocation Committee • Develop and issue additional evaluation criteria • Review proposals • Announce award decisions • Evaluate “top down” opportunities as arise • Invite Round #2 subject to availability of funding GAC Membership Sec. Aneesh Chopra – Chair Mark Frantz, RedShift Ventures Krishna Kodukula, SRI Dan LaVista, SCHEV Terry Leslie, Micron Bob Lindberg, NIA Joe May, EIT Gary McLaren, VEDP Cheryl Moore, HHMI

  6. Public-Private-Academic Partnerships R&D a Key Lever to Drive Virginia’s Innovation Economy Reversing a Declining Market Public, Private, Academic Partnership A New Standard • Corning Danville employment declines following leading product termination • Innovating research partnership encourages $12M investment, adds 50 jobs • VT-IALR-Norfolk State propose to assist in emerging products for Danville • Corning invests $400M annually on R&D, relatively little in Virginia A Global R&D Leader Builds in Rural Virginia: The inventors of the computer mouse, robotic surgery, HDTV, and more plan to hire 100 researchers in the Valley Center for Advanced Drug Research: The initial focus in partnership with JMU will be life sciences, bio-threats, and new treatments Initial Funding Through CTRF: This deal was made possible by the flexibility afforded by the Commonwealth Technology Research Fund

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