CCF funding will enable VCU to hire additional life science and software entrepreneurs-in-residence to improve the quality and quantity of university spinouts

RICHMOND, VIRGINIA, UNITED STATES, October 16, 2023 /EINPresswire.com/ -- The Virginia Innovation Partnership Corporation (VIPC) today announced that Virginia Commonwealth University (VCU) has been awarded a Commonwealth Commercialization Fund (CCF) grant to expand VCU’s entrepreneur-in-residence (EIR) program. VIPC’s CCF EIR program provides annual grant funding to Virginia’s public research colleges and universities to help fund one or more seasoned entrepreneurs who will work with faculty and students to explore technology commercialization opportunities, with the goal of launching technology-driven startup companies.

Since 2012, CCF has awarded more than $52 million to Virginia-based startups, entrepreneurs, universities, and university-based inventors since 2012 in support of critical early development and technology commercialization efforts.

VCU’s technology transfer arm, TechTransfer and Ventures, is responsible for commercializing university inventions for the benefit of the public. In addition to helping inventors gain patent protections and manage the licensing process, the TechTransfer and Ventures team also helps spin out startup companies based on VCU intellectual property. Since July 2022, VCU TechTransfer and Ventures has licensed laboratory discoveries and other inventions developed by faculty and trainees to 12 startups.

With this grant, Richmond, Va.-based VCU will be able to add additional entrepreneurs with specific expertise in various technologies and industries to its roster of EIRs, bringing the “voice of industry” into its academic and health system communities. EIRs offer insights and experiences to university researchers, allowing the institution to better support research faculty who are developing technologies with strong commercialization or startup potential.

“With this entrepreneur-in-residence support from VIPC, VCU can build an already successful startup program into a nationally recognized model program that brings awareness and respect to Virginia,” said Ivelina Metcheva, Ph.D., assistant vice president for innovation at VCU TechTransfer and Ventures, part of the VCU Office of the Vice President for Research and Innovation. “VCU’s researchers are working every day to advance scientific discovery and understanding. By expanding our EIR team, we will enhance our ability to work with our researchers to bring their discoveries to the commercial market through the creation of new startups or through licensing their intellectual property to more established businesses. Successful VCU startups will bring important technologies to market while generating jobs and tax revenue for the Commonwealth.”

“VIPC recognizes the challenges of moving promising academic research out of the lab and into the commercial market, and we also recognize that each university is unique,” said Hina Mehta, VIPC’s Director for University Programs. “We developed the CCF EIR grant program specifically to offer flexibility to Virginia’s public research universities as they implement their own EIR strategy. VCU presented us with a compelling plan for their expanded EIR program, and we look forward to seeing the resultant positive outcomes.”

VCU’s EIR program engages faculty in all departments. Additionally, the entrepreneurs-in-residence and their networks have allowed the institution and individual faculty to make key connections in commercial industry and the investment community. Over the past ten years, VCU TechTransfer and Ventures’ track record includes 49 new products to market, more than 60 startups, 189 licenses / options, and more than $30 million in licensing revenue.

About VCU TechTransfer and Ventures
On a mission to facilitate commercialization of university inventions for the public benefit, VCU TechTransfer and Ventures fosters a culture of innovation and entrepreneurship and promotes industry collaborations and new venture creation. The TechTransfer and Ventures team aims to bring national prominence, world-class recognition, and value to VCU and its inventors, and place the university and academic health system at the top of its peer group by enhancing innovation commercialization. Visit the VCU TechTransfer and Ventures website for more.

About Virginia Innovation Partnership Corporation (VIPC)
VIPC: Connecting innovators with opportunities. As 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: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center |Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Facebook, Twitter, and LinkedIn.

About the Commonwealth Commercialization Fund (CCF)
VIPC’s Commonwealth Commercialization Fund (CCF) awards grant funding on a rolling basis to Virginia’s small businesses and university-based innovators. The CCF entrepreneur-in-residence (EIR) grant program specifically supports Virginia’s public research universities as they establish or expand their technology commercialization support programs. Research universities are often challenged to bring their faculty's research innovations to the commercial market, either through licensing or commercial spinouts and well-conceived EIR programs at universities have been shown to increase the likelihood and success rate of faculty-supported commercial spinouts. For more information on funding opportunities and eligibility requirements through CCF, or to apply, visit the CCF pages at www.VirginiaIPC.org.

Angela Costello, Vice President of Communications
Virginia Innovation Partnership Corporation (VIPC)
angela.costello@VirginiaIPC.org
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