|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||2||$1,500,000|
EDA invested $3.2 million in 15 projects across the state of Virginia during Fiscal Year 2012. These projects support innovation, entrepreneurship, diversification, and growth in economically distressed areas by supporting the growth of biomedical/biotechnical industries, advanced in agriculture, and commercialization of university research. These investments are expected to create or retain 50 jobs according to grantee estimates.
Investment Spotlight: EDA Investment Creates Statewide Innovation Network
The Commonwealth of Virginia’s university system includes many world class research institutions. However, analysis has shown that $1.1 billion in research funding was not adequately flowing into new start-ups that create jobs.
In 2012, EDA awarded a $1million i6 Challenge grant to the University of Virginia to establish the Virginia Innovation Partnership (VIP). This project will bring together 10 research universities with $1.1 billion in annual research activity, five community colleges, 15 corporate partners, and 10 incubators to create a statewide proof-of-concept network focused on selectively moving promising life science technologies and business ideas to commercialization. VIP will attract follow-on public and private research funding that increases technological and economic development in Virginia, leading to new company start-ups, collaborations with existing corporations, and economic growth that creates new jobs which are not easily off-shored or out-sourced. In addition to providing access to world-class mentor networks, VIP will give entrepreneurs access to $10 billion annually in top quartile venture capital partners. Direct job creation across the state is predicted to be 140 jobs over two years, with $64 million in private investment and 640 jobs created after 4 years, and 2,000 new jobs created after 8 years.