Established in 2020, the Virginia Innovation Partnership Authority (VIPA) supports the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed-stage funding; as well as acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. The Authority provides a collaborative, consistent, and consolidated approach to assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. 

The Virginia Innovation Partnership Authority (VIPA), through its operations arm the Virginia Innovation Partnership Corporation (VIPC), catalyzes and accelerates early stage economic development by stimulating market development through commercialization and seed stage funding 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.

VIPC connects innovators with opportunity.

Leadership: Board and management policy engagement with Commonwealth government, operational execution, and measurable results.

Transparency: Board approved operating plans and balanced scorecards; management accountability; Board and Commonwealth reporting.

Accountability: Openness on all issues among the Board, the Administration, the General Assembly.

Inclusion: Prioritize outreach to historically underrepresented groups in the Commonwealth such as people of color, women, veterans, and rural communities while ensuring all parts of the Commonwealth are touched by VIPC.

The Virginia Innovation Partnership Authority (VIPA), through its operations arm the Virginia Innovation Partnership Corporation (VIPC), serves as a catalyst for seed stage economic growth in the Commonwealth by supporting and facilitating interdependent ecosystems comprised of entrepreneurial support organizations, industry, universities and government leaders who commercialize research, build new companies and create new jobs. VIPC connects innovators with opportunities. VIPC is the nonprofit operations arm of the Virginia Innovation Partnership Corporation (VIPA), and 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. In cooperation with the administration, industry and regional stakeholders, VIPC is committed to accelerating new economic opportunities and stimulating economic growth to the benefit of all Virginians.

Article 11. Commonwealth of Virginia Innovation Partnership Act

§ 2.2-2351. Short title; declaration of public purpose.

It is found and determined by the General Assembly that there exists in the Commonwealth a need to support the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed stage funding; and to acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. A collaborative, consistent, and consolidated approach will assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. It is also found and determined by the General Assembly that there exists in the Commonwealth of Virginia a need to (i) promote the technology-based economic development of the Commonwealth by building, attracting, and retaining innovation and high-technology jobs and businesses in Virginia; (ii) increase industry competitiveness by supporting the application of innovative technologies that improve productivity and efficiency; (iii) attract and provide additional private and public funding in the Commonwealth to enhance and expand the scientific and technological research and commercialization at state and federal research institutions and facilities, including by supporting and working with technology transfer offices to advance research from proof-of-concept to commercialization resulting in new business and job creation; (iv) attract and provide additional private and public funding to support and enhance innovation-led entrepreneurship ecosystems and coordination of existing activities and programs throughout the Commonwealth to create new job opportunities and diversify the economy; (v) ensure promotion and marketing of Virginia's statewide innovation economy and support and coordinate regional marketing efforts to align local and statewide objectives; and (vi) close the Commonwealth's support gap through pre-seed and seed stage investments, coordination of private investor networks, and shared due diligence research.

Following the premise that “disruption fuels strategic opportunity,” VIPC is a unique point of intersection where target markets are ripe for disruptive change and partner identification in alignment with Commonwealth priorities and Authority mission. Virginia Innovation Partnership Corporation (VIPC) will continue program and pilot delivery throughout all regions of the Commonwealth. New initiatives on the horizon:

VIPC shall continue to support administration priorities including but not limited to: the refinement of new company startup tracking to track impact against the administration’s goal of 10,000 startups, and the Partnership for Petersburg through a Petersburg Founders Fund, in collaboration with Virginia State University, the Small Business Development Center (SBDC) and other stakeholders, to establish a fund to invest in early-stage Petersburg-based start-ups, and the Richmond-Petersburg Advanced Biopharmaceutical Manufacturing cluster.

The Commonwealth Commercialization Fund (CCF) shall expand awards to include Higher Education programs, including Eminent Researcher Recruitment and Entrepreneur in Residence programs.

The Virginia Center for Unmanned Systems, in partnership with the Virginia Department of Aviation, federal, state, and industry stakeholders, in July launched the Virginia Advanced Air Mobility Alliance as Virginia prepares for Advanced Air Mobility – a safe, accessible, automated, and affordable air transportation system for passengers and cargo that can serve previously hard to reach urban and rural locations.

The Entrepreneurial Ecosystem Division launched specific stakeholder group meetings in July that will continue throughout the year to evaluate and refine program needs, efficiencies, impact, and recommendations.

Led by the Virginia Small Business Financing Authority (VSBFA), the Commonwealth shall launch the US Treasury’s State Small Business Credit Initiative (SSBCI) focused on socially and economically disadvantaged individuals (SEDI) and very small businesses (VSB) (>10 employees). VSBFA shall administer the Credit Support program. VIPC’s Virginia Venture Partners shall undertake the Venture Capital Direct and Indirect program implementation. This 10 year performance-based program is expected to be awarded in three year increments.

NSF Regional Innovation Engines concept paper selected for proposal in Q3 FY2023. The proposed Multi-Agency Regional Technology Hub Alliance (MARTHA) program is focused on regional, technology-driven innovation ecosystems to address specific societal and economic challenges in the topic area of smart and resilient communities. If awarded, this 10 year performance-based program is designed to address specific aspects of societal and economic challenge and will be funded in two year increments.

The Virginia Innovation Partnership Corporation (VIPC) information technology is provided by the Virginia Information and Technology Agency (VITA) and third party applications/providers hosted off-site or in the cloud.

Staff expertise at the Virginia Innovation Partnership Corporation (VIPC) includes a vast array of backgrounds to best serve its constituency.  Consensus-building, problem-solving, organizational planning, analytical, and decision-making skills, and the ability to comprehend and disseminate complex information are requirements of the workforce. The organization is committed to professional development of its employees and focuses on continuous improvement of employee technical and soft skills not only to improve performance, but to improve employee satisfaction, and to ensure employees are prepared for growth. Training is available to all employees, both self-directed and with unique emphasis in areas identified through performance feedback. In addition to ongoing Diversity, Equity, Inclusion, and Accessibility (DEIA) education, FY2023 will continue its focus on effective coaching and leadership development in all areas of the organization. Succession plans of key personnel are updated annually.

The Virginia Innovation Partnership Corporation (VIPC) maintains a membership for co-working office space in Richmond (headquarters) and Norfolk, which provides access to various locations in and around Richmond, Newport News, and Virginia Beach, and leases commercial office space in Herndon to provide services consistent with the mission of the organization. Physical needs of the organization are re/evaluated annually, or more frequently as required.

Factors that may have a significant impact on the organization in the next few years:

• Economic instability. In the event of an economic downturn, outcomes may be impacted. Matched and leveraged economic development programming will be harder to sustain when competing against other essential public services.


• Interagency and stakeholder program coordination and cooperation. Maximizing program strengths and efficiencies inside and outside the VIPA umbrella to achieve administration goals that serve the people of the Commonwealth.

In FY2023 and FY2024, the Commonwealth appropriated $47,786,623 and $42,395,623 respectively. The Virginia Innovation Partnership Authority (VIPA) base budget during the FY2023-2024 biennium is $42,395,623. The difference in FY2023 appropriation is one-time $5,391,000 appropriation to the Commonwealth Center for Advanced Manufacturing (CCAM) to pay outstanding obligations.

The base budget is comprised of $25,350,000 appropriated to the following independent entities under Item 127 of the 2022 Special Session I Appropriation Act.

$17,500,000 to the Commonwealth Cyber Initiative (CCI) to scale and provide resources for faculty recruiting at both the Hub, Virginia Tech, and Node sites. Funds include leasing of space and establishment of the Hub by the anchoring institution and for the establishment of research faculty, entrepreneurship programs, student internships and educational programming, and operations of the Hub.

$3,750,000 to the Virginia Biosciences Health Research Corporation (VBHRC aka VA Catalyst) to contract with private entities, foundations, and other governmental sources to capture and perform research in the biosciences, as well as promote the development of bioscience infrastructure tools to facilitate additional research activities. Up to $3,750,000 may be used to develop or maintain investments in research infrastructure tools to facilitate bioscience research.

$3,625,000 to the Commonwealth Center for Advanced Manufacturing (CCAM) for rent, operating support, and maintenance; for private sector incentive grants to industry members; for university research grants; and to attract federal funds for research projects to be conducted by CCAM, including marketing, travel, grant proposal writing, business development, matching funds for federal programs, and federal research costs not reimbursable on federal research awards.

$350,000 to the Commonwealth Center for Advanced Logistics Systems (CCALS) to provide seed money for collaborative public sector projects with partners, such as the Port of Virginia, Department of Corrections, and the Virginia Department of Transportation.

$125,000 to the Virginia Academy of Science, Engineering and Medicine (VASEM) to provide technical assistance to the VIPA.

The remaining balance of $17,045,623 is comprised of the following programs administered by the Virginia Innovation Partnership Corporation (VIPC):

$5,000,000 to support the Commonwealth Commercialization Fund (CCF) to foster innovative and collaborative research, development, and commercialization efforts in projects and programs for high potential for economic development and job creation in the Commonwealth.

$3,100,000 to the Virginia Venture Partners Growth Acceleration Fund to support seed stage direct investment and other indirect investment mechanisms to foster the development of Virginia-based technology companies.

$3,000,000 for the Entrepreneurial Ecosystems Division to support and promote technology-based entrepreneurial activities in the Commonwealth, including but not limited to the Regional Innovation Fund (RIF) follow-on sustaining funding to promising entrepreneurial ecosystem projects in each region that have successfully executed Virginia Initiative for Growth and Opportunity (GO Virginia) projects supporting science and technology-based entrepreneurship and ecosystem development or have actively collaborated with the VIPC Commercialization, Entrepreneurial Ecosystems, Investment, and Strategic Initiatives divisions.

$1,000,000 to support Strategic Initiative pilots determined to be high growth industries in the Commonwealth and support regional needs, including but not limited to Smart Community/Living Labs; Public Safety; federal/state flood sensor network collaboration; Advanced Air Mobility; among emerging markets including Quantum Computing.

$1,000,000 to support the Virginia Center for Unmanned Systems to serve as the catalyst for growth of unmanned and autonomous systems vehicles and technologies in Virginia. The Center establishes collaboration between businesses, investors, universities, entrepreneurs and government organizations to increase the Commonwealth’s position as a leader of the Autonomous Systems community.

No data

The following statistics illustrate the breadth of services provided by VIPC. Statistics provided which include an * are based on mid-FY2022 data. Final FY2022 data will be available by calendar year end 2022.

The Virginia Innovation Partnership Authority (VIPA), through its operations arm the Virginia Innovation Partnership Corporation (VIPC), customer base is projected to increase significantly due to program expansion in several areas to better support research and technology commercialization, new company formation, pre- and seed-stage investment and entrepreneurial support organizations and ecosystems in the Commonwealth.

Commonwealth Commercialization Fund (CCF) fosters innovative and collaborative research, development, and commercialization efforts in projects and programs with high potential for economic development and job creation in the Commonwealth.

Virginia Venture Partners Growth Acceleration Fund supports pre-seed and seed stage direct investment and other indirect investment mechanisms to foster the development of Virginia-based technology companies.

Regional Innovation Fund (RIF) provides follow-on sustaining funding to promising entrepreneurial ecosystem projects in each region that have successfully executed Virginia Initiative for Growth and Opportunity (GO Virginia) projects supporting science and technology-based entrepreneurship and ecosystem development or have actively collaborated with the VIPC Commercialization, Entrepreneurial Ecosystems, Investment, and Strategic Initiatives divisions.

Commonwealth Cyber Initiative (CCI) recruits faculty at Hub, Virginia Tech, and Node sites. In addition to talent attraction, the program has established entrepreneurship programs, an accelerator, student internships and educational programming.

Virginia Biosciences Health Research Corporation (VBHRC aka VA Catalyst) contracts with private entities, foundations, and other governmental sources to capture and perform research in the biosciences, as well as promote the development of bioscience infrastructure tools to facilitate additional research activities. Up to $3,750,000 may be used to develop or maintain investments in research infrastructure tools to facilitate bioscience research.

Commonwealth Center for Advanced Manufacturing (CCAM) provides private sector incentive grants to industry members; for university research grants; and to attract federal funds for research projects.

Commonwealth Center for Advanced Logistics Systems (CCALS) provides seed money for collaborative public sector projects with partners, such as the Port of Virginia, Department of Corrections, and the Virginia Department of Transportation.

The Virginia Innovation Partnership Corporation (VIPC) has a key role in Governor Youngkin's economic development goals for Virginia over the next four years - to aid Virginia's economic development organizations in the creation of 400k new jobs, 10k new startups, and a highly skilled workforce to meet the demands of the Commonwealth's innovation economy. Emphasis on innovation-centric entrepreneurship, scientific discovery, and engineering creativity has positioned programs under the VIPA as emerging assets to fuel economic competitiveness, workforce development, and job creation.

• Establish the Petersburg Founders Fund in support of the administration’s Partnership for Petersburg, in collaboration with Virginia State University, the Small Business Development Center (SBDC) and other stakeholders, VIPC will establish a fund to invest in early-stage Petersburg-based start-ups, and the Richmond-Petersburg Advanced Biopharmaceutical Manufacturing cluster.


• On behalf of the administration, undertaking the lead on determining the rate of new company formation during the administration’s tenure to achieve its intended outcome of 10,000 new company startups.


• Positive Joint Legislative Audit and Review Commission (JLARC) Science and Technology Economic Development Incentives Evaluation Report

By accelerating the seed stage innovation life cycle from research commercialization to seed stage investment to federal and state pilot program opportunities and services, the Administration will be well positioned to achieve its stated outcomes of 400k jobs and 10k new company starts and a rip roaring economy.

Increase amount of leverage capital attracted and invested and jobs attracted, created, and retained in the businesses and the Commonwealth.

• Invest in high growth companies and industries

By expanding and amplifying entrepreneurial ecosystem support services through best in class pre-acceleration, accelerator, mentoring, and customer development services, the success rate of small businesses will increase and robust ecosystem support systems will attract talent, grow jobs, and make Virginia the best state to grow or relocate businesses.

Catalyze, Expand and Amplify the Commonwealth's Entrepreneurial Ecosystem

• Active engagement to collaborate, partner and leverage the strengths of key stakeholder groups