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Virginia Biotechnology Research Park Corporation Board Transitions to The Innovation Council

Tuesday, June 23, 2015  
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The Board of Directors of the Virginia Biotechnology Research Park Corporation recently adopted bylaw changes to expand its focus beyond Biotechnology and transition into The Innovation Council to support collaboration and coordination of high-growth innovation activities in the Richmond Region.

To advance The Innovation Council’s work, Dr. Rao, President of VCU and Chairman of the Virginia Biotechnology Research Park Authority and Corporation Boards, announced a $1.2 million commitment to be leveraged with other sources of matched funds. This funding will be used to launch the regional effort and support funding gaps and capital resources currently not existing in the regional innovation ecosystem.

“Now is the time to leverage assets and interests found throughout the region to advance the innovation ecosystem. VCU is committing resources to this end totaling over $1.2 million, to be combined with corporate matching dollars,” Dr. Rao announced. “This investment will further develop a community where recent graduates and local entrepreneurs can take chances, innovate, and start something new. I look forward to working with stakeholders and making Richmond a leader in innovation.”

“Leveraging the uniqueness of individuals and organizations within the innovation ecosystem – including the Research Park – together we can increase our competitiveness as a Region with a focus on innovation. This is the intention of The Innovation Council,” said Carrie Roth, Virginia Biotechnology Research Park President and CEO. “Dr. Rao’s commitment today – to be leveraged with matched funds – will be the first significant impact to catalyze start-up funding for companies and researchers where we currently do not have resources.”

The role of The Innovation Council includes being a forum for collaboration and coordinated innovation activities amongst stakeholders in the Region, setting goals and metrics in innovation for the Region while monitoring the progress towards the goals, identifying innovation gaps and working to fill them, coordinating marketing messages for organizations at the local, regional and statewide level of innovation excellence to help in recruitment, retention and expansion and supporting efforts through the Corporation’s 501-C (3) status.

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