Governor Youngkin announces new Lab-to-Launch initiative to unlock innovation in Virginia by accelerating university research commercialization and technology transfer. Developed through a bold statewide collaboration between Virginia Innovation Partnership Corporation (VIPC) and Virginia’s six R1 research university partners – George Mason University, Old Dominion University, the University of Virginia, Virginia Commonwealth University, Virginia Tech, William & Mary – this initiative will aim to double the number of startups that spin out annually from Virginia’s research universities and propel technology breakthroughs into the marketplace. The Lab-to-Launch initiative will create Virginia’s first-ever standardized Fast-Track License agreement to commercialize university research, while also expanding opportunities to connect with talent and capital from the private sector.
“Virginia is home to world-class research university institutions and with Lab-to-Launch and the Virginia Fast-Track License, we are moving at the speed of business to accelerate commercialization pathways for university technology startups,” said Governor Glenn Youngkin. “Since 2022, we’ve seen a record over 15,000 high-growth startups launch in Virginia, and we are now ranked top 10 in the nation for both technology and innovation and access to capital. Virginia is leading the way, and I look forward to seeing the transformative discoveries that go from ‘lab to launch’ and enhance people’s lives, not only in Virginia but throughout the country. I want to thank VIPC CEO Joe Benevento for driving this initiative and the collaboration with the universities forward, and Secretary Segura for his constant focus on making Virginia the best place to start and grow a business.”
Lab-to-Launch:
- Virginia Fast-Track License for Startups
- Standardizes key terms in university intellectual property (IP) license agreements with startups and streamlines the university technology transfer process to make it easier, faster, less costly, and more transparent for scientists, inventors, and entrepreneurs.
- Offers some of the most founder-friendly, standard university license economic terms in the country for entrepreneurs.
- Startups that spin off from universities using the Virginia Fast-Track License are eligible for a grant award of up to $50,000 from VIPC toward upfront out-of-pocket university commercialization costs.
- Private Sector Collaboration with University Commercialization
- Launch Entrepreneur-in-Residence program to connect industry experience and business acumen with technical knowledge and scientific expertise.
- Create digital database and online catalog for university IP to make it easier for industry partners to access and engage with university innovation pipelines.
- Attract private sector investment for university startup spin-offs by engaging with venture capital funds and investor networks and evaluating potential partnership opportunities through VIPC’s Virginia Invest platform.
“Once again, Virginia is at the forefront because Virginia is open for business,” said Secretary of Commerce & Trade Juan Pablo Segura. “I am thrilled to see this program launch and cannot wait to see its impact from the extraordinary work, talent and technology we have in our universities as we continue to unlock Virginia’s potential when it comes to innovation, technology, and everything it has to offer.”
“Virginia’s leading university hubs play an essential role in our innovation ecosystems and in catalyzing groundbreaking research discoveries,” said President and Chief Executive Officer of Virginia Innovation Partnership Corporation Joe Benevento. “Collaboration and innovation are at the heart of VIPC – this unique statewide partnership with Virginia’s R1 universities will elevate the Commonwealth’s national leadership and launch a new frontier of innovation-driven growth and opportunity.”
As part of Lab-to-Launch, university partners will seek ways to identify and share best practices to grow research commercialization efforts in Virginia. VIPC will also measure and benchmark statewide university commercialization outcome metrics against historical baselines as well as national peers.
“We are excited to partner with VIPC and the Commonwealth of Virginia on the Lab-to-Launch initiative,” said Richard W. Chylla, UVA Licensing & Ventures Group Executive Director. “With the support it will provide to early-stage startups and university innovation, it could be a game-changer. Several years from now we hope to look back on the launch of this initiative as a watershed moment that paved the way for countless homegrown companies to have positive impacts on society, while also spurring economic growth in the Commonwealth.”
“Virginia Tech is proud to support the Virginia Fast-Track License—an innovative, startup-friendly IP licensing framework developed as part of Virginia’s new Lab-to-Launch initiative,” said Grant Brewer, President of Virginia Tech Intellectual Properties. “With licensing terms that are among the most generous in the country, we believe this initiative will encourage the transformation of university innovations into successful new companies. By enabling home-grown technology startups to more easily access and commercialize research, the Virginia Fast-Track License will help fuel economic growth and deliver lasting benefits to both the local community and the broader national economy.”
“As a rapidly growing, top 50 public research university, with an increasing number of startups and maturing technologies moving to the marketplace, there is no better time than right now for this unique initiative and collaborative partnership between VCU and VIPC,” said Srirama Rao, Ph.D., Vice President for Research and Innovation at Virginia Commonwealth University. “This collaboration will be a game-changing catalyst in delivering lifesaving medical devices, cutting edge technologies and industry disrupting innovation faster. It will expand economic growth opportunities in Richmond and across Virginia.”
“Lab-to-Launch puts Virginia in a strong competitive position to connect business experience with faculty innovators, offer start-ups access to university technology with clear terms, and create a clear path to seed capital,” said Paula Sorrell, Associate Vice President of Innovation & Economic Development at George Mason University. “It’s a win for tech start-ups, George Mason University, and the Commonwealth — thank you to VIPC for being a great collaborative partner to launch this exciting initiative.”
“Virginia’s Lab-to-Launch initiative will make available new resources and tools that accelerate the translation of research into real-world impact, driving the formation of new startups based on Old Dominion University’s technologies and increasing coordination with VIPC and its network,” said Kevin Leslie, Vice President for Research and Commercialization at Old Dominion University. “We are excited for this strengthened collaboration and grateful for VIPC’s continued support of innovation in the Commonwealth.”
“William & Mary is excited to collaborate with VIPC and be part of this transformational initiative,” said Jason McDevitt, Executive Director of William & Mary Innovations. “We believe this will benefit citizens across the Commonwealth by unlocking significant commercialization opportunities and helping to move them out of academia and into new startup ventures.”
Read more here.