CRCF Annual Report Shows New Patent, Product And Innovation Growth
Monday, October 20, 2014
The Center for Innovative Technology (CIT) released the Commonwealth Research Commercialization Fund (CRCF) annual report for FY2014, showing growth in new patents, products and innovative companies.
Karen Jackson, Virginia’s Secretary of Technology, said, “CRCF plays an important role in the acceleration of innovation in the Commonwealth by funding essential research and commercialization projects. The investments we make in research commercialization plant the seeds that are growing the New Virginia Economy.”
In FY2014, CIT issued 52 CRCF awards to startups, universities and research institutes engaged in research and development projects, leveraging the Commonwealth’s $4.2 million investment with approximately $7.4 million in matching funds.
Notably, more than 50 patents have been filed or are pending, including both full and provisional patents; 12 or more patents have been issued; more than ten invention disclosures have been issued; five or more products or technologies have been licensed; and other discussions have circulated around trademarks and trade secrets.
In FY2014, at least two new life sciences and modeling and simulation products and/or services were brought to market; at least one additional product/service is anticipated for near-term release. In addition, more than 12 organizations are actively engaged in discussions with companies and other organizations interested in licensing products.
At least four new life science and cyber security companies, some of which are university spin-outs, were created. Additionally, at least one CRCF recipient expanded its operations across the state, and at least two non-Virginia companies located all or a portion of their operations to the Commonwealth.