FY2026 Operating Plan, Virginia Innovation Partnership Authority
Summary
FY2026 Operating Plan of the Virginia Innovation Partnership Authority, which quotes the declaration of public purpose in the Virginia Innovation Partnership Authority Act. The FY26 VIPC Operating Budget by Funding Source, in thousands, lists Commonwealth Appropriation - General Fund of $17,136, Interest, Sponsorship, Return on Investment & Miscellaneous Income of $3,650, total revenue of $20,786, total expenses of $32,292, and a net of $(11,506). The consolidated statement lists total revenue of $33,315, a beginning net position of $75,394, and an ending net position of $63,888.
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“FY2026 Operating Plan, Virginia Innovation Partnership Authority.”
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FY2026 Operating Plan
Virginia Innovation Partnership Authority Act in 2020
§ 2.2-2351. Short title; declaration of public purpose
B. 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 talent 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.
2
Innovation Ecosystem Framework
Virginia Innovation
Grow, Attract, Retain
Talent, Companies, Investment, Jobs
Talent Innovation Capital
Entrepreneurs, Research & Grant Funding,
Geographic Regions
Workforce, Development, Venture Capital,
Industry Sectors
Researchers, Science, Technology, Industry Investment,
Higher-Ed, Mentors Commercialization Public-Private
Place-Making Infrastructure Public-Private Partnerships
Universities Entrepreneurs Investors Corporates
Government MediaSupport
Ecosystem Marketing
Stakeholders Organizations Channels
Note: Ecosystem Framework builds off established third party studies and literature including “MIT’s Stakeholder Framework…”, Steve Case’s “Rise of the Rest”
framework, Brad Feld’s “The Startup Community Way: Evolving an Entrepreneurial Ecosystem”, Regional Innovation Systems, Teconomy, RTP, other sources. 3
FY26: Strategic Operating Framework
Values,
Purpose,
Mission
Strategic
Pillars
& Goals
Key Initiatives
Action Items
4
Values
INTEGRITY COLLABORATION INNOVATION EXCELLENCE MISSION-
DRIVEN
5
Purpose & Mission Statements
Purpose: Grow Virginia’s technology and innovation economy to unleash
opportunity and impact throughout the Commonwealth
Mission: Fuel collaborative innovation ecosystems that catalyze ideas,
talent, and capital across Virginia
Our programs help…
Accelerate research and technology commercialization Foster public-private partnerships
Enhance access to entrepreneur and startup resources Support place-making infrastructure
Catalyze investment and capital attraction Connect and convene stakeholders
Grow and retain tech and innovation talent Promote and market Virginia innovation
6
FY26: Strategic Pillars and Goals
Pillar Goal
Capital Catalyze & attract early-stage startup investment funding
Commercialization Accelerate technology pathways into the marketplace
Ecosystems Foster innovation ecosystem growth and entrepreneur resource access
Marketing Enhance awareness and promotion of VIPC and Virginia
Operations Drive best-in-class performance and long-term sustainability
7
FY26: Capital
Goal: Catalyze and attract early-stage startup investment funding
Key Pillar Key Initiative KPI
Capital • Accelerate new “Launch” program for startups • 50 startup funding awards
Capital • Catalyze startup venture capital investment • $9 million direct investment
• 5 new VC / corporate industry
Capital • Pursue new public-private partnerships
partnerships
Capital • Expand industry investor engagements • 100 new investors
Capital • Attract outside private capital investment • $60 million outside investment
8
FY26: Commercialization
Goal: Accelerate technology pathways into the marketplace
Key Pillar Key Initiative KPI
Commercialization • Accelerate university tech transfer • 10 new university spin-outs
• Offer new university
Commercialization • $1 million EIR funding deployed
Entrepreneur-in-Residence program
• Enhance higher-ed research commercialization
Commercialization • 12 new research grants
& translation grant program offering
• $69 million deployed to
Commercialization • Grow Life Sciences Research Diamond universities
• 4 cross-university meetings
Commercialization • Pursue new public-private partnerships • 5 new industry partnerships
9
FY26: Ecosystems
Goal: Foster innovation ecosystem growth and entrepreneur resource access
Key Pillar Key Initiative KPI
• 10-20 ecosystem events
• 3-5 new VAN partners
Ecosystems • Drive new regional ecosystem collaborations
• 3-5 new state agency project
collaborations
• Enhance Regional Innovation Funding access • 10 funding awards
Ecosystems
and impact • 60-90 days average processing
• 12 workshops
Ecosystems • Grow and Re-Brand SBIR/STTR program • 250 entrepreneurs
• 25 SBIR/STTR grants
• 1-2 strategic industry
Ecosystems • Catalyze industry-aligned ecosystem verticals
ecosystem strategies
• 5-10 new industry
Ecosystems • Pursue new public-private partnerships
partnerships/pilots
10
FY26: Marketing
Goal: Enhance awareness and promotion of VIPC and Virginia
Key Pillar Key Initiative KPI
Marketing • Increase social media marketing impact • 15% engagement increase
Marketing • Revamp branding and marketing • Roll out new brand marketing
• 6 out-of-state conferences /
Marketing • Expand out-of-state engagement
external media hits
• Full stakeholder contacts
Marketing • Leverage centralized CRM platform
database bult and utilized
Marketing • Enhance website capabilities and functions • Launch 3 new user capabilities
11
FY26: Operations
Goal: Drive best-in-class performance and long-term sustainability
Key Pillar Key Initiative KPI
Operations • Streamline F&A processes • 10% process days improvement
• Fulfill state and federal reporting,
Operations • On-time & satisfactory
financial audit, compliance requirements
• Consistent metrics menu &
definitions across all programs
Operations • Drive enterprise-wide data management
• Streamlined data capture/flow
• Centralize accessible data
• 4 in-person town halls with
• Enhance ongoing employee engagement ~80% employee participation
Operations
and recruit key new hires to support growth • 5-10 team social events
• 3 new key hires
• Implement HRMS/Finance
Operations • Implement new IT system upgrades
system upgrades
12
FY26: Strategic Enablers
Cross-cutting enablers that empower achievement of strategic goals and
execution of key initiatives…
Foster Public-Private Partnerships
Connect and Convene
Leverage and Amplify
13
FY26: Continuous Innovation Playbook
“Continuous Innovation Playbook” responds to a dynamic external marketplace through
continuous internal evaluation and enhancement to drive greater outcomes and impact via
both existing programs and new solution offerings…
Direct Voice of Data-Driven Analysis of Collaborative Engagement with
Customer Feedback Historical Outcomes & Results Ecosystem Stakeholders
Collect input directly from end-users in Analyze historical data and measured Engage with ecosystem
external marketplace to identify gaps, outcomes to identify what’s working stakeholders transparently
pain points, and opportunities best and opportunities for and share, listen, learn
enhanced impact
14
FY26: VIPA Operating Budget
(in thousands)
Revenue
Commonwealth Appropriation - General Fund $ 42,486
Interest and Miscellaneous Revenue $ 125
Total Revenue $ 42,611
Expenses and Transfers
VIPA Administrative Expenses $ 4
Transfer to VIPC - FY2026 Appropriation $ 17,136
Transfer to COEs - FY2026 Appropriation $ 25,350
Total Expenses and Transfers $ 42,490
Consolidated Revenue, Expenses, Transfers, and Changes in Net Position
Total Revenue $ 42,611
Total Expenses and Transfers $ 42,490
Change in Net Position $ 121
Beginning Net Position $ 2,916
Ending Net Position $ 3,037
15
FY26: VIPC Operating Budget
Operating Funds Designated Funds
COV Other COV
Investment Division Entrepreneurial Strategic Unmanned Building Sale
Corporate Grants & SSBCI VVP Commercialization Ecosystems Initiatives Systems Proceeds
Contracts Division Division Fund Fund Opportunity Fund Total
115.U
(In Thousands)
Beginning Balance at 7/1/2025 $ 1,988 $ 1,440 $ - $ 14,795 $ 28,154 $ 8,831 $ 143 $ 179 $ 19,863 $ 75,394
REVENUE
General Fund Appropriation $ 4,036 $ 3,100 $ 5,000 $ 3,000 $ 1,000 $ 1,000 $ 17,136
Interest, Sponsorship, Return on Investment $ 1,791 $ 1,501 $ 358 $ 3,650
Federal and State Grants & Contracts $ 344 $ 12,185 $ 12,529
Total Revenue $ 5,827 $ 344 $ 12,185 $ 3,100 $ 6,501 $ 3,358 $ 1,000 $ 1,000 $ - $ 33,315
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 7,415 $ 3,404 $ 631 $ 699 $ 1,000 $ 1,000 $ 4,500 $ 18,649
Investments/Grants $ 12,185 $ 1,144 $ 10,500 $ 2,000 $ 25,829
Federal and State Grants & Contracts Operating Expenses $ 344 $ 344
Transfers and Indirect Application to Designated Programs $ (500) $ 300 $ 90 $ 60 $ 15 $ 5 $ 5 $ 24 $ -
Total Expenses $ 6,915 $ 644 $ 12,185 $ 4,638 $ 11,191 $ 2,714 $ 1,005 $ 1,005 $ 4,524 $ 44,822
Net Change $ (1,088) $ (300) $ - $ (1,538) $ (4,690) $ 644 $ (5) $ (5) $ (4,524) $ (11,506)
Forecasted Ending Balance at 6/30/2026 $ 900 $ 1,140 $ - $ 13,257 $ 23,464 $ 9,475 $ 138 $ 174 $ 15,339 $ 63,888
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
VVP reflects administrative recovery of SSBCI program activity
16
FY26: VIPC Operating Budget by Funding Source
Commonwealth Projects Funded By Appropriation & Other Revenue
(in thousands)
Revenue
Commonwealth Appropriation - General Fund $ 17,136
Interest, Sponsorship, Return on Investment & Miscellaneous Income $ 3,650
Total Revenue $ 20,786
Expenses
Commercialization Division $ 12,657
Investment Division $ 6,758
Entrepreneurial Ecosystems Division $ 3,122
Strategic Initiatives $ 1,185
Unmanned Systems $ 1,134
Corporate and Other Programs $ 2,370
Activities Funded by Building Sale Proceeds $ 5,066
Total Expenses $ 32,292
Net $ (11,506)
Strategic Initiatives Funded by Contracts & Grants
Program Revenue - U.S. Treasury State Small Business Credit Initiative (SSBCI) $ 12,185
Program Expense $ 12,185
Profit/(Loss) $ -
Program Revenue - DOAV Air Aviation Test Site Selection $ 300
Program Expense $ 300
Profit/(Loss) $ -
Program Revenue - SBA FAST $ 44
Program Expense $ 44
Profit/(Loss) $ -
Consolidated Revenue & Expenses & Changes in Net Position
Total Revenue $ 33,315
Total Expenses $ 44,821
Change in Net Position $ (11,506)
Beginning Net Position $ 75,394
Ending Net Position $ 63,888
17
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