FY2027 Operating Plan, Virginia Innovation Partnership
Summary
FY2027 Operating Plan for the Virginia Innovation Partnership, quoting the declaration of public purpose in the 2020 Virginia Innovation Partnership legislative act. It sets the mission of growing Virginia's innovation and entrepreneurial ecosystems through public-private partnership and lists five strategic pillars: Investment, Commercialization, Ecosystems, Marketing and Operations. FY2027 key performance indicators include 60 startup funding awards, 24 new translational research grants and a $100 million co-investor syndication. The VIPA operating budget (in thousands) shows total revenue of 54,031, with transfers of 16,436 to VIPC, 25,475 to Centers of Excellence and 12,000 to University Life Science Research Diamond.
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“FY2027 Operating Plan, Virginia Innovation Partnership.”
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Item 115.C.1 Operating Plan and
Item 115.C.1a All planned and actual revenue and expenditures along with funding sources
FY2027 Operating Plan
Virginia Innovation Partnership Legislative 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 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
Grow, Attract, Retain
People, Companies, Investment, Jobs
Talent Innovation Capital
Entrepreneurs, Research & Grant Funding,
Geographic Regions
Founders,
Industry Sectors
Development, Venture Capital,
Researchers, Science, Technology, Industry Investment,
Next-Gen Talent, Commercialization Public-Private
Builders, Mentors
Public-Private Partnership
Universities Entrepreneurs Investors Corporates
Government MediaSupport
Ecosystem Place-Making
Stakeholders Organizations Infrastructure
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
Strategic Operating Framework
Values,
Mission,
Vision
Strategic
Pillars
& Goals
Key Initiatives
Action Items
4
Values
INTEGRITY COLLABORATION INNOVATION EXCELLENCE MISSION-
DRIVEN
5
Mission and Vision
Mission: Grow Virginia’s innovation and entrepreneurial ecosystems
through public-private partnership.
Vision: Virginia is the best place to launch, grow, and thrive.
VIPC’s programs help…
➢ Accelerate research and technology commercialization ➢ Drive strategic industry sectors
➢ 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’s innovation
6
Strategic Pillars and Goals
Pillar Goal
Investment Catalyze & attract early-stage startup investment funding
Commercialization Accelerate technology pathways into the marketplace
Ecosystems Foster innovation ecosystem growth and strategic industry sector initiatives
Marketing Enhance awareness and promotion of VIPC and Virginia
Operations Drive growth and development of people, processes, and productivity
7
FY2027: Investment
Goal: Catalyze and attract early-stage startup investment funding
Key Pillar Key Initiative KPI’s
• 60 startup funding awards
Investment • Accelerate early startup commercialization
• $3 million funding awarded
• 20-24 startup investments
Investment • Catalyze startup venture capital investment
• $12 million direct investment
• 1-3 new fund managers
Investment • Catalyze venture capital investment in fund managers
• $10-20 million fund manager commitment
• 100 co-investor syndication partners
Investment • Attract private co-investment capital into startups
• $100 million co-investor syndication
• 50 new venture capital and angel investor engagements
Investment • Expand private investor networks
• 5 new investor attraction events in Virginia
8
FY2027: Commercialization
Goal: Accelerate technology pathways into the marketplace
Key Pillar Key Initiative KPI’s
• 24 new translational research grants
Commercialization • Expand University Proof of Concept commercialization funding
• $3 million awarded
• 8 university partners
Commercialization • Expand University Entrepreneur-in-Residence program
• $1.5 million awarded
• 20 university spin-outs
Commercialization • Accelerate university tech transfer
• $1 million funding awards
• Launch new university commercialization talent and industry • Launch new university commercialization talent initiative
Commercialization
partnerships • 2-3 public private industry partnerships
• Lead statewide university research and commercialization
Commercialization • 2-4 statewide events
convenings
9
FY2027: Ecosystems
Goal: Foster innovation ecosystem growth and strategic industry sector initiatives
Key Pillar Key Initiative KPI’s
• 10-20 new or expanded ecosystem events
Ecosystems • Drive new regional ecosystem collaborations
• 3-5 new ESO and EDA partner engagements
• 20-30 funding awards
Ecosystems • Enhance Regional Innovation Funding access and impact • $3.0 million awarded
• 60-75 days average processing time
• Implement Rural Health Transformation Program
Ecosystems • $6 million in funding awarded
Tech Innovation Fund
• 300 entrepreneurs assisted
Ecosystems • Grow the Federal Funding Assistance Program
• 50 SBIR/STTR/ARPA microgrants approved
• 3-5 new or expanded pilot projects
• Grow key statewide industry ecosystems –
Ecosystems • 3-5 new or expanded public private partnerships
e.g. Life Science, AI, Aerospace, National Security
• Collaborate with VEDP on APM Training Network
10
FY2027: Marketing
Goal: Enhance awareness and promotion of VIPC and Virginia
Key Pillar Key Initiative KPI’s
Marketing • Grow strategic media and communication partnerships • Establish/expand relationships with 5-10 new media outlets
Marketing • Launch marketing storytelling campaign • 5-10 spotlight features
Marketing • Expand out-of-state conference engagement • 6 key industry conferences
Marketing • Increase social media marketing impact • 15% engagement increase
Marketing • Enhance website capabilities and functions • Launch 3 new user enhancements
11
FY2027: Operations
Goal: Drive growth and development of people, processes, and productivity
Key Pillar Key Initiative KPI’s
Operations • Streamline F&A processes • 10% process days improvement
Operations • Enhance enterprise-wide data architecture • Streamline data and workflow integration
• Expand upon existing professional development
Operations • 3-5 professional development and skills training offerings
opportunities
Operations • Implement integrated AI solutions • Identify 3-5 efficiency solutions
• Evaluate enterprise technology platforms for system
Operations • Identify and implement system enhancements
upgrade opportunities
12
FY2027: VIPA Operating Budget
(in thousands)
Revenue
Commonwealth Appropriation - General Fund $ 53,911
Interest and Miscellaneous Revenue 120
Total Revenue 54,031
Expenses and Transfers
VIPA Administrative Expenses 6
Transfer to VIPC - FY2027 Appropriation 16,436
Transfer to Centers of Excellence - FY2027 Appropriation 25,475
Transfer to University Life Science Research Diamond - FY2027 Appropriation 12,000
Total Expenses and Transfers 53,917
Consolidated Revenue, Expenses, Transfers, and Changes in Net Position
Total Revenue 54,031
Total Expenses and Transfers 53,917
Change in Net Position 114
Beginning Net Position 3,038
Ending Net Position 3,152
13
FY2027: VIPC Operating Budget
Commonwealth Projects Funded By Appropriation & Other Revenue
(in thousands)
Revenue
Commonwealth Appropriation - General Fund $ 16,436
Interest, Sponsorship, Return on Investment & Miscellaneous Income 3,500
Total Revenue 19,936
Expenses
Commercialization 10,295
Startup Investment 5,812
Entrepreneurial Ecosystems 5,486
Strategic Initiatives 1,690
Unmanned Systems 1,254
Corporate and Other Programs 2,458
Economic Development Commitment - Advanced Air Mobility 5,048
Economic Development Commitment - Advanced Pharmaceutical Manufacturing 13,130
Total Expenses 45,173
Strategic Initiatives Funded by Contracts & Grants
Program Revenue - U.S. Treasury State Small Business Credit Initiative (SSBCI) Venture Capital Program 13,450
Program Expense 13,450
Profit/(Loss) -
Program Revenue - Centers of Medicaid & Medicare Rural Health Transformation Program Tech Innovation Fund 5,548
Program Expense 5,548
Profit/(Loss) -
Program Revenue - SBA Federal and State Partnership Program (SBA FAST) 106
Program Expense 106
Profit/(Loss) -
Consolidated Revenue & Expenses & Changes in Net Position
Beginning Net Position 95,372
Total Revenue 39,041
Total Expenses 64,277
Change in Net Position (25,236)
Ending Net Position 70,136
Obligation (32,500) 14
Net Position After Obligation 37,636
Item 115.C.1b
By program, total grants made and investments awarded for
each grant and investment program and
Item 115.C.1e
Private investment activity related to fund of funds
Item 115.C.1c
By program, recoveries of previous grants or investments and sales of equity positions
Recoveries of previous grants, investments and sales of equity positions are
unpredictable and, therefore, not budgeted.
FY2027: Grants and Investments
Item 115.C.1.b and C.1.e
As illustrated in item 115.C.1.b and C.1.e FY2027 Operating Plan of the managing non-profit, the following excerpt has been modified to include total grants and investments
planned for each grant and investment program administered by the managing non-profit at a total award amount of $39.5 million.
Objectives Success Metric FY2027 Measure Budget Grant/
Investment Amount
In Thousands
Investment Division – State Small Business Credit Initiative Venture Capital Direct Number of investments 20-24 pre-seed, seed, and follow-on $12,000
Investment Program* – Identify, diligence and close a robust pipeline of Pre-Seed investments (90% SSBCI;
and Seed stage investments and maintain portfolio performance to recover all 10% appropriation + non-SSBCI investment)
invested capital over the life of the investment program.
Co-investor syndication: amount of $100 million day one
initial and follow on investment co-investor syndication
from non-Commonwealth sources
Investment Division – Virginia Invests – Virginia State Small Business Credit Initiative Number of State Small Business 1-3 Fund Manager investments $10,000
Venture Capital Fund of Funds Investment Program* Credit Initiative Venture Capital
Indirect Fund of Funds Investment
Commercialization Division – Commonwealth Commercialization Fund (CCF) drives Number of grants 112 grant awards $8,500
economic growth by funding innovative technology research, development and (24 Higher Ed Proof of Concept,
commercialization in Virginia, with particular emphasis on eminent researchers, 8 Entrepreneur in Residence,
research infrastructure, and increased commercialization in higher education, the 20 Lab-to-Launch,
private sector, and research institutes that stimulate technology commercialization, 60 Launch Grant awards)
new company formation, jobs.
Entrepreneurial Ecosystem Division – Administer the Regional Innovation Fund (RIF) Number of grants 20-30 grant awards $3,000
as the vehicle through which the Commonwealth grows regional entrepreneurial
ecosystem coordinating entities.
Entrepreneurial Ecosystem Division – Administer Rural Health Transformation Tech Number of grants 12 grant awards $6,000
Innovation Fund* to enhance rural health care and improve health outcomes across
rural communities in Virginia.
*Includes Federally Funded Programs Total $39,500
1
Item 115.C.1d
Cash balances by funding source and available, committed and
projected expenditures of cash balances
FY2027: Cash Budget
Item 115.C.1.d
The FY2027 budget has been modified to include cash balances by funding source, by program, of available, committed, and projected expenditures of all cash balance.
Operating Funds Designated Funds
COV Other COV
Investment Division Entrepreneurial Strategic Unmanned Economic
Discretionary Grants & SSBCI VVP Commercialization Ecosystems Initiatives Systems COAR Development
Fund Contracts* Division Division Fund Fund Fund Commitments Total
(In Thousands)
Beginning Cash Balance at 7/1/2026 $ 1,238 $ 1,370 $ 64,942 $ 17,040 $ 29,014 $ 9,997 $ 359 $ 206 $ 16,000 $ 19,862 $ 160,028
Cash Receipts
General Fund Appropriation 3,336 - - 3,100 5,000 3,000 1,000 1,000 - - 16,436
Interest, Sponsorship, Return on Investment 1,236 - - - 971 338 - 50 320 - 2,915
Contracts & Grants - 5,327 - - - - - - - - 5,327
Total Cash Receipts 4,572 5,327 - 3,100 5,971 3,338 1,000 1,050 320 - 24,678
Cash Disbursements
Operating and Designated Programs 6,408 - - 3,178 1,246 1,401 1,296 1,193 8,000 10,500 33,222
Investments/Grants - 5,154 14,800 1,975 8,000 3,500 - - - - 33,429
Federal and State Contracts & Grants - - - - - - - - - - -
Transfers and Indirect Application to Designated Programs (898) 385 - 201 117 56 13 13 - 113 -
Total Cash Disbursements 5,510 5,539 14,800 5,354 9,363 4,957 1,309 1,206 8,000 10,613 66,651
Net Change (938) (212) (14,800) (2,254) (3,392) (1,619) (309) (156) (7,680) (10,613) (41,973)
Ending Cash Balance at 6/30/2027 300 1,158 50,142 14,786 25,622 8,378 50 50 8,320 9,249 118,055
Committed and Projected Amounts (300) (1,158) - (12,265) (22,625) (3,910) (50) (50) (5,500) (45,858)
Funds Subject to Restriction and Return - - (50,142) - - - - - (8,320) - (58,462)
Balance Net of Obligation - - - 2,521 2,997 4,468 - - - 3,749 13,735
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
Committed and Projected amounts include costs such as SSBCI administrative cost recovery that exceeds both the federal reimbursement cap and current appropriated funding
Projections include the use of program proceeds to support administrative cost recovery over the remaining five years of the SSBCI program
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