Here's how it aims to impact Virginia's Innovation ecosystem

By Eileen Abbott

The Center for Innovative Technology is now known as the Virginia Innovation Partnership Corporation. But it's more than just a name change. The rebranding is seen as a vital step in helping to propel Virginia forward as a nationwide leader in innovation, startups and technology, said Bob Stolle, president and CEO of VIPC

"Our vision is that we create an innovation economy in Virginia that is second to none," he said. "This is such a critical part of our economy that we wanted to be able to be more efficient, more effective," he said.

Stolle said the rebranding of CIT aims to significantly increase the success of innovators by connecting them with opportunities and support systems to drive commercialization. He cited advanced pharmaceutical manufacturing as one of many examples where Virginia is leading the way through innovation. "It's getting some of those products off the bench and into the marketplace where they actually create jobs and investment and new companies," he said.

CIT was founded 35 years ago with the goal of boosting Virginia's high-tech economy. Stolle said the recent rebrand will work to build on the existing foundation of the successful programs and regional ecosystems but with a new approach. "It's the collaboration … Rather than one group that works with the universities, one that works with businesses, one that works with startups, we're hand in glove," he said.The change also provides more resources, including funding and staff to dedicate to the goal of supporting the state's entrepreneurs and startups.

"Our goal is not to necessarily go into each region and say, 'We've got a program you ought to implement,' but to go in and say, 'How do we make you more successful? How can we use the resources the Commonwealth has to make you more successful?'" he said. "You're the people who know your region and know your entrepreneurs better than anyone. Let's help you be successful."

Stolle said the idea is to keep Virginia's entrepreneurial talent in Virginia."What we want to do is capitalize on the strengths that we have and build on those," he said. "Connecting innovators with opportunities is our business as we continue to work to provide the leadership necessary for funding, infrastructure and policy initiatives that support success for Virginia's innovators, entrepreneurs, startups and market development strategies."