A. The Authority shall develop, subject to approval by the Board, a Virginia Innovation Index (the Index), a comprehensive research and technology strategic plan for the Commonwealth to identify research areas worthy of Commonwealth economic development. The goal of the Index shall be to develop a cohesive and comprehensive framework through which to encourage collaboration between the Commonwealth’s public institutions of higher education, private sector industries, and economic development entities in order to focus on the complete lifecycle of research, development, and commercialization. The framework shall serve as a means to (i) identify the Commonwealth’s key industry sectors in which investments in technology should be made by the Commonwealth; (ii) identify basic and applied research opportunities in these sectors that exhibit commercial promise; (iii) encourage commercialization and economic development activities in the Commonwealth in these sectors; and (iv) help ensure that investments of public funds in the Commonwealth in basic and applied research are made prudently in focused areas for projects with significant potential for commercialization and economic growth in the Commonwealth.
B. The Index shall be used to determine areas of focus for grants, loans, and investments by the Authority pursuant to this article.
1. Consult with the chief research officers at public institutions of higher education in the Commonwealth regarding the strategic plan for each institution in order to identify common themes;
2. Consult with public institutions of higher education in the Commonwealth, the Virginia Economic Development Partnership, and any other entity deemed relevant to catalog the Commonwealth’s assets in order to identify the areas of research and development in which the Commonwealth has a great likelihood of excelling in applied research and commercialization;
3. Make recommendations for the alignment of research and development and economic growth in the Commonwealth, identifying the industry sectors in which the Commonwealth should focus its research, development, investment, and economic development efforts;
4. Establish a process for maintaining an inventory of the Commonwealth’s current research and development endeavors in both the public and private sectors that can be used to attract research and commercialization excellence in the Commonwealth;
5. Make recommendations to the Six-Year Capital Outlay Plan Advisory Committee established pursuant to § 2.2-1516 regarding capital construction needs at public institutions of higher education necessary to excel in basic and applied research in identified industry sectors;
6. Solicit feedback from public and private institutions of higher education in the Commonwealth; members of the National Academies of Sciences, Engineering and Medicine; members of the Virginia Academy of Science, Engineering and Medicine; federal research and development assets in the Commonwealth; regional technology councils in the Commonwealth; the Virginia Economic Development Partnership; the Virginia Growth and Opportunity Board; and the private sector;
7. Consult with private industry and industry leaders to identify areas of research and development in which the Commonwealth has a great likelihood of excelling in applied research and commercialization; and
8. Incorporate the work of previous comprehensive research and technology strategic plans developed by the State Council on Higher Education in Virginia.
D. The Authority shall review the Index and make recommendations regarding its update at least once every two years. Such recommended updates shall be submitted to the Board for review and approval.
E. The Authority shall submit a draft of the Index to the Governor and the Chairmen of the Senate Committee on Finance and Appropriations, the House Committee on Appropriations, and the Joint Commission on Technology and Science at least 30 days prior to the Board voting to approve the Index or any subsequent updates. Upon final approval, the Authority shall submit the approved Index, and any subsequent updates, to the Chairmen of the Senate Committee on Finance and Appropriations, the House Committee on Appropriations, and the Joint Commission on Technology and Science.