                                 CODE OF VIRGINIA

SHORT TITLE; DECLARATION OF PUBLIC PURPOSE (§ 2.2-2351)

A. This article shall be known and may be cited as the Commonwealth of Virginia
Innovation Partnership Act.

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 talents 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&#8217;s statewide innovation economy and support and coordinate
regional marketing efforts to align local and statewide objectives; and (vi)
close the Commonwealth&#8217;s support gap through pre-seed and seed stage
investments, coordination of private investor networks, and shared due diligence
research.

C. To achieve the objectives set forth in subsection B, there is created and
constituted a political subdivision of the Commonwealth to be known as the
Commonwealth of Virginia Innovation Partnership Authority. The Authority&#8217;s
exercise of powers conferred by this article shall be deemed to be the
performance of an essential governmental function and matters of public
necessity for which public moneys may be spent and private property acquired.
Nothing in this article shall be construed to diminish or limit the powers and
responsibilities of institutions of higher education or other educational or
cultural institutions set forth in Title 23.1, including but not limited to such
institution&#8217;s authority to establish its own independent policies and
technology transfer offices.

HISTORY: 2020, cc. 1164, 1169.