                                 CODE OF VIRGINIA

DIVISION OF ENTREPRENEURIAL ECOSYSTEMS (§ 2.2-2357)

A. Within the Authority shall be created a Division of Entrepreneurial
Ecosystems (the Division) to support and promote technology-based
entrepreneurial activities in the Commonwealth. The Division shall have the
authority to (i) connect regional entrepreneurial support services; (ii)
administer the Regional Innovation Fund (the Fund); (iii) coordinate marketing
efforts between statewide and regional campaigns; (iv) establish entrepreneurs
in residence to align local needs with state initiatives and funds; (v) compile,
maintain, and promote an information portal of available public and private
funding vehicles; and (vi) perform any other duties assigned by the Board. In
performing such duties and responsibilities, the Division may (a) seek to build
networks between regional entrepreneur support services; (b) facilitate
state-wide information sharing and exchange of ideas and best practices; (c)
establish a portal to highlight the availability of regional entrepreneurial
support services; (d) aggregate information from national, regional, and local
sources and promote available public and private funding vehicles; and (e)
undertake any other activities or provide any other services relative to the
purpose of the Division.

B. The Division shall be advised by an Advisory Committee (Advisory Committee)
on Entrepreneurial Ecosystems, to be appointed by the Board.

C. The Division may partner with the GO Virginia regional councils to offer
resources and expertise related to entrepreneurial ecosystem development, to
identify multiregion initiatives, and to facilitate communication regarding best
practices across regional councils.

D. 1. There is hereby created a permanent fund to be known as the Regional
Innovation Fund, to be administered by the Authority. Interest earned on moneys
in the Fund shall remain in the Fund and be credited to it. Any moneys remaining
in the Fund at the end of each fiscal year, including interest thereon, shall
not revert to the general fund but shall remain in the Fund. Expenditures and
disbursements from the Fund, which may consist of grants or loans, shall be made
by authorization of the president, chairman, or vice-chairman of the Authority.

   2. Moneys in the Fund shall be used for (i) competitive grants or loans to
   advance regional ecosystem development activities, (ii) support for enhanced
   capacity building projects, (iii) assistance with the creation and maintenance
   of appropriate infrastructure for the execution of innovation and startup
   programming, or (iv) technical assistance to startups in regional ecosystems.
   Moneys from the Fund shall be used for the purposes set forth in this
   subdivision that further the goals set forth in the Index.

   3. Awards from the Fund shall be made by the Authority pursuant to guidelines,
   procedures, and criteria for the application for and award of grants or loans
   developed by the Division in consultation with the Advisory Committee and
   approved by the Board.

   4. Any award from the Fund shall require matching funds at least equal to the
   award, provided, however, that the Authority shall have the authority to
   reduce the match requirement to no less than half of the grant upon a finding
   by the Authority of fiscal distress or an exceptional economic opportunity in
   a region. Such matching funds may be from local, regional, federal, or private
   funds, but shall not include any state general funds, from whatever source.

HISTORY: 2020, cc. 1164, 1169.