                                 CODE OF VIRGINIA

VIRGINIA INNOVATION INDEX (§ 2.2-2360)

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&#8217;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&#8217;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.

C. In developing the Index, the Authority shall:

   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&#8217;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&#8217;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 &#xA7; 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.

HISTORY: 2020, cc. 1164, 1169.