Virginia Biotechnology Research Park Corporation board completes transition to The Innovation Council

VCU President Rao announces $1.2 million commitment to be leveraged with matched funds

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The Board of Directors of the Virginia Biotechnology Research Park Corporation has adopted bylaw changes to expand its focus beyond biotechnology and transition into The Innovation Council to support collaboration and coordination of high-growth innovation activities in the Richmond region.

To advance The Innovation Council’s work, Michael Rao, Ph.D., president of Virginia Commonwealth University and chairman of the Virginia Biotechnology Research Park Authority and Corporation boards, announced a $1.2 million commitment to be leveraged with other sources of matched funds. This funding will be used to launch the regional effort and support funding gaps and capital resources currently not existing in the regional innovation ecosystem.

“Now is the time to leverage assets and interests found throughout the region to advance the innovation ecosystem. VCU is committing resources to this end totaling over $1.2 million, to be combined  with corporate matching dollars,” Rao said.  “This investment will further develop a community where recent graduates and local entrepreneurs can take chances, innovate, and start something new.  I look forward to working with stakeholders and making Richmond a leader in innovation.”

Carrie Roth, Virginia Biotechnology Research Park president and CEO, said the colloboration will boost innovation in the Richmond area.

“Leveraging the uniqueness of individuals and organizations within the innovation ecosystem – including the Research Park – together we can increase our competitiveness as a region with a focus on innovation. This is the intention of The Innovation Council,” Roth said. “Dr. Rao’s commitment today – to be leveraged with matched funds – will be the first significant impact to catalyze start-up funding for companies and researchers where we currently do not have resources.”

The Innovation Council will serve as a forum for collaboration and coordinated innovation activities amongst stakeholders in the region by:

  • Setting goals and metrics in innovation for the region and monitoring progress toward goals.

  • Identifying gaps in the innovation ecosystem and leading efforts to identify sources to fill gaps.

  • Coordinating messaging for marketing organizations at the local, regional and statewide level of innovation excellence to help in recruitment, retention and expansion.

  • Supporting efforts through the corporation's 501(c)(3) status.

The president and vice president of research and innovation at VCU, Virginia’s secretary of commerce and trade, the mayor of the City of Richmond, the Henrico County manager, and the Chesterfield and Hanover County administrators serve as ex officio directors of The Innovation Council. 

Remaining directors include representatives of companies in the research park and individuals representing innovative regional corporations, Virginia community colleges, regional accelerators, private equity and/or venture capital investors, and entrepreneurs.

The following individuals were elected today to become new members of The Innovation Council:

  • Jack Berry, executive director, Venture Richmond

  • Robby Demeria, executive director, RichTech

  • John Larson, board member, Dominion Resources Innovation Center and director of alternative energy research and business development with Dominion Resources Services Inc.

  • Paul Nolde, director, New Richmond Ventures

  • Todd Nuckols, co-founder, Lighthouse Accelerator

  • Gary Rhodes, Ed.D., president, Reynolds Community College

  • Kim Scheeler, president/CEO, Greater Richmond Chamber

 

The research park is a life sciences community adjacent to VCU Medical Center  - housing private sector companies, research institutes, nonprofits and state and federal laboratories on a 34-acre campus in downtown Richmond, Virginia. The park is home to nearly 60 private and nonprofit companies, state and federal laboratories and research institutes/administrative functions of VCU and the VCU Health System, employing approximately 2,400 researchers, scientists, engineers and support personnel. Major member organizations in the park include the VCU Innovation Gateway, the Altria Center for Research and Technology, the United Network for Organ Sharing, Health Diagnostic Laboratories Inc. and the Virginia Division of Consolidated Laboratory Services. The park also has developed partnerships with neighboring Chesterfield, Hanover and Henrico counties to expand its 34-acre downtown campus and thus expand its reach.

 

Feature image at top: Virginia Biotechnology Research Park

 

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