Commonwealth of Virginia launches new Lab-to-Launch initiative
The goal is to double the number of start-ups that spin out annually from Virginia’s research universities and propel technology breakthroughs into the marketplace.
Virginia Governor Glenn Youngkin has launched a new Lab-to-Launch initiative to unlock innovation in Virginia by accelerating university research commercialization and technology transfer.
Developed through a statewide collaboration between Virginia Innovation Partnership Corporation (VIPC) and Virginia’s six R1 research university partners—George Mason University, Old Dominion University, the University of Virginia, Virginia Commonwealth University, Virginia Tech, and William & Mary—this initiative aims to double the number of start-ups that spin out annually from Virginia’s research universities and propel technology breakthroughs into the marketplace.
The Lab-to-Launch initiative will create Virginia’s first-ever standardized Fast-Track License agreement to commercialize university research, while also expanding opportunities to connect with talent and capital from the private sector.
“Virginia is home to world-class research university institutions, and with Lab-to-Launch and the Virginia Fast-Track License, we are moving at the speed of business to accelerate commercialization pathways for university technology start-ups,” said Youngkin. “Since 2022, we’ve seen a record 15,000+ high-growth start-ups launch in Virginia, and we are now ranked in the top 10 in the nation for both technology and innovation and access to capital. Virginia is leading the way, and I look forward to seeing the transformative discoveries that go from ‘lab to launch’ and enhance people’s lives, not only in Virginia but throughout the country.”
There appear to be two overarching components to the initiative.
- The Virginia Fast-Track License for Start-ups: (a) provides standardized key terms in university intellectual property (IP) license agreements and streamlines the university technology transfer process to make it easier, faster, less costly, and more transparent for scientists, inventors, and entrepreneurs; (b) offers some of the most founder-friendly, standard university license economic terms in the country for entrepreneurs; and (c) affords start-ups that spin off from universities using the Virginia Fast-Track License are eligible for a grant award of up to $50,000 from VIPC toward upfront out-of-pocket university commercialization costs.
- Private Sector Collaboration with University Commercialization includes: (a) a new Entrepreneur-in-Residence program to connect industry experience and business acumen with technical knowledge and scientific expertise; (b) creation of a digital database and online catalog for university IP to make it easier for industry partners to access and engage with university innovation pipelines; and (c) facilitates attracting more private sector investment for university start-up spin-offs by engaging with venture capital funds and investor networks and evaluating potential partnership opportunities through VIPC’s Virginia Invest platform.
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