Joe Benevento

The Virginia Innovation Partnership Authority (VIPA) and its operating arm, the Virginia Innovation Partnership Corporation (VIPC), outlines their Fiscal Year 2023 Operating Plan. The plan focuses on five strategic pillars: generating measurable economic development benefits, acting as a catalyst for the entrepreneurial ecosystem, supporting the full innovation life cycle from research to commercialization, defining strategic technology domains for investment, and driving innovation outreach through marketing and policy development. The objective is to foster job creation, new startup formation, and a skilled workforce, aiming to maintain Virginia's position as a top-tier state for innovation.

The joint Board of Directors meeting agenda included several significant topics. Key discussions covered an update from the Auditor of Public Accounts and the Secretary of Commerce and Trade, an Ecosystem Showcase, and a presentation on the Commonwealth Cyber Initiative 5G Testbed. Committee reports included a Finance Report for the period ending June 30, 2022, and updates from the Strategy, Entrepreneurial Ecosystem, and Executive Committees. The President's Report focused on updates to the Regional Innovation Fund Guidelines, the VIPA Virtual Meeting Policy, and the State Small Business Credit Initiative (SSBCI). A board discussion followed regarding the Fiscal Year End 2022 Performance.

The Operating Plan for Fiscal Year 2024 outlines the strategic direction for the Virginia Innovation Partnership Authority (VIPA) and its operating arm, the Virginia Innovation Partnership Corporation (VIPC). The plan aims to position Virginia as a top-five state nationally for innovation and entrepreneurship. Key strategic pillars include Investment, Strategic Initiatives, Commercialization, and Entrepreneurial Ecosystems, focusing on funding, infrastructure, and policy initiatives to support innovators and startups and enhance collaboration across the Commonwealth.

The meeting included a financial report review, covering the FY2022 statement of net position, forecast and budget, and Q3 forecast by fund. There was an update on research related to the investment of funds in excess of short-term operating needs, including alternate investment vehicles to maximize interest earned. The committee discussed the FY2023 Governor's introduced budget and bills under consideration by the General Assembly, specifically the status of increasing the Regional Innovation Fund and expanding its use. The Committee also discussed Centers of Excellence return on investment and the development of a set of unifying metrics.

The joint meeting of the Boards of Directors included reports from various committees such as the Finance Committee, the Centers of Excellence Subcommittee, the Strategy Committee, and the Board Governance Committee. The administration's Compete to Win Innovative Economic Growth Framework was presented, and the FY2024 Operating Plan and Budget were reviewed and approved. The board also discussed key dates in the FY2024-2026 biennium legislation and budget calendar and received an update on the State Small Business Credit Initiative Venture Capital program. The meeting included a closed session to discuss business matters lawfully exempt from open meeting requirements. The members discussed retreat timing and locations.