Toward the beginning of June 2012, the Obama Administration announced the launch of a $6 million i6 Challenge geared towards promoting innovation, commercialization, as well as Proof of Concept Centers. In an effort to not only spur high growth entrepreneurship, but to fuel sustainable startups with viable ideas to spark job creation, the i6 Challenge was originally tasked to "accelerate innovation from 'lab to market', centered on small businesses rather than the collegiate new venture hopefuls. Now, however, that has changed.
As a part of the U.S. Department of Commerce's i6 Challenge 2012, seven multi-institution initiatives received federal funding, one of which has managed to incorporate colleges as a way to boost economic growth as well as increase the creation of new innovative concepts. "Bring[ing] together universities, community colleges, corporations, investment capital and other resources to drive promising research discoveries forward," as described by UVA Today, the Virginia Innovation Partnership is set to develop a network connecting the state's plentiful supply of talent and capital in order to further Virginia's nationwide leadership position.
According to the press release, "If successful, this new partnership could mark a watershed moment for the turnaround of the U.S. economy, returning the nation to its roots and re-claiming global leadership in invention and entrepreneurship."
Over the course of two years, the Virginia Partnership will acquire $1 million in federal funding, money which will be matched by corporate and university partners as well. These partners include George Mason University, Hampton University, Mountain Empire Community College, New River Community College, Norfolk State University, Northern Virginia Community College, Old Dominion University, Piedmont Virginia Community College, Radford University, Tidewater Community College, the University of Richmond, the University of Virginia, the University of Virginia’s College at Wise, Virginia Commonwealth University and Virginia Tech, as well as corporate and government partners. With such a lengthy list of illustrious colleges partaking in the job creation process, it seems as if this partnership will allow for Virginia's economy to be built to last.
UVA President Teresa Sullivan approves of the partnership, exclaiming that it's a pivotal step for the university. "It's critically important to translate the breakthrough research advances happening in academic institutions to society," she said. "We are pleased to lead this unique effort, which leverages the strengths of many partners throughout the commonwealth to identify and support solutions that will improve our economy and our quality of life."
The point of Virginia's i6 partnership is to allow the brilliant projects that are created on a college level to be incorporated into the real world, into businesses that will have high success rates and continue to create jobs and sustain the economy. Labeled as the first of its kind, UVA's vice president for research insists that this kind of "network of collaboration can be replicated in every state, creating a renaissance of the American innovation economy and securing our nation's economic future."
Even Mark Herzog, senior vice president of Health Diagnostic Laboratory Inc., referred to the partnership as a huge step forward for a state that wants to be able to acquire 21st-century jobs. "This partnership will accelerate the commercialization of innovative research, enhance access to early stage proof-of-concept funding, connect entrepreneurs with mentorship networks and rapidly expand start-ups in Virginia’s burgeoning IT and bioscience industries."
With universities on the ground floor equipped with young creative minds exploring new routes to success, inventing futuristic products, they are the perfect places to begin the innovation pipeline. Drawing on the strengths of universities, this partnership could become the key to advancing Virginia's avant-garde capacity, spurring a new found level of economic development for the state.
[Image via U.S. Economic Development Administration]
