A regional initiative to create a roadmap to Virginia’s innovation economy.
HERNDON, Va. (November 17, 2010) – The Center for Innovative Technology (CIT) announced today the release of reports on the Commonwealth Innovation Index, the first comprehensive, long-term planning tool designed to foster the formation, retention, and expansion of technology-based economic development opportunities throughout the Commonwealth.
Established in 2008 by an Act of the Virginia General Assembly, the Innovation Index is a grassroots, community-driven tool that helps regional leaders look five to 15 years ahead for common economic opportunities in the form of industry clusters, and then identify and address barriers, or “gaps,” that may impede those opportunities. CIT, Virginia’s state-chartered nonprofit charged with accelerating innovation and technology, is working with the Commonwealth’s ten regional technology councils and other area leaders to advance the initiative.
Pete Jobse, CIT President & CEO, said, “Virginia has the potential to be a global leader in the formation, attraction, and retention of innovative technology companies. The Index allows Virginia’s regions to create a strategic roadmap, maximizing the Commonwealth’s innovation ecosystem and strategic advantages.”
The reports highlight examples of planning success. For instance, in Region 2000, regional leaders are united in advancing and leveraging public and private investments in nuclear and wireless industry clusters. Hampton Roads is focused on sensors and modeling and simulation, among other sectors, while leaders in the Roanoke-Blacksburg region are spearheading opportunities in various sectors, including the transportation technology and biomedical industries.
Jobse also said, “Ultimately, the goal of the Index is to enhance both regional and statewide strategic planning so that we can steer a successful course toward more innovation and advanced technology company formation and attraction. In addition, it saves public and private dollars with smarter strategic investments.”
Information from the Index is relevant to both the Governor’s Commissions on Economic Development and Job Creation and on Higher Education Reform, Innovation and Investment. The Innovation Index, in conjunction with the Commonwealth Statewide Research and Development (R&D) Strategic Plan, provides a unified vision for the discovery and commercialization of advanced technology and the formation of new industry.
Studies from prominent organizations, including “Collaborate” from the Council on Competiveness and the September 2010 report from the Brookings Institution entitled “The New ‘Cluster Movement’: How Regional Innovation Clusters Can Foster the Next Economy,” showcase the importance of using regional innovation clusters as a basis for determining and structuring economic development opportunities. As findings from the Innovation Index have already demonstrated, the Brookings Institution report highlights that regional innovation clusters “redirect attention, analysis, and policymaking to the more grounded, day-to-day interactions by which real companies in real places complete transactions, share technologies, develop innovations, start new businesses – and yes, create jobs and locate workers.”
For a copy of the reports, please visit www.cit.org/innovation-index.
About the Center for Innovative Technology, www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. CIT is now listed on the GSA MOBIS Schedule, Special Item Numbers (SINs) SIN 874-1 for Consulting Services and SIN 894-2 for Facilitation Services. Its CAGE Code is 1UP71.
