Gov. Timothy M. Kaine announced the creation of the Innovation and Entrepreneurship Investment Authority (IEIA), which will steer Virginia’s research and development initiatives.
The group was created by General Assembly legislation to combine the Innovative Technology Authority and the Virginia Research and Technology Advisory Commission. The IEIA will be responsible for creating a research and development roadmap for Virginia.
Kaine says the new authority will help foster economic development opportunities for Virginia and encourage cooperation between the public and private sector in research-based initiatives.
“The new authority and its board will help accelerate the Center for Innovative Technology (CIT)’s expanded role in new company formation and strategic development of research and innovation priorities,” Leonard M. Pomata, Virginia secretary of technology, said in a statement. “It will help all regions of the Commonwealth achieve solid footing in the growing innovation economy.”
CIT focuses on fostering new entrepreneurs and technology companies that improve Virginia’s competitiveness. It give elected officials and business leaders guidance on making targeted and wise investments in Virginia.
The 13-member board includes:
Leonard M. Pomata, secretary of technology
Daniel Bannister, president, Bannister Enterprises
Ted Cahall, chief technology officer, AOL LLC
Dr. Ray O. Johnson, Sr. vice president & CTO, Lockheed Martin Corp.
Dr. Lydia W. Thomas, board of trustees of The George Washington University and retired president and CEO, Noblis Inc.
Hooks Johnston, general partner, Valhalla Partners
Suzanne H. King, partner, New Enterprise Associates
Wayne Hunter, managing partner, Harbert Venture Partners
Eric Hansen, chairman, CEO/president, co-founder, Innovative Wireless Technologies Inc.
Rick Kapani, managing partner, Vision360 Solutions
Dr. Charles W. Steger, president, Virginia Polytechnic Institute and State University*
Dr. Linwood H. Rose, president, James Madison University
Dr. Alan G. Merten, president, George Mason University
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