CIT announces $7M grant funding round
Up to $100K to go to commercialization projects
The Herndon-based Center for Innovative Technology (CIT) on Thursday opened the application process for $7 million in grant funds from its new Commonwealth Commercialization Fund, focused on promoting innovation and technology commercialization initiatives.
The fund started six months ago. This round will provide grants up to $100,000 to support companies’ commercialization and market entry goals. Funding can be used for product or service development, market research, intellectual property protection, marketing and pilots.
Target sectors include agriculture and environmental technologies, autonomous systems, clean energy, cybersecurity, data science and analytics, life and health sciences and space and satellites. Projects are expected to last approximately six to 12 months.
Applications will be due April 14 and award announcements will be made by mid-June. Qualified applicants must be for-profit companies headquartered in Virginia; founded after Jan. 1, 2016; and Virginia must be the place of business for the CEO, project manager and majority of the company’s staff.