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Transcript of CIT Annual Report 2011
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GROWING THE INNOVATION ECONOMY
2011 ANNUAL REPOR
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1 CIT 2011 ANNUAL REPORT
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MESSAGE FROM THE PRESIDENT AND CEO
Pete JobsePresident & CEO
Center for Innovative Technology
One of my favorite pastimes is watching good movies.
This summer, I had the pleasure of watching Moneyball,
the story of Oakland As General Manager Billy Beane,
who revolutionized baseball with his groundbreaking
method of building teams. Beane had to innovate. He
couldnt compete in a league with wealthier teams that
could recruit star players with high salaries, so Beane
used a new analytical tool called sabermetrics to recruit
players that other teams often overlooked, and in doing
so, built winning teams.
Billy Beane was an innovator, and his story is a lesson
for anyone who wants to succeed in todays economy.
With the global economic challenges still before us, we
have to explore new ways to create an ecosystem that
allows entrepreneurs to build companies and create jobs.
I talk a lot about innovation. It is my passion. As I was
drafting this message, I found a quote about innovation
by noted economist Theodore Levitt, who popularized the
term globalization. He said, Creativity is thinking up new
things. Innovation is doing new things.
I thought that distinction described very well what
we do at CIT. We champion innovation. We do new
things. Since 1985, we have made innovation happen by
creating a collaborative ecosystem comprised of industry,
universities and government leaders who commercialize
research, build new companies and create new jobs, nd
new ways to manage systems and assist people across
the Commonwealth gain the basic and necessary tools to
build innovative communities that will compete today and
in the future.
While we are proud of all of our accomplishments
over the last 26 years, we take great pleasure in the
work we have done this past year. Working with the
McDonnell Administration and the General Assembly,
we succeeded in garnering additional reforms and
investments that strengthen our innovation ecosystem.
These initiatives help us accelerate the efforts we have
made to plug the innovation gaps in commercialization
and seed-stage funding not currently being lled alone
by the private sector. While we applaud efforts to recruit
new, established companies to Virginia, we also believe
that we need to help researchers and entrepreneurs grow
them organically here if we want to successfully build a
new innovation economy in the Commonwealth.
We have also carried out other initiatives in cyber
security, education reforms, modeling and simulation,
electronic medical records and commercial space
ight that will strengthen Virginias position in the new
innovation economy.
I hope you enjoy reading this 2011 Annual Report.
When you nish, if you have not done so, I encourage
you to take the time to watch Moneyball. Not only is
it an entertaining movie, but it will inspire you to think
differently, to reach high and to innovate!
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3 CIT 2011 ANNUAL REPORT
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CIT ENTREPRENEUR
Access to Capital
CIT knows that access to early-stage capital is acritical need of many emerging technology companies.
We provide that access through CIT GAP Funds and
CITs Federal Funding Assistance Program.
CIT GAP Funds makes seed-stage equity
investments in Virginia technology, energy and
life science companies with a high potential for
achieving rapid growth and generating signicant
economic outcomes for entrepreneurs, investors
and the Commonwealth of Virginia.
CIT GAP Funds draws on its private sector
Investment Advisory Board (IAB) to assist in
making investment decisions. Consisting of three
investment committees with expertise in CITs
primary areas of investment interest the IAB is
made up of leading entrepreneurs, angel investors,
venture capital funds and corporate strategic
partners from the Mid-Atlantic region and across
the country. Since 2005, CIT GAP Funds has
invested $5.4 million in 56 companies, attracting anadditional $77.81 million in private equity for a 14:4
private:public dollar leverage factor. In 2011, CIT
GAP Funds invested in six new companies.
CITsFederal Funding Assistance Program identies
and accelerates opportunities for Virginias small
technology businesses to obtain federal funding from
the SBIR, STTR and other government researchprograms. Once again, as the Commonwealths
designated ofce, CIT was awarded a $100,000
Small Business Administration contract for statewide
SBIR education and support services, facilitating 13
statewide events and 11 training webinars for 310
Virginia-based entrepreneurs. Because of CITs
work in this area, small businesses secured 429
SBIR/STTR awards totaling $124 million (Source:
SBIR Tech-Net).
With capital markets still frozen, CIT Entrepreneur
provides valuable funding opportunities for Virginias
high-growth, early-stage companies that will create
sustainable job growth in the new innovation economy.
http://www.citgapfunds.org/http://www.cit.org/programs/cit-entrepreneur/federal-funding-assistance-programhttp://www.cit.org/programs/cit-entrepreneur/federal-funding-assistance-programhttp://web.sba.gov/tech-net/public/dsp_search.cfmhttp://web.sba.gov/tech-net/public/dsp_search.cfmhttp://www.cit.org/programs/cit-entrepreneur/federal-funding-assistance-programhttp://www.citgapfunds.org/ -
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CIT R&D
Commercializing Research
CIT facilitates commercialization of Commonwealthresearch and brings together public and private
sector teams to develop and deploy solutions to
address regional and national challenges and
produce innovative and marketable solutions. The CIT
R&D team accomplishes these tasks with strategic
investments and by identifying opportunities, building
competent and capable teams, and managing these
teams as they design and implement solutions.
CIT R&D manages the Commonwealth Research
Commercialization Fund (CRCF), which invests in
research and commercialization at Virginia colleges
and universities, companies, political subdivisions and
federal labs and other research institutions in their efforts
to advance technology and drive economic growth
in the Commonwealth. In 2011, the CRCF made 29
awards totaling $3.6 million to spark commercialization
and company formation in Virginia. Of that amount,
$799,032 was awarded within the SBIR Matching
Funds Program; $716,872 was awarded within the
Matching Funds Program; $250,000 awarded within
the Eminent Research Recruitment Program; and
$500,000 allocated to the Facilities Enhancement
Loan Program. Additional awards will be made in June
2012.
Closely aligned with the CRCF is the Commonwealth
Research and Technology Strategic Roadmap, a
strategic planning tool that identifes key industry sectorswith commercial promise and worthy of institutional
focus and economic development for Virginia.
CIT R&D also develops and executes federally-
funded research programs targeting the areas of
defense and national security, energy and marine
sciences, including:
Mid-Atlantic Regional Association Coastal
Ocean Observing System (MARACOOS), to
improve maritime safety and provide data andforecasts for the recreational, commercial and
shery management communities;
Mine Safety, to prevent mine disasters and
protect miners and emergency personnel if
incidents occur, using wireless and sensor
technologies; and
Vessel Tracking, to advance and demonstrate
vessel detection technology in support of federal
initiatives to detect and track approachingvessels off the Virginia coastline.
In each of these areas, CIT continues to build
partnerships with industry and universities to identify
new strategic opportunities that require investments
in research and commercialization initiatives that
build companies and create jobs.
http://www.cit.org/programs/cit-rdhttp://www.cit.org/programs/cit-rdhttp://www.cit.org/programs/cit-rd/crcfhttp://www.cit.org/programs/cit-rd/crcfhttp://www.cit.org/programs/cit-rd/roadmaphttp://www.cit.org/programs/cit-rd/roadmaphttp://www.cit.org/sites/default/files/file/Release%20-%20MARACOOS%20-%20FINAL.pdfhttp://www.cit.org/sites/default/files/file/Release%20-%20MARACOOS%20-%20FINAL.pdfhttp://www.cit.org/sites/default/files/file/FINAL%20-%20Mine%20Safety%20II(1).pdfhttp://www.cit.org/sites/default/files/file/FINAL%20-%20VesselTracking.pdfhttp://www.cit.org/sites/default/files/file/FINAL%20-%20VesselTracking.pdfhttp://www.cit.org/sites/default/files/file/FINAL%20-%20Mine%20Safety%20II(1).pdfhttp://www.cit.org/sites/default/files/file/Release%20-%20MARACOOS%20-%20FINAL.pdfhttp://www.cit.org/sites/default/files/file/Release%20-%20MARACOOS%20-%20FINAL.pdfhttp://www.cit.org/programs/cit-rd/roadmaphttp://www.cit.org/programs/cit-rd/roadmaphttp://www.cit.org/programs/cit-rd/crcfhttp://www.cit.org/programs/cit-rd/crcfhttp://www.cit.org/programs/cit-rdhttp://www.cit.org/programs/cit-rd -
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CIT CONNECT
Finding and Assimilating Innovation
CIT Connect is dedicated to helping federal, stateand corporate consumers of technology identify and
assimilate innovation. The Connect service delivers
unique and innovative value-add solutions enabling
technology consumption, adoption and integration
into organizations. The Connect service is based on
26 years of CIT experience delivering technology
identication and assimilation consulting services to
government agencies and private sector companies.
CIT Connects customers cover local, state, federal
and corporate consumers across a variety of
industries with emphasis in education, health IT and
mobile learning technologies.
In the eld of education, CIT experts are assisting
the Department of Education with innovations in
data governance and performance measures, and
are developing Apps4Virginia, a groundbreaking
application development competition. For Virginias
Community College System, Connect experts have
provided research and resources to support theWorkforce Investment Act.
To help lower costs and speed the delivery of health
care services, Connect experts continue to assist
the Virginia Health Quality Centre and Regional
Extension Centre implement the expansion of
electronic medical record. By increasing the
adoption of this technology among priority healthcare providers and obtaining Medical Use, advanced
health care will be available for patients residing in
remote areas of Virginia.
Finally, in the national security arena, CIT helped
inventory the Commonwealths cyber security
assets and continues to assist the Department of
Defense with its mobile learning project.
In all of these areas, CIT Connect offers a range
of customized services geared to maximizeorganizational efciencies and effectiveness and
streamline costs.
http://www.cit.org/programs/cit-connecthttp://www.apps4va.org/http://www.apps4va.org/http://www.cit.org/programs/cit-connect -
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CIT Broadband is the only resource in theCommonwealth that offers a holistic supply and
demand approach to solving the broadband equation.
The current mission of CITs Broadband Program is
to accelerate the socio-economic growth of Virginias
rural and underserved areas through the application
and use of broadband telecommunications. This
bold mission emphasizes the idea that the true value
of broadband telecommunications infrastructure
is derived from the applications that traverse its
capacity, not the mere existence of the infrastructure.
The American Recovery and Reinvestment Act
(ARRA) provided funding to expand broadband
access in communities across the United States,
which will increase jobs, spur investments in
technology and infrastructure, and provide long-term
economic benets. CIT is Virginias designated entity
for ARRA mapping and planning activities. As such,
CIT was awarded $8.1 million for the mapping of
broadband availabilityand other initiatives, including:
Health IT Assessment, to gauge broadband
availability and usage at healthcare facilities
across the Commonwealth to develop a better
understanding of current connectivity across
the healthcare provider universe and to create a
link between broadband connection and health
IT implementation.
E-commerce Assessment, to conduct an annualassessment of how businesses, organizations
and individuals use and benet from broadband.
The e-commerce assessment also assesses
the impact of Virginia broadband investments,
identies gaps in broadband access and use
and identies the availability of necessary
broadband capacity, services and economic
growth support.
For the Commonwealth to truly be successful in
an increasingly global innovation economy, CIT
knows that it is critical that all our communities
have equal and affordable access to broadband
telecommunications.
CIT BROADBAND
New Infrastructure for the New Innovation Economy
http://www.cit.org/programs/cit-broadbandhttp://www.wired.virginia.gov/broadband_map.shtmlhttp://www.wired.virginia.gov/broadband_health_it.shtmlhttp://c/Documents%20and%20Settings/xca37547/Local%20Settings/Temporary%20Internet%20Files/Content.Outlook/ZPBW5QPD/Ecommerce%20Assessmenthttp://c/Documents%20and%20Settings/xca37547/Local%20Settings/Temporary%20Internet%20Files/Content.Outlook/ZPBW5QPD/Ecommerce%20Assessmenthttp://c/Documents%20and%20Settings/xca37547/Local%20Settings/Temporary%20Internet%20Files/Content.Outlook/ZPBW5QPD/Ecommerce%20Assessmenthttp://www.wired.virginia.gov/broadband_health_it.shtmlhttp://www.wired.virginia.gov/broadband_map.shtmlhttp://www.cit.org/programs/cit-broadband -
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MOVING FORWARD
When people talk about innovation in Virginia,
they point to CIT. True to our mission, we have
established a record of accelerating innovation
and technology-based economic development
strategies. We have helped build research and
development capabilities at our universities,
invested in emerging technology clusters and
created technology councils across Virginia.
Today, we are planting the seeds for the new
innovation economy with advancements
in commercialization activities and helping
entrepreneurs who have ground-breaking
ideas and plans nd access to capital. We
are helping government agencies and
private sector partners nd new, efcient
and innovative ways to do business. And
we continue to be the leader in broadband
deployment across the Commonwealth that
will give every community access to new
economic opportunities.
As we continue our work today, we are
advancing initiatives in cyber security,
electronic medical records, modeling and
simulation, education reforms and commercial
space ight to strengthen Virginias position in
these areas going forward.
For over 26 years, we have been Virginias
recognized leader in advancing innovation
through public-private partnerships that
unleash the vibrant entrepreneurial spirit that
has made Virginia an economic force today
and for tomorrow. At CIT, we not only think
about the future, we create it.
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BOARD OF DIRECTORS
As of January 3, 2012
OFFICERS
OFFICERS AND DIRECTORS
Ted Cahall
Corporate Vice President, Microsoft
Jim Cheng
Secretary of Commerce and Trade,
Commonwealth of Virginia
Jim Duffey
Secretary of Technology,Commonwealth of Virginia
Laura Fornash
Secretary of Education,
Commonwealth of Virginia
Eric Hansen
CEO, President and Co-Founder,
Innovative Wireless Technologies, Inc.
Wayne Hunter
Managing Partner,Harbert Venture Partners
Terry Hsaio
Founding CEO, Hook Mobile
Dr. Ray O. Johnson, Sr.
Senior Vice President and CTO,
Lockheed Martin Corporation
Hooks Johnston
General Partner, Valhalla Partners
Suzanne H. King
Partner, New Enterprise Associates
Dr. Alan Merten
President, George Mason University
Dr. Michael Rao
President, Virginia Commonwealth
University
Dr. Charles W. Steger
President, Virginia Polytechnic Institute
and State University
David C. Lucien
Chairman
Joseph P. Doherty, Jr.
Vice-Chairman
Peter J. Jobse
President and CEO, CIT
Linda E. Gentry
Treasurer and Secretary, CIT
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