Governor Kaine Announces New Innovation and Entrepreneurship Investment Authority and New Board of Directors

Press Release

Governor Timothy M. Kaine today announced the formation of the Innovation and Entrepreneurship Investment Authority (IEIA). Governor Kaine also announced the appointment of members of the Board of Directors to the IEIA.

"This legislation streamlines government, saves resources and mandates the development of a consistent, long-term plan for identifying research priorities," Governor Kaine said. "That will in turn foster economic development opportunities in the Commonwealth and encourage cooperation between the public and private sector in research and development-related initiatives."

Created by the General Assembly and signed into law earlier this year by Governor Kaine, the new Authority continues the work of the Innovative Technology Authority, which was established in 1984. The legislation consolidated two existing entities with research and development (R&D)-related responsibilities -- the ITA and the Virginia Research and Technology Advisory Commission -- into a single authority - the IEIA. The new Authority continues the work of the Innovative Technology Authority, with the added duty to create a strategic R&D roadmap for the Commonwealth.

"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," said Leonard M. Pomata, Secretary of Technology. "It will help all regions of the Commonwealth achieve solid footing in the growing innovation economy."

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