Virginia Governor Glenn Youngkin has launched a new Lab-to-Launch initiative to unlock innovation in Virginia by accelerating university research commercialization and technology transfer.
Developed through a bold statewide collaboration between Virginia Innovation Partnership Corporation (VIPC) and Virginia’s six R1 research university partners—George Mason University, Old Dominion University, the University of Virginia, Virginia Commonwealth University, Virginia Tech, William & Mary—this initiative aims to double the number of startups that spin out annually from Virginia’s research universities and propel technology breakthroughs into the marketplace.
The Lab-to-Launch initiative will create Virginia’s first-ever standardized Fast-Track License agreement to commercialize university research, while also expanding opportunities to connect with talent and capital from the private sector.
“Virginia is home to world-class research university institutions, and with Lab-to-Launch and the Virginia Fast-Track License, we are moving at the speed of business to accelerate commercialization pathways for university technology startups,” said Youngkin. “Since 2022, we’ve seen a record 15,000+ high-growth startups launch in Virginia, and we are now ranked top 10 in the nation for both technology and innovation and access to capital. Virginia is leading the way, and I look forward to seeing the transformative discoveries that go from ‘lab to launch’ and enhance people’s lives, not only in Virginia but throughout the country.”
Virginia Fast-Track License for Startups
- Standardizes key terms in university intellectual property (IP) license agreements with startups and streamlines the university technology transfer process to make it easier, faster, less costly, and more transparent for scientists, inventors, and entrepreneurs.
- Offers some of the most founder-friendly, standard university license economic terms in the country for entrepreneurs.
- Startups that spin off from universities using the Virginia Fast-Track License are eligible for a grant award of up to $50,000 from VIPC toward upfront out-of-pocket university commercialization costs.
Private-Sector Collaboration with University Commercialization
- Launch Entrepreneur-in-Residence program to connect industry experience and business acumen with technical knowledge and scientific expertise.
- Create digital database and online catalog for university IP to make it easier for industry partners to access and engage with university innovation pipelines.
- Attract private-sector investment for university startup spin-offs by engaging with venture capital funds and investor networks and evaluating potential partnership opportunities through VIPC’s Virginia Invest platform.
“Once again, Virginia is at the forefront because Virginia is open for business,” said Secretary of Commerce and Trade Juan Pablo Segura. “I cannot wait to see its impact from the extraordinary work, talent, and technology we have in our universities as we continue to unlock Virginia’s potential when it comes to innovation, technology, and everything it has to offer.”
“Virginia’s leading university hubs play an essential role in our innovation ecosystems and in catalyzing groundbreaking research discoveries,” said Joe Benevento, VIPC’s president and CEO. “Collaboration and innovation are at the heart of VIPC. This statewide partnership with Virginia’s R1 universities will elevate the commonwealth’s national leadership and launch a new frontier of innovation-driven growth and opportunity.”
As part of Lab-to-Launch, university partners will seek ways to identify and share best practices to grow research commercialization efforts in Virginia. VIPC will also measure and benchmark statewide university commercialization outcome metrics against historical baselines as well as national peers.
“Lab-to-Launch puts Virginia in a strong competitive position to connect business experience with faculty innovators, offer start-ups access to university technology with clear terms, and create a clear path to seed capital,” said Paula Sorrell, associate vice president of innovation and economic development at George Mason. “It’s a win for tech start-ups, George Mason, and the commonwealth.”