2013 Session

Budget Amendments - HB1500 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Governor McDonnell
Provide Funding to Establish a Cybersecurity Accelerator

Item 423 #3g

Item 423 #3g

First Year - FY2013 Second Year - FY2014
Innovation and Entrepreneurship Investment Authority FY2013 $0 FY2014 $2,500,000 GF

Page 364, line 13, strike "$5,782,500" and insert "$8,282,500".
Page 364, line 16, strike "$3,813,434" and insert "$6,313,434".
Page 365, insert:
"M. Out of the appropriation for this item, $2,500,000 the second year from the general fund is provided to establish a Cybersecurity Accelerator for the continued efforts in the development of cybersecurity for the Commonwealth."

(This amendment provides funding for the creation of a Cybersecurity Accelerator. The Center for Innovative Technology (CIT) has combined its expertise in entrepreneurship and technology to create the nation’s first cybersecurity accelerator, modeled after the highly successful accelerator created in California. Since 2005, Silicon Valley's Y-Combinator Accelerator is credited with creating 449 companies and securing $926 million in private investment for their development. The CIT accelerator will focus exclusively on cybersecurity company creation and will initially produce 10 to 20 new companies per year, bolstering Virginia’s cyber assets and capabilities.)