2015 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: Landes
Innovation Commercialization Assist. Program

Item 120 #5h

Item 120 #5h

First Year - FY2015 Second Year - FY2016
Commerce and Trade
Virginia Economic Development Partnership FY2015 $0 FY2016 $250,000 GF

Page 98, line 29, strike "$19,376,464" and insert "$19,626,464".
Page 100, after line 5, insert:
"P.  Out of the amounts for Economic Development Services shall be provided $250,000 the second year from the general fund to support the George Mason University Enterprise Center's Innovation Commercialization Assistance Program contract with SHINE Systems and Technologies to continue engaging the Commonwealth's 29 Virginia Small Business Development Centers Network."

(This amendment proposes an appropriation to the VEDP of $250,000 from the general fund in the second year to provide support for an ongoing contract the George Mason Enterprise Center has with SHINE Systems and Technologies which helps supports the efforts of Virginia's statewide network of 29 Small Business Development Centers. To date, this program has helped emerging Virginia businesses, entrepreneurs, and university faculty commercialize innovative technologies by providing a customized roadmap with tangible steps and has directed subject matter expert counseling. Over 24 months the program created 17 jobs and led to the retention of 46 jobs, secured $3.7 million in funding for these companies, and increased sales at those firms by $1.2 million.)