2023 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: Reid
GMU - Innovation Commercialization Assistance Program (ICAP)

Item 163 #2h

Item 163 #2h

First Year - FY2023 Second Year - FY2024
Education: Higher Education
George Mason University FY2023 $0 FY2024 $1,250,000 GF

Page 227, line 10, strike "$681,147,793" and insert "$682,397,793".


(This amendment requests additional funding to support the Innovation Commercialization Assistance Program (ICAP) housed at Small Business Innovation Virginia Small Business Development Centers (SBDC) at George Mason University. Since the launch of the Innovation Commercialization Assistance Program (ICAP) in 2018, the SBDC has helped facilitate the startup of more than 30 small businesses, creating close to 300 new jobs, and yielding over $40 million in return on initial investments. Leveraging existing relationships with industry partners, established entrepreneurs and innovation-driven startups, ICAP offers critical advising, mentorship and networking to bring Virginia small businesses to market before initial large-scale investments. The viability of the ICAP program is integrated throughout each success story, across all regions and industries. Beneficiaries of ICAPs mentorship, cohort support and expertise, including Ryzing Technologies, credit the program with guiding the creation of the tech start up in Staunton, VA, specializing in inflatable textiles for the U.S. military. In the Hampton Roads region, software company ClaimEdge, credits the ICAP accelerator program with navigating the start-up through the COVID-19 pandemic, ensuring the company was able to attract investment from the National Science Foundation (NSF) and launching a pilot testing phase with a major insurance company. ICAP's support draws on diverse funding from key stakeholders across the education and workforce community, including institutions of higher education, federal grants and state partnerships like the Virginia Innovation Partnership Corp. (VIPC) and Virginia Initiative for Growth and Opportunity (GO VA). The sustainability of this program is paramount to ensure initial investments come to fruition, and to encourage pipelines and pathways for fostering a vibrant workforce in Virginia. While the program is supported by several sustained investment partners like George Mason University (GMU), VIPC and the Commonwealth Cyber initiative (CCI), the annual investment from GO VA will expire in 2023. This funding gap will impact the ability for the program to fund staffing at current levels -- 8 full time and 16 part time staff - who facilitate growth and innovation in regions across the state of Virginia. SBDC is seeking a renewed state investment of $1.25 million to support this critical workforce development program to facilitate current and future innovators and entrepreneurs to address regional, state, national and global economic opportunities.)