- Report Published -
|The Status of the Commonwealth's Technology Assets|
|Center for Innovative Technology|
|SJR 37 (Regular Session, 1998)|
|This report places key Virginia technology and science assets into a context of federal technology R&D funding. Among other findings, the report notes that::|
• Virginia's science and technology assets as a whole and those specifically mentioned in this legislative resolution are key to supporting both existing and emerging technology-based industries in the state as they compete in the global economy. Most of these assets rely heavily on federal funding.
• Virginia's industrial performers are substantially more dependent on federal funds than are industrial R&D in other states.
• Virginia receives a disproportionate share of its federal R&D funds from the Department of Defense (DoD) and NASA, two agencies whose budgets are shrinking or remaining flat.
• Existing science and technology assets must be nurtured over time, as they do take a significant period of time to develop prior to having a significant economic impact. They are, however, key to making Virginia a technology state.
• New opportunities to match Virginia's emerging technology assets with emerging industry sectors appear regularly. The State must be in a position to support the attraction and establishment of new resources.
Recommendations: The Commonwealth should continue to capitalize on all potential research, development, and commercialization opportunities.
• First, Virginia should have a statewide strategy for the attraction and ongoing support of federal research and development assets and funding. This strategy should be developed by the Office of the Secretary of Technology for Virginia with the support of CIT and input from the Commonwealth's universities and the private sector. In addition, the strategy should include tactics to leverage the federal support and assets for the benefit of the Commonwealth.
• Second, Virginia should invest state research and development dollars consciously to be complimentary to federal investment and to improve the Commonwealth's ability to obtain federal research and development funding and assets.
• Third, Virginia should seek greater participation for its small businesses in the federally funded research and development programs.
• Fourth, Virginia should continue to try to document R&D investment flows through its industrial sector, as well as document the economic interactions of the existing and emerging technology sectors in order to better prioritize the investment strategy.