Innovation and Entrepreneurship Investment Authority; created by merging. (SB1456)
Introduced By
Sen. Chap Petersen (D-Fairfax)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Oversight of research and development in the Commonwealth. Merges the Innovative Technology Authority (ITA), and the Virginia Research and Technology Advisory Commission into a single entity, named the Innovation and Entrepreneurship Investment Authority (IEIA). The IEIA will have 10 members as follows: three presidents of state institutions of higher education, the Secretary of Technology, and six nonlegislative citizen members representing the entrepreneurial, investment, and science and technology communities. The IEIA will continue the work of the ITA, with heightened responsibilities regarding the oversight of research and development efforts in the Commonwealth. Amends § 2.2-2218 (“Short title; definitions.”), § 2.2-2219 (“Declaration of public purpose; Authority created.”), § 2.2-2220 (“Board of directors; members; President.”), § 2.2-2221 (“Powers of the Authority.”), § 2.2-2233.1 (“Commonwealth Research Commercialization Fund; continued; purposes; report.”), § 2.2-225 (“Position established; agencies for which responsible; additional powers.”), § 2.2-225.1 (“(Expires July 1, 2018) Office of Telework Promotion and Broadband Assistance.”), § 2.2-3705.6 (“Exclusions to application of chapter; proprietary records and trade secrets.”), § 2.2-3711 (“Closed meetings authorized for certain limited purposes.”), § 23-4.4 (“Authorization to transfer interest; Governor\u2019s approval required under certain circumstances.”), of the Code of Virginia. View Full Text »
