Research and development; changes related to the funding and oversight of initiatives. (SB1597)

Introduced By

Sen. Dick Saslaw (D-Springfield)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Research and development in the Commonwealth. Makes several changes related to the funding and oversight of research and development initiatives in the Commonwealth. The bill codifies the existing Virginia Biosciences Health Research Corporation (VBHRC) and brings it under the authority of the Innovation and Entrepreneurship Investment Authority (IEIA). The bill also creates a new Capital Research Investment Advisory Committee (Investment Committee), and an accompanying nonstock, nonprofit corporation under the IEIA, to oversee early and seed-stage venture capital investments. The Virginia Research Investment Committee (VRIC) would provide guidance to the IEIA and the Investment Committee. The Board membership of the IEIA is expanded to include the chairman of the VRIC and the VBHRC. Finally, the bill directs the Secretaries of Commerce and Trade and Education to convene a stakeholder group to review a recent technology report and make recommendations concerning the allocation of resources related to research, development, and commercialization. Read the Bill »


01/31/2019: Incorporated into Another Bill


01/09/2019Prefiled and ordered printed; offered 01/09/19 19102131D
01/09/2019Referred to Committee on Commerce and Labor
01/21/2019Rereferred from Commerce and Labor (13-Y 0-N) (see vote tally)
01/21/2019Rereferred to Finance
01/31/2019Incorporated by Finance (SB1651-Howell) (16-Y 0-N) (see vote tally)