The Center for Innovative Technology, founded more than 35 years ago, has a new name.
It is now called the Virginia Innovation Partnership Corp. and functions as the nonprofit operating arm of the Virginia Innovation Partnership Authority.
The name change reflects a new mission for CIT as part of the authority. The General Assembly created the authority in 2020 to consolidate state investments in higher education research, support for new technology companies and entrepreneurial development and to create high-tech startups and jobs.
Established in 1985 by then-Gov. Chuck Robb, CIT acted as a financial support for technology companies and innovations that could boost Virginia’s increasingly high-tech economy. It was once best known for its iconic building along the Dulles Access Road on the Fairfax-Loudoun county line in Northern Virginia, but the state sold the building last year.
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The center relocated its offices in downtown Richmond in 2019 and moved its headquarters here as part of the plan for the new authority.
As the nonprofit operations arm of the authority, Virginia Innovation Partnership Corp. is the commercialization and seed stage economic development driver to help fund and provide infrastructure and policy initiatives to support the state’s entrepreneurs and startups.
The rebranding of CIT “is an important next step in the growth and expansion of innovation in Virginia,” said Bob Stolle, the president and CEO of the Virginia Innovation Partnership Corp. “Connecting innovators with opportunities is our business as we continue to work to provide the leadership necessary for funding, infrastructure, and policy initiatives that support success for Virginia’s innovators, entrepreneurs, startups, and market development strategies.”