Representatives of Virginia’s six research universities joined state officials including governor Glenn Youngkin at a ceremonial signing of the memorandum of understanding. Photo: Kaitlyn DeHarde from the office of governor Youngkin
George Mason University, Old Dominion University, the University of Virginia, Virginia Commonwealth University, Virginia Tech, and William & Mary have joined forces to launch a standardised fast-track licensing agreement.
The six universities represent all of the US state Virginia’s most research-intensive institutions (a classification known as R1).
They worked with the Virginia Innovation Partnership Corporation (VIPC), the state’s commercialisation and seed-stage economic development authority, to develop the standardised licence.
The licence standardises key terms in intellectual property agreements with spinouts, helping to streamline the process for tech transfer offices and making it more transparent for researchers and entrepreneurs.
Spinouts established using the Virginia Fast-Track Licence will be eligible for a grant worth up to $50,000 from VIPC towards upfront commercialisation costs.
The Lab-to-Launch initiative is expected to double the number of startups spun out by the Virginia universities every year. The six university signatories have additionally committed to identifying and sharing best practices to grow commercialisation activities.
The initiative will also launch an entrepreneur-in-residence programme, establish a digital database for university IP accessible to the private sector, and seek increased engagement with VC firms through the Virginia Innovation Partnership Corporation’s Virginia Invest platform.
“Lab-to-Launch puts Virginia in a strong competitive position to connect business experience with faculty innovators, offer startups access to university technology with clear terms, and create a clear path to seed capital.
“It’s a win for tech startups, George Mason University, and the commonwealth — thank you to VIPC for being a great collaborative partner to launch this exciting initiative.”
Paula Sorrell, associate vice president of innovation and economic development at George Mason University
Virginia already has a significant startup ecosystem: in the last three years, more than 15,000 startups have launched in the state, according to state governor Glenn Youngkin.
VIPC will be responsible for tracking and benchmarking outcomes of the Lab-to-Launch initiative against historical baselines and national peers.
“We are excited to partner with VIPC and the Commonwealth of Virginia on the Lab-to-Launch initiative. With the support it will provide to early-stage startups and university innovation, it could be a game-changer.
“Several years from now we hope to look back on the launch of this initiative as a watershed moment that paved the way for countless homegrown companies to have positive impacts on society, while also spurring economic growth in the commonwealth.”
Rich Chylla, executive director of the University of Virginia Licensing & Ventures Group