Gov. Timothy M. Kaine announced Thursday the formation of the Innovation and Entrepreneurship Investment Authority. Kaine also announced the appointment of members of the Board of Directors to the IEIA.

“This legislation streamlines government, saves resources and mandates the development of a consistent, long-term plan for identifying research priorities,” says Kaine. “That will in turn foster economic development opportunities in the Commonwealth and encourage cooperation between the public and private sector in research and development-related initiatives.”

Created by the General Assembly and signed into law earlier this year by Kaine, the new authority continues the work of the Innovative Technology Authority, which was established in 1984.

The legislation consolidated two existing entities with research and development-related responsibilities, the ITA and the Virginia Research and Technology Advisory Commission, into a single authority: the IEIA. The new authority continues the work of the Innovative Technology Authority, with the added duty to create a strategic R&D roadmap for the Commonwealth.

“The new authority and its board will help accelerate the Center for Innovative Technology’s expanded role in new company formation and strategic development of research and innovation priorities,” says Leonard M. Pomata, Secretary of Technology. “It will help all regions of the Commonwealth achieve solid footing in the growing innovation economy.”

The 13-member Board, appointed jointly by Kaine and the General Assembly, consists of:

- The Honorable Leonard M. Pomata, Secretary of Technology, Commonwealth of Virginia*
- Daniel Bannister, President, Bannister Enterprises*
- Ted Cahall, Chief Technology Officer, AOL, LLC
- Dr. Ray O. Johnson, Sr. Vice President & CTO, Lockheed Martin Corporation
- Dr. Lydia W. Thomas, Board of Trustees of The George Washington University and retired President and CEO, Noblis, Inc.
- Hooks Johnston, General Partner, Valhalla Partners
- Suzanne H. King, Partner, New Enterprise Associates*
- Wayne Hunter, Managing Partner, Harbert Venture Partners
- Eric Hansen, Chairman, CEO/President, Co-founder, Innovative Wireless Technologies Inc.
- Rick Kapani, Managing Partner, Vision360 Solutions*
- Dr. Charles W. Steger, President, Virginia Polytechnic Institute and State University*
- Dr. Linwood H. Rose, President, James Madison University
- Dr. Alan G. Merten, President, George Mason University

(* - denotes returning board members)

Originally, CIT focused on enhancing the research and technology transfer activities of Virginia universities. Having accomplished that mission, now CIT is focused on creating new technologies, entrepreneurs and technology companies that enhance the Commonwealth’s global competitiveness. Its operating structure consists of four service lines: CIT Entrepreneur, CIT Connect, CIT R&D and CIT Broadband.

In addition, CIT is working with the General Assembly and the Commonwealth’s ten Technology Councils to create the Commonwealth Innovation Index, a long-term innovation assessment tool that is creating both a road map to the innovation economy, while providing elected officials and business leaders with valuable guidance and expertise so that they can make targeted and wise investments that benefits all regions of the Commonwealth.