Center for Innovative Technology
Center for Innovative Technology
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About this organization
Mission
CIT's mission is to promote economic development in Virginia by attracting and retaining high technology jobs and businesses.
About
Entrepreneur program - CIT recognizes that the availability of early-stage capital is a critical need of many emerging technology companies by making connection with 'hard to access' private and federal funding sources. CIT's growth acceleration program (GAP) funds make seed-stage equity investments in Virginia-based technology and life science companies with a high potential for achieving rapid growth and generating significant economic return. CIT's Commonwealth Energy Fund(CEF) makes seed-stage equity investments in Virginia-based energy ventures that have achieved a 'commercially available', revenue-ready stage of development capable of sustaining a high-growth business model while generating jobs in Virginia. CIT's federal funding assistance program (FFAP) identifies and accelerates opportunities for Virginia's small technology businesses to obtain SBIR, STTR and ATP awards and other government contracts. The CEF is funded by a federal grant. The GAP and FFAP are funded primarily by appropriations received from the Commonwealth of Virginia.