New Lab-to-Launch initiative in Virginia aims to accelerate research at universities

RICHMOND, Va. (WRIC) -- A new "Lab-to-Launch" initiative in Virginia will include fast-track startups and accelerate innovation, according to a release from the governor's office.

On Wednesday, Aug. 13, Gov. Glenn Youngkin announced that the new initiative will speed up research commercialization and technology transfer. The initiative will also include a Virginia fast-track license to startups and private sector collaboration with university commercialization, according to a release.

It will also include landmark collaborations with the Virginia Innovation Partnership Corporation (VIPC) and all six Virginia R1 research universities, per a release. The universities include George Mason University, Old Dominion University, the University of Virginia, Virginia Commonwealth University, Virginia Tech and William & Mary.

“Virginia is home to world-class research university institutions and with Lab-to-Launch and the Virginia Fast-Track License, we are moving at the speed of business to accelerate commercialization pathways for university technology startups. Since 2022, we’ve seen a record over 15,000 high-growth startups launch in Virginia, and we are now ranked top 10 in the nation for both technology and innovation and access to capital. Virginia is leading the way, and I look forward to seeing the transformative discoveries that go from ‘lab to launch’ and enhance people’s lives, not only in Virginia but throughout the country. I want to thank VIPC CEO Joe Benevento for driving this initiative and the collaboration with the universities forward, and Secretary Segura for his constant focus on making Virginia the best place to start and grow a business.” Gov. Glenn Youngkin

Startups that spin off from universities using the Virginia Fast-Track License will reportedly be eligible for a grant award of up to $50,000 from VIPC.

According to the release, the initiative will double the number of startups that "spin out annually from Virginia's research universities and propel technology breakthroughs into the marketplace."

The university partners will aim to identify and share best practices for growing and building research commercialization in the Commonwealth. VIPC will work to measure the outcome metrics for the six universities against previous reference points and other universities across the United States.