TECHNOLOGY-BASED
ECONOMIC DEVELOPMENT
Virginia Tech provides to the Commonwealth with advanced research activities of national and international significance, as well as the human and intellectual capital to put those innovations to work in the marketplace. The Office of Economic Development (OED) advances the university’s engagement mission by applying this strong base of innovation assets to economic development needs and opportunities around Virginia.  OED works to initiates new connections and improve the efficiency of existing connections between the university, companies, and communities in several areas including research commercialization, manufacturing extension, distributed research centers, and strategic innovation partnerships.

 

Current Projects

Energy Research and Development Centers

OED is working with Virginia’s Secretary of Commerce and Trade, state legislators, and regional and local stakeholders in the public and privates sectors, to implement a plan to assign Virginia Tech faculty to work with companies in the nuclear industry cluster in Region 2000 (Lynchburg).  Staffing for the project was funded by the Virginia General Assembly.

Based on the success and promise of the Institute for Advanced Learning and Research (IALR) in Danville, and the work with nuclear engineering firms in Region 2000, the Virginia Tobacco Indemnification and Revitalization Commission provided $36M toward construction of five facilities to support university-based energy research and development. OED provided thought leadership and facilitated discussion between the Tobacco Commission, communities, and the University for these facilities. 

OED is presently coordinating the request for operating support for these facilities from the Tobacco Commission and other organizations. Most recently, the Tobacco Commission allocated $100M for energy research, and the Virginia General Assembly is considering legislation that would create a new entity to award research contracts from this pool to Virginia Tech and the University of Virginia.

 

New Product Development & Commercialization Center
The US Small Business Administration provided a grant to a consortium of four land grant universities in the southeastern US.  The purpose of the grant is to develop and commercialize new products, resulting in higher paying jobs and more sustainable rural communities. The consortium included the University of Kentucky, University of Tennessee, Oklahoma State University, and Virginia Tech. The lead organizations at Virginia Tech were the Office of Economic Development and the Center for High Performance Manufacturing.

Our experience with small manufacturers suggests they are usually very lean, have a limited or non-existent engineering/R&D capacity, and have a heavy focus on daily operations and reducing cost. But, since new products are the lifeblood for revenue enhancement, this project included assistance in creating either a totally new product or revisions to an existing product that is intended to generate new revenue streams. With this grant, Virginia Tech funded four research projects that engaged Virginia Tech faculty and students in addressing product development needs of these small manufacturers.

Research Commercialization for Southside
This $1.8M EDA investment will create a team to increase commercialization in Southside Virginia. The team will focus on matching research-based innovations in Virginia Tech and the IALR research programs with entrepreneurs, capital, and business assistance programs in Southside. The team will include a capital access specialist whom will be based at the Institute for Advanced Learning & Research, a market research specialist whom will be co-located with the Southside Business Technology Center in Martinsville, and a commercialization specialist whom will be part of Virginia Tech Intellectual Properties, Inc. on the Virginia Tech campus. The Director of the Office of Economic Development at Virginia Tech will coordinate this team to improve commercialization in Southside, including the development of a regional plan for growth.

Past Projects

Virginia’s Nanotechnology Park: Cluster Analysis
This project, funded by the Appalachian Regional Commission and EDA for the Town of Pulaski and the New River Economic Development District, involved a survey of U.S.-based materials research activities and firms working with nanotechnology.  Project faculty and partners from Virginia Tech’s Business Technology Center determined the state of research and product development/commercialization for each, the potential market segments each may serve, and the potential that their commercial demonstration phase could occur in the New River Valley.

The Virginia Tech  team identified and assessed competitive locations in the U.S. already involved in nano-manufacturing; determining their market focus, resources/capabilities, and successes to date.  The team inventoried current nanotechnology firms in the New River Valley and catalogued all relevant development and support resources located in the region.  The team will evaluated the New River Valley’s attractiveness to develop facilities for housing and supporting firms and their employees in a nano-manufacturing industry cluster.  From all this information, the project team quantified the market opportunity and potential feasibility for development of a proposed nano-manufacturing cluster technology center in the Town of Pulaski or New River Valley.

Alleghany-Highlands Cluster Study and Labor Market Survey
Project faculty worked with the Roanoke Valley – Alleghany Regional Commission to conduct economic analysis in support of a cluster/target industry analysis for Alleghany Highlands.  The Allegany-Highland region is suffering from a decline in employment and a reliance on aging traditional industries with new clear path towards economic diversification and modernization.  Project faculty assisted with the design of interview and focus group questions, the interpretation of data from quantitative and qualitative phases of the project, and the design and implements a labor market study connected to the industry cluster analysis. 

Small Business Assistance Center in Nepal
Virginia Tech, under a U.S. Department of State grant, is assisting Kathmandu University (KU) has established a small business assistance center with links to the Virginia Tech Business Technology Center. The KUBTC build's on Virginia Tech's established infrastructure in Nepal while working closely with the Public Affairs Section of the U.S. Embassy in Kathmandu. The well-established institutional linkages between Virginia Tech and KU are facilitating implementation of the KUBTC. The KUBTC is bridging the gap between academia and private industry. KU faculty and students are interacting with peers at VT to provide local entrepreneurs with the business skills necessary to compete in world markets

For more information on how Virginia Tech can help to improve the performance of your organization, contact:

Virginia Tech
Office of Economic Development
702 University City Blvd. (Mail Code 0373)
Blacksburg, VA 24061
Phone (540) 231-5278
Fax (540) 231-8850
E-mail econdev@vt.edu