Gov. Glenn Youngkin wants to invest $90 million to connect research institutions at three Virginia universities.
Gov. Youngkin announced Monday that he will propose a one-time $90 million investment in his biennial budget, which will be released on Dec. 20, to create a biotechnology, life sciences and pharmaceutical manufacturing network among research institutes at the University of Virginia, Virginia Tech and Virginia Commonwealth University.
The proposal, dubbed “Virginia’s Research Triangle” network, would aim to get the institutions to work together with the Virginia Innovation Partnership Authority “on commercialization and startup support,” per the governor’s office.
“Today’s investment announcement lays the groundwork for remarkable startup innovation and commercialization that interconnects Charlottesville, the Greater Richmond Area, Roanoke and the New River Valley,” Youngkin said in a statement.
Youngkin, who added that the “private philanthropy” will also help fund the network, said the proposal would boost university research capacity and help create “high-paying jobs in the process.”
The institutions will sign a memorandum of understanding with the innovation partnership authority and each other to get the funding.
Here’s how much will be available for each institute:
- UVA’s Manning Institute for Biotechnology: $50 million
- Virginia Tech’s Fralin Biomedical Research Institute at VTC: $27 million
- VCU’s Medicines for All Institute: $13 million
Source: Wavy
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