Regional Innovation Fund (RIF)

Regional Innovation Fund (RIF) is sponsored by Virginia Department of Small Business and Supplier Diversity (via Virginia Innovation Partnership Corporation - VIPC). The RIF is a state-funded program that awards competitive grants for operating and programmatic support to Virginia-based entrepreneurial support organizations (ESOs) that serve science and technology-based enterprises and ecosystems.

Entrepreneur Support Organizations - Virginia Innovation Partnership Corporation Entrepreneur Support Organizations VIPC’s Regional Innovation Fund (RIF) supports entrepreneur support organizations (ESOs) that are building and strengthening Virginia’s innovation ecosystem. RIF provides competitive grants for operating and programmatic support to ESOs serving science- and technology-based startups and founders.

The guidelines, procedures, and criteria outlined here are effective as of May 19, 2025. RIF proposals are accepted on a rolling basis throughout the year. VIPC will endeavor to complete the review of each proposal within 90 days of receipt.

If a grant is approved by VIPC, award recipients can expect a signed grant agreement and initial disbursement (50% of the awarded funds) within an additional 30 days.

RIF eligibility is limited to ESOs that are: Headquartered, or maintain a significant operating presence, in Virginia; Have a track record of supporting Virginia-based startups; and Meet at least one of the following two criteria: Have successfully executed GO Virginia grants supporting science- and technology-based entrepreneurship and ecosystem development in Virginia OR Have actively collaborated with the VIPC Commercialization, Entrepreneurial Ecosystems, Investment, and Strategic Initiatives divisions.

Additionally, eligible organizations must demonstrate a 1:1 funding match, meaning that for every dollar of requested RIF funding, the applicant will have funding of at least $1 coming from non-state sources. Support for Virginia’s Entrepreneurial Ecosystems VIPC prioritizes support for and partnership with Virginia’s ESOs.

Through the establishment of its Entrepreneurial Ecosystems Division (EED) in July 2020, VIPC has worked to strengthen the infrastructure that helps early-stage technology startups grow and succeed.

EED partners with accelerators, incubators, training providers, technology councils, chambers of commerce, investor groups, and other Virginia-based organizations that support entrepreneurs in the early stages of business formation and development. To advance this mission, VIPC launched the RIF in March 2021. The program is administered by the EED team.

EED also actively promotes and manages VIPC’s broader portfolio of entrepreneurship support programs, including the Virginia Accelerator Network (VAN) . If you have any questions, please contact the EED team at RIF@VirginiaIPC. org .

RIF applicants may request up to $200,000 provided they demonstrate a minimum of $200,000 in matching resources, with a standard period of performance of 12 months. Prospective applicants should reach out to RIF@VirginiaIPC. org to initiate the application process.

VIPC will be looking for RIF proposals that: Include innovative entrepreneurship support programs that utilize national or statewide best practices and programs, and are primarily directed at potentially high-growth science- and technology-based companies and the ecosystems that support those companies. Support collaboration to leverage existing assets, resources, and programs (i.e. minimize duplication).

Demonstrate past success and future plans to work with historically underrepresented founders (e.g. minorities, women, Veterans, rural). Seek to develop Virginia-based science and technology startups in growth industries and sectors (including those in the current Commonwealth Research and Technology Strategic Roadmap ). Identify sources and commitments for required 1:1 funding match (cash and in-kind).

Commit to measure and monitor success based on applicable outcome metrics. Include a clear and reasonable budget for the proposed 12-month period of performance, to include sources and uses of funds. Provide at least one letter of support from key external stakeholders (regional leaders, program participants / alumni, partner organizations, etc.); this is optional if a matching resources letter is provided by an external party .

Provide letters of financial commitment from other funding sources (to validate the required 1:1 funding match). Following a diligence process for each application to determine eligibility, compliance, and merit, VIPC will make grant recommendations to its President and CEO who is authorized to approve the applications and provide related funding. Approved grant amounts may be less than requested in the proposal.

Grant decisions made by VIPC are final. No more than one grant per entity will be allowable each year. At any time, new grants may be discontinued or deferred due to lack of funding for the RIF program.

RIF grant recipients will be required to submit quarterly reports. These reports will include the following: Program and organizational update narrative Year-to-date financial report (budget vs. actual) Year-to-date metrics update VIPC will schedule meetings with each RIF grantee at least two times per year to discuss interim / final reports and other matters relating to the grantees and their entrepreneurial support programs.

RIF grant recipients will be required to collect the mutually agreed upon success metrics for a period of five years and will share those metrics with VIPC annually. Metrics will be reported using a provided template. Frequently Asked Questions HOW MUCH FUNDING CAN WE?

APPLY FROM THE RIF? We will consider proposals for grants of up to $200,000. WHAT IS THE PERIOD OF PERFORMANCE?

12 months. RIF funding can be continued for additional 12-month periods with the submission and approval of subsequent proposals. HOW DO WE SUBMIT OUR RIF PROPOSAL?

​ If you are interested in applying for RIF, please reach out to the Division at RIF@VirginiaIPC. org to begin the conversation and receive copies of the proposal templates. Full application files will include: 1.

Proposal Narrative (in MS Word) 2. Completed Budget Template to cover the 12-month project performance period (In MS Excel) 3. Completed Metrics Template for project performance period (In MS Excel) 4.

Letters of financial commitment from applicant and any other match partners required to document and demonstrate the required match (PDF) 5. 1-3 additional letters of support from key stakeholders (regional leaders, program participants/alumni, partner organizations, etc.) (PDF) 6.

Financial Statements for most recent fiscal year in PDF form to include: Balance Sheet/Statement of financial position Income Statement/Statement of Activities Statement of Functional Expenses 7. Annual Federal Tax Filing (ex. IRS 990) for most recent fiscal year in PDF 8.

Annual Audit or CPA Review (if available) for most recent fiscal year in PDF You will receive an acknowledgement of receipt within three business days. WHAT ARE ALLOWABLE USES OF RIF GRANT FUNDS?

​ RIF grant funds can be used for a broad array of expenditures and should be structured according the following categories in the submitted budget template: Labor (salaries and fringe) Travel Contractors (including service providers for accounting, legal, marketing, non-W2 instructors, subject matter experts/mentors, etc.) Materials and Supplies (office supplies, computers, etc.) Other Direct Costs (rent, utilities, software, marketing, membership fees, events, other administrative and programmatic expenses not included elsewhere) WHAT ARE NON-ALLOWABLE USES of RIF GRANT FUNDS?

RIF grants cannot be used for any of the following: Investments into startups (with or without equity) As match for any other grant funds whose source is the Commonwealth of Virginia’s General Fund AFTER WE SUBMIT OUR APPLICATION FOR RIF SUPPORT WHAT CAN WE EXPECT? We will acknowledge receipt of your proposal within three (3) business days.

Following that, VIPC will conduct a careful review of your proposal, and will most likely reach out to schedule one or more face-to-face meetings to discuss your organization, programs and plans in more details. During our review, we may also ask to speak to a selection of your clients (i.e. startup founders you’ve worked with) and other funding providers.

We will endeavor to provide a go/no-go decision within 60 days of receipt of your proposal. If your proposal is accepted, we will work with you to finalize a grant agreement and funding within the following 30 days. ​ WE ARE 18 MONTHS IN OUR GO VIRGINIA GRANT.

WHEN SHOULD WE APPLY FOR A RIF GRANT? ​ ​Now would be a good time to start planning to apply. We will not allow GO Virginia and RIF funds to support the same programs at the same time, but we will look to make RIF funds available as soon as your GO Virginia period of performance (PoP) and funding come to an end.

First time applicants to RIF should expect 60 days between proposal submission and decision, and another 30 days from approval to funding. CAN OUR ORGANIZATION HAVE AN ACTIVE GO VIRGINIA GRANT ALONGSIDE AN ACTIVE RIF GRANT? Yes, provided that the GO Virginia grant is in support of activities that are not included in your RIF grant proposal.

GO Virginia grants will generally be used to build new infrastructure and test and validate new entrepreneurial support programs, while RIF grants will generally be used to help sustain existing infrastructure and successful programs. DOES VIPC ALLOW STATE GRANTS, SUCH AS GO VIRGINIA, TO COUNT TOWARDS THE REQUIRED 1:1 FUNDING MATCH? ​ Not if the other state grant also comes from Virginia state appropriations (general fund).

For example, because RIF and GO Virginia funds both come from Virginia’s general fund, RIF funds and GO Virginia funds cannot be used as match toward the other program. DOES VIPC ALLOW FEDERAL GRANTS OR CONTRACTS (E.G. EDA BUILD TO SCALE GRANTS, ETC.) TO COUNT TOWARDS THE REQUIRED 1:1 FUNDING MATCH?

​ Yes, provided these funds are unspent at the beginning of the period of performance and have not been otherwise committed as match against another grant. However, please check with your federal program officer to determine whether any federal funds would be eligible to be used as matching resources.

As with any matching funds, a letter of commitment would be required from the match source indicating that the funds are available and eligible for use as match. CAN GRANTS FROM LOCAL GOVERNMENT OR PUBLIC HIGHER EDUCATION INSTITUTIONS COUNT TOWARDS THE REQUIRED 1:1 FUNDING MATCH?

​ Yes, provided these funds are available but unspent at the beginning of the period of performance, have not been otherwise committed as match against another grant, and did not originate as state appropriations. Matching funds from third parties should be supported by a letter of commitment from that entity. CAN RESOURCES FROM CORPORATIONS OR FOUNDATIONS COUNT TOWARDS THE REQUIRED 1:1 FUNDING MATCH?

Yes, provided these funds are available but unspent at the beginning of the period of performance and have not been otherwise committed as match against another grant. Matching funds from third parties should be supported by a letter of commitment from that entity. IS THERE A CAP ON INDIRECT COSTS?

​ No. This issue will not be relevant to most applicants for RIF, as this question only applies to organizations with a published federal indirect rate. OUR PROGRAMS SUPPORT VIRGINIA-BASED STARTUPS, BUT ALSO STARTUPS BASED IN OTHER STATES AND/OR ABROAD. ARE WE ELIGIBLE FOR RIF GRANT SUPPORT?

​ Yes, provided that the majority of supported companies served by your programs are based in Virginia, and you encourage supported non-Virginia startups to consider relocating to Virginia. YOU REFERENCE INDUSTRIES INCLUDED IN THE COMMONWEALTH RESEARCH AND TECHNOLOGY STRATEGIC ROADMAP. WHAT ARE THOSE INDUSTRIES?

The Commonwealth Research and Technology Strategic Roadmap lists the following industries as being strategically important for Virginia: Cybersecurity and cyber-physical systems Information Technology (including data science and analytics) IN THE METRICS SECTION, YOU REFER TO “SUPPORTED COMPANIES” – WHAT DO YOU MEAN BY THAT?

​ “Supported companies” are startups or other companies that have materially participated in your entrepreneurial support programs. For example, a startup that participates in a multi-week acceleration program would be a supported company. A startup whose founder or employee attended one of your networking events would not be a supported company.

IF WE ARE APPROVED FOR RIF SUPPORT, HOW WILL WE RECEIVE OUR GRANT? In general, RIF grantees will receive half of their grant when the grant agreement is executed by both the grantee and VIPC and the other half following the successful completion of the 6-month interim report. WE HAVE RECEIVED OUR RIF GRANT, AND NOW WANT TO MAKE SOME PROGRAMMATIC CHANGES THAT WILL IMPACT OUR BUDGET.

DOES VIPC NEEDS TO APPROVE THESE CHANGES? No, however RIF grantees should inform VIPC as soon as possible of any operational changes that create a financial variance (budget-to-actual) of over 10% (e.g. $20,000 of a $200,000 award) within a 12-month period of performance. These variances should also be discussed in the interim and final written reports.

WE HAVE RECEIVED OUR INITIAL RIF GRANT. WHEN SHOULD WE SUBMIT? APPLICATION FOR YEAR 2 FUNDING?

If you wish to apply for RIF funding beyond the initial 12-month period of performance, begin consulting with the RIF team at VIPC in the 8th or 9th month of your current RIF grant. VIPC will require a new proposal each year from existing RIF grantees. WHAT CAN I DO IF I STILL HAVE QUESTIONS?

If you still have questions, please reach out to the Division at RIF@VirginiaIPC. org . Go to Portfolio Company Jobs