Regional Innovation Fund

Regional Innovation Fund is sponsored by Virginia Innovation Partnership Corporation (VIPC). Provides funding to entrepreneur support organizations in Virginia that serve science- and technology-based startups, including those in robotics and AI.

LinkedinX-twitterFacebook LinkedinX-twitterFacebook * Fund Manager Applications * Fund Managers Resources * Investment Fund Managers * Commonwealth AI Initiative * Rural Health Transformation Program * Virginia Accelerator Network * Virginia Venture Partners * Resources for Virginia Startups * Fund Manager Applications * Fund Managers Resources * Investment Fund Managers * Commonwealth AI Initiative * Rural Health Transformation Program * Virginia Accelerator Network * Virginia Venture Partners * Resources for Virginia Startups #### VIPC is dedicated to strengthening the ecosystems that help early-stage technology founders and companies in Virginia launch, grow, and succeed.

VIPC partners with accelerators, incubators, training providers, industry associations, chambers of commerce, and other organizations that support entrepreneurs in the early stages of business formation and development. To advance this mission, the Regional Innovation Fund was launched in March 2021. ## What is the Regional Innovation Fund?

The Regional Innovation Fund (RIF) is a state-funded program that awards competitive grants to organizations that serve science- and technology-based entrepreneurs and ecosystems in Virginia. The RIF is administered by VIPC’s Entrepreneurial Ecosystems Division. **The guidelines, procedures, and criteria outlined here are effective July 1, 2026.

** Proposals for RIF grants are accepted by VIPC on a rolling basis throughout the year. Prospective applicants should reach out to RIF@VirginiaIPC. org to begin the application process.

VIPC will acknowledge receipt of your proposal within three 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 detail. During the review, VIPC may also ask you to speak to a selection of your clients (i.e. startup founders you’ve worked with) and other funding providers.

Following a diligence process for each application to determine eligibility, compliance, and merit, the VIPC review team will make grant recommendations to VIPC’s CEO. The CEO is authorized to approve the applications and provide related funding. Approved grant amounts may be different than requested in the grant proposal.

Grant decisions made by VIPC are final. At any time, new RIF grant awards may be discontinued or deferred due to lack of funding for the RIF program. VIPC will endeavor to complete the review of each proposal within 60-75 days of receipt of a complete application.

If grants are approved by VIPC, grantees can expect a signed grant agreement and initial, partial disbursement of the awarded funds within the next 30 days. RIF awardees are eligible to apply for subsequent years of funding if they continue to achieve projected outcomes and impact.

Awardees that wish to apply for RIF funding beyond the initial period of performance should begin conferring with the RIF team around 90-120 days prior to the end of that term to discuss the process for submitting a follow-on application. ### 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.

## Eligibility Requirements RIF eligibility is limited to _**organizations**_— business, government, academic, and nonprofit — that are: * Headquartered, maintaining, or establishing a significant operating presence, in Virginia _and_ * Currently providing or proposing to provide new services and resources primarily to Virginia-based science and technology _**entrepreneurs**_ and/or _**ecosystems.

**_ Priority will be given to proposals focused on VIPC-identified target industries.

VIPC gives priority to applications focusing on one or more of the following industries and/or technologies: * Cybersecurity and cyber-physical systems * Information technology (including data science and analytics) * Life and health sciences * Modeling and simulation All applicants must demonstrate a 1:1 funding match, meaning that for every dollar requested in RIF funding, the applicant will have cash or in-kind funding of at least one dollar coming from sources that are not derived from state general funds.

Match sources can come from corporations, foundations, federal agencies, local governments, universities, individual donors, and an organization’s own cash reserves. Applicants must provide letters of financial commitment for all matching resources, including the basis for determining the value for in-kind resources. Matching resources must be demonstrated as available, committed to the proposed activities, and unencumbered.

#### Track 1: Up to $50,000 * Support for new and emerging innovation ecosystem initiatives and/or programs assisting underserved regions, populations, and communities * Performance periods are 1-12 months * Expedited due diligence process * Not available to active Track 2 awardees; successful Track 1 awardees will be eligible to apply for Track 2 #### Track 2: $50,000 – $500,000 * Grant funding awards will range from $50,000 to $500,000 _**per year, per applicant organization**_ * Performance periods may run from 12-24 months; performance periods beyond 12 months will be negotiated with the applicant * _**No more than $1,000,000 will be provided within any 24-month performance period**_ * Payments will be provided in equal 6-month tranches subject to satisfactory performance reporting and confirmation of required match availability * Not available to active Track 1 awardees VIPC will be looking for RIF proposals from organizations that demonstrate a combination of the following: * Support innovative programs primarily directed at Virginia-based, potentially high-growth science- and technology-based companies and the ecosystems that support those companies * Collaborate to leverage existing resources and minimize duplication * Demonstrate past and present successes at supporting or future plans to work with historically underrepresented founders and communities (e.g. minorities, women, Veterans, rural) * Demonstrate capabilities to measure and monitor success based on applicable outcome metrics and submit requested outcomes to VIPC * Provide a clear and reasonable project budget, to include demonstration of use of matching resources * Demonstrate support from key external stakeholders (regional leaders, program participants / alumni, partner organizations, etc.) through at least one support letter * Demonstrate connections to VIPA or VIPC divisions and programs * Demonstrate effective organizational management and governance * Demonstrate successful management and implementation of one or more government grants and/or contracts to support the startup ecosystem, including completion of deliverables on time and on budget and achievement of intended metrics ## Reporting Requirements RIF grant recipients will be required to submit reports on a quarterly basis.

VIPC will provide the reporting form to grantees. These reports will include the following: RIF grantees should inform VIPC as soon as possible of any operational changes that will create a financial variance (budget-to-actual) of over 10% (e.g. $20,000 of a $200,000 award) within the grant period of performance. These variances should also be discussed in the interim and final written reports.

### Annual Reporting Requirements RIF grant recipients will be required to collect the mutually agreed upon success metrics for a period of five years and share those metrics with VIPC annually. Metrics will be reported using an annual survey form provided by VIPC.

VIPC’s RIF team will schedule meetings with each RIF grantee to discuss the interim / final reports and other matters relating to the grantees and their entrepreneurial support programs.

RIF grant and matching funds can be used for a broad array of expenditures and should be structured according to the following categories: * Labor (salaries and fringe) * Contractors (including service providers for accounting, legal, marketing, non-W2 instructors, subject matter experts / mentors, etc.) * Other direct costs (travel, materials and supplies, equipment, rent, utilities, software, marketing, membership fees, events, and/or other administrative and programmatic expenses not included elsewhere) * Indirect rate; w hile there is no cap on direct costs, for those with a negotiated federal indirect costs rate, RIF indirect costs are capped at 10% of the total grant request RIF grants cannot be used for: * Equity investments, grants, stipends, or loans to startups ## 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 atRIF@VirginiaIPC. orgto 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?

​ While there is no cap on direct costs, for those with a negotiated federal indirect costs rate, RIF indirect costs are capped at 10% of the total grant request. 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 atRIF@VirginiaIPC. org. VIPC is the nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA) LinkedinX-twitterFacebookEnvelope #### VIPC Headquarters | Richmond * 313 East Broad Street Richmond, VA 23219 * 2214 Rock Hill Road, Suite 600 Herndon, VA 20170 Website designed and maintained by **Fireside Digital.

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