Virginia universities have invested at least one-billion-dollars in highly sophisticated, expensive equipment for research and development. Some allow entrepreneurs to have access to that equipment and school expertise for a fee.
A panel of lawmakers and experts is working to craft state policies to expand such opportunities in a way that benefits businesses, universities, and taxpayers.
Inventor and former Delegate Joe May co-chairs the panel. May says businesses may need hi-tech equipment that’s too costly to buy.
“We think that we can use it to better everybody—including additional revenues for the universities and, of course, getting private industry some help in an area that it would be very difficult for them to obtain.”
His co-chair, Delegate Scott Lingamfelter, says economic development officials believe higher ed R & D can draw more companies to the state and help universities.
“You’re developing some additional revenues to do what?— apply to research and development. So it actually is a wise use of the taxpayers’ investment.”
Their ideas include compiling a master list of higher ed experts and equipment to make them easier to find.