Saturday, August 30, 2014

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Sullivan Appointed to Boards that Oversee Center for Innovative Technology

University of Virginia President Teresa A. Sullivan has been appointed to the boards of directors that oversee the Center for Innovative Technology, a state-chartered non-profit organization that accelerates innovation and technology company creation, the CIT announced Tuesday.

Sullivan replaces Alan Merten, president of George Mason University, on the board of directors of the CIT and its parent authority, the Innovation and Entrepreneurship Investment Authority. Merten’s term expired.

Two others were reappointed to the boards: Charles W. Steger, president of Virginia Polytechnic Institute and State University, and Wayne Hunter, managing partner of Harbert Venture Partners.

Sullivan, Steger and Michael Rao, president of Virginia Commonwealth University, represent Virginia’s colleges and universities on the boards.

“We are fortunate to have Dr. Sullivan join Drs. Steger and Rao on our boards,” said David Lucien, who chairs both boards, in a release announcing the appointments. “Collectively, they represent the leading research institutions in our Commonwealth. Working with Wayne Hunter and other business leaders on our board, we have a strong public-private partnership that will help us and the commonwealth create a consistent, long-term plan for prioritizing research opportunities that create new markets, new emerging technology companies and sustainable job growth.”

The 15-member boards, appointed jointly by Virginia’s governor and General Assembly, consist of:

  • David C. Lucien, chairman, CEO of DCL Associates
  • Joseph P. Doherty Jr., vice chairman and CEO of GCR Inc.
  • Karen Booth Adams, CEO of Hot Technology Holdings
  • Jim Cheng, state secretary of commerce and trade
  • James Duffey, state secretary of technology
  • Laura Fornash, state secretary of education
  • Eric Hansen, CEO, president and co-founder of Innovative Wireless Technologies Inc.
  • Wayne Hunter, managing partner of Harbert Venture Partners
  • Terry Hsaio, founding CEO of Hook Mobile
  • Ray O. Johnson, senior vice president and CTO of Lockheed Martin Corporation
  • Hooks Johnston, general partner of Valhalla Partners
  • Don Rainey, CEO of Grotech
  • Michael Rao, president of Virginia Commonwealth University
  • Charles Steger, president of Virginia Polytechnic Institute and State University
  • Teresa A. Sullivan, president of the University of Virginia

The Innovation and Entrepreneurship Investment Authority was created by an act of the General Assembly in 2009. The legislation consolidated two existing entities with research and development-related responsibilities – the Innovative Technology Authority and the Virginia Research and Technology Advisory Commission – into a single authority. Under this structure, the authority is responsible for accelerating all phases of technology company creation from research and development through commercialization, capital formation and successful product assimilation.

CIT is the non-profit corporation that conducts the business of the Innovation and Entrepreneurship Investment Authority. To support the authority’s mission, CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers.

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