Virginia Innovation Partnership Corporation
Virginia Innovation Partnership Corporation (VIPC) is a public charity based in Herndon, Virginia. It is the operating nonprofit of the Virginia Innovation Partnership Authority (VIPA), and supports Virginia’s innovation economy through startup ecosystem development, technology commercialization, early-stage investment, and public-private partnerships.
Virginia Innovation Partnership Corporation at a glance
In short: Virginia Innovation Partnership Corporation gave $5.3M across 62 grants in 2025 (avg $86K), mostly in Virginia. 65% of 2025 grantees were new. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $5,319,096
- -33.9% vs 2024
- Grants made (2025)
- 62
- -34.7% vs 2024
- Average grant
- $85,792
- +1.3% vs 2024
- Median grant
- $50,000
- Total assets
- $92,536,838
- +15.7% vs 2024
- New grantees (estimate)
- 65% first-time grantees (40 of 62, 2025)
- Primary geography
- Virginia (96% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Virginia Innovation Partnership Corporation
- Contact
Mailing address: 2214 Rock Hill Road 600, Herndon, VA 20170
Phone: (703) 689-3035
Website: https://virginiaipc.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
2 open opportunities from Virginia Innovation Partnership Corporation
Commonwealth Commercialization Fund (CCF)
Virginia Innovation Partnership Corporation
Amount
Up to $100,000
Deadline
Rolling (quarterly review)
VIPC Commonwealth Commercialization Fund (CCF): Technology Commercialization Grants
Virginia Innovation Partnership Corporation
Amount
US $100,000 - US $300,000
Deadline
Deadline not published
Who Virginia Innovation Partnership Corporation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was The Rector and Visitors of UVA ($990K). Together the top 10 received $3.0M.
Grant Size Distribution
435 grants across all recorded years
The most common grant size was under $50K: 230 grants of 435 (53%).
Geographic Focus
Where this funder awards grants
CCF is described as Commonwealth-wide, and its eligible projects are in Virginia. In 2025, 96% of grant dollars went to recipients in Virginia and 4% to recipients in North Carolina.
Grant Distribution by State
Share of 2025 grant dollars across all 62 itemized grants.
Cities
Is Virginia Innovation Partnership Corporation open to new grantees?
65%
first-time grantees, 2025
In 2025, 40 of 62 grantees (65%) were first-time recipients. First grants averaged $57K; repeat grants $138K. How we count
Medians: $50K first-time, $60K repeat.
Estimate from itemized grant lists in IRS Form 990 filings (2021–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $3.7M (2022) to $9.0M (2023). In 2025 it made 62 grants totaling $5.3M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| The Rector and Visitors of UVA Charlottesville, VA | Research | $990,000 |
| Virginia Commonwealth University Richmond, VA | Research | $370,000 |
| George Mason University Fairfax, VA | Research | $300,000 |
| Charlottesville Bio Hub Charlottesville, VA | Research | $200,000 |
| Startup Virginia Inc Richmond, VA | Research | $200,000 |
| Startwheel Corporation DBA Innovate Hampton Roads Virginia Beach, VA | Research | $200,000 |
| Roanoke-Blacksburg Innovation Alliance DBA Ramp Blacksburg, VA | Research | $200,000 |
| Wireless Research Center of NC Wake Forest, NC | Research | $200,000 |
| Va Polytechnic Institute & State University Blacksburg, VA | Research | $196,330 |
| Arlington County Board Arlington, VA | Research | $100,000 |
Ready to take the next step with Virginia Innovation Partnership Corporation?
Financial History
Multi-year comparison from IRS filings
VIPC’s 2024 filing describes Virginia Venture Partners as making direct equity investments in early-stage companies. It reports that the program had invested $71 million in 330 companies since its 2005 inception and that those investments had attracted $2.6 billion in private capital. The filing also reports approximately $173 million in SSBCI funding to be allocated to VIPC over 10 years, with $36.2 million received in FY2024 and FY2025. These are program investment and funding figures, not grants reported as given in the financial table.
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $92,536,838 | $33,814,047 | $30,649,296 | $5,319,096 | 62 | $3,896,771 |
| 2024 | $79,950,256 | $47,361,433 | $39,383,995 | $8,044,452 | 95 | $4,006,105 |
| 2023 | $85,819,315 | $34,793,623 | $38,026,082 | $8,975,466 | 155 | $2,705,381 |
| 2022 | $75,363,860 | $22,793,161 | $25,978,938 | $3,723,931 | 66 | $384,438 |
| 2021 | $80,085,835 | $76,061,606 | $21,650,254 | $6,303,199 | 57 | $146,381 |
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
VIPC states that its mission is to grow and diversify Virginia’s economy by investing in and accelerating innovation commercialization and entrepreneurship. Its work includes early-stage investment in science- and technology-based companies, commercialization support for research, and support for entrepreneurial ecosystems.
The Commonwealth Commercialization Fund (CCF) supports university research partners and entrepreneurial startups with early commercialization activities, including research and development, technology and market validation, prototypes or minimum viable products, customer pilots, intellectual property protection, and eminent researcher recruitment. Its stated technology areas include semiconductors and microelectronics, nanotechnology, information technology, energy, life sciences and biomedical research, brain cancer therapeutics, sepsis, and infectious disease research.
Examples among 2025 grantees show support for universities, research organizations, and regional entrepreneurship and innovation organizations. The Virginia Commonwealth University recipient describes its work as patenting and licensing university inventions to commercial entities. Startup Virginia describes itself as a nonprofit business incubator that connects startups with mentors and programs. Innovate Hampton Roads describes its work as supporting regional startups through incubation, mentorship, networking, and partnerships. These are the grantees’ descriptions of their own missions.
Grantmaking
In filing year 2025, VIPC reported 62 grants totaling $5,319,096. Grant amounts ranged from $20,000 to $990,000, with a median of $50,000. The filing lists research as the purpose of the largest grants.
Largest awards included $990,000 to the Rector and Visitors of the University of Virginia; $370,000 to Virginia Commonwealth University; $300,000 to George Mason University; and $200,000 each to Charlottesville Bio Hub, Startup Virginia, StartWheel Corporation dba Innovate Hampton Roads, Roanoke-Blacksburg Innovation Alliance dba RAMP, and Wireless Research Center of NC. Other listed awards included $196,330 to Virginia Polytechnic Institute & State University and $100,000 each to Arlington County Board, Lighthouse Labs RVA, and Old Dominion University Research Foundation.
The CCF accepts applications from university research partners and entrepreneurial startups for Virginia-based commercialization projects. Its stated award range is $0–$100,000. The available program information does not specify application materials or a deadline.
VIPC reports that grant recipients must submit a progress report at the project halfway point, including actual versus budgeted spending, and a final report with actual expenditures compared with the budget. Recipients must consult VIPC about expected or identified changes to a funded project, including budget changes.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Rita Roy as chair; Richard Hall, Chris Long, Rob Quartel, Kelley Powell Williamson, Lindsay Winter, Shashikant Gupta, Marilyn Perkins, and Mark Bishof as directors; and the Honorable Caren Merrick as vice chair through April 9, 2025. The organization’s website identifies Joe Benevento as president and CEO.
Virginia Innovation Partnership Corporation is led by Bob Stolle, Former President & CEO since 2025 (on filings since 2021); 13 of 23 officers listed in 2025 are compensated.
Officers on the 2025 filing
Bob Stolle
Former President & CEO
President → President & CEO, 2024
President & CEO → Former President & CEO, 2025
On filings since 2021
40 hrs/week
$216K (2021) → $258K (2025)
Joe Benevento
President & CEO
President & CEO From → President & CEO, 2025
On filings since 2024
40 hrs/week
$329K (2025)
Rita Roy
Chair
On filings since 2024
2 hrs/week
No compensation reported
Alex Euler
Senior Director & Investment
Director & Investment → Director Investment Svcs, 2024
Director Investment Svcs → Senior Director & Investment, 2025
On filings since 2021
40 hrs/week
$130K (2021) → $191K (2025)
Marco Rubin
Senior Director & Investment
Director & Investment → Director Investment Svcs, 2024
Director Investment Svcs → Senior Director & Investment, 2025
On filings since 2021
40 hrs/week
$165K (2021) → $222K (2025)
Jen O'Daniel
Senior Director & Investment
Director & Investment → Director Investment Svcs, 2024
Director Investment Svcs → Senior Director & Investment, 2025
On filings since 2022
40 hrs/week
$137K (2022) → $190K (2025)
Rob Quartel
Director
On filings since 2023
1 hr/week
$2K (2025)
Richard Hall
Director
On filings since 2021
2 hrs/week
No compensation reported
Chris Long
Director
On filings since 2022
1 hr/week
No compensation reported
Kelley Powell Williamson
Director
Director From → Director, 2025
On filings since 2024
1 hr/week
No compensation reported
Lindsay Winter
Director
Director From → Director, 2025
On filings since 2024
1 hr/week
No compensation reported
Shashikant Gupta
Director
Director From → Director, 2025
On filings since 2024
1 hr/week
No compensation reported
Marilyn Perkins
Director
New on the 2025 filing
1 hr/week
No compensation reported
Mark Bishof
Director
New on the 2025 filing
1 hr/week
No compensation reported
Dave Ihrie
Chief Tech Officer
Chief Tech O → Chief Tech Officer, 2024
On filings since 2021
40 hrs/week
$222K (2021) → $279K (2025)
Kristal Parker
Chro
Director → Chro, 2025
On filings since 2021
40 hrs/week
$127K (2021) → $166K (2025)
Leslie Williams
Chief Administrative Officer
Director & Busines → Chief Administrative Officer, 2025
On filings since 2021
40 hrs/week
$132K (2021) → $167K (2025)
Tom Weithman
CIO & Vice President
Managing Director → CIO & Vice President, 2022
On filings since 2021
40 hrs/week
$248K (2021) → $311K (2025)
Sean Mallon
Vice President & Commercialization
Vice President Commercia → Vice President Commercialization, 2024
Vice President Commercialization → Vice President & Commercialization, 2025
On filings since 2022
40 hrs/week
$186K (2022) → $181K (2025)
Angela Costello
Vice President & Marketing
Vice President, Committee & M → Vice President Marketing, 2024
Vice President Marketing → Vice President & Marketing, 2025
On filings since 2023
40 hrs/week
$182K (2023) → $191K (2025)
Conaway Haskins
Vice President & Entreprenuerial
Vice President & Entrepre → Vice President Entreprenuerial, 2024
Vice President Entreprenuerial → Vice President & Entreprenuerial, 2025
On filings since 2023
40 hrs/week
$181K (2023) → $191K (2025)
The Honorable Caren Merrick
Vice Chair
On filings since 2024
1 hr/week
No compensation reported
The Honorable Juan Pablo Segura
Vice Chair From
New on the 2025 filing
1 hr/week
No compensation reported
Former officers (12)
- Former: Barbara Boyan (2021–2024) — Chair
- Former: Monique Adams (2021–2024) — Director
- Former: Susan Aitcheson (2021–2024) — CFO to
- Former: Paula Sorrell (2021–2023) — Director
- Former: Andrew Ko (2022–2023) — Director
- Former: Honorable Caren Merrick (2022–2023) — Vice Chair
- Former: Chiedo John (2021–2022) — Director
- Former: Ed Albrigo (2021–2022) — President & CEO
- Former: Kurt John (2021–2022) — Director
- Former: Brian Ball (2021) — Vice Chair
- Former: Nancy Vorona (2021) — Vice President & Research
- Former: Tracy Tynan (2021) — Director & Unmanne
Data from IRS Form 990 filings, 2021–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $329K, to Joe Benevento (President & CEO). 13 officers or directors reported compensation on that filing.
Frequently asked questions about Virginia Innovation Partnership Corporation
How much does Virginia Innovation Partnership Corporation give each year?
Virginia Innovation Partnership Corporation gave $5.3M across 62 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $8.0M across 95 grants.
What is Virginia Innovation Partnership Corporation's typical grant size?
Virginia Innovation Partnership Corporation's median grant in 2025 was $50,000, and its average grant was $85,792, across 62 grants on its 2025 IRS Form 990. Organizations receiving their first grant from Virginia Innovation Partnership Corporation that year got $57K on average.
Where does Virginia Innovation Partnership Corporation give grants?
Virginia Innovation Partnership Corporation gives mostly in Virginia: 96% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The most frequent recipient cities were Richmond, VA (10 grants), Charlottesville, VA (9 grants), Arlington, VA (6 grants) and Blacksburg, VA (4 grants).
Does Virginia Innovation Partnership Corporation give general operating support?
Not in 2025: none of the 62 grants with a stated purpose on Virginia Innovation Partnership Corporation's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Research" (62 grants).
Who are Virginia Innovation Partnership Corporation's largest grantees?
Virginia Innovation Partnership Corporation's largest 2025 grantees include The Rector and Visitors of UVA ($990,000), Virginia Commonwealth University ($370,000) and George Mason University ($300,000), according to its 2025 IRS Form 990. Together they received 31% of its itemized 2025 grant dollars.
How large is Virginia Innovation Partnership Corporation?
Virginia Innovation Partnership Corporation reported $92.5M in total assets on its 2025 IRS Form 990. Its revenue that year was $33.8M.
What does Virginia Innovation Partnership Corporation fund?
VIPC states that its mission is to grow and diversify Virginia’s economy by investing in and accelerating innovation commercialization and entrepreneurship. See mission & focus areas ↑
How do I apply for a grant from Virginia Innovation Partnership Corporation?
Virginia Innovation Partnership Corporation has no public application process in the sources Grantable reviewed. Check virginiaipc.org for current guidelines, or contact the foundation directly before submitting a request.
What is Virginia Innovation Partnership Corporation's EIN?
Virginia Innovation Partnership Corporation's EIN (Employer Identification Number) is 54-1282820. IRS Form 990 filing data is available on this page for 2021–2025.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2023 (received by the IRS May 15, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS May 15, 2025)
- Updated Form 990 for fiscal year 2021 (received by the IRS September 8, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS May 12, 2023)
- Added Form 990 for fiscal year 2025 (received by the IRS May 15, 2026)
- IRS filings on file for fiscal years 2021–2024
Live grants for the work Virginia Innovation Partnership Corporation funds
Science & Technology Open opportunities, soonest deadline first.
Explore Open Grants
Browse active grant opportunities in Virginia Innovation Partnership Corporation's focus areas in our free grants database
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Cite this profile
Grantable. (2026). Virginia Innovation Partnership Corporation funder profile. GrantGraph. Retrieved October 22, 2026, from https://grantable.co/funders/virginia-innovation-partnership-corporation-morg_736c0b360dd8410eac4a312c8a9f8bf0
BibTeX
@misc{grantable_541282820_2026,
author = {{Grantable}},
title = {{Virginia Innovation Partnership Corporation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/virginia-innovation-partnership-corporation-morg_736c0b360dd8410eac4a312c8a9f8bf0},
note = {Accessed 2026-10-22. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Virginia Innovation Partnership Corporation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Virginia Innovation Partnership Corporation down — hundreds of funders to go?