Virginia Innovation Partnership
Virginia Innovation Partnership Corporation (VIPC) is a 501(c)(3) nonprofit organization headquartered in Herndon, Virginia, serving as the operating nonprofit of the Virginia Innovation Partnership Authority (VIPA). Founded in 1984, VIPC functions as Virginia's designated authority for leading innovation and economic development across the Commonwealth through research commercialization, technology advancement, entrepreneurship support, and venture capital growth.
Key facts about Virginia Innovation Partnership
- EIN
- 54-1282820
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $8,044,452
- Grants made (2024)
- 95
- Average grant
- $84,678
- Median grant
- $30,000
- Total assets
- $79,950,256
- Primary geography
- Virginia (100% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated June 2026.
Who Virginia Innovation Partnership funds
By grant dollars, the top recipient states for Virginia Innovation Partnership's 95 itemized 2024 grants were Virginia (100%). The most frequent recipient cities were Charlottesville, VA (16 grants), Richmond, VA (11 grants), Arlington, VA (9 grants) and Blacksburg, VA (7 grants). None of its 95 grants with a stated purpose were described as general or operating support. Recurring purposes include "Research" (95 grants).
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$80.0M
-6.8% YoY
Annual Giving
$8.0M
-10.4% YoY
Grant Count
95
-38.7% YoY
Avg Grant Size
$85K
+46.2% YoY
Mission & Focus Areas
Mission: VIPC grows and diversifies Virginia's economy by investing in and accelerating innovation commercialization and entrepreneurship. The organization fuels Virginia's innovation-driven economy by amplifying entrepreneurial startup ecosystems, accelerating technology commercialization pathways, and attracting early-stage investment capital.
Primary Focus Areas:
- Early-stage science and technology-based company investments
- Life science and clean energy ventures
- Research commercialization
- Entrepreneurial ecosystem development
- Regional innovation initiatives
- Smart communities and advanced technology sectors
- Federal funding assistance for small businesses
- University partnerships and technology transfer
Grantmaking
VIPC's primary investment program places equity investments in early-stage science and technology-based companies through a family of funds spanning multiple generations of tech, life science, and clean energy theses. Since inception in 2005, VVP has invested $62.6 million in 323 seed and early-stage technology, life science, and energy companies across the Commonwealth. VVP investments have attracted $2.2 billion in private capital.
Ready to take the next step with Virginia Innovation Partnership?
Geographic Focus
Where this funder awards grants
VIPC operates statewide across the Commonwealth of Virginia, with initiatives targeting regional innovation ecosystems and specific geographic areas including Hampton Roads and other Virginia regions.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Fiscal Year 2024:
- Total Revenues: $47,361,433
- Total Expenses: $39,383,995
- Total Assets: $79,950,256
Fiscal Year 2023:
- Form 990 Revenue: $20 million+
The organization maintains a Four-Star rating based on its accountability and financial practices.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $79,950,256 | $85,819,315 | $75,363,860 |
| Revenue | $47,361,433 | $34,793,623 | $22,793,161 |
| Expenses | $39,383,995 | $38,026,082 | $25,978,938 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $4,006,105 | $2,705,381 | $384,438 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
250 grants across all recorded years
Open Grants
2 open opportunities from Virginia Innovation Partnership
Commonwealth Commercialization Fund (CCF)
VIRGINIA INNOVATION PARTNERSHIP
Amount
Up to $100,000
Deadline
Rolling / Open
VIPC Commonwealth Commercialization Fund (CCF): Technology Commercialization Grants
VIRGINIA INNOVATION PARTNERSHIP
Amount
US $100,000 - US $300,000
Deadline
Rolling / Open
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest recipients include The Rector and Visitors of Uva ($1,769,868), Virginia Commonwealth University ($954,918), The Uva Patent Foundation Dba Uva Licensing & Ventures Group ($250,000).
| Recipient | Purpose | Amount |
|---|---|---|
| THE RECTOR AND VISITORS OF UVA CHARLOTTESVILLE, VA | RESEARCH | $1,769,868 |
| VIRGINIA COMMONWEALTH UNIVERSITY RICHMOND, VA | RESEARCH | $954,918 |
| THE UVA PATENT FOUNDATION DBA UVA LICENSING & VENTURES GROUP CHARLOTTESVILLE, VA | RESEARCH | $250,000 |
| VA POLYTECHNIC INSTITUTE & STATE UNIVERSITY BLACKSBURG, VA | RESEARCH | $230,000 |
| DOMINION ENERGY INNOVATION CENTER ASHLAND, VA | RESEARCH | $200,000 |
| THE ROANOKE-BLACKSBURG INNOVATION NETWORK DBA VERGE BLACKSBURG, VA | RESEARCH | $200,000 |
| GEORGE MASON UNIVERSITY FAIRFAX, VA | RESEARCH | $194,954 |
| STARTUP VIRGINIA INC RICHMOND, VA | RESEARCH | $150,000 |
| GENLOGS CORPORATION ARLINGTON, VA | RESEARCH | $120,000 |
| NSMART INC STERLING, VA | RESEARCH | $120,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
Joe Benevento — President and CEO
Key Staff Members:
- Robert Brooke — Director, Federal Funding Programs
- Mona Davis — Director, Fund Management and Operations
- Heather Engen — Director, Enterprise Analytics
- Alex Euler — Senior Investment Director
- Aurelia Flores — Investment Director
- Conaway Haskins — Vice President, Entrepreneurial Ecosystems
- Jennifer Hiltwine — Director, Higher Education Initiatives
- Meredith Hundley, PhD — Director, Grants and Research
- Chuck Kirby — Vice President, Smart Communities
- Lynn McDaniel — Director, Smart Data
- Jennifer O'Daniel — Senior Investment Director
The organization employs 45 staff members as of 2024.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| RITA ROY | CHAIR | 2 | — |
| BARBARA BOYAN | CHAIR THRU 12/2023 , DIRECTOR | 2 | — |
| MONIQUE ADAMS | DIRECTOR | 2 | — |
| SHASHIKANT GUPTA | DIRECTOR FROM 5/2024 | 1 | — |
| RICHARD HALL | DIRECTOR | 1 | — |
| CHRIS LONG | DIRECTOR | 1 | — |
| ROB QUARTEL | DIRECTOR | 1 | — |
| KELLEY POWELL WILLIAMSON | DIRECTOR FROM 8/2023 | 1 | — |
| LINDSAY WINTER | DIRECTOR FROM 8/2023 | 1 | — |
| THE HONORABLE CAREN MERRICK | VICE CHAIR | 1 | — |
| BOB STOLLE | PRESIDENT & CEO THRU 11/2023 | 40 | $278,037 |
| JOE BENVENTO | PRESIDENT & CEO FROM 4/2024 | 40 | — |
| SUSAN AITCHESON | CFO TO 2/2024 | 40 | $270,100 |
| TOM WEITMAN | CIO & VP | 40 | $305,775 |
| DAVE IHRIE | CHIEF TECH OFFICER | 40 | $274,748 |
| SEAN MALLON | VP COMMERCIALIZATION | 40 | $224,373 |
| MARCO RUBIN | DIR INVESTMENT SVCS | 40 | $218,018 |
| CONAWAY HASKINS | VP ENTREPRENUERIAL | 40 | $187,670 |
| ANGELA COSTELLO | VP MARKETING | 40 | $188,268 |
| ALEX EULER | DIR INVESTMENT SVCS | 40 | $186,277 |
| JEN O'DANIEL | DIR INVESTMENT SVCS | 40 | $188,357 |
Recent News & Activity
Recent developments and announcements
VIPC has announced multiple technology commercialization grants and regional innovation initiatives, including:
VIPC Grant to Innovate Hampton Roads to Accelerates Regional Innovation EcosystemGrant to Innovate Hampton Roads to accelerate regional innovation ecosystem growth
VIPC Grant to Innovate Hampton Roads to Accelerates Regional Innovation EcosystemTechnology commercialization grant to VroomBrick Technology for proptech platform scaling
VIPC Awards VroomBrick Technology Commercialization Grant to ...Grant catalyzing launch of new aerospace and defense startup tech accelerator
[PDF] VIPC-Launch-Grant-Terms-2025.pdfTechnology commercialization grant to UVA Engineering for 3D-printed wrist implant development
VIPC Awards VroomBrick Technology Commercialization Grant to ...VIPC continues to manage its portfolio of venture investments and expand federal funding assistance programs for small businesses and research commercialization across Virginia.
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Virginia Innovation Partnership fund?
**Mission:** VIPC grows and diversifies Virginia's economy by investing in and accelerating innovation commercialization and entrepreneurship. The organization fuels Virginia's innovation-driven economy by amplifying entrepreneurial startup ecosystems, accelerating technology commercialization pathways, and attracting early-stage investment capital. **Primary Focus Areas:** • Early-stage science and technology-based company investments • Life science and clean energy ventures • Research commerc…
How do I apply for a grant from Virginia Innovation Partnership?
VIPC's primary investment program places equity investments in early-stage science and technology-based companies through a family of funds spanning multiple generations of tech, life science, and clean energy theses. Since inception in 2005, VVP has invested $62.6 million in 323 seed and early-stage technology, life science, and energy companies across the Commonwealth. VVP investments have attracted $2.2 billion in private capital. VIPC awards technology commercialization grants to support re…
Where does Virginia Innovation Partnership make grants?
VIPC operates statewide across the Commonwealth of Virginia, with initiatives targeting regional innovation ecosystems and specific geographic areas including Hampton Roads and other Virginia regions.
What size grants does Virginia Innovation Partnership award?
In 2024, Virginia Innovation Partnership awarded 95 grants totaling $8.0M — an average of about $85K per grant, based on its IRS Form 990 filings.
What is Virginia Innovation Partnership's EIN?
Virginia Innovation Partnership's EIN (Employer Identification Number) is 54-1282820. IRS Form 990 filing data is available on this page for 2021–2024.
Explore Open Grants
Browse active grant opportunities in Virginia Innovation Partnership's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.