The scope of programs the Authority may undertake is broad. It provides for a wide range of powers and programmatic development.The critical needs and opportunities the Authority can address include:

• Promote the technology-based economic development of the Commonwealth by building, attracting, and retaining innovation and high-technology jobs and businesses in Virginia.
• Increase industry competitiveness by supporting the application of innovative technologies that improve productivity and efficiency.
• Attract and provide additional private and public funding in the Commonwealth to enhance and expand the scientific and technological research and commercialization at the state and federal research institutions and facilities, including by supporting and working with technology transfer offices to advance research from proof-of-concept to commercialization resulting in new business and job creation.
• Attract and provide additional private and public funding to support and enhance innovation-led entrepreneurship ecosystems and coordination of existing activities and programs throughout the Commonwealth to create new job opportunities and diversify the economy.
• Ensure promotion and marketing of Virginia’s statewide innovation economy and support and coordinate regional marketing efforts to align local and statewide objectives.
• Close the Commonwealth’s support gap through pre-seed and seed-stage investments, coordination of private investor networks, and enhanced deal syndication.

The VIPA, with VIPC as its operating arm, brings together components of existing and new program activities in an approach through which the whole is greater than the sum of the individual programs. VIPA’s design includes governance and management capabilities to ensure that programs generate transformative and
measurable results.