VTKW Program: Running Start Program

The Running Start program offers financial support to Members of VT KnowledgeWorks for selected expenditures required in advance of conventional third party investment, including market studies, business planning assistance, and legal fees.

Funding Support Requests (FSRs) may be submitted by any Member to the VT KnowledgeWorks Director at any time. The Director acts as an advocate for the requesting company throughout the funding process. However, the Director will not forward any request for funding that he does not fully endorse. FSRs totaling less than $2,000 for a single Member may be approved by the Running Start Review Committee, consisting of the President of the Virginia Tech Corporate Research Center, the Executive Vice-President of Virginia Tech Intellectual Properties, and the Director of the Business Technology Center. Larger requests require the additional formal approval of the Running Start Board.

The Director forwards FSRs that he endorses to the Review Committee for review and approval. Approved FSRs in excess of $2,000 are subsequently referred to the Board. The Virginia Tech Corporate Research Center President serves as a non-voting coordinator for the deliberations of the Board. In this capacity, he receives and re-distributes requests for support via email. He also recommends and coordinates candidates for ad hoc technical support to the Board.

The Running Start Board members review requests individually as received, request and employ technical support as required, and act upon pending requests via conference call no later than one month after initial receipt of the funding request. Five of the six Board members must concur for an award to be made.

The VT KnowledgeWorks Director arranges for the Member to execute appropriate convertible debt documents to formalize each funding event, and is accountable for the proper application of the funds.