Virginia Research Investment Committee; expands role of Committee.

Expands the role of the Virginia Research Investment Committee (the Committee) to include, in addition to awarding grants and loans from the Virginia Research Investment Fund, providing guidance and coordination in the use of public funds to support research and commercialization efforts throughout the Commonwealth. Effective January 1, 2018, the bill moves responsibility for the development of the Commonwealth Research and Technology Strategic Roadmap (the Roadmap) from the Center for Innovative Technology to the State Council of Higher Education for Virginia (the Council), which shall submit the plan to the Committee for approval. The Council would consult with public institutions of higher education, make recommendations on the industry sectors in which the Commonwealth should focus its research and development efforts, and establish a process for maintaining an inventory of the Commonwealth's current research and development efforts. Before implementation, the Council would submit the Roadmap to the Governor for final approval. The Roadmap would be used to determine areas of focus for awards from the Virginia Research Investment Fund and the Commonwealth Research Commercialization Fund.