Commonwealth of Virginia Research Consortium Authority; created.

Creates the Commonwealth of Virginia Research Consortium Authority (the Consortium) to oversee and support research and commercialization in the Commonwealth. The Consortium will be advised by an Investment Advisory Committee and a Research and Technology Advisory Committee. Existing grant, loan, and investment funds currently administered by the Innovation and Entrepreneurship Investment Authority and the Virginia Research Investment Committee would be consolidated under the Consortium, and the Consortium would be responsible for the Commonwealth Research and Technology Strategic Roadmap. The Consortium would also be responsible for allocating research-related funds to the Virginia Biosciences Health Research Consortium and the Commonwealth Center for Advanced Manufacturing. The bill repeals the existing Virginia Research Investment Committee and the Innovation and Entrepreneurship Investment Authority.  The Center for Innovative Technology would move under the authority of the Consortium. A stakeholder group would be appointed to oversee the transition to the Consortium, and the Governor would be authorized to appoint an interim chief executive officer of the Consortium based upon the recommendations of the stakeholder group.