| CIT’s numbers
game
Virginia Business
March 2004
The
numbers are in and Peter Jobse, president of Virginia’s
Center for Innovative Technology, is claiming victory.
According to a new audit, CIT produced $318 million
in “economic impact” in fiscal 2003 —
more than 40 times the $7.8 million it got in state
funding.
The numbers help CIT fend off the persistent criticism
that the nonprofit corporation, formed by the state
in 1984 to help grow the technology sector, is a waste
of state dollars. Jobse, who was named president last
May, said in a release that the results established
“a new track record of performance. With results
like these we’re showing... that the dollars entrusted
to CIT achieve an outstanding rate of return.”
Most of the impact — $240 million — is attributed
to increased sales, cost savings and capital raised
by the 478 companies that CIT assisted. Another $44.9
million is in research and development funding to Virginia
colleges and universities. Salaries from jobs at 208
new tech companies accounted for $15.6 million.
Virginia
Business - March 2004
|
