The University yesterday hosted the first day of its fourth annual Venture Summit, a two-day event for University innovators to pitch ideas to potential investors representing about $20 billion in active capital funds.
W. Mark Crowell, the executive director of U.Va. Innovation and associate vice president for research, said in a press release "between two-thirds and three-quarters" of presenters from previous years received funding after the summit.
Yesterday's events concluded with a panel of five venture capitalists discussing innovation in venture capital. For the first time in the summit's history, the panel was composed entirely of University graduates, said Kevin Greene, a partner at the firm Valhalla Partners. The panel spoke about the role venture capitalism plays in the country's economy and ways in which Charlottesville and the University community could create an environment which encourages entrepreneurship.
First off, entrepreneurs must be willing to take risks, said Mark Galant, the CEO and founder of Tydall Trading and a University alumnus.
"Entrepreneurs are excited whether they succeed or fail, and that's what needs to happen in Charlottesville," Gallant said. "U.Va. has to create a culture of entrepreneurship." He added he believes a culture of entrepreneurship can form if different schools within the University work together.
Assoc. Medicine Prof. Brian Wamhoff said since Charlottesville is not strategically placed to be a big player as a "technological hub," investors might not visit the University without the incentive of innovation events such as this one.
"What the Venture Summit does for U.Va. is that it brings in some of the world's biggest investors," Wamhoff said. "[The summit] exposure is unprecedented for U.Va. given where it's located. In many ways the Venture Summit has started to put Charlottesville on the map as a booming biotechnical place."
Past Venture Summits have proved fruitful for University innovators. Wamhoff and Assoc. Biomedical Engineering Prof. Brett Blackman signed their first contract for their research pharmaceutical company HemoShear after the 2008 summit. Bamhoff said a major venture capitalist approached him after he and Blackman presented their start-up and put him in touch with a biotechnical research company.
"[The Venture Summit] introduced us to a company that in turn gave us our first contract that then launched our company," Wamhoff said. "The little bit of work that we did with them gave us a hook to the really large pharmaceutical companies."
Wamhoff and Blackman returned to the summit this year as spectators. "We're looking to see what is exciting out there," Wamhoff said.
Sen. Mark Warner, D-Va., also addressed summit attendees via teleconference yesterday morning. Cindy Reynolds, the senior director of development, diabetes and neurological programs in the University's Office of Health System Development, who attended the event, said Warner's remarks emphasized the importance of continued innovation in the United States in 2012.
Presentations continue today at the Darden School.
Read More
A look at the past, present and future renovations of the Academical Village
By Brandon Kile | YesterdayUNESCO selected the Academical Village to be inducted as a World Heritage Site in 1987, making it the only American university to hold the honor.
University advances sustainability goals outlined in 2030 Plan
By Vyshnavi Tatta | 4 days agoAs part of the 2030 Plan’s goal to reach carbon neutrality by 2030 and fossil fuel-free operations by 2050, the University has prioritized environmental resilience and sustainability.
U.Va. researchers identify that HIV drugs can protect against Alzheimer’s disease
By Lauren Seeliger | May 22, 2025Doctor Jayakrishna Ambati and his research team have begun work on a new drug called K9 which could treat and prevent Alzheimer’s.
