A. The Committee shall approve a Commonwealth Research and Technology Strategic Roadmap, a comprehensive research and technology strategic roadmap for the Commonwealth to identify research areas worthy of economic development and institutional focus. The goal of the Roadmap shall be to develop a cohesive and comprehensive framework through which to encourage collaboration between the Commonwealth's institutions of higher education, private sector industries, and economic development entities in order to focus on the complete life cycle of research, development, and commercialization. The framework shall serve as a means to (i) identify the Commonwealth's key industry sectors in which investments in technology should be made by the Commonwealth; (ii) identify basic and applied research opportunities in these sectors that exhibit commercial promise; (iii) encourage commercialization and economic development activities in the Commonwealth in these sectors; and (iv) help ensure that all investments of public funds in the Commonwealth in basic and applied research are made prudently in focused areas for projects with significant potential for commercialization and economic growth in the Commonwealth.

B. The Roadmap shall be used to determine areas of focus for awards by the Committee from the Fund and by the Innovation and Entrepreneurship Investment Authority from the Commonwealth Research Commercialization Fund established pursuant to § 2.2-2233.1. Awards from such funds may be made for research activities related to areas of focus other than those identified in the Roadmap only upon a written finding by the respective awarding entity that it is in the Commonwealth's best interest to deviate from the areas set forth in the Roadmap.

C. The Council shall develop the Roadmap and submit it to the Committee for review and approval. In developing the Roadmap, the Council shall select and oversee a panel of independent experts who shall:

1. Consult with the chief research officers at public institutions of higher education in the Commonwealth regarding the strategic plan for each institution in order to identify common themes;

2. Consult with public institutions of higher education in the Commonwealth, the Innovation and Entrepreneurship Investment Authority, the Virginia Economic Development Partnership, and any other entity deemed relevant to catalog the Commonwealth's assets in order to identify the areas of research and development in which the Commonwealth has a great likelihood of excelling in applied research and commercialization;

3. Make recommendations for the alignment of research and development and economic growth in the Commonwealth, identifying the industry sectors in which the Commonwealth should focus its research, development, investment, and economic development efforts;

4. Establish a process for maintaining an inventory of the Commonwealth's current research and development endeavors in both the public and private sectors that can be used to attract research and commercialization excellence in the Commonwealth;

5. Make recommendations to the Six-Year Capital Outlay Plan Advisory Committee established pursuant to § 2.2-1516 regarding capital construction needs at public institutions of higher education necessary to excel in basic and applied research in identified industry sectors; and

6. Solicit feedback from the Committee, the Research and Technology Investment Advisory Committee; public and private institutions of higher education in the Commonwealth; members of the National Academies of Sciences, Engineering and Medicine; members of the Virginia Academy of Science, Engineering and Medicine; federal research and development assets in the Commonwealth; regional technology councils in the Commonwealth; the Virginia Economic Development Partnership; the Board; and the private sector.

In selecting the panel of experts pursuant to this subsection, the Council shall ensure that no individuals on the panel are involved, nor have been involved within the past three years, with the application, review, or award process governed by § 2.2-2233.1 or 23.1-3133.

D. The Council shall review the Roadmap and make recommendations regarding its update at least once every three years. Such recommended updates shall be submitted to the Committee for review and approval.

E. The Committee shall submit a draft of the Roadmap to the Governor and the Chairmen of the Senate Finance Committee, the House Appropriations Committee, and the Joint Commission on Technology and Science at least 30 days prior to Committee voting to approve the Roadmap or any subsequent updates. The Committee shall submit the Roadmap and any subsequent updates approved by it to the Governor for final approval. Unless the Governor returns such submissions to the Committee within 30 days of receipt with specific directions for changes or revisions, the Roadmap or updates shall be deemed approved and ready for implementation. Upon final approval, the Committee shall submit the approved Roadmap, and any subsequent updates, to the Chairmen of the Senate Finance Committee, the House Appropriations Committee, and the Joint Commission on Technology and Science.

2017, cc. 796, 816.