Innovative Internship Fund and Innovative Internship Pilot Program; created and established.

Establishes the Innovative Internship Fund and Innovative Internship Pilot Program, to be administered by the State Council of Higher Education for Virginia, for the purpose of awarding grants for paid or credit-bearing internships for students enrolled at state institutions that accomplish one or more enumerated goals related to the workforce. The bill also permits any public institution of higher education to propose in conjunction with the six-year plan process, and the General Assembly to adopt by reference in the general appropriation act, a performance pilot that advances the objectives of the Virginia Higher Education Opportunity Act of 2011 by aligning the strategies, activities, and investments of the institution, the Commonwealth, and any identified partners concerning (i) college access, affordability, cost predictability, and employment pathways for undergraduate Virginia students and (ii) strategic talent development and other high-priority economic initiatives of the Commonwealth.