Prince George County Recognized as One of Eight Innovative U.S. Counties by NACo

Tuesday, 17 December 2013 16:46 by Info@YesVirginia.org
Prince George County, Va., gained recognition as one of eight innovative counties highlighted in the recently-released report Strategies to Bolster Economic Resilience — County Leadership in Action by the National Association of Counties...

Prince George County, Va., gained recognition as one of eight innovative counties highlighted in the recently-released report Strategies to Bolster Economic Resilience — County Leadership in Action by the National Association of Counties.

In the report, NACo highlighted the strategies, partnerships and initiatives these eight counties pursued in their unique approach towards economic development. Founded in 1935, NACo is the only national organization that represents county governments in the U.S.

Prince George County received recognition for its focus on targeted industries, particularly advanced manufacturing, as the county’s partnership with Rolls-Royce was noted. Rolls-Royce’s 1,000-acre Crosspointe Campus in Prince George County is the company’s largest and most advanced campus in North America. It includes a Rotatives operation and Advanced Airfoil Machining Facility, with room for expansion. 

Prince George County and Rolls-Royce were also instrumental in establishing the Commonwealth Center for Advanced Manufacturing adjacent to the Crosspointe Campus. CCAM celebrated its grand opening in March 2013 and functions as an applied research center, bringing together leading manufacturers and Virginia’s top educational institutions to collaborate and quickly turn ideas into real-world technologies. 

Homegrown company Service Center Metals was also mentioned in the study. The company recently celebrated its 10-year anniversary in Prince George County and announced plans to add a compact remelt plant. The company expects to add a total of 35 new jobs and invest $35 million through a two-phase expansion.

Through partnerships in the public, private and educational sectors, Prince George County has become a hub of advanced manufacturing innovation, drawing additional corporate partners and investment to the area.

To learn why Virginia has provided an innovative environment, allowing businesses to prosper here for more than 400 years, click here.

A view of CCAM, adjacent to Rolls-Royce’s Crosspointe Campus in Prince George County, Va.

Homegrown Martinsville Company Expands — Textiles Solid as a Stone in Virginia

Wednesday, 11 December 2013 16:35 by Info@YesVirginia.org
When Virginia entrepreneur David Stone decided to start his own company, Solid Stone Fabrics, in 2003 he knew the perfect location — his hometown of Martinsville, Va...

When Virginia entrepreneur David Stone decided to start his own company, Solid Stone Fabrics, in 2003 he knew the perfect location — his hometown of Martinsville, Va. 

With a solid background in the fabrics industry, including stints at Kayser-Roth, Tultex, Reebok and Pine Crest Fabrics, Stone had the industry knowledge and contacts to hit the ground running and start a successful business out of his home. When a truckload of fabric showed up at his front door, his wife let him know it was time to expand.

Stone moved into the local business incubator at the West Piedmont Business Development Center and stayed there until 2008. He carved out a strong niche in the stretch fabric market, supplying materials for customers in the dancewear, swimwear, costume, team and other active apparel markets. The incubator provided much more than a physical location; it offered microloans to help along the way as the company grew.

Solid Stone Fabrics moved into its current location, a 24,000-squre-foot building in downtown Martinsville, in 2008. And, according to Stone, “That’s when things really took off,” which included adding sales offices in New Jersey and California.

“We were primed to do most of our manufacturing in Asia, but we found it difficult to do smaller runs and get a quick response for our customers,” said Stone. “That frustration led us to do more of our own manufacturing here at home in Virginia.”

At any one time, Solid Stone Fabrics has 250,000 yards of material at its facility in Martinsville, ready to respond quickly to both business and individual customers. Martinsville serves as the company’s headquarters and center of operations, which includes adding embellishments for its active apparel markets, printing flags and banners for high schools, and assisting global customers in sourcing and supplying their fabric needs.

To date, the company has 24 employees, and just this week announced plans to create 16 more jobs over the next three years and invest $1.0 million in a second facility in Martinsville. Located just a few blocks away, the second building will add 23,000 square feet of manufacturing space and is expected to be operational by December 15.

“It’s exciting to be back in your hometown and putting people back to work — 40 jobs means a lot,” said Stone.  “In addition, occupying these older buildings in Martinsville is really breathing new life into the heart of our city.”

As to why Stone chose to expand in Martinsville, the answer is simple, “The majority of our employees are from here and educated here. I have relied heavily on Patrick Henry Community College and I can’t say enough about the talent here in Southern Virginia,” said Stone. “We’ve received a lot of support from the City of Martinsville, Martinsville-Henry County Economic Development and the Tobacco Commission — we’re so grateful to have all of that assistance by our side when we need it.”

Solid Stone Fabrics illustrates the success entrepreneurs find when they start a business in the Commonwealth, as well as how competitive Virginia manufacturing is on a global scale. To learn why Virginia is the best state for business, click here.

Members of the Solid Stone Fabrics team discuss their latest innovations from company headquarters in Martinsville, Va.

Charlottesville Startup GigDog Launches from UVA’s i.Lab

Monday, 9 December 2013 16:38 by Info@YesVirginia.org

While working as a geo-political analyst for the Department of Defense, Anslem “J.R.” Gentle came up with an idea for an entertainment and promotion company.

J.R. saw how lesser-known musicians would advertise their upcoming performances on posters and realized even people who saw the posters were not likely to attend the concerts because they weren’t familiar with the music. Thus was born the idea for GigDog — a streaming interactive internet radio station that only plays the music of bands scheduled to perform in the local area within the following six weeks.

What helped turn GigDog from an idea into a real company was access to the UVA i.Lab, an incubator for start-ups in Charlottesville, Va. The i.Lab is the revamped version of the Darden School incubator and includes a newly-renovated space and expanded program. It is unique because it is open to both UVA students and members of the Charlottesville community.

UVA’s i.Lab includes office space with access to a 3-D printer for prototyping, a “pitch” room, workshop, large meeting area, media rooms with Skyping abilities, and a full coffee shop and collaboration area. Applications are due in early January and the year-long program begins in the spring. i.Lab can accommodate 25 companies per year and offers entrepreneurial workshops, a speaker series on topics of interest, and access to professors and the 11 schools within UVA.

GigDog was incorporated in the summer of 2012 and joined the i.Lab pilot program. GigDog’s benefit to both musicians and consumers has allowed it to grow quickly —  it became operational in January 2013 and has grown from 14 bands and 16 venues in Charlottesville to more than 500 bands and 445 venues in five cities.

“As an entrepreneur, being in an environment of like-minded people is paramount,” said GigDog founder J.R. Gentle. “I had the whole of UVA and Darden as a resource. If I needed help with marketing or finance questions I could talk to those professors. I also learned just as much talking to the fellow entrepreneurs in the program.”

GigDog has just launched a RocketHub crowdfunding campaign to expand into additional cities. To experience GigDog visit http://www.gigdog.fm/ and to learn more about the UVA i.Lab visit http://www.ilabatuva.org/

GigDog founder J.R. Gentle chats with another entrepreneur and i.Lab director Philippe Sommer (left to right).

Lumi Juice — From Start-up to Store Shelves in Six Months

Monday, 25 November 2013 09:43 by Info@YesVirginia.org
Graduating MBA student Hillary Lewis could hardly imagine what the next few months would hold when two of her professors at UVA’s Darden School of Business approached her about creating a consumer products company. The timeline below illustrates how quickly a company can start up in Virginia’s supportive entrepreneurial environment...

Graduating MBA student Hillary Lewis could hardly imagine what the next few months would hold when two of her professors at UVA’s Darden School of Business approached her about creating a consumer products company. The timeline below illustrates how quickly a company can start up in Virginia’s supportive entrepreneurial environment.

April — Walking through a natural foods store, Hillary learned about High Pressure Processing, a unique technology that inactivates bacteria while at the same time preserving vital nutrients in food and beverages. Inspiration struck and Hillary came back to her professors with the idea for a healthy juice company. 

She chose the name Lumi, which is an acronym for LoveUMeanIt, a slogan Hillary shared with her undergrad sorority sisters. The company was incorporated on April 18 and the brand message is one of both loving the company’s juices, as well as loving yourself by consuming healthy products.

May — Hillary and her professors visited the High Pressure Processing Laboratory, part of Virginia Tech’s renowned Food Science and Technology program. The team learned that HPP is an innovative technology in food safety that kills microorganisms and extends shelf life through extreme water pressure. It avoids using chemicals and heat that can alter the taste and nutritional content of foods and beverages.

June — Hillary headed to Miami to visit Hiperbaric, the world’s leading manufacturer of HPP equipment for the food industry. She came away with additional knowledge and an agreement to lease one of the company’s machines for arrival in September.

July — The next step involved looking for a space to set up manufacturing. Hillary worked with economic developers in Albemarle County to find a suitable building. She found the perfect location at 1822 Broadway Street in Charlottesville, an industrial district that is within walking distance of the downtown mall area. The 12,000-square-foot facility is approximately 50 percent manufacturing, with the remainder allocated for office and warehouse space.

August — Lumi began setting up shop in an empty warehouse, which included adding everything from plumbing to electricity. Dominion Virginia Power was particularly helpful in upgrading the facility to the necessary 480 volts in an expedited time frame.

September — The Hiperbaric machine was delivered and the team configured production, warehousing and office space.

October — On October 11, Lumi produced the first HPP juice off the production line. VDACS came out to inspect the facility, and according to Hillary, “On October 25 we got the okay to sell and it was game on!”

November — The company has been selling its fresh vegetable and fruit juices for almost four weeks. Lumi has already branched out from Charlottesville to retailers such as Whole Foods Market and Relay Foods in Richmond, D.C., and Rockville, Md. From weeks three to four the company has more than doubled sales.

According to Hillary, “One reason I went to business school was to start my own company. I believe in the viability of manufacturing in the U.S. and in creating jobs and industry at home. I feel really fortunate there have been so many wonderful people that have been a part of this. We wouldn’t be here today without the support of partners at the university, state and county level. I feel extremely thankful and regardless of the obstacles, every day is more wonderful than the one before.”

Use the highlighted links to learn more about Lumi Juice and why Virginia is a great place to start a business.

Hillary Lewis, co-founder of Lumi Juice, expands sales through a product display in Richmond’s Ellwood Thompson’s Natural Foods Market.

Virginia Entrepreneurs — Dr. Lucy’s Takes Gluten-Free Global with VALET Program

Thursday, 21 November 2013 16:44 by Info@YesVirginia.org
Ten years ago, Dr. Lucy Gibney’s experience with food allergies was fairly typical for a board-certified emergency medicine physician. That all changed when her four month old son had a life-threatening allergic reaction to infant formula...

Ten years ago, Dr. Lucy Gibney’s experience with food allergies was fairly typical for a board-certified emergency medicine physician. That all changed when her four month old son had a life-threatening allergic reaction to infant formula.

Food safety quickly became a priority; however, at the time Dr. Lucy had trouble finding allergy-free products that were both safe and tasted good. Having developed a love of baking and experimenting with recipes since childhood, she combined this with her medical training in nutrition to develop delicious, allergy-free baked goods the whole family could enjoy.

Dr. Lucy and her husband wanted to share their cookies, brownies and snacks with other families, and thus was born Dr. Lucy’s line of baked goods, free from gluten, milk, eggs, peanuts and tree nuts.

In 2007, Dr. Lucy’s opened a 2,500-square-foot bakery in Norfolk, Va. The company outgrew this space three years ago and moved into a facility that has now grown to 22,000 square feet, including a dedicated bakery, warehouse, office space and laboratory to ensure sourced ingredients have not been cross-contaminated with any allergens. 

The company has expanded to more than 100 employees and managed to double sales every year since inception. Dr. Lucy’s began selling to natural food and grocery stores in the Hampton Roads area, and expanded throughout the mid-Atlantic region on its own momentum. Within the first six months, the company established a Midwest presence through an industry trade show in Chicago and gained an introduction to a buyer at Whole Foods Market by attending the Virginia Food and Beverage Expo. Dr. Lucy’s products are now in more than 6,000 retail locations across the U.S.

Dr. Lucy’s became a member of VEDP’s Virginia Leaders in Export Trade program in July 2012 after some early growth in Canada and the U.K. VALET helped the company research which new markets to focus on, and provided introductions to international consumer products experts, banking relationships and legal consults.

According to Dr. Lucy, “VALET put everything we needed right there in front of us. We really benefitted from the research component to check our facts and feel comfortable investing resources in a particular direction. Especially as a small company, having a jump start with core competencies in the international arena makes a big difference — it could have taken us years to develop this on our own.”

Through the VALET program, Dr. Lucy’s is expanding deeper into Europe and is now shipping to Mexico. To learn more about VALET and what VEDP’s international trade program can do for you, click here.

Dr. Lucy’s develops Spanish-language packaging as it prepares to enter the Mexican market.

Virginia Makes History Again — Orbital Sciences Launches First Satellite Built by High School Students

Wednesday, 20 November 2013 13:56 by Info@YesVirginia.org
At approximately 8:15 p.m. last night, Orbital Sciences launched the first satellite built by high school students, a team from Thomas Jefferson High School for Science and Technology in Alexandria, Va...

At approximately 8:15 p.m. last night, Orbital Sciences launched the first satellite built by high school students, a team from Thomas Jefferson High School for Science and Technology in Alexandria, Va. 

The satellite, known as TJ3SAT, is a CubeSat that has been designed, built and tested by more than 50 students at Thomas Jefferson and represents nearly seven years of work. Orbital Sciences mentored the students and provided financial support, as well as space testing facilities.

TJ3SAT measures 10 x 10 x 11 cm and weighs approximately two pounds. Its payload consists of a voice synthesizer that converts text to voice. Once it enters Earth orbit, students from around the world will be able to freely access the satellite by sending strings of text to the TJ3SAT website. Approved messages will be transmitted to the satellite, where they will be converted to voice signals and transmitted back to Earth using amateur radio frequency.

TJ3SAT launched from the Mid-Atlantic Regional Spaceport Pad-OB at NASA’s Wallops Flight Facility on the Eastern Shore of Virginia. MARS is one of only four commercial sites approved by the FAA for orbital space launches, and offers an ideal trajectory for Earth orbit insertion.

Orbital Sciences launched TJ3SAT with 27 other CubeSats aboard a Minotaur I rocket as part of its ORS-3 mission for the U.S. Air Force.

The collaborative partnership between Orbital Sciences and Thomas Jefferson High School for Science and Technology illustrates Virginia’s position at the forefront of STEM education (science, technology, engineering and math), preparing students for careers in advanced fields, such as aerospace.

Use the highlighted links to learn more about the TJ3SAT program and Virginia’s leadership in the aerospace industry.

The Minotaur I rocket, carrying the first satellite built by high school students, launches from MARS at NASA’s Wallops Flight Facility. Photo courtesy of NASA Wallops/Chris Perry.

Virginia Conference on World Trade Celebrates 65 Years of Global Business Success

Wednesday, 13 November 2013 09:48 by Info@YesVirginia.org

VEDP’s international trade division recently hosted more than 200 professionals at the 65th annual Virginia Conference on World Trade in Williamsburg, Va.

The two-day event provided attendees with the opportunity to develop their international network with in-country experts, as well as attend sessions where panelists offered practical advice on how to expand sales in the global marketplace.

The event kicked off with an evening networking reception featuring Ignite Speed Networking, a Virginia company that has the world’s only platform for group-based speed networking.

Prior to the conference, attendees were encouraged to take the Global Mindset Survey offered by the renowned Thunderbird School of Global Management. The next morning, Dr. Mansour Javidan, Director of the Najafi Global Mindset Institute and Garvin Distinguished Professor at Thunderbird, went over the results of the survey and helped attendees pinpoint areas to improve their cross-cultural interactions.

Participants then chose between two tracks for the main portion of the day. Track A included a session each on how to gain traction in the South American, Asian and European markets. Track B was geared towards defense companies and offered sessions on the Foreign Military Sales process, the Australia/U.S. Defense Trade Cooperation Treaty, and how to manage and motivate foreign distributors.

The keynote address was provided by Michael Eyestone, Minister-Counsellor (Commercial Policy) and Senior Trade Commissioner at the Embassy of Canada in Washington, D.C. Eyestone discussed the plentiful opportunities that Canada offers as the U.S.’ No. 1 export destination. It provides a strong entry point for companies new to exporting due to the ease of restrictions and common language.

The conference concluded with an evening banquet where three awards were given, recognizing excellence in international trade. The Commonwealth of Virginia Governor’s Award for Excellence in International Trade was given to Moog Components Group out of Blacksburg, Va. The Virginia International Business Council Global Excellence Award recognized Joseph Ruddy, chief operating officer at Virginia International Terminals. The Virginia TradePort Innovator of the Year Award was given to Shawn Utt of Pulaski County.

Save the date for next year’s conference, October 29-30, at The Richmond Marriott in Richmond, Va. Visit www.vacwt.org for conference details and www.exportvirginia.org to learn how VEDP can help your company sell overseas.

Paul Grossman, VEDP vice president of international trade, congratulates Greg Boyer, vice president of sales at Moog Components Group, for winning The Commonwealth of Virginia Governor’s Award for Excellence in International Trade.

UMW Hosts Transformation 20/20 — A Regional Economic Development Summit

Monday, 4 November 2013 10:34 by Info@YesVirginia.org
Last week, University of Mary Washington hosted Transformation 20/20, a summit focused on economic development in the greater Fredericksburg region...

Last week, University of Mary Washington hosted Transformation 20/20, a summit focused on economic development in the greater Fredericksburg region.

The goal of Transformation 20/20 is to develop a clear vision as the region moves toward the year 2020. The summit brought together more than 150 public and private sector attendees to discuss opportunities for collaboration across the Fredericksburg region.

Preparation for the summit began a year earlier when UMW President Rick Hurley, the UMW Center for Economic Development, and Fredericksburg Regional Alliance met with local economic development professionals and business leaders in the community. FRA is the first Virginia economic development organization to be formally affiliated with a higher education institution and is housed on UMW’s campus.

Part of the year-long planning process involved commissioning a study from Chmura Economics & Analytics, and those results were presented at the summit.

The Chmura report identified six industry clusters economic developers should include as part of their strategy to encourage job creation and capital investment in the Fredericksburg region. They include business services, finance/insurance/real estate, health and life sciences, information/communications, manufacturing, and public administration.

The Fredericksburg Regional Chamber of Commerce also presented the results of a survey of young professionals, ages 21-40, in the region. The survey found that these young adults were pleased with the job market and planned to stay in the Fredericksburg area. The group suggested improvements to traffic congestion and more recreational and networking opportunities would increase their likelihood to remain in the region.

Transformation 20/20 served as a catalyst for identifying areas of opportunity to encourage economic prosperity in the Fredericksburg community. Continued conversations about how to improve traffic, increase broadband infrastructure, and encourage entrepreneurs are expected to take place — UMW plans to make Transformation 20/20 an annual event.

To learn more about FRA and the UMW Center for Economic Development, click on the highlighted links.

UMW President Rick Hurley and Fredericksburg City Council Member Matt Kelly (right to left) discuss economic development strategy at the Transformation 20/20 summit. Photo courtesy of Fredericksburg Patch.com/Susan Larson.

STIHL Inc. Wins AME 2013 Manufacturing Excellence Award

Friday, 25 October 2013 16:19 by Info@YesVirginia.org
The Association for Manufacturing Excellence recently recognized STIHL Inc. with a 2013 Manufacturing Excellence Award at its recent AME International Excellence Inside Conference in Toronto, Canada...

The Association for Manufacturing Excellence recently recognized STIHL Inc. with a 2013 Manufacturing Excellence Award at its recent AME International Excellence Inside Conference in Toronto, Canada.

The AME Manufacturing Excellence Award is given to North American manufacturing plants that have demonstrated excellence in their manufacturing and business operations. AME seeks to acknowledge manufacturers that have implemented continuous improvement, lean principles, creativity and innovation.

STIHL’s award-winning Virginia Beach facility serves as both its U.S. headquarters and base of operations to manufacture more than 280 models of chains saws and other power equipment. The company manufactures the No. 1 brand of chain saws in the world.

According to the company, “The AME assessment team noted the facility’s strides toward the establishment of a continuous improvement system, focusing on the implementation of advanced technology, integration of automation, data systems, work instructions, signaling devices and steps toward the establishment of flow.”

Since opening its Virginia Beach plant in 1974, STIHL has grown from 20,000 square feet under one roof to more than two million square feet on a 150-acre campus. With a talented workforce of 1,900 Virginians, the company exports products to more than 90 countries around the world.

Over the last 20 years, STIHL has announced more than $335 million of investment in the Commonwealth. What keeps an innovative global leader like STIHL coming back? Virginia has successfully competed against China, Brazil and Germany due to its highly-skilled workforce, premier logistics system and pro-business environment.

To learn more about the innovative environment Virginia offers global leaders like STIHL, click here.

Glenn Marshall, chair of AME’s Manufacturing as a Desirable Career Path program; Brent Sheffler, managing director, Knowledge Transfer and Strategic Outreach at VEDP; Christian Koestler, vice president of operations at STIHL Inc.; and Dale Gehring, Chairman of AME, celebrate STIHL’s AME 2013 Manufacturing Excellence Award in Toronto, Canada.

Williamsburg-James City County School System Celebrates National Manufacturing Day

Wednesday, 23 October 2013 13:48 by Info@YesVirginia.org
The Williamsburg-James City County School system recently celebrated Manufacturing Day with tours of three local manufacturing operations...

The Williamsburg-James City County School system recently celebrated Manufacturing Day with tours of three local manufacturing operations.

Manufacturing Day is a national program that encourages companies across the U.S. to provide tours to local high school students and teachers. The goals are to illustrate the high-tech nature of the industry, encourage students to explore careers in manufacturing and STEM subjects, and build relationships between school systems and the manufacturing community.

A group of students, teachers, guidance counselors and school board members from WJCC were able to witness firsthand the advanced logistical operations of Wal-Mart Import Distribution Center and the high-tech food packaging operations of Ball Corp. and Printpack Inc.

“Our region is known for its strength in the hospitality industry. We wanted to let students know there are opportunities in other fields right here in their own community,” said Kate Sipes, one of the event organizers and business development and retention coordinator at James City County Office of Economic Development.

WJCC is also the first public school system in North America to sign up for the Association of Manufacturing Excellence “Adopt a School” initiative. This allows AME to partner with schools and local businesses to share best practices and help design curricula to improve career readiness.

“Manufacturing Day allowed students to see what modern manufacturing is — a sleek, technology-driven industry full of high-paid, fulfilling careers,” said Glenn Marshall, chair of AME’s Manufacturing as a Desirable Career Path program.

Just down the road, Newport News Shipbuilding also hosted a similar event to educate guidance counselors from the region on the advanced operations and rewarding careers available at the shipyard.

Virginia continues to be a leader in preparing students for advanced manufacturing careers with strong STEM education programs. To learn more, click here.

WJCC students, teachers and school administrators gather for a tour of Printpack Inc. as part of national Manufacturing Day.

Virginia Institute of Marine Science Bolsters the Commonwealth's Oyster Industry

Wednesday, 16 October 2013 11:08 by Info@YesVirginia.org

The Virginia Institute of Marine Science (VIMS) has played an important role in the recovery of the Commonwealth’s oyster industry through its research and educational offerings. 

The popular species of oyster found along the Atlantic Coast is named Crassostrea virginica, literally “Virginia oyster,” because of its predominance in Virginia waters, including the Chesapeake and its tributaries. Unfortunately, the wild oyster beds and natural reefs off Virginia’s coastline have been depleted over the last 100 years due to overfishing, pollution, disease and changing water temperature and saline levels.

These factors have caused the industry to migrate towards aquaculture techniques that involve cultivating oysters and closely monitoring their growth phases on and offshore.

VIMS partners with local oyster farms by sharing its scientific and industry research, providing education on sustainable aquaculture techniques, and guiding companies through the regulation process.

This has enabled small businesses to prosper, such as Rappahannock River Oyster Co. Recently featured in national news, the great grandsons of the founder quickly learned the ropes after taking over the 100-year-old family business in 2001.

Today, the company owns three restaurants and ships 100,000 oysters per week to restaurants all over the U.S., as well as Hong Kong. Rappahannock River Oyster Co. is helping to repopularize the Virginia oyster and offers four flavors. The “Rappahannock” is the sweetest variety and is grown in the Rappahannock River, while “Olde Salts” from the Chincoteague Bay is the saltiest.

According to Rappahannock River Oyster Co. Director of Operations, Captain Anthony Marchetti, “VIMS has laid the foundation to help develop quality seed that allows us to grow more oysters. Over the last five years, we’ve seen a 500 percent increase in the production of our Rappahannock oysters.”

That growth is occurring across the industry. According to VIMS, the number of aquaculture oysters sold by Virginia farms has increased from 0.8 million in 2005 to 28.1 million in 2012.

“Renewed interest in regional flavors and sustainable food practices has helped drive this market,” said Karen Hudson, VIMS Commercial Shellfish Aquaculture Extension Specialist. “It’s already an economically valuable industry and one that has lots of potential to grow. In 2012, there was an economic output of almost $20 million associated with single oyster aquaculture in Virginia.”

Click on the highlighted link to learn more about VIMS aquaculture programs or attend the Virginia Aquaculture Conference in November.

Captain Anthony Marchetti examines a successful crop of the company’s sweet “Rappahannock” oysters, fresh from the Rappahannock River. Photo courtesy of Rappahannock River Oyster Co. 

 

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The Virginia Economic Development Partnership (VEDP), a state authority created by the Virginia General Assembly to better serve those seeking a prime business location and increased trade opportunities, provides confidential site selection and international trade services. VEDP's mission: To enhance the quality of life and raise the standard of living for all Virginians, in collaboration with Virginia communities, through aggressive business recruitment, expansion assistance, and trade development, thereby expanding the tax base and creating higher-income employment opportunities.

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MAAP Unmanned Aerial Test Site at Virginia Tech Declared Fully Operational by FAA

Monday, 18 August 2014 15:57 by Info@YesVirginia.org
Last week, a group of government, academic and business leaders gathered at Virginia Tech’s Transportation Institute to celebrate the FAA declaring the Mid-Atlantic Aviation Partnership’s Unmanned Aircraft Systems test site program fully operational...

Last week, a group of government, academic and business leaders gathered at Virginia Tech’s Transportation Institute to celebrate the FAA declaring the Mid-Atlantic Aviation Partnership’s Unmanned Aircraft Systems test site program fully operational.

In December 2013, the FAA announced that Virginia Tech was selected as one of six test sites across the country to conduct research as part of an initiative to establish safety standards for integrating UAS, such as drones, with commercial aircrafts.

Virginia Tech led the submission of a joint proposal for Virginia, New Jersey and Maryland, along with Rutgers University and the University of Maryland, called the Mid-Atlantic Aviation Partnership. MAAP is headquartered at Virginia Tech’s Institute of Critical Technology and Applied Sciences, with test sites located across Virginia, New Jersey and Maryland.

The ceremony included a simulation flight involving an unmanned, multi-rotor helicopter called the Smart Road Flyer. It was modified for transportation research by Dr. Kevin Kochersberger, a professor with the College of Engineering and the Virginia Center for Autonomous Systems, and engineering students from the Unmanned Systems Laboratory at Virginia Tech. The simulation gathered information from a mock accident scene on an interstate highway.

This scenario illustrates the wide-ranging future capabilities of UAS. Potential uses of this technology include disaster response, search and rescue missions, utility and pipeline inspections, agricultural monitoring, wildlife management, cargo delivery and weather observation.

This is another win for Virginia’s burgeoning aerospace industry. With flights to the International Space Station taking off from MARS/NASA Wallops Flight Facility and UAS launched from MAAP at Virginia Tech, the Commonwealth has the assets to stake its claim as a national aerospace leader. 

To learn why more than 250 aerospace companies have chosen to call Virginia home, click here.

Dr. Kevin Kochersberger (right) describes a UAS simulation flight at the Virginia Tech Transportation Institute during the MAAP First Flight Ceremony. University President Timothy Sands, Virginia Delegate Joseph Yost, Governor Terry McAuliffe, and MAAP Executive Director Rose Mooney (left to right) discuss the future of unmanned and autonomous aviation at the event. Photo Courtesy of Virginia Tech.

Get to Know VEDP’s NEW COO Dan Gundersen

Wednesday, 13 August 2014 13:21 by Info@YesVirginia.org
Dan Gundersen joined VEDP as Chief Operating Officer this May, where his focus is on running the day-to-day operations of VEDP. Dan’s full profile is available in the summer issue of Commerce Quarterly. To help you get to know Dan, here’s an interview we recently did to see how his first few months are going...

Dan Gundersen joined VEDP as Chief Operating Officer this May, where his focus is on running the day-to-day operations of VEDP. Dan’s full profile is available in the summer issue of Commerce Quarterly

To help you get to know Dan, here’s an interview we recently did to see how his first few months are going.

Q:  What has your first 75 days been like?

A:  It’s been focused entirely on the internal operations of VEDP. For many years now, VEDP has operated as a flat organization with the different department heads reporting directly to the CEO. With the recent reorganization and refocusing of VEDP’s initiatives, it became clear that there was a need for a coordinating role to help bring the operations into better alignment and to provide a more targeted and strategic focus for our efforts. And that’s really what my job is all about.

Q:  What specifically have you focused on?

A:  Performance metrics for the economic development profession has been something that I’ve focused on for years now. I’ve served on the board of the International Economic Development Council for a long time and have championed this cause. Recently I co-chaired the first ever performance metric analysis for the economic development profession with the IEDC called Making It Count:  Metrics for High Performing EDOs. The goal there was to be able to identify those metrics that can help us better tell the story of what we do and why we do it. Today it’s not just about jobs created and leveraging public sector dollars. The IEDC report provides more than 200 new measures that economic development groups can use. We’re taking a couple pages out of that book to help VEDP better describe the impact of its work. At the September VEDP board meeting we will introduce several new metrics to be able to assess our progress.

Q:  What does VEDP do really well?

A: In one word — deals. Martin Briley has an incredible ability to focus on the deal pipeline and knows the nuances of every single deal inside and out. He’s living and breathing our Salesforce database, and I think that has helped drive productivity to a very high level. 

Of course, exceeding goals is possible only if you have really good talent among staff, terrific esprit de corps, effective partnerships, and an incredible devotion to what I would call a “cause.” VEDP staff represents one of the most committed organizations that I’ve ever had the privilege of working for. In a way, that makes my job so much easier.

Q:  What challenges do you see ahead?

A:  The world of economic development is changing so quickly and we’re expected to be so many things to so many people. One of our biggest challenges is going to be keeping our focus on those things that we do well, while also being a thought leader and an advocate for the business community, a catalyst for launching new ideas, and even at times a broker of resources for others so that together we can bring about greater economic gain for the state. That’s why it’s important that VEDP develop its own strategic operating plan that builds on regional assets and that aligns seamlessly with the overall economic strategy that the Administration will be producing later this year. Right now, that’s probably my top priority.

Q:  Where are you focusing your efforts for FY15?

A:  The new strategic operating plan will highlight a few areas where we believe we can focus more of our attention and resources. One of those will be with identifying and assisting high growth firms. Research shows that high growth firms in any regional economy account for upwards of 70-80 percent of the net new jobs, and yet, these firms account for less than one percent of all business establishments. You’re going to see VEDP develop a very sophisticated strategy for making sure we are meeting the needs of these businesses better than any other state.

Another area will be an intense focus targeting foreign direct investment and assisting firms that wish to conduct trade in emerging markets around the world.

Finally, VEDP is going to be aggressively positioning itself with brand development and targeted marketing to be able to identify firms that could and should be in Virginia. It’s all about sustained and profitable growth and Virginia has all of those fundamentals to make it happen.

Keep an eye out — this fall we’ll be distributing a live podcast that Dan did for the Atlanta and St. Louis Federal Reserve Banks on the future of economic development.

Virginia Schools Rank High on the Forbes and Money Top Colleges Lists

Tuesday, 12 August 2014 09:46 by Info@YesVirginia.org
Virginia’s higher education institutions once again ranked high on the Forbes America’s Top Colleges 2014 list. Forbes partnered with the Center for College Affordability and Productivity on its seventh annual ranking.

Virginia’s higher education institutions once again ranked high on the Forbes America’s Top Colleges 2014 list. Forbes partnered with the Center for College Affordability and Productivity on its seventh annual ranking.

Three Virginia schools made the Top 25 in the Best Public Colleges category:  University of Virginia was No. 5, College of William and Mary was No. 6, and Virginia Tech was No. 23.

In the Overall category, eight Virginia colleges made the Top 200 list: Washington and Lee University (No. 33), UVA (No. 40), College of William and Mary (No. 41), University of Richmond (No. 96), Virginia Tech (No. 117), Virginia Military Institute (No. 129), Hampden-Sydney College (No. 171), and James Madison University (No. 188).

Washington and Lee University was also ranked No. 15 on the Best Liberal Arts Colleges list.

Forbes is a unique ranking because instead of focusing on the metrics of how competitive an institution is to get in to, it focuses on what students get out of college in terms of ROI. The five factors that determine the ranking include student satisfaction, post-graduate success, graduation rates, academic success and student debt.

Money also gave Virginia high marks on its Best Colleges for Your Money 2014 ranking. The Commonwealth scored well in the Best Public Colleges category with UVA at No. 3, VMI at No. 4, Virginia Tech at No. 12, JMU at No. 17 and the College of William and Mary at No. 20.

In the Overall category, 10 Virginia institutions made the Top 200:  UVA (No. 16), VMI (No. 18), Washington and Lee University (No. 39), Virginia Tech (No. 42), JMU (No. 53), College of William and Mary (No. 60), George Mason University (No. 101), University of Mary Washington (No. 107), University of Richmond (No. 120), and Hampden-Sydney College (No. 156).

Money only included schools with an above-average six-year graduation rate, and then based the ranking on a number of factors in three main categories — quality of education, affordability and outcomes.

Virginia’s substantial higher education system includes more than 100 in-state institutions that are preparing 450,000 students to enter the workforce. From large universities, to small private colleges, to the 23-member Virginia Community College System, the Commonwealth’s world-class education system stands ready to support industry demand with a strong pipeline of highly skilled workers.

To learn more about Virginia’s premier education system, click here.

A view of the Rotunda at the University of Virginia. UVA was ranked No. 3 on Money’s Best Public Colleges list. Photo courtesy of Virginia Tourism Corp.

Dream It, Do It – Virginia Hosts Seven Manufacturing Technology Camps This Summer

Thursday, 31 July 2014 14:33 by Info@YesVirginia.org
Dream It, Do It – Virginia hosted seven Manufacturing Technology Camps across the Commonwealth this summer. The camps are designed to reach out to high school students who are considering a career in manufacturing...

Dream It, Do It – Virginia hosted seven Manufacturing Technology Camps across the Commonwealth this summer. The camps are designed to reach out to high school students who are considering a career in manufacturing.       

The three-and-a-half-day camps allow students to experience all levels of production, from raw materials to finished goods. Students also participate in tours, lectures and manufacturing demonstrations where they get to see the latest in automation and robotics from Virginia’s leading manufacturers.

Students in the Manufacturing Technology Camps also participate in a competition where they work with a team to complete an assignment that involves designing, building and running a manufacturing system. During the competition, students receive training and mentoring from industry experts. Students on the winning team receive scholarships to pursue STEM education tracks.

This summer, two camps were offered at Southside Virginia Community College in Keysville, two at Lake Country Advanced Knowledge Center in South Hill, and one each at the Southern Virginia Higher Education Center in South Boston, at STIHL Inc. in Virginia Beach, and at ITAC in Chester. Halifax County posted a video from their Manufacturing Technology Camp here.

Dream It, Do It – Virginia is part of a national organization that provides access to on-the-job training and certifications to keep the existing manufacturing workforce up-to-date on the latest technology, as well as build awareness among youth about the many options and rewards a manufacturing career can offer.

The manufacturing jobs of today are very different from what manufacturing jobs in the past may have entailed. Virginia’s advanced manufacturing takes place in a clean, safe environment and requires high skill and high levels of education. Manual labor has largely been replaced with automation. An advanced manufacturing career today often involves managing the technical process to improve efficiencies and product throughput. The work is interesting and employees are rewarded with a competitive salary.

The Dream It, Do It – Virginia website provides a number of valuable tools for investigating a career in the Commonwealth’s advanced manufacturing industry. It allows students to assess their interests and skills to determine an area of focus, as well as view the educational requirements and career track for that specialty. You can also watch the recent Dream It, Do It – Virginia Third Wednesday Webinar by clicking here.

Businesses in the Commonwealth praise the experience and dedication of their Virginia workforce as one of their prime factors for success. Dream It, Do It – Virginia is one example of the many educational groups across the Commonwealth ensuring that Virginia’s workforce has the skills and training to match industry demand. To learn more, click here.

Students get hands on experience at one of the Manufacturing Technology Camps at the Southern Virginia Higher Education Center in Halifax County, Va. Photo courtesy of Halifax County Industrial Development Authority.

VSU Small Farm Outreach Program Helps Sabra Grow First Crop of Chickpeas in Virginia

Wednesday, 30 July 2014 09:05 by Info@YesVirginia.org
It’s harvest time and good news for Sabra Dipping Co. Virginia State University’s College of Agriculture is about to gather one of Virginia’s first ever crop of chickpeas...

It’s harvest time and good news for Sabra Dipping Co. Virginia State University’s College of Agriculture is about to gather one of Virginia’s first crop of chickpeas.

Sabra has partnered with VSU to research the possibility of sourcing chickpeas, the main ingredient in its top-selling hummus, closer to the company’s 49-acre campus in Chesterfield County. Sabra is the No. 1 brand of hummus in the U.S. and has established both a manufacturing operation and R&D Center of Excellence on its campus at Ruffin Mill Industrial Park in Chesterfield County.

Sabra first announced plans to establish a facility in Virginia in November 2008. Part of the company’s decision to locate in Chesterfield County was the proximity to VSU’s College of Agriculture. “During the company’s decision-making process, we arranged several meetings with the College of Agriculture to explore opportunities to grow chickpeas in Virginia and enhance the profitability of the company,” said Renee Chapline, president and CEO at Virginia Gateway Region.

Over the last two years, Sabra and VSU have implemented Dr. Harbans Bhardwaj’s chickpea research through the university’s Small Farms Outreach Program. Cliff Somerville, a VSU Small Farm Outreach agent, has worked with a number of farms across Virginia to test the growth of different varieties of chickpeas.

According to Somerville, while last year’s crops were largely a washout due to weather conditions (excessive rain) and a problem with worms, VSU and Sabra discovered that one type of chickpea seed worked well in Virginia — the “Billy Bean” variety.

This year, VSU only planted the “Billy Bean” variety and Somerville supervised one of those test sites – three acres on a farm in Halifax County.

“The plants got up to around 30 inches and it’s a good population with about 32-34 pods per stalk,” said Somerville. “It’s a successful crop. We’ve done a test run with the combine to check moisture levels, and we’re getting ready to do a full harvest in the next week or so. This will be one of the first crops of chickpeas grown in Virginia.”

The success of Virginia’s first group of chickpea crops has the potential to be a win-win for both Sabra and Virginia farmers. It would allow Sabra to shorten its supply chain and reduce risk by sourcing one of its main ingredients closer to the company’s manufacturing facility. It also would provide diversification for Virginia farmers, particularly those in the tobacco region.

To learn about Virginia’s plentiful resources, and how the Commonwealth’s higher education institutions partner with businesses to innovate, click here.

VSU Small  Farm Outreach agents Cliff Somerville and Derrick Cladd, program director William Crutchfield and cooperating farmer Mr. James Brown (left to right) examine plants in Halifax County, part of Virginia’s first successful group of chickpea crops. Photo courtesy of Virginia State University.

Richmond, Hampton Roads and Charlottesville are Top Happiest Metro Areas in the U.S.

Friday, 25 July 2014 15:53 by Info@YesVirginia.org
Richmond/Petersburg was ranked No. 1 and Hampton Roads (Norfolk/Virginia Beach/Newport News) was ranked No. 2 on the National Bureau of Economic Research list of Top 10 Happiest Metropolitan Areas with a Population Greater Than One Million. Charlottesville was ranked No. 1 as the U.S. Metropolitan Area with the Highest Reported Happiness...

Richmond/Petersburg was ranked No. 1 and Hampton Roads (Norfolk/Virginia Beach/Newport News) was ranked No. 2 on the National Bureau of Economic Research list of Top 10 Happiest Metropolitan Areas with a Population Greater Than One Million. Charlottesville was ranked No. 1 as the U.S. Metropolitan Area with the Highest Reported Happiness.

Economists at Harvard University and the University of British Columbia published a working paper called “Unhappy Cities” through the National Bureau of Economic Research. NBER is the nation’s leading nonprofit economic research organization, with more than 1,300 economics and business professors teaching across North America.

The authors of the study, Edward Glaeser, Joshua Gottlieb and Oren Ziv, used the Behavioral Risk Factor Surveillance System, a self-reported study on happiness conducted by the CDC, as their primary data source. Because the BRFSS data reports the county where a respondent lives, the authors were able to link responses with location.

They then performed a series of regression analyses to control for individual factors, such as education, income and race, to come up with an adjusted life satisfaction estimate for each MSA.

The authors discovered there is indeed a correlation between happiness and location. They also found that self-reported unhappiness is highest in declining cities, areas linked with lower levels of population and income growth.

It comes as no surprise that multiple regions in Virginia received top marks in this study. With more than 400 years of rich history, the Commonwealth offers employers and citizens an affordable cost of living, access to parks and natural resources ranging from the mountains to the ocean, and recreational opportunities from historical sites to modern sports, entertainment and cultural venues. To learn why reports like this give Virginia a top ranking on quality of life, click here.

A map of the U.S. which shows each metropolitan and rural areas' adjusted life satisfaction. Photo courtesy of the University of British Columbia.

Pollina Awards Virginia Another Top Pro-Business State Ranking

Tuesday, 15 July 2014 10:40 by Info@YesVirginia.org
Once again, Virginia received a leading ranking on Pollina Corporate Real Estate’s Top 10 Pro-Business States 2014 report. The Commonwealth was ranked fourth, taking the same slot as last year. Virginia has consistently received top marks in this report, taking one of the top two spots from 2005-2012...

Once again, Virginia received a leading ranking on Pollina Corporate Real Estate’s Top 10 Pro-Business States 2014 report.

The Commonwealth was ranked fourth, taking the same slot as last year. Virginia has consistently received top marks in this report, taking one of the top three spots from 2005-2012.

“Clearly a national leader in the 11 years of this study, no other state comes close to Virginia when it comes to being a consistent pro-business state,” said Brent Pollina, vice president of Pollina Corporate Real Estate, Inc. and co-author of the study.

Virginia was the top ranked state on the East Coast this year and has received an overall grade of “A” in each of the last five years.

“Virginia has consistently remained at the top of the list because Virginia’s state and local leaders are innovative and aggressive in attracting and retaining jobs and investment. Key to Virginia’s success is its ability to balance low taxes, a good labor force and a strong economic development program. With a Stage I rank of No. 6 and a Stage II rank of No. 3, Virginia has one of the most well-rounded business climates in the nation,” added Pollina.

The ranking is based on 32 factors controlled at the state level, including taxes, human resources, right-to-work legislation, energy costs, infrastructure spending, workers' compensation legislation, jobs gained, financial incentives and state economic development evaluations. The report was co-published with the American Economic Development Institute.

The ranking also reflected positively at the agency level of economic development. Virginia received an “A” in both incentives and marketing/website/response to new and existing employers.

As the report alluded to — consistency is key. Corporations making large investment and employment decisions want to feel confident that the location they select will maintain its positive attributes years down the line. The Commonwealth’s solid track record and stellar resources make it easy for companies to say “Yes” to Virginia. To learn more, click here.

Photo courtesy of the Virginia Department of Transportation.

Orbital Sciences Completes Second Launch to the International Space Station

Monday, 14 July 2014 15:33 by Info@YesVirginia.org
Yesterday at 12:52 p.m., Orbital Sciences completed its second launch to the International Space Station from Pad-OA of the Mid-Atlantic Regional Spaceport at NASA Wallops Flight Facility on Virginia’s Eastern Shore...

Yesterday at 12:52 p.m., Orbital Sciences completed its second launch to the International Space Station from Pad-OA of the Mid-Atlantic Regional Spaceport at NASA Wallops Flight Facility on Virginia’s Eastern Shore.

The Orb-2 mission is Orbital Sciences’ second of eight resupply missions to the ISS, part of Orbital Sciences’ $1.9 billion Commercial Resupply Service contract with NASA. Orbital Sciences will deliver more than 40,000 pounds of cargo to the ISS through 2016.

The Antares rocket launched the Cygnus spacecraft, carrying more than 3,600 pounds of research materials, hardware, science experiments and provisions for the crew of Expedition 40 aboard the ISS. The experiments include nanosatellites to take images of earth, satellites to allow 3-D mapping and robotic navigation inside the space station, and student projects from the Student Spaceflight Experiment Program.

Cygnus is expected to reach ISS Wednesday morning. Over the next two days Cygnus will complete a series of thruster burns to bring it close to the ISS, at which point the crew will use the ISS robotic arm to grapple and rendezvous with the spacecraft.

Cygnus will remain berthed with ISS for approximately 30 days so that the Expedition 40 crew can unload the cargo and reload it with trash. Upon completion of the mission, Cygnus will be burned up during reentry to Earth’s atmosphere.

Yesterday’s successful second launch to the ISS illustrates Virginia’s continued leadership in the aerospace industry. Through MARS, Virginia is one of only a few sites across the U.S. authorized for orbital space launches. To learn why more than 250 aerospace companies call Virginia home, click here.

Orbital Sciences’ Antares rocket takes off from Pad-OA of MARS at NASA Wallops Flight Facility on its second mission to the International Space Station. Photo courtesy of NASA/Bill Ingalls.

VEDP’s “Business Legacies Begin in Virginia” Video Wins Telly Award

Tuesday, 8 July 2014 14:20 by Info@YesVirginia.org
VEDP’s “Business Legacies Begin in Virginia” video recently won a Bronze Telly Award in the category of Recruitment, part of the larger Film/Video category...

VEDP’s “Business Legacies Begin in Virginia” video recently won a Bronze Telly Award in the category of Recruitment, part of the larger Film/Video category.

Since its founding in 1979, the Telly Awards has been honoring outstanding TV commercials and programs, video and film productions, and online commercials, videos and films.

This year’s 35th Annual Telly Awards has been one of the most competitive, with more than 12,000 entries received from all 50 states, as well as other countries.

The award was presented to VEDP and BES Studios, an agency that helped VEDP produce the video. VEDP also worked with 3 Creative on the project. 

Digital storytelling has become an increasingly important component of the marketing mix in economic development as companies and site selection consultants perform more upfront research online.

“The Business Legacies Begin in Virginia video is an important tool we’ve added to our digital marketing strategy,” said Vince Barnett, VEDP Vice President of Communications & Promotions. “We’re grateful to all our partners across the Commonwealth who helped us by providing video footage and access to film some great shots, and we’re honored to receive this award.”

A list of the corporate, regional and local partners who helped VEDP obtain video footage is displayed in the closing credits.

To view the video, visit VEDP’s website or YouTube channel.

VEDP Welcomes VJIP to the Team

Thursday, 3 July 2014 09:50 by Info@YesVirginia.org
It’s official — at the beginning of our fiscal year, July 1, the Virginia Jobs Investment Program became part of the VEDP team. House bill 932 passed by the Virginia General Assembly in in the spring 2014 special session moved the administration of VJIP to VEDP to further align Virginia’s job incentive programs...

It’s official — at the beginning of our fiscal year, July 1, the Virginia Jobs Investment Program became part of the VEDP team. House bill 932 passed by the Virginia General Assembly in in the spring 2014 special session moved the administration of VJIP to VEDP to further align Virginia’s job incentive programs.

In fiscal year 2014, VJIP was involved in 96 percent of the projects that VEDP completed.

VJIP is the second oldest incentive in the Commonwealth and was established in 1965. According to VJIP interim director Frank Strickler, “This is a homecoming for us. VEDP’s predecessor organization and ours were originally joined under the Department of Economic Development until 1996 when VEDP was formed and we were moved to the Department of Business Assistance. We have worked closely with VEDP’s business expansion and business attraction managers for years, so it’s great to be under one roof again.”

VJIP is charged with marketing and managing a state-funded grant that helps companies train their employees. Companies can qualify for the incentive in any of three categories: new and existing business expansions that create jobs, small businesses that create new jobs, and workforce retraining to upgrade the skills of existing employees.

Due to the flexibility of the three categories, a wide range of companies can qualify for the incentive. VJIP serves both large and small businesses in a variety of industries. VJIP project managers also provide free consulting services to client companies, helping them find solutions for their recruiting and training issues.

The VJIP grant is a performance-driven incentive distributed on a pay-as-you-go basis after each employee has been on the job for more than 90 days. VJIP managers work with the company to develop a training outline and budget, so that the client has skin in the game. Companies can receive up to 50 percent reimbursement for qualified recruiting and training costs. Due to the multiplier effect, the incentive usually nets a 100 percent ROI (return on investment) in six months.

VJIP is one of the longstanding examples of incentives that attract companies to Virginia’s pro-business environment. To learn more about VJIP, click here.

Members of the VJIP team include (back row) Frank Strickler, Tre Akins, (front row) Lea Lofty, Brenda Young and Debbie Melvin. 

Virginia a Top State for Private Equity Investment

Monday, 30 June 2014 15:44 by Info@YesVirginia.org
Virginia was ranked No. 7 for private equity investment in 2013, according to the Private Equity Growth Capital Council’s fourth annual investment report...

Virginia was ranked No. 7 for private equity investment in 2013, according to the Private Equity Growth Capital Council’s fourth annual investment report.

Last year, 66 companies across the Commonwealth received $14.7 billion in private equity investment. Virginia moved up in the rankings from 16th place last year.

This signals that investors see value in Virginia’s entrepreneurs and growing companies. Private equity is typically used as growth capital to fuel expansion, as well as to assist companies in strategic turnaround situations.

“Private equity investment is long-term capital at work,” said Steve Judge, president and CEO of the Private Equity Growth Capital Council. “The companies in states across the country that receive private equity investment are able to expand their businesses, develop new innovations and hire workers, and this report highlights the important contributions of private equity in the U.S. economy.”

Virginia also saw two congressional districts break the top 20 in private equity investment. Virginia’s 4th Congressional District received $4.7 billion and Virginia’s 11th Congressional District received $4.5 billion. China-based W.H. Group’s acquisition of Smithfield Foods Inc. represents a majority of District 4's investment.

According to the PEGCC report, private equity firms have invested $129.1 billion in Virginia-based companies from 2004-2013. The report further states that there are 568 private equity-backed companies headquartered in the Commonwealth, which support more than 309,570 jobs at facilities both in and out of state.

The ability of Virginia companies to attract this amount of private equity investment is another testament to the level of innovation and success that entrepreneurs find when they locate their businesses in the Commonwealth. To learn why Virginia is a top state for business and investment, click here.

Photo courtesy of Private Equity Growth Capital Council

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Virginia Economic Development Partnership is the Best State for Business

The Virginia Economic Development Partnership (VEDP), a state authority created by the Virginia General Assembly to better serve those seeking a prime business location and increased trade opportunities, provides confidential site selection and international trade services. VEDP's mission: To enhance the quality of life and raise the standard of living for all Virginians, in collaboration with Virginia communities, through aggressive business recruitment, expansion assistance, and trade development, thereby expanding the tax base and creating higher-income employment opportunities.

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YesVirginia Business Blog | All posts tagged 'Private Equity Growth Capital Council'

Virginia a Top State for Private Equity Investment

Monday, 30 June 2014 15:44 by Info@YesVirginia.org
Virginia was ranked No. 7 for private equity investment in 2013, according to the Private Equity Growth Capital Council’s fourth annual investment report...

Virginia was ranked No. 7 for private equity investment in 2013, according to the Private Equity Growth Capital Council’s fourth annual investment report.

Last year, 66 companies across the Commonwealth received $14.7 billion in private equity investment. Virginia moved up in the rankings from 16th place last year.

This signals that investors see value in Virginia’s entrepreneurs and growing companies. Private equity is typically used as growth capital to fuel expansion, as well as to assist companies in strategic turnaround situations.

“Private equity investment is long-term capital at work,” said Steve Judge, president and CEO of the Private Equity Growth Capital Council. “The companies in states across the country that receive private equity investment are able to expand their businesses, develop new innovations and hire workers, and this report highlights the important contributions of private equity in the U.S. economy.”

Virginia also saw two congressional districts break the top 20 in private equity investment. Virginia’s 4th Congressional District received $4.7 billion and Virginia’s 11th Congressional District received $4.5 billion. China-based W.H. Group’s acquisition of Smithfield Foods Inc. represents a majority of District 4's investment.

According to the PEGCC report, private equity firms have invested $129.1 billion in Virginia-based companies from 2004-2013. The report further states that there are 568 private equity-backed companies headquartered in the Commonwealth, which support more than 309,570 jobs at facilities both in and out of state.

The ability of Virginia companies to attract this amount of private equity investment is another testament to the level of innovation and success that entrepreneurs find when they locate their businesses in the Commonwealth. To learn why Virginia is a top state for business and investment, click here.

Photo courtesy of Private Equity Growth Capital Council

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About VEDP

Virginia Economic Development Partnership is the Best State for Business

The Virginia Economic Development Partnership (VEDP), a state authority created by the Virginia General Assembly to better serve those seeking a prime business location and increased trade opportunities, provides confidential site selection and international trade services. VEDP's mission: To enhance the quality of life and raise the standard of living for all Virginians, in collaboration with Virginia communities, through aggressive business recruitment, expansion assistance, and trade development, thereby expanding the tax base and creating higher-income employment opportunities.

Archive

© Copyright 2017

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

© 2014 All rights reserved.