Funding to support regional entrepreneurship, workforce and talent-development initiatives
RICHMOND—Governor Northam today announced more than $6.7 million in Growth and Opportunity for Virginia (GO Virginia) funding for seven regional projects. Key members of the Governor’s cabinet, the General Assembly, and the business community approved the GO Virginia grant funding for projects across the Commonwealth. These grants are for projects each region identified as vital to their efforts to diversify the regional economy, strengthen their workforce, and support collaborative programs between localities, public entities, and private businesses.
“GO Virginia continues to promote innovative partnerships between businesses, local governments, and educational institutions to expand and diversify regional economies and help reach our shared economic goals,” said Governor Northam. “These seven projects will build upon the momentum we are seeing throughout the Commonwealth to develop the talent, sites, and new businesses that make Virginia the best place to live, work, and raise a family.”
The GO Virginia grants will be used to implement projects that align with each region’s Growth and Diversification Plans. These plans provide an honest assessment of the economic, workforce, and structural barriers in the region, as well as the existing regional economic drivers and potential growth sectors in each region. Projects that address these challenges and opportunities are a key step toward the creation of higher-paying jobs in the regions.
“Through GO Virginia, we are supporting creative opportunities to assist our regions with providing the training and tools needed to diversify and strengthen our economy,” said Secretary of Commerce and Trade Brian Ball. “The programs we are funding will continue to support the regional priorities identified by each region and work towards creating higher-paying jobs in priority areas.”
The regional per capita grants are awarded based on recommendations from the GO Virginia Regional Councils for projects that support regional collaboration and the Growth and Diversification Plans. The competitive grants are also recommended by Regional Councils and then awarded through a statewide competitive process for projects that are multi-regional in scope or represent an extraordinary opportunity to the Commonwealth. The GO Virginia Board is responsible for giving final approval for these grants awarded through the GO Virginia program.
The GO Virginia Board approved seven projects, which will leverage at least $7,216,462 in non-state sources to assist with economic diversification throughout Virginia, including $3,530,281 of local government resources toward the seven projects.
2019 Round One Region 5 (Hampton Roads) Grant Award
Project Name: 757 Angels Network
Award (Type): $240,000 (Per Capita)
Project Description: 757 Angels will expand their efforts to connect the most promising startup and early stage companies to smart growth capital. Funding will expand the organization’s efforts in Region Five. 757 Angels is the first centralized source of angel and seed-stage capital in Hampton Roads, with 120 members and $40 million deployed in Virginia companies to date.
See awards for all GO Virginia Regions here
Have a story in mind or press release of your own that our regional entrepreneurs and innovators should know about? Let us know!
Stay updated on news and events in the Hampton Roads startup ecosystem…sign up for the StartWheel newsletter!
StartWheel’s mission is to centralize and mobilize efforts that foster the growth of entrepreneurism in our regional innovation economy. We aim to support and cultivate an entrepreneurial network in HRVA where talent, resources, information and leadership come together.