The statewide, business-led economic development initiative “GO Virginia” has officially green lighted two projects in the Richmond area in hopes of boosting business and retaining the regions entrepreneurs.
On Tuesday, the board of directors for the economic initiative approved $1 million for “Lighthouse U,” which helps college students with starting their own businesses, and “CampusRVA,” a marketplace used to match graduates with opportunities for jobs or internships in the Richmond region. As well, the board of GO Virginia also approved $2.2 million for Greensville County, about one hour south of the capital, to develop a 1,600-acre “megasite” for future industrial prospects to aid in the region’s economic development.
“We couldn’t be more pleased that all three of our projects were approved,” said Wilson Flohr, CEO of GROW Capital Jobs, which administers GO Virginia in “Region 4,” which extends from the Richmond metro area to the North Carolina line.
Flohr said these projects act “as gateways to support long-term economic growth and high-paying jobs associated with the region’s innovation, advanced manufacturing and business economy,” according to the Richmond Times-Dispatch.
Lighthouse U is a joint venture between Lighthouse Labs, a startup business accelerator program, and VCU’s da Vinci Center, which includes student entrepreneurs from colleges and universities across the state in a two-year program. Richmond-based Activation Capital also matched the state’s grant of $1 million, with Maggie Walker Regional Governor’s School and Henrico County adding in another $289,000 in services and cash support.
The advisory board for Lighthouse U will be staffed with members of the economic development offices in Henrico, Chesterfield, and Hanover counties and the City of Richmond. Those involved with GO Virginia say the program could become a model for similar initiatives statewide and help student entrepreneurs launch their own businesses – as a smaller pilot program with a series of seasonal events, workshops, and “online boot camps” helped launch at least 20 startup companies, attracted $2 million in outside capital investment, and led to the creation of over 75 jobs over the course of three years.
CampusRVA will use $105,000 in matching funds from Chesterfield, Hanover, and Henrico counties to promote the Richmond region as “an attractive place to live, work and play” for graduates that remain in the metro area to create businesses.
Further south, the megasite will be financially supported with local matching funds of more than $704,000 from Greensville and Mecklenberg counties and the City of Emporia. Spearheaded by the Mid-Atlantic Advanced Manufacturing Center, the company is looking for “shovel-ready” locations for new operations to expand the manufacturing industry in the Central and Southside Virginia.