Within the past few years, efforts have been implemented by many to create the economy for the 21st century in the Commonwealth. Such measures have been touted by political candidates on both side of the aisle, as well as from within the private sector via venture capital initiatives to gain an edge on national efforts to make America more competitive in industries like green energy and other tech-related industries.
In 2016, the Virginia General Assembly approved the New Economy Workforce Credential Grants program with overwhelming bipartisan support. The measure was set to provide funds to public institutions of higher education and other educational outlets in Virginia to bolster workforce training programs aimed at training Virginians for a 21st century economy.
Recently, Congressman Scott Taylor (VA-2) sent a letter to President Donald Trump to urge his administration to invest in education for Americans by aligning legislation with his new infrastructure initiative and offering Pell Grants to citizens in efforts to guide people towards high-demand fields in the private sector.
Now, the next program to be forwarded in the Commonwealth is a new seed fund that has been established to increase venture capital pursuits in Virginia. Announced by Governor Ralph Northam, the creation of the Virginia Founders Fund will be handled by the Center for Innovative Technology (CIT) in Herndon, Virginia.
According to a report from Virginia Business, goals of the fund will include promoting support for regionally-based innovation initiatives and increasing investment opportunities for Virginia-based entrepreneurs traditionally underrepresented in venture capital. As traditional manufacturing and energy businesses have dominated venture capital investments, the CIT will focus on software, hardware, life science, “clean-tech,” and technology-enabled services startups with a high potential for growth and ability to generate economic returns for the Commonwealth.
Furthermore, insofar as bolstering underrepresented groups in venture capital startups, project investments made by women, minorities, and veterans will be amplified by the new seed money. Entrepreneurs located outside the vast high-tech economic engine of Northern Virginia will also be highlighted to create a more unified attempt at creating a booming statewide economy.
CIT will work with regional startups that provide an avenue for the growth of a 21st century economy in Virginia. Early-stage funding and accelerator programs will attempt to identify strategic opportunities for investment and potential co-investment to leverage additional capital that will grow not only the businesses of Virginians, but create entire industries.
