Regional Entrepreneurial Ecosystem Development Program (REED)
The object of this program is to increase entrepreneurial activity and business growth within the Commonwealth of Virginia by leveraging the capabilities of the Old Dominion University Institute for Innovation & Entrepreneurship’s (ODU-IIE) TempO program.
Over the past two years, TempO has demonstrated success under a grant from the Office of Economic Adjustment (OEA) in enhancing regional capabilities in support of entrepreneurial training and commercial business creation. Based upon this success, OEA has additionally funded and tasked TempO to expand this work throughout Virginia to support those persons, companies and regions who wish to pivot from dependence upon government contracts to high-growth, scalable commercial endeavors. There are multiple benefits to the Commonwealth including the diversification of the economy into the commercial sector, plus the expansion of state capabilities to foster the growth of revenues and investment in commercial companies.
The VA REED program is designed to help grow the entrepreneurial capacity of the state by providing companies and their associated regions with training, mentorship, and support.
Companies – VA REED will focus on helping individuals and companies take business ideas, create offerings of value to the marketplace, and build high-growth sustainable businesses. It is based upon lean start up practices – building & validating business models, followed by agile development and deployment of product into the market. VA REED will utilize both physical and virtual meetings, workshops, guidance, and investor pitch sessions to help individuals and companies create new or expanded businesses.
Regions – VA REED will partner with regions to leverage the existing work being done with entrepreneurs to identify regional needs, then help enhance and develop in partnership an environment which encourages, retains and attracts innovation and entrepreneurship with the aim of growing local economies. This will be done using a framework consisting of five areas: Idea Discovery & Generation, Start Up Competencies, Execution Competencies, Capital Access & Formation, and Community Formation & Sustainment.
The program utilizes material, processes, and staff created by the ODU-IIE TempO, in collaboration with interested regions to create and enhance their own capabilities. The program goal is to help create a state-wide community of entrepreneurs and vibrant entrepreneurial ecosystems.
VA REED is looking for individuals, companies and regional leaders interested in participating in the program to grow their businesses and local economies. Virginia innovators now it is your time – you don’t have to move to Silicon Valley to get the support you need. Interested – contact us by clicking here.