Regional Ecosystem Building Initiative: 2021-2023 Implementation Project

Project Overview

This project, “Region 3 Entrepreneurship & Innovation Implementation (R3 EII)” was an early effort to build a robust entrepreneurial and innovation ecosystem across GO Virginia Region 3 (Southern Virginia). Regional Entrepreneurship & Innovation (REI) is a priority in the Region 3 Growth and Diversification Plan. Project activities directly responded to opportunities identified in the Region 3 Entrepreneurship and Innovation Investment Strategy and elements of the Region 3 TEConomy report. This project built upon the momentum of the REI Investment Strategy (adopted by GOVA Region 3 in 2020) and assisted the region with recovering from the economic impacts of the COVID-19 pandemic.

Project Impact

This project successfully began to address opportunities identified in the REI Investment Strategy, including to 1) increase connectivity among resources and entrepreneurs, 2) nurture aspiring entrepreneurs, 3) increase access to capital, 4) support existing businesses, 5) increase access to/activities in entrepreneurial spaces, and 6) coordinate ecosystem activities across the sub-regions within Region 3.

The “RISE Collaborative” brand was created to facilitate connection among resources and entrepreneurs across GOVA Region 3, to facilitate collaboration among resource partners, and to increase access to capital. This has resulted in Community Investment Collaborative to expand its CDFI small business lending in Region 3, resulting in 1 microloan and proposals for further expansion. By supporting entrepreneurs who drive new business creation and new job creation, this project directly aligns with the goals of GO Virginia to bring more high-paying jobs, businesses, and opportunities to the Commonwealth.