Charlottesville’s Tech and Innovation Startup Ecosystem Hub
Part 2: Success in the ecosystem…let’s celebrate!
Charlottesville did it again. That is, it made it to yet another “Top” list. This time, #22 on the “Top 100 Great Places to Live in the US” by Livability“.
Those of us who live and work here know that Charlottesville punches above its weight on many fronts. Our entrepreneurial ecosystem included. For more than two decades, CBIC and its supporters have held the belief that Charlottesville has the potential to be one of the nation’s best ecosystems for starting and developing high-impact, high-growth ventures. Check out these:
7 factors that help power our ecosystem:
- Nearby research institution – we see you @UVA
- Well-educated population – you’re reading this newsletter, that’s a good sign
- Access to a labor pool with high proportion of workers aged 25 to 44 – check
- Creative, entrepreneurial environment – double check
- Good quality of life – see above and some of the other “top places” lists
- Access to funding – thank you CAN, CAV, Felton Group, UVA Seed Fund
- Strong broadband infrastructure – hats off to Ting recently named “Fastest Regional Internet Service Provider” and 98% of the city has access to high-speed internet
This mix of assets is similar to other regions identified as having strong tech sectors.
Further, our collaborative network of entrepreneurial support organizations (ESOs) relentlessly advocate for, cheer on, and support our startup and tech community. Here are:
6 resources we have in abundance:
- Coaching, mentorship, business advising (Central Virginia SBDC, CvilleBioHub & UVA Licensing & Ventures Group Entrepreneur in Residence Programs, CBIC Members, Venture Central, Community Investment Collaborative (CIC), SCORE and seasoned entrepreneurs and SMEs)
- Consistent ecosystem-building events for connecting and collaborating (Charlottesville Entrepreneurs and Espresso, CBIC Tech On Tap, Chamber Let’s Connect, and many more)
- Entrepreneurial educational programs (by CBIC, CIC, Central Virginia SBDC, CvilleBioHub, SCORE, Go Startup)
- Crucial seed-stage funding (CAN, CAV, Felton Group, UVA Seed Fund and others)
- Non-dilutive funding (VIPC, CIC, local municipality grants)
- Physical space (Catalyst Accelerator, CIC, CODE Building / CODEbase Coworking, Common House, North Fork, Studio IX, Vault Virginia)
These resources strengthen our connective tissue, propel founders forward, fuel startups, and build community and economic vitality.
To discover or learn more about local organizations and resources that support our founders, startups, and growing tech companies, visit TheHubCVA.org, the way to connect digitally 24/7 with our region’s tech and innovation ecosystem.
So how do we know how well we are doing? Let’s take a look at…
5 recent wins that collectively tell our entrepreneurial hub story
- Local professional angel group investments since formation in 2015 top nearly $28M. The Charlottesville Angel Network (CAN) and CAV Angels (CAV) continue to increase investment levels, especially during brutal pandemic-impacted years:
2. Charlottesville Angel Network (CAN) named the # 1 most active angel group in the SouthEast and the # 9 most active angel group in the US in the just released 2021 HALO Report by the Angel Resource Institute (ARI)
3. Venture Central (VC) is in the running for two federally funded grants that could bring much needed funding to further develop our thriving ecosystem. Further, VC recently hosted Senator Mark Warner for an entrepreneurial ecosystem discussion
4. The Central Virginia Small Business Development Center (CVSBDC) Executive Director, Rebecca Haydock, named 2022 State Star (issued to only one individual in the network per year)
5. Now equipped to support a wide range of businesses including tech-based and high-growth potential companies, CVSBDC ranked #1 SBDC in the Commonwealth of Virginia in 2021 & 2022. Their clients received over $45M in capital in 2020 and 2021. In 2021 alone, 158 clients received $25M and 129 of those clients were women and minorities.
When your local entrepreneur support organizations and groups win major awards and accolades for their productivity and excellence, the ecosystem is winning! Measurements included: tripling performance measurements in areas such as number of clients served, advisory hours, startups launched, jobs created / retained, capital infusion and others. Round of applause, please!
A crucial factor in the success of a region’s ecosystem is local company successes, wins, exits and liquidity events for investors and founders. These stories are featured in each edition of CBIC’s weekly newsletter, whenever there is news to share. A collection of these will be the focus of a future article in this series.
What’s Next for Charlottesville?
It’s said that an entrepreneurial hub is sustainable when it is sufficiently robust to support growing employment and absorb the inevitable failures of some early-stage companies. So, are we there yet?
I ask you, “What else should we celebrate? What is needed to ensure the future growth and success of our technology, innovation, startup ecosystem hub?” Do you foresee a major disruption in angel investments or the ecosystem due to a possible recession or other factors? Email me to let me know your thoughts. Your ideas for future articles in this series are encouraged and appreciated.
Keep innovating,
Tracey Greene (she / her / hers)
Executive Director, Charlottesville Business Innovation Council (CBIC)
Co-founder and Executive Director, Charlottesville Angel Network (CAN)
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