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  1. 2019 Board Schedule

  2. Tuesday, March 12, 2019 Tuesday, June 11, 2019 Tuesday, September 10, 2019 Tuesday, December 10, 2019 2019 Board Schedule

  3. ECB approvals

  4. Administratively approved projects under $100,000 ECB approvals 3 PROJECTS APPROVED

  5. Enhanced Capacity Building • 3 proposals administratively approved • 2 out of 9 regions participated • Total Request: $112,800 • Total Match: $118,000 ECB approvals

  6. Coal-to-graphene Coal-to-Graphene Market Study • Virginia Tech • Total Request: $25,000 • Total Match: $25,000 Region 1Enhanced Capacity Building

  7. Application overview • Region 1 submitted on behalf of Virginia Tech • Request of $25,000 • To partner with Wise County to conduct a market study, initial environmental impact analysis, and cost projections for the development of a graphene economy in Southwest Virginia • Graphene is a lightweight form of carbon known for its electrical and thermal conductivity. Coal-to-graphene

  8. Recommendation • DHCD staff has administratively approved this application. Coal-to-graphene

  9. Shenandoah Valley Talent Solutions Shenandoah Valley Talent Solutions Strategy Development • Frederick County Economic Development Authority (EDA) • Total Request: $64,800 • Total Match: $70,000 Region 8Enhanced Capacity Building

  10. Application overview • Region 8submitted on behalf of Frederick County Economic Development Authority (EDA) • Request of $64,800 for consultants and stakeholder engagement • To develop a Talent Solutions Strategy to address: 1) high school and college graduate retention 2) development of a workforce to meet the needs of regional businesses, and 3) attraction of new workforce participation from outside of the Region and State Shenandoah Valley Talent Solutions

  11. Recommendation • DHCD staff has administratively approved this application. Shenandoah Valley Talent Solutions

  12. Mobile Hub-Lab Planning Grant • Staunton Innovation League • Total Request: $23,000 • Total Match: $23,000 Region 8Enhanced Capacity Building

  13. Application overview • Region 8submitted on behalf of Staunton Innovation League • Request of $23,000 for a needs assessment, curriculum inventory and planning, and funding identification • To assess the feasibility of creating the Hub-Lab, a mobile makerspace that will be used teach creative and collaborative ways to use innovative equipment and technology to students and entrepreneur in rural areas Mobile Hub-LAB

  14. Recommendation • DHCD staff has administratively approved this application. Mobile Hub-LAb

  15. PER CAPITA APPS

  16. Per Capita Funding • 4proposals submitted • 3 out of 9 regions participated • 4 Talent Development • Total Request: $1,765,233 • Total Match: $2,802,544 • Includes $504,342 local dollars

  17. Virginia Highlands Community College • Total Request: $200,000 • Total Match: $882,291, including $154,291 local match VHCC Advanced Technology and Workforce Development Center Development REGION 1IMPLEMENTATION

  18. Application overview • Region 1 submitted on behalf of Virginia Highlands Community College (VHCC) • Request of $200,000 for site grading, excavation, soil mitigation, site drainage, utility installation and connections (water, sewer, electric, and broadband) • VHCC will utilize the new facility to consolidate courses offered off-campus in limited enrollment models, and three new short-term trainings targeting the manufacturing workforce. VHCC Workforce Center

  19. Workgroup feedback • ROI not positive within 3-5 years • High-wage job creation potential in trades • $1.5MM still needed to complete construction • Expanded job creation capacity is not significant • No documented commitments for jobs • Capital requests for workforce have been a concern VHCC Workforce Center

  20. Recommendation • DHCD does not recommend this application for approval at this time. VHCC Workforce Center

  21. Liberty University • Total Request: $274,980 • Total Match: $630,000, including $92,000 local match Center for Energy Research and Education (CERE) Additive Manufacturing Partnership Lab Development: Phase 2 REGION 2IMPLEMENTATION

  22. Application overview • Region 2 submitted on behalf of Liberty University • Request of $274,980 to purchase and install equipment • To develop the Additive Manufacturing Partnership Lab (AMPL) at the newly-established CERE facility to train students and manufacturing employees in the region on the newest technology-based processes, such as 3D printing and robotics CERE Additive Manufacturing Lab

  23. Workgroup feedback • Current project is on track with milestones and metrics • Additive manufacturing represents the future in advanced manufacturing with applications in many industries • Significant support from regional manufacturers • Work-based learning opportunities with industry partners • Could become a center of excellence to attract funding away from the Research Triangle CERE Additive Manufacturing Lab

  24. Recommendation • DHCD recommends this application for approval. CERE Additive Manufacturing Lab

  25. Old Dominion University (ODU) Virginia Modeling and Simulation Center (VMASC) • Total Request: $642,713 • Total Match: $642,713, including $128,543* local match Virginia Cyber Alliance: Year 2 REGION 5IMPLEMENTATION

  26. Application overview • Region 5 submitted on behalf of ODU VMASC • Request of $642,713 for salaries, travel, and outreach • To create the Virginia Cyber Alliance through new online platforms, industry partnerships, a virtual demonstration environment for cybersecurity analysis modules, and a work-based learning initiative for firms that specialize in cybersecurity, data analytics, and Unmanned Systems and Aerospace. Va Cyber Alliance Year 2

  27. Workgroup feedback • Current project is on track with milestones and metrics • Financial sustainability for online platforms, virtual testing arenas, and industry partnerships through revenue model based on dues and fees • Digital entrant program offering salary subsidies is not intended to be a long-term solution • Line of sight to interregional collaboration VA CYBER Alliance Year 2

  28. Recommendation • DHCD recommends this application for approval, contingent upon documenting the required 20% local match. VA CYBER Alliance Year 2

  29. Old Dominion University (ODU) Virginia Modeling and Simulation Center (VMASC) • Total Request: $647,540 • Total Match: $647,540, including $129,508* local match Virginia Digital Shipbuilding Program (VDSP): Year 2 REGION 5IMPLEMENTATION

  30. Application overview • Region 5 submitted on behalf of ODU VMASC • Request of $647,540 for salaries and program outreach • To create a regional and statewide digital shipbuilding curriculum and co-lab facility to train approximately 8,500 current and future workers in the shipbuilding and advanced manufacturing industries. VDSP Year 2

  31. Workgroup feedback • Current project is on track with milestones and metrics • Strong private-industry and association support • Will train future workforce and upskill existing workforce to meet industry progress • Virtual curriculum is scalable and replicable for other industries • Line of sight to applications for supply chain statewide or spinoffs such as marine electric propulsion VDSP YEAR 2

  32. Recommendation • DHCD recommends this application for approval, contingent upon documenting the required 20% local match. VDSP Year 2

  33. Teconomy Update

  34. Update on Regional Entrepreneurial Assessments and Statewide Directions Prepared for: GO Virginia State Board December 2018

  35. Meeting Objective: Provide update on results from regional entrepreneurial assessments and discuss implications for possible state directions. Agenda • Recap of Project Objective, Deliverables and Process • Economic Imperative for Change at the State Level • Situational Assessment of Entrepreneurial Development in Virginia and Across Regions • Proposed GO Virginia Action to Establish Regional Entrepreneurial Quarterbacks • Alignment with VRIC Proposed Commercialization and Entrepreneurial Strategic Implementation Framework Today’s Agenda

  36. Project Objective: Facilitate regional assessments of entrepreneurial development and identification of priority actions with local leaders GO Virginia’s project will result in the following deliverables: • Develop a common template of data, inventory and stakeholder perspectives to help GO Virginia regions develop their own strategic directions • Offer best practice lessons and benchmarking to national peers • Have each GO Virginia region prioritize key investments/activities to catalyze the development of a robust innovation ecosystem Recap: Project Objective, Deliverables and Process Overview of Work Plan for GO Virginia’s project:

  37. Critical for GO Virginia to ensure “entrepreneurship” is a key “leg” for a robust and comprehensive regional economic development effort • Startup activity is a leading indicator of economic growth • While it is easy for “headlines” to capture new job creation from successful business attraction efforts, nearly144,000 traded sector jobs in 2017 were created in Virginia by startups since 2007* • Key to sustainability is high growth startups – disproportionate share of employment in startups exhibiting high annualized growth rates Why Entrepreneurial Development is Important for GO Virginia *Based on data from Business Dynamics Resource Consortium database using Infogroup company data; In 2017, total traded sector industry employment in Virginia reached 1.141 million jobs

  38. Economic Imperative: Virginia is Falling Behind Limited ability to generate startups Inability to retain companies that are scaling up to serve commercial markets and losing top talent to other states Falling short in industry innovation growth and the commercialization of university technologies by Virginia industry • Key Facts: • 22nd out of 25 largest states in startup activity • VC growth is 1/3 of the national growth rate from 2010 – 2017 • Key Facts: • Over 100 venture backed firms left Virginia over the past 5 years. The ones that left created 41 jobs per firm compared to 23 jobs per firm of the venture-backed ones that stayed • 14,000 net outmigration of highly educated workers aged 25+ to other states from 2012-2017 • Key Facts: • Out of 13 specialized Advanced Industries in Virginia, all but three grew slower than the nation • Industry R&D from own-sources stand 1/3rd lower than U.S. level and growing at half the rate of U.S. from 2010-2015 • 77% of university licenses executed in 2018 were to out-of-state companies

  39. Situational Assessment Framework: Based on Key Stages in Entrepreneurial Development

  40. Virginia’s Situational Assessment Across Stages of Entrepreneurial Development Challenges: Lack of existing industry involvement to advance innovations and new product development “Broadening the funnel” of startup ideas and inventions Challenges: High failure rate of startups in years 0-1 Need for serial entrepreneurs to help mentor Need for seed funding in some regions to follow-on from accelerator/angel investor rounds Challenges: Dip in survival of startups in years 6-7 as they look to scale-up Significant loss of high-growth venture-backed Virginia startups needing Series A and B funding Challenges: Lagging growth in advanced industry development Falling short in industry innovation growth and the commercialization of university technologies by Virginia industry Losing talent to other states

  41. Benchmarking: Regions Selected • Regions Selected: TEConomy solicited and received input across the 9 GO Virginia regions on regions they benchmark themselves against, consider useful comparisons *Regional geographies are Metropolitan Statistical Areas (MSAs) if not otherwise specified above.

  42. Competitive Benchmarking Assessment: Overall Assessment by Region Based on Relevant Benchmark Peers 42

  43. Examples of Priority Actions: Strong Alignment with Strategic Framework  Support advancement of integrated accelerator/incubator/co-working entrepreneurial hubs across region   Catalyze wide range of risk capital public/private partnerships from regional micro-lending programs to angel investor network to seed capital able to syndicate with VCs   Create a wet lab tenant improvement fund  43

  44. Specific Activities: • Identify opportunities and needs for regional entrepreneurial development within traded sector industries • Ensure an implementation capacity on priority actions • Provide a “front door” in each region for entrepreneurs to receive coordinated services among service providers Service Delivery Approach: • Performance-based grants developed in consultation with each region to address priorities • In each region, an advisory committee will be created to oversee the efforts of the regional quarterbacks • Potential for multi-regional applications • VRIC proposal articulates additional entrepreneurial activities that need to be coordinated with the regional GO Virginia efforts Budget Rationale: • Award $200k-$300k per region to fund a full-time professional to serve as the regional quarterback. Funding could yet be made available in FY 2019. • The regional quarterback would be tasked with advancing a regional strategic plan and prioritizing strategic investments, with the input from regional entrepreneurial ecosystem stakeholders, under the auspices of the GO VA Regional Boards. • Once a regional prioritization investment plan is developed, further funding would be available in FY 2020 and thereafter to fill the gaps identified, including funding for efforts such as: EIRs, incubators, accelerators, mentor networks, etc. Comparable Best Practice Model: Launch Tennessee • Supports anetwork of Entrepreneur Centers, located in six cities across the state thatprovide entrepreneurs access to a mix of support services, including: wayfinding for entrepreneurs, boot camps, mentorship, co-working space, and initial pre-seed grants. • In 2016, Launch Tennessee made grants to its Entrepreneur Centers of $200,000 to $375,000 for each center. These centers serve a much smaller area than GO Virginia regions. Proposed GO Virginia Action: Establish Regional Quarterbacks for Entrepreneurial Development in Each GO Virginia Region

  45. Overview of VRIC Proposed Commercialization and Entrepreneurial Strategic Implementation Framework: Alignment With GO Virginia Will be Needed • Establish an accountable organizational approach that oversees a “coordinated” continuum of services involving of network of service providers that retains effective existing initiatives that complement goals

  46. If the Proposed Commercialization and Entrepreneurial Strategic Implementation Framework goes forward, it will be important for GO Virginia to collaborate and coordinate with the new entity charged with advancing proposed statewide entrepreneurial development efforts, including: • Coordinating backbone of entrepreneurial assistance services and resources to companies, such as access to mentorship networks, accelerators, Entrepreneurs-in-Residence, etc., to help ensure companies successfully move through the commercialization valley of death • Ensuring availability of sources of privately managed risk capital • Supporting a statewide marketing and coordinating effort to serve entrepreneurs across the state and matching of entrepreneurs to investors Specific Areas of Alignment Needed on Entrepreneurial Development Between GO Virginia and Proposed Commercialization and Entrepreneurial Strategic Implementation Framework

  47. Appendix A: Regional Start-up Activity Data

  48. Entrepreneurial development in traded sector industries is critical to overall job growth across all regions of Virginia. Magnitude of Startup Activity Across Regions Sources: *Business Dynamics Research Consortium database, University of Wisconsin Extension **IMPLAN database, using county level industry employment estimates

  49. Appendix B: Details Regarding Proposed Commercialization and Entrepreneurial Strategic Implementation Framework