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GO Virginia launches strategy to support businesses

Council has launched its Region 3 Entrepreneur and Innovation Investment Strategy.

Developed by the team of Mid-Atlantic Broadband Communities Corporation (MBC) and the Longwood Office of Community and Economic Development (LOCED), the strategy provides the council a framework to utilize its resources to invest in projects that support business formation in the region.

As early as July 2017, the Region 3 Council identified the innovation partners in its footprint and utilized these partners as part of its input into the original growth and diversification plan that was completed in 2017. In 2018, and in concert with the state GO Virginia Board, and its technology consulting firm TEConomy, the council created a standing Innovation Committee to lead stakeholder sessions for the TEConomy report which resulted in an assessment of the status of innovation and business formation in the Region 3 footprint.

In late 2019, MBC and LOCED were contracted to bring their strengths to create a region-wide strategy. These two entities brought a level of technical skill that was unique, including business research, mapping capabilities that demonstrated use of electronic communication platforms to engage broad stakeholder audiences. The Region 3 Council approved the strategy Oct. 28.

“It is exciting to see the breadth and depth of the recommendations from these two experienced partners,” Region 3 GO Virginia Council Chairman Randy Lail said. “We recognize that building an entrepreneurial ecosystem is a long-term play, and the playbook that MBC and LOCED have provided is a realistic guide for our council. We are eager to begin investing in projects that implement this strategy and benchmark outcomes, as we strive to build a healthy economy in all parts of our region.”