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A new economy
Welcome to the inaugural edition of StartVirginia, a product of Virginia Business magazine. While our editors have chronicled the economy of our commonwealth for more than 37 years, it’s almost impossible to start at the very beginning. Our state traces its business beginnings to the Virginia Company, chartered in 1606 by King[...]
Lynchburg center to lift entrepreneurs
Months before its opening in late summer or early fall, Lynchburg’s new Center for Entrepreneurship already has gathered about 15 applications from local business owners and professionals seeking to mentor those launching or looking to grow their own companies. That’s a positive sign, says Stephanie Keener, executive directo[...]
Commentary: Compete to win through innovation
Innovation and startups are key elements of a vibrant and healthy economy. Startups are responsible for most of the significant technological breakthroughs in recent years, and these new businesses create jobs, drive market competition and lead to a higher standard of living. Virginia has helped launch many great innovation succ[...]
The elevator pitch
Virginia’s startup scene is rich with new businesses as diverse as the regions of the commonwealth. Virginia Business asked startups to send us their best pitches for what makes their businesses innovative, and we’ve spotlighted some of our favorites below. BABYLON MICRO-FARMS Richmond CEO: Alexander Olesen Founded: 2017 Capital raised: $15 million Employees: 35 About […]
For The Record June 2023
CENTRAL VIRGINIA Henrico County-based Fortune 500 tobacco manufacturer Altria Group Inc. settled at least 6,000 state and federal lawsuits related to its stake in Juul Labs Inc. for $235 million in May. The settlements will be paid in the second quarter of 2023. Altria purchased a 35% stake in e-cigarette company Juul for $12.8 billion […]
Ecosystem insights
Leaders from across Virginia’s entrepreneurial ecosystem discuss investing in new companies, challenges facing startups and advice for success. KAREN BOOTH ADAMS CEO, Hot Technology Holdings LLC Richmond What do you look for when you’re investing in a startup? The most important thing I look for when investing in a startup is the tenacity, drive, intelligence […]
June 2023: Heard around Virginia
Agricultural biotech startup AgroSpheres will invest $25 million to expand in Albemarle County, creating an estimated 50 jobs, Gov. Glenn Youngkin announced May 4. The company, founded in 2016 by Payam Pourtaheri and Ameer Shakeel when they were undergraduates at the University of Virginia, will increase production at its facility at 1180 Seminole Trail and […]
StartVirginia: May 2023 Heard around Virginia
Richmond-based Babylon Micro-Farms Inc. raised $8 million in a series A funding round led by VentureSouth, the company announced April 4. The money will help expand go-to-market efforts and grow the company’s client base in the U.S. and beyond. Founded in 2017, Babylon enables businesses and communities to grow produce, and its software remotely manages […]
CarLotz, Need Supply founders launch schools startup
For about a decade after meeting at a business function, Michael Bor and Chris Bossola met for lunch periodically, swapping stories about their shared experiences in launching and scaling companies. Their conversations eventually landed on what they say could transform funding for public schools nationwide. The two have plenty o[...]
Lighthouse Labs exec jumps to 757 Angels, 757 Collab
Paul Nolde, executive managing director of Lighthouse Labs in Richmond, will be the new managing director of Norfolk-based 757 Angels and 757 Collab. He replaces Monique Adams, the current executive director of 757 Angels and managing director of 757 Collab, who will leave the organizations this summer. Nolde starts his new role[...]
