The maddening thing is, the person in accounting did exactly what they were supposed to do after receiving an email purportedly from their chief financial officer asking them to transfer tens of thousands of dollars to a different account.
“They called the CFO to make sure the email was accurate,” got the OK and made the transfer, says Dillon Behr, a cyber and executive liability broker at Falls Church-based Risk Placement Services Inc. (RPS), a wholesale insurance company. But it was actually the hacker on the phone, using an artificial intelligence-powered program that mimicked the CFO’s voice.
The scam worked.
Behr keeps up with the latest examples of cybercrime like this from news and industry sources because chances are good that, with the speed of advances in AI, one of his clients could soon encounter a sophisticated scam like this, he says.
After all, workers in all professional fields regularly encounter emails carrying attachments or links that can compromise security codes or other sensitive information. Even if it’s just a small amount of money stolen, it creates headaches for companies — and work for insurers.
Claims that result from compromised email are usually less than $50,000 apiece, says Chris Carey, administrator of VAcorp, a Roanoke-based insurance company whose clients are local government agencies in Virginia — cities, counties, towns and school divisions. In 2013, it began offering cyber insurance.
Less frequent but much more costly are ransomware events, in which a hacker ties up a customer’s systems or threatens to release bank account info, Social Security numbers or other private data on the dark web if a ransom isn’t paid. When something like that happens, the claim is likely to be closer to $150,000, Carey says, and VAcorp has to call on contractors to deal with computer forensics and others to deal with public relations. Although Carey’s clients are mainly municipal government agencies, the risks are similar for businesses.
“At organizations that didn’t have the best security in place, ransomware was hitting them hard,” says Alyson Rossi, senior vice president and executive professional practice leader at the Richmond office of Marsh McLennan Agency, a national insurance brokerage. “Sophistication of attacks was much greater.” Also, ransomware has shut down workplaces for 20 days or longer at a time. That can result in significant losses for some businesses, she notes.
Rossi says that although firms began offering cyber liability insurance in the late 1990s, there was a “seismic shift” in the frequency of cyberattacks in 2020, after many offices went virtual because of the pandemic.
All of a sudden, millions of employees were accessing databases remotely, and a lot of businesses were hosting their own data without secure encryption or multifactor authentication practices, leaving information more vulnerable to hackers.
And plenty of people were just not up to speed on basic security practices for a remote workforce, at least not at the start of the pandemic.
According to the FBI’s Internet Crime Complaint Center, the number of cybercrimes reported rose from 467,361 in 2019, costing victims $3.5 billion, to 791,790 reports in 2020, at a loss of $4.2 billion. Last year, the number of complaints was 800,944, and the amount of total losses rose to $10.3 billion.
Phishing was by far the most-reported type of cybercrime from 2020 to 2022, the FBI reports, and Virginia had the 12th most cybercrime victims in the nation last year, with 11,882 people reporting crimes to the FBI at a total loss of $205.4 million.
In January, wireless network T-Mobile was the victim of a cyberattack that exposed the personal data of about 37 million customers. A month later, hackers hit T-Mobile again, compromising data on more than 800 customers. Last year, IBM reported that the average cost of a data breach at U.S. companies was $9.44 million — a price that can include legal fees, lost revenue, ransom payments, audit fees and other costs.
Behr, who earned his master’s degree in security studies at Georgetown University in 2012 and began working in cybersecurity at Discover Financial Services in 2015, says that although some industries — financial and health care institutions in particular — were earlier adopters of cyber insurance, it took months of scary headlines or even a cyberattack at work for other companies to get the point.
Today, Rossi says, cyber insurance for any company “is not a nice-to-have. That’s a must-have.”
According to RPS’ 2023 cyber market outlook, 19% of its cyber claims in the first eight months of 2022 were from manufacturing companies and 12% from construction firms. That’s because those industries have larger business interruption risks than other kinds of businesses, the document says.
“A large manufacturer making widgets all day — you don’t think you have exposure to a data breach,” Behr explains. “But if you have a data breach that locks up your system, and you can’t make your widgets all day … you have to get IT forensics in there to see what happened. You could be down days or weeks, and that could potentially cost millions of dollars.”
What’s next in cybercrime
Although more businesses are aware of cybersecurity concerns than three years ago, there’s still education needed, insurers say.
“I think there are people out there who do not carry cyber insurance because they think they’re too small, and it doesn’t matter,” says Lisa Harmon, chief operating officer of Independent Insurance Agents of Virginia, which writes cyber insurance policies for other insurance agencies. “There are hackers who sit in coffee shops all day long and sit there and think of ways to hack. They’re getting more creative about it.”
A lot of factors change, including the modes of attack and which industries are under fire. Geopolitical events also can play a role, as countries with grievances against the United States — such as Russia, China or North Korea — support hackers attacking U.S. companies, Behr says.
In May, Carey was seeing more email compromise attacks — the kind of scams he calls a “nuisance” — and fewer ransomware attacks, compared with the year before. Behr says his workload is about 25% to 33% phishing-related, and compromised emails are the largest category of attack.
Behr also is seeing more hackers gaining access to companies’ cyber insurance information and demanding full payouts. For example, Behr says, if a business has a policy that pays up to $2 million, that’s how much the attacker will demand.
Carey says he’s also keeping a close eye on AI platforms that can help hackers mimic executives’ writing styles or even their voices, as well as cryptocurrency and blockchains, all of which he views as underregulated technology that creates opportunities for hackers to exploit. Even the expansion of broadband internet access in Virginia’s rural areas brings risks, he says.
However, the federal government — especially its enforcement arms like the FBI and the Department of Homeland Security — is working “materially better” with state and local governments on cybersecurity efforts, Carey says. But it’s still the government, and takes several months at its fastest to set budgets and allocate funds toward solving new problems.
“The problem is, [cyberattacks are] always evolving,” Carey says. “We could change our cyber policy every 90 days and still not keep up.”
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 success stories in key industries, including Embody Inc. in life sciences, ID.me Inc. in cybersecurity, Babylon Micro-Farms in agtech, DroneUp LLC in unmanned flight, Electra Aero Inc. in aerospace, and Attune in energy.
Recognizing the significant role that innovation contributes to Virginia’s economic future, Gov. Glenn Youngkin recently released a comprehensive economic development policy — “Compete to Win.” The policy includes innovation as one of six strategies to accelerate economic development in Virginia.
Youngkin’s plan will strengthen a statewide culture conducive to entrepreneurship by enhancing connections between businesses, universities, investors and talent, and by reducing burdensome regulations for small businesses and early-stage companies.
Connecting innovators with opportunity is the mission of the nonprofit Virginia Innovation Partnership Corp. (VIPC). VIPC is the operating arm of the Virginia Innovation Partnership Authority (VIPA), which was formed by the General Assembly to focus support for technology innovation and new company formation in the commonwealth. VIPC is committed to establishing Virginia as a top state for emerging technology businesses through new industry development, ecosystem building and commercialization via universities and the private sector, and equity investments that leverage follow-on venture capital.
VIPC’s investment programs include Virginia Venture Partners (VVP), which invests in early-stage companies by providing the seed funding necessary for an idea to take root and grow. VVP has invested in nearly 300 new companies, which created more than 9,000 jobs, mobilized more than 1,300 investors and leveraged $1.3 billion in third-party capital. Recent funding from the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI) adds significant new opportunities for founders — particularly those from underrepresented demographics.
Similarly, the grant opportunities VIPC offers are valuable resources to help budding entrepreneurs find their footing. The Commonwealth Commercialization Fund (CCF) is Virginia’s primary grant program designed to get new products off the bench and into the market. Since 2012, VIPC’s CCF has awarded more than $47 million to Virginia-based startups, entrepreneurs and university-based inventors. These grants assist innovators with critical early technology testing and market validation to reach customers with their innovative products and services.
VIPC has also established several strategic initiatives to advance nascent technology industries. For instance, the Virginia Smart Community Testbed in Stafford County explores solutions based on the Internet of Things (IoT). It is fully integrated with 5G broadband wireless communications and other new and emerging technologies for collaboration with smart cities around the country.
In 2019 and 2020, Virginia was named the best state in the country for unmanned aircraft systems (UAS) by Business Facilities magazine. This recognition was accomplished through pilot projects by VIPC’s Unmanned Systems Center and VIPC’s Public Safety Innovation Center, which is assisting with the development and implementation of new technologies for first responders.
VIPC programs and initiatives support the life cycle of innovation, from translational research to commercialization in support of regional and statewide innovation ecosystems and networks.
“Virginia must commit to taking strong action that builds upon a best-in-class business environment to attract far more new businesses, help our existing job creators grow, unlock world-class entrepreneurial creativity and reverse population losses,” Youngkin said when he released his economic development policy. “Now is the time to hit the accelerator and compete to win.”
At the Virginia Innovation Partnership Corp., we are excited about accepting that challenge.
Bob Stolle is president and CEO of the Virginia Innovation Partnership Corp. He was Virginia’s secretary of commerce and trade under Gov. George Allen.
The Diamond District’s first phase, expected to cost $627.6 million, includes a 9,000-capacity, $90 million-plus baseball stadium and a hotel with at least 180 rooms from a high-end brand, such as Hilton or Westin. The project also will include more than 3,000 rental and for-sale residential units, 935,000 square feet of office space, 195,000 square feet of retail and community space, and another hotel.
“This game-changer development will bring a high-quality baseball stadium, good-paying jobs, affordable housing, new small businesses, billions in investment, and green space,” Richmond Mayor Levar Stoney said in a statement.
As part of the agreement, the city transferred 61 acres of land to the Richmond Economic Development Authority for sale to development team RVA Diamond Partners LLC, which includes Richmond-based Thalhimer Realty Partners, Washington, D.C.-based Republic Properties Corp., Chicago-based Loop Capital Holdings LLC and San Diego venue developer JMI Sports.
Richmond is anticipating $118 million in financing for the stadium’s construction. The agreement sets $80 million as the minimum Community Development Authority (CDA) bond proceeds for the construction of the baseball stadium and public infrastructure, and the city will fund the first phase’s infrastructure with $23 million in Capital Improvement Plan General Obligation bonds.
Design work for the new stadium was scheduled to begin in May, with construction slated to start in August 2024 and finish by December 2025, and the Squirrels opening the spring 2026 season there — a year past a deadline previously set by Major League Baseball for all Minor League Baseball facilities to meet new standards. The Diamond, which opened in 1985, is considered too old to renovate and must be replaced.
The Squirrels are expected to sign off on the new stadium by July 1, the last hurdle remaining to keep the team in Richmond.
“City Council approval of the development agreement for the Diamond District is a big step in the continued revitalization of Richmond, one that the Squirrels are happy to be a part of,” Lou DiBella, president and managing partner of the Richmond Flying Squirrels, said in a statement. “We look forward to continued momentum with respect to the design and construction of our long-awaited home.”
Whether it’s aiming to solve a problem, build a better mousetrap or simply make a better life for themselves and their families, entrepreneurs start their businesses with a dream.
And it’s in recognition of these visionary innovators that Virginia Business is pleased to debut StartVirginia, a new annual publication devoted to startups and the entrepreneurial ecosystem.
Virginia Business Associate Editors Courtney Mabeus-Brown and Robyn Sidersky took the lead for this special issue, which is packaged with our regular June magazine and includes first-person elevator pitches from entrepreneurs, guidance on how to get started in government contracting, a list of early-stage and seed funding organizations in Virginia, and much more. We are indebted to the leaders at Virginia Innovation Partnership Corp., Startup Virginia, 757 Angels and Twin Cities Business (publisher of the StartMN guide to Minnesota startups) for their assistance and advice as we launched this publication with the same name as our magazine’s monthly StartVirginia page, which is also focused on all things innovative and entrepreneurial.
Innovation is about big ideas, and they don’t get much bigger than the Paul and Diane Manning Institute of Biotechnology, the subject of our June cover story. Deputy Editor Kate Andrews writes about how the Mannings are launching the University of Virginia institute with a $100 million gift and a vision for nothing less than curing “five or six diseases” and building a statewide biotech hub.
Also in this month’s issue, Assistant Editor Katherine Schulte takes an in-depth look at how Virginia is grappling with a nationwide shortage of primary care physicians; Andrews relates a terrifying tale of how AI is enabling growing cybercrime; and for LGBT Pride Month, Sidersky writes about how employee resource groups are advocating for LGBTQ+ workers at some of the commonwealth’s largest corporations. Finally, contributing writer Sydney Lake examines the speedy success of Virginia Tech Carilion School of Medicine, which graduated its 10th class of doctors in May and has quickly become one of the nation’s most competitive medical schools.
Speaking of success, I don’t get enough opportunities to praise the achievements of our team at Virginia Business, so I am proud to share that the magazine won 18 awards in the Virginia Press Association’s 2022 News & Advertising Contest, competing in the specialty publications category. As best as we can ascertain, this is the most awards Virginia Business has received in a single contest year in our nearly 40-year history.
Our staff swept the news writing portfolio awards, with Andrews, Schulte and Sidersky taking first, second and third places, respectively. Judges said Andrews “does an excellent job of offering context, humanity and accessible narrative to the variety of stories in her portfolio, from restaurants refusing patrons to [a] mass shooting to a complex credit [unions] story.”
Additionally, freelance illustrator Doug Fuchs was awarded a Best in Show plaque for his illustration of the Port of Virginia’s statewide infrastructure for the 2022 Virginia Maritime Guide, while Virginia Business Art Director Joel Smith won six awards for advertising design and co-won two other awards. Meanwhile, I took first place for column or commentary writing.
While we didn’t win this year’s VPA sweepstakes award — Richmond Magazine earned that honor — we have plenty to be proud of. Our dedicated staff of professionals work incredibly hard behind the scenes every day to produce this award-winning monthly magazine and annual publications like the Virginia 500, Hampton Roads Business, Virginia Maritime Guide and StartVirginia, not to mention our daily online news coverage and our email newsletters.
As Virginia Business’ owner and publisher, Bernie Niemeier, is fond of saying, we are small but mighty. And I am fortunate to work with such a mighty talented group of people.
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.
About the company:Produces modular, remotely controlled “micro-farm” units for indoor, vertical hydroponic farming
What makes your company stand out? Babylon Micro-Farms offers companies a sustainable way to grow fresh produce on-site in a way that removes the need for a “green thumb.” Our micro-farms are easy to use because they are remotely managed, offer full customer support and are designed for simple harvesting and maintenance.
The pitch: Babylon Micro-Farms builds, supports and remotely manages indoor hydroponic farms for commercial clients looking for turnkey, sustainably grown on-site produce. We created a commercial product that makes a client’s desire to grow their own food simply and effectively a reality. Our premier combination of remote management with customer support is built into a beautiful, yet functional and food-safe showpiece that checks all the boxes for commercial clients. Investors who are looking for stable, well-managed, and vertically integrated sustainable products should see what Babylon is doing as the smart way to bring this type of vertical hydroponic farming to market. We fill a niche that is often filled by poorly executed DIY gardens and unsupported internet junk. Clients from Ikea to Neiman Marcus want a push-start solution that is gorgeous and easy to use, and only Babylon delivers that.
About the company:Manufactures a patented electrolyte additive to prevent fires and explosions in lithium-ion batteries for electric vehicles
What makes your company stand out? Not only does the SAFIRE technology increase safety by preventing fire and explosion, but it also increases performance and stability of lithium-ion batteries. The SAFIRE technology does not require altering any existing manufacturing processes and can be easily integrated into a lithium-ion battery.
The pitch: In the same way the “Intel Inside” branding campaign in the early 1990s signified superior computer electronics, future lithium-ion battery-powered machines with “SAFIRE inside” will be deemed the safest on the market. Ultimately, our goal as a company is to provide safer batteries for the government and commercial sectors. The company’s core technology, SAFe Impact Resistant Electrolyte (SAFIRE), is the world’s first patented and proprietary drop-in additive for lithium-ion batteries that prevents fire and explosion through an instantaneous liquid-to-solid transformation upon kinetic impacts, such as in electric vehicle crashes. Safire Group has been awarded an exclusive license to five patents to date through its partnership with the technology’s inventor, Oak Ridge National Laboratory.
About the company: Time Study is a platform for conducting time studies in hospitals and health care settings.
What makes your company stand out? Time Study leverages machine intelligence and advanced analytics to conduct time studies with minimal disruption to a person’s optimal workflow.
The pitch: Time Study offers a platform that uses data science and machine intelligence to help health care enterprises understand how employees spend their time at work and the impact that has on the business and workforce. Hospitals will be able to prepare accurate financial reports in a fraction of the time while getting near-real-time insights that drive productivity and best practices. Many hospitals around the country use Time Study to work more efficiently and give staff a more rewarding experience by guiding them towards best practices that ultimately deliver better patient care.
About the company: Produces aerial drone lighting systems for worksites and tethered power systems for aerial drones
What makes your company stand out? While a drone is a central piece of our product, we are not like other drone companies. Typically, a drone company builds a drone for a very wide variety of uses, most of which require free flight (on batteries). In contrast, we have a purpose-built drone that is designed just to carry lights up and down, nothing more, and it is incapable of free flight.
The pitch: Blue Vigil is radically changing portable lighting to make construction sites and emergency/disaster scenes safer and more productive. Our Autonomous Aerial Light (ALED) is a person-portable area lighting system that mounts a high-intensity LED array on a tethered UAV, which can be positioned up to 100 feet above a job site. The ALED puts over 8,000 square feet of light on the ground, providing nearly twice as much coverage as towed light towers commonly used today. With the higher light positioning, the ALED eliminates dangerous glare and shadows, dramatically improving work zone safety and productivity. It is easier to transport, easier to position and easier to store. The ALED was recently named the 2023 Innovation Award winner by the American Traffic Safety Services Association.
What makes your company stand out? Sherah is the only personal assistant company that is focused on working moms and families, helps in person and virtually, has local market knowledge and relationships with vendors, and uses a gig workforce of moms.
The pitch:Sherah helps busy working moms and families get their personal to-do lists done so they stress less and have more time for the things that matter most. Our personal assistants, who are moms, too, understand all that comes with keeping a family and household running. We divide up your tasks and knock them out quickly in person and virtually. For employers, we help reduce burnout and increase retention among your most at-risk employees — women and caregivers — in management and above, particularly those caught between caring for small children and aging parents. We are a membership model with a recurring membership fee, plus $1 per minute for time completing tasks. We have yet to find a task we cannot or will not do. We even found a goat sitter so a member could take a vacation. Rise up, don’t give up.
About the company: Developing a driveline conversion program to convert large commercial trucks, including tractor trailer trucks, from diesel fuel to electric power
What makes your company stand out? TrovaCV is based on a unique enterprise model, with significantly lower fixed costs and capital expenditure required.
The pitch: The mission of TrovaCV is to accelerate the market acceptance of zero-emission commercial vehicles. We aim to achieve this by developing state-of-the-art battery electric drivelines and by developing a completely new vehicle platform. We also seek new emerging market opportunities for battery electric vehicles, such as our innovative repowering program, which converts existing diesel vehicles into battery electric vehicles. In this way, we extend the life of commercial vehicles with at least 10 more useful years. The total addressable market for repowering is estimated to be over $400 billion. TrovaCV is now at a stage ready to industrialize its developed products for which it is raising the capital needed. TrovaCV is also actively looking for the right location and state to be in.
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 in 2018. Months after Altria’s investment, Juul’s value fell under an avalanche of civil lawsuits over accusations that its products were being marketed to minors. The May settlement covers approximately 50 class-action lawsuits, 4,500 personal injury suits, 1,500 governmental entity actions and 1,400 school district cases, as well as 750 state lawsuits. (VirginiaBusiness.com)
The Virginia Department of General Services has declared the Central Virginia Training Center property in Amherst County as surplus, an expected step to redevelop the 380-acre campus near the James River, according to a May announcement by Lynchburg Regional Business Alliance. CVTC, a former state-owned center for people with disabilities, closed in 2020. By marking the property as surplus, Amherst’s Economic Development Authority and/or its government have less than 180 days to submit a proposal to purchase the property. If either decides to submit a proposal and it is viable and of benefit to the commonwealth, then the department will negotiate; otherwise, the property will be offered for public sale. (The News & Advance)
Industrial power equipment manufacturer Delta Star Inc. will invest $30.2 million to expand in Lynchburg, creating an estimated 149 jobs, Gov. Glenn Youngkin announced May 3. The company will add 80,000 square feet of manufacturing space to its 300,000-square-foot facility and will consolidate its headquarters and office functions in an adjacent 14,000-square-foot corporate building. Virginia competed with California and Pennsylvania for the project. (VirginiaBusiness.com)
Timmons Group, the largest engineering and technology company in the Richmond region, will develop a 150,000-square-foot office building at the Springline at District 60 site in Chesterfield County. The five-story building will be the new corporate headquarters for 400 Timmons employees. The Spring Rock Green property was purchased by the county in 2021, and offices will house employees from Chesterfield County Public Schools and the Department of Economic Development, in addition to Timmons. The new property will also include residential, retail, and sports and entertainment venues. (Richmond Times-Dispatch)
VCU Health paid $72.9 million to back out of a $325 million development deal earlier this year, according to a May 5 announcement by Dr. Marlon Levy, CEO of the health system and Virginia Commonwealth University’s interim senior vice president for health sciences. The project included plans for a medical office tower and multiuse project in downtown Richmond at the site of the city government’s former Public Safety Building. Levy said that the original plans were developed before the COVID-19 pandemic, and construction and other challenges made the project “impossible,” adding that it would have caused “long-term financial repercussions.” (VirginiaBusiness.com)
Minor III
PEOPLE
Former Owens & Minor Inc. Chairman, President and CEO G. Gilmer Minor III, 82, died on May 4. During his 1981 to 2005 tenure leading the Hanover County-based Fortune 500 corporation, he shepherded its growth from a less than $300 million-a-year medical supply firm to a $4.82 billion powerhouse. The great-grandson of one of the company’s founders, he was with the company for his entire career, starting in 1963. He worked in sales, operations and management capacities before becoming president in 1981 and CEO in 1984. He was elected chairman in 1994. In 1999, he relinquished the president’s title but remained non-executive chair of the company until 2013. (Richmond Times-Dispatch)
EASTERN VIRGINIA
Costs are rising for the Atlantic Park surf park project again, and Virginia Beach City Council will consider shuffling millions of dollars around in the city’s $2.5 billion proposed budget to pay for it. The city’s proposed reconciled budget includes an additional $12.5 million to cover more utility upgrades and construction of the entertainment venue. The city already is on the hook for $140 million for the $335 million project being built at the Oceanfront. Venture Realty Group, which is developing Atlantic Park with music icon Pharrell Williams, closed on financing for the project in March. (The Virginian-Pilot)
Beginning June 1, Virginia Beach-based unmanned flight solutions company DroneUp plans to launch a project to deliver medications via drone to Eastern Shore and Tangier Island patients as part of a collaboration with Riverside Health System and the Virginia Institute for Spaceflight & Autonomy (VISA) at Old Dominion University, among other partners. The project received $1.877 million in funding from the U.S. Department of Transportation’s SMART Grants Program as one of 59 winning proposals out of a pool of 389 applications. (VirginiaBusiness.com)
When teacher Abigail Zwerner was shot by a 6-year-old student at Richneck Elementary School in early January, it was a “workplace injury” that arose from her job, lawyers for the Newport News School Board contended in a new filing in late April. As such, Zwerner’s pending $40 million lawsuit must be tossed and she should instead file a workers’ compensation claim for her injuries, the board’s lawyers maintain. The board’s attorneys, from the Virginia Beach law firm Pender & Coward, cited the “unfortunate reality” that teaching in the United States — even for first grade teachers like Zwerner — isn’t without its dangers. The filing, submitted by attorney Anne C. Lahren, requested that a Newport News Circuit Court judge throw out Zwerner’s lawsuit before it gets off the ground. (Daily Press)
Retired Dominion Enterprises Inc. President and CEO Conrad M. Hall donated $1 million to Norfolk State University, the university announced May 5. The gift from Hall, who serves on NSU’s board of visitors, will support the creation of an endowed chair, the Conrad M. Hall Endowed Chair in Constitutional and U.S. History, in NSU’s Department of History and Interdisciplinary Studies and its political science department. “Preservation of our history is imperative to our nation staying true to its founding,” NSU President Javaune Adams-Gaston said. “This professorship will have an enduring impact on our scholars and their understanding of the underpinnings that make our nation great.” (VirginiaBusiness.com)
Rivers Casino Portsmouth agreed to pay $275,000 in March after the Virginia Lottery spotted several alleged gaming violations, including “underage and voluntarily excluded persons” at the casino. The lottery, which regulates casinos throughout the commonwealth, worked with the casino to review alleged violations of the Casino Gaming Law, according to a settlement agreement between the two entities. Other violations focused on licensing requirements for slot machines and
Andris
unauthorized games. (The Virginian-Pilot)
PEOPLE
Mary Kate Andris has been named the next president and CEO of the Norfolk-based Civic Leadership Institute. Civic, which aims to connect executive leaders to improve life in Hampton Roads, runs an eight-month executive program, recognizes philanthropic leaders with its Darden Awards, and hosts a scholars’ program for Old Dominion University and Tidewater Community College students. Sarah Jane Kirkland, the institute’s previous president and CEO, left Civic to become ODU’s associate vice president for corporate partnerships in March. (VirginiaBusiness.com)
NORTHERN VIRGINIA
Irish air carrier Ryanair plans to order as many as 300 737 MAX-10 aircraft from Arlington County-based Fortune 100 contractor Boeing Co. in a $40 billion deal, the companies announced May 9. Subject to approval by Ryanair’s stockholders, the deal includes a firm order from the airline for 150 aircraft and an option for another 150, with delivery to start in 2027 and continue through 2033. About 150 of the 737 MAX-10 jets will replace older jets in Ryanair’s fleet. The jets are expected to grow Ryanair’s passengers from 168 million to more than 300 million annually by 2034, creating 10,000 jobs for pilots, cabin, crew and engineers across Europe. (VirginiaBusiness.com)
George Mason University‘s School of Business will be renamed for the late Donald G. Costello, who left the university $50 million, the largest individual gift in GMU’s 50-year history. Costello, who died in 2017 at the age of 75, was born in Leesburg and in 1976 co-founded Haymarket-based Century Stair Co., which became the East Coast’s largest stair manufacturer. The bequest, announced April 27, will also establish an endowment for undergraduate and graduate scholarships for business students. (VirginiaBusiness.com)
After slowing its cryptocurrency purchases and selling a portion of its holdings for the first time, Tysons-based MicroStrategy Inc. shelled out $179 million for 7,500 bitcoins during the first quarter of 2023. It was the largest number of bitcoins MicroStrategy, the largest public corporate holder of the cryptocurrency, had bought in a single quarter since the final three months of 2021, and it signals the tech company’s intention to continue accumulating bitcoin despite
its wild price swings, President and CEO Phong Le said on an earnings call May 1. (Washington Business Journal)
Northern Virginia Community College and Google LLC on May 4 announced a partnership on an entry-level certificate in cybersecurity. The certificate can be completed online in under six months of part-time study with no degree or experience, and state residents can take the course through the Virginia Ready Initiative, a nonprofit co-founded by Gov. Glenn Youngkin in 2020 to retrain employees to work in high-demand fields. Google’s certificate program includes a consortium of more than 150 companies that hire employees with certifications, including American Express Co., Colgate-Palmolive Co., T-Mobile and Walmart Inc. (Inside NoVa)
On May 12, the Washington Commanders confirmed that team owner Dan Snyder reached a deal to sell the Ashburn-based football team to an investor group led by Maryland billionaire Josh Harris and including NBA legend Earvin “Magic” Johnson and Danaher Corp. co-founder Mitchell Rales. Terms of the reported record $6 billion sale were not immediately released. The deal was expected to be approved by the NFL and team owners by late May. Meanwhile, Loudoun County officials are pursuing discussions with the franchise to bring a stadium for the Commanders to a portion of the Chantilly Crushed Stone/Loudoun Quarries property currently planned for the Waterside mixed-use development. (Loudoun Times-Mirror, VirginiaBusiness.com)
PEOPLE
Arlington County Board of Supervisors member Katie Cristol will step down early to take a job as the first permanent CEO of the Tysons Community Alliance. Cristol will assume the role on July 5, relieving acting CEO Richard Bradley. In October 2022, the Tysons Community Alliance replaced the Tysons Partnership to focus on economic and social development in the area. Cristol was elected to the Arlington board in November 2015, serving as chair in 2018 and 2022. In November 2022, she announced she would not seek reelection. (VirginiaBusiness.com)
ROANOKE/NEW RIVER VALLEY
Bank of Botetourt is planning branches in Roanoke and Rocky Mount as executives grow one of the few locally based banks. The expansion will mark the bank’s entrance into Roanoke city. That branch will be at Melrose Center, a $30 million community center that Goodwill Industries of the Valleys plans to open by the end of 2024 on Melrose Avenue in northwest Roanoke. The bank’s Rocky Mount branch, in the seat of Franklin County, is expected to open in summer 2024. (The Roanoke Times, WSLS)
Layman Distributing, a woman-owned wholesale distributor of convenience and grocery store products, will invest $6.8 million to expand in Salem, adding 42 jobs, Gov. Glenn Youngkin announced May 5. The company will relocate to a facility at 2157 Aspersion Drive, doubling its current square footage and operational capacity. Founded in 1948, the company is currently located at 1630 W. Main St. in Salem. “This new facility will increase our efficiency so we can continue introducing new product lines, optimize inventory levels and provide new services,” said W. Scott Thomasson, the company’s vice president of sales, purchasing and warehouse operations. (VirginiaBusiness.com)
Builders of the Mountain Valley Pipeline said May 2 that construction of the natural gas pipeline could resume this summer but also acknowledged that continued legal battles might further stall the long-delayed project. “We see a path to obtaining all approvals by early summer. And while narrow, this would give us the opportunity to complete construction by late 2023,” said Thomas Karam, chairman and CEO of Equitrans Midstream Corp., the lead partner in the joint venture. Karam spoke during a conference call with financial analysts to discuss the company’s 2023 first quarter results. The last major forward construction on the project took place in fall 2021. (The Roanoke Times)
Virginia Tech-focused independent sports marketing agency Triumph NIL LLC has acquired fellow marketing agency Commonwealth NIL LLC, the two companies announced in early May. It marked the latest business development in the new and rapidly growing world of college student-athletes earning money from their own publicity rights. Nearly two years after a U.S. Supreme Court decision allowed college athletes to earn NIL — or name, image and likeness — compensation, students are cashing in with a variety of promotional products and services, from autographs and apparel to personal appearances and customized video messages. Under the terms of the deal, Christiansburg-based Commonwealth NIL will cease operations. Triumph NIL is based in Blacksburg. (Cardinal News)
Virginia Western Community College and Radford University are teaming up to support community college students who want to pursue a bachelor’s degree in biology. On May 1, the schools signed an articulation agreement to offer eligible VWCC students guaranteed admission to Radford. Eligible VWCC students must complete an associate of science degree with a specialization in biotechnology, must major in biology at Radford and complete at least half
of their requirements for the major there. (Cardinal News)
PEOPLE
Dr. John A. Jane Jr. will be the first chair of Carilion Clinic‘s newly formed neurosurgery department beginning June 19, the Roanoke-based health system announced April 25. “Dr. Jane will join a strong neurosurgical team at Carilion,” Dr. Daniel Harrington, Carilion’s interim chief medical officer, said. “We’re excited to continue expanding our program with such a capable leader.” Jane comes from UVA Health and specializes in the treatment of pituitary tumors and techniques that are minimally invasive to the brain. (VirginiaBusiness.com)
SHENANDOAH VALLEY
Staunton-based Farm Credit of the Virginias, a cooperative lending institution that serves Virginia, West Virginia and western Maryland, said in April it would return $30 million to its customers that month through its annual patronage program. Its board of directors voted to return 70% of Farm Credit of the Virginias’ 2022 net profits to its customer-owners. The program effectively lowers the cost of borrowing from the institution, and this $30 million distribution equates to having an interest-free loan for three-and-a-half months and represents about 30% of the interest accrued on loans. (Daily News-Record)
In a work session May 1, most Front Royal Town Council members and Mayor Lori A. Cockrell voiced support for maintaining the Front Royal Economic Development Authority. The council formally established the EDA in March 2021, when the Front Royal-Warren County EDA was mired in financial and legal challenges, and it had its first board meeting in January 2022. The FREDA board last met in July 2022. The council next needs to appoint three directors following two expired terms and one resignation. (The Northern Virginia Daily)
Shenandoah University received a $100,000 challenge grant from The Mary Morton Parsons Foundation for its Hub for Innovators, Veterans and Entrepreneurs (HIVE), the university announced April 17. The university is renovating its former National Guard armory building to hold the HIVE, which will feature an innovation accelerator for tech business startups, expansions and relocations, as well as veteran support. The grant is contingent upon Shenandoah University raising an additional $100,000 by Nov. 30. The funding would ensure that the project remains on the expected timeline, according to DeShon Foxx, the university’s assistant vice president for advancement. (News release)
Valley Health President and CEO Mark Nantz is “very optimistic” about 2024 contract negotiations with Anthem Blue Cross and Blue Shield, he said during the health system’s May 9 annual corporation meeting. If the entities do not renew the current contract, set to expire Dec. 31, Valley Health would be out-of-network for roughly 55,000 Anthem patients who seek care at its facilities annually. In April, Valley Health and Anthem reached a settlement on the suit that Valley Health filed in October 2022 to recoup $11.4 million in past due payments. The suit increased to $15 million, but the settlement terms are confidential.
(The Winchester Star)
Implementation of a flight network for unmanned aircraft in Winchester is expected to occur late this year, according to John S. Eberhardt III, chief technology officer of Great Falls-based data science and engineering company Advanced Technology Applications LLC (ATA LLC). Eberhardt has been part of a local effort to make Winchester a drone manufacturer and service provider hub. Using the Virginia Flight Information Exchange (VA FIX) platform, the flight network will create a zone to track drones, monitor unsafe practices and determine the location of drone operators who are not following flight rules. (The Winchester Star)
O’Donnell
PEOPLE
Christendom College President Timothy O’Donnell announced in early May he will retire after the 2023-24 academic year. O’Donnell has helmed the private Catholic liberal arts college in Warren County for more than 30 years. In that period, undergraduate enrollment increased from 144 to nearly 550, and its endowment swelled from $200,000 to more than $28 million. After a sabbatical, O’Donnell will serve as a member of the college’s board of directors and a professor of history and technology. The board of directors has created a search committee that is working with Hand & Associates to find his replacement. (The Northern Virginia Daily)
SOUTHERN VIRGINIA
Companies owned by West Virginia Gov. Jim Justice and his family say they are involved in a “significant lending dispute” with Martinsville-based Carter Bank & Trust. Jay Justice, president and CEO of the companies and the Republican governor’s son, said in late April that the companies and the bank have been unable to reach an agreement to pay off more than $300 million in loans. The companies have a plan in mind but claim that Carter Bank & Trust “currently enjoys more than
$20 million a year in interest revenue from the Justice businesses” and “refuses to seriously discuss such payoff proposals.” (Cardinal News)
Just days before a temporary casino opened in Danville, a new regional tourism brand was unveiled May 10: Visit SoSi. The new marketing campaign ties in the affiliation with Southside Virginia with a new twist by playing off the sounds of “so” and “see,” explains tourism manager Lisa Meriwether. When the full Caesars Virginia casino opens next year, more than 2 million visitors are expected to flood into Danville. Visit SoSi emerged as the top winner for the area’s new slogan through a 9-month development period that included 2,000 surveys and 16 focus groups. (Danville Register & Bee)
Dominion Energy Inc.‘s latest long-range plan for meeting electrical demand over the next 15 years proposes to extend the lifespan of gas- and coal-burning plants in Virginia, including the Clover Power Station in Halifax County through this decade and next. The Fortune 500 utility’s updated Integrated Resource Plan, filed with the State Corporation Commission in early May, pushes back the projected date for potentially closing the Clover power plant until 2040. Other Dominion units that were tentatively slated for closure over the next few years — including South Anna, Chesterfield Units 7 and 8, Possum Point, Ladysmith, Elizabeth River, Darbytown and Bear Garden — will also likely remain operational, based on current demand projections, until 2044 or 2045. (SoVa Now)
Halifax Town Council voted in early May to have the Crawford Solar Project looked into once again by the Halifax Planning Commission. In March, the 5-megawatt facility was denied a special-use permit on a 5-1 vote by the council, following numerous public hearings held to debate its potential impact on the town. The facility would take up an estimated 45 acres of an 85.8-acre parcel of land on Crawford Road owned by local businessman Kenneth Hodges. The project developers are esaSolar and Apex Clean Energy. (SoVa Now)
A new $230,000 grant from AmeriCorps will extend and strengthen a health care initiative in the Dan River Region, the Institute for Advanced Learning and Research announced in early May. Specifically, the grant will funnel funds to a local AmeriCorps program known as REACH — Regional Engagement to Advance Community Health. Operated by the federal agency for service and volunteerism, REACH provides services such as public health workshops and education outreach. (Danville Register & Bee)
The Virginia Employment Commission planned to close its customer call center in South Boston in June, trimming 41 jobs of 157 total positions that the VEC is eliminating statewide. The closing of the South Boston call center, located at the Southern Virginia Technology Park, will leave the VEC with one call center in operation in Buchanan County, near the town of Grundy. The last day for the South Boston center will be June 9. VEC spokesperson Joyce Fogg confirmed the call center will be shuttered, affecting 19 classified employees, with the other job losses falling on temporary and wage employees. The job reductions are the result of long-anticipated cuts in federal funding following the pandemic. (SoVa Now)
SOUTHWEST VIRGINIA
Appalachian Power Co. filed a plan in May with the state to build several miles of new high-voltage power lines and a new electrical substation at an industrial park in Carroll County to attract large industry and jobs. The 273-acre Wildwood Commerce Park, located in Hillsville off Interstate 77, has two graded, pad-ready sites — one 100 acres and the other 25 acres — that could accommodate businesses, but no companies have set up shop there. If approved, the utility plans to begin construction on the 138-kilovolt transmission line extension and substation this year and complete the project late next year. (Cardinal News)
Minnesota-based Cardinal Glass announced in late April a $40 million expansion at its facility in the Oak Park Center for Business and Industry in Abingdon. The company, which makes glass for residential windows and doors, expects to create about 30 jobs, which would increase employment in the park by about 10%. Cardinal Glass bought the former AGC Glass Inc. plant in 2021 and has already begun its 215,000-square-foot expansion. More than half of the expansion is under roof,
and constructor J.A. Street & Associates expects to complete the building by the end of 2023. (Bristol Herald Courier)
The Hard Rock Hotel & Casino Bristol brought in more than $13.8 million in adjusted gross revenues from slots and table games in March, according to a late April Virginia Lottery news release. The casino reaped about $11.89 million from its 888 slot machines and $1.9 million from 29 table games. The lottery received more than $2.48 million in taxes from the casino’s March revenue. Of that, the Regional Improvement Commission will receive $828,262, and the Problem Gambling Treatment and Support Fund will receive $19,878. The Family and Children’s Trust Fund will receive $4,969, and about $1.6 million will remain in the Gaming Proceeds Fund. (Bristol Now)
The Smyth County Board of Supervisors approved Grow Smyth County, a new program to address the county’s need for housing, in late April. The county and the Mount Rogers Planning District Commission will partner on the project, and the county will direct $3 million of American Rescue Plan Act funds into a revolving loan fund for housing. The supervisors implemented a 1% interest fee on loans, and the program is expected to yield about 100 homes. Marion and Smyth County are facing a 1,000-plus housing unit shortage, according to a report that Marion officials reviewed in March 2022. (Bristol Herald Courier)
The University ofVirginia’s College at Wise received a $24,840 grant as part of a statewide effort to turn federal work-study jobs into work-based learning opportunities. The State Council of Higher Education for Virginia announced more than $142,000 in grants from the Virginia Talent + Opportunity Partnership to four institutions in early May. U.Va. Wise will use its one-year grant to plan an implementation strategy for converting its federal work-study positions into internships. In the planning year, the university will invite stakeholders from across campus to provide input on the transformation. (The Coalfield Progress)
Wise Town Council unanimously passed an ordinance to create an economic development authority during its April 25 meeting. The EDA will promote development through small business startup planning, business mentorships, loan programs and grant opportunities, and it will be able to acquire, lease and sell property. The town created an economic development committee to draft the EDA’s framework and appoint its seven board members. Town Planner Reagan Walsh, Town Manager Laura Roberts, Events Coordinator Natasha Proulex and council member Caynor Smith serve on the committee, and Mayor Teresa Adkins chairs. (The Coalfield Progress)
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Sign In
Free Newsletter
