A partnership of three area and state economic development agencies plans to use a $1.2 million grant from the Appalachian Regional Commission to help entrepreneurs get their fledgling businesses on solid ground.
The 3 Steps to Start Up is a business initiative of INNOVA Commercialization Group, an arm of the High Technology Foundation, plus TechConnectWV and West Virginia Jobs Investment Trust. It will be available to entrepreneurs and small business start-ups and will focus on 40 of the state’s 55 counties where energy and natural resource extraction industries suffered the most.
“The program may be viewed as a virtual incubator,” said Guy Peduto, director of INNOVA Commercialization, based in Fairmont. “Rather than having specific resources based in one location, this program can identify and bring together those statewide and national resources necessary to each specific entrepreneur, assemble the team and move the opportunity to market more efficiently and economically.”
The end goal of 3 Steps is to build collaboration in every area and stage and increase the number of new businesses in West Virginia.
“This will be done by strengthening the existing resources in West Virginia, incorporating regional and national resources not currently available,” in the state, Peduto said.
INNOVA will provide entrepreneurs who are entering the commercialization phase of their business plan with three areas of service: Technical assistance, professional services and mentorship. This includes an initial business assessment that will match the entrepreneurs with the right people who can provide support.
TechConnectWV, a statewide economic development organization specializing in the advancement of science, technology and innovation, meanwhile, will host two one-day events called Venture Fairs, where up to 10 of the most-promising businesses will be showcased to potential investors.
“These education and awareness seminars will target business and community leaders, influencers and innovators from across the state ultimately creating a robust pipeline of entrepreneurs and small businesses seeking start-up growth opportunities,” Anne Barth, TechConnectWV director, said in a statement.
The West Virginia Jobs Investment Trust — the state’s public venture capital fund — will leverage the $1.2 million and create an impact fund to provide businesses with early-stage financing, Peduto said a portal will also be created with information about 3 Steps along with an application for service. There is no charge to participate in 3 Steps.
“The application will be reviewed and a determination will be made if the entrepreneur is ready to enter the program,” Peduto said in an email. “If more preparation is necessary, they may be referred to the WV Small Business Development Center for additional preparation.”
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