09 Launch of Team Virginia

There is new energy throughout the Commonwealth to highlight Virginia’s world-class business climate as well as ensure that Virginia consistently ranks among the top states in the country in all national business climate rankings.

Modeled after successful programs in other states (e.g., Georgia Allies), this new, 501(c)3 nonprofit partnership between VEDP and the Virginia Chamber Foundation officially launched in May 2021. Team Virginia will pool private resources to fund programming that raises awareness about Virginia among out-of-state C-level executives and top site selection consultants.

Team Virginia will engage in marketing activities intended to improve awareness among U.S. and international corporate executives and site selection consultants of Virginia’s attractiveness for business investment as well as its identified locations for development.

The ultimate goal of Team Virginia is to help advance and diversify Virginia’s economy, with all Virginia regions participating in that growth.

Outcomes of the effort will include: ■ Improvement in perception-based rankings ■ New leads from cultivated individuals/companies ■ Consultant and industry trade shows and events hosted in Virginia ■ Consultant and executive visits to Virginia

In FY21, Team Virginia partnered with business organizations in other states to fund an update to the Tax Foundation’s Location Matters, which compares the actual tax burdens companies face in all 50 states. Location Matters enables C-level executives to “evaluate the relative competitiveness of states in which they operate or states in which they are contemplating business investments” and helps site selection consultants to “screen states more quickly and accurately for consideration by their clients.” Location Matters’ tax competitiveness rankings are incorporated into the cost of doing business category in addition to other major national business climate rankings, such as CNBC and Forbes, further influencing corporate location decisions.

As the fiscal year came to a close, planning was underway to launch Team Virginia’s first marketing initiatives, including major trade show sponsorships and hosting top consultants in Virginia.

PARTICIPATING COMPANIES:

Members as of June 30, 2021