cover story
Virginia Tech’s Corporate Research Center is home to 180 research centers and private companies, employing 3,000 people.
much better story to tell today because there are many people working in many pockets to develop this entrepreneurial infrastructure.” Virginia Tech’s Center for Innovation and Entrepreneurship launched the VT Investor Network in 2014 to fund high-potential startups involving Tech grads, students and faculty members. So far, VTIN has invested a total of nearly $4 million in four companies, according to Jennifer O’Daniel, investment director for Virginia’s Center for Innovative Technology’s venture capital fund and the VTIN co-founder. “Tech is tapping a much larger universe of people outside the region,” says Whitt. “That’s a cool thing, because there is a finite universe of people we can tap regionally to spend a lot of time or money on a local startup.” But Whitt says the region needs to do even more to embrace entrepreneurs, especially those without access to the Tech network. “We need to find them, put our arms around them, help them and keep them here so they can grow their company here and be successful.” The regional business accelerator in Roanoke will be an important piece, Whitt says, because “the accelerator will offer a baptism by fire. The program will be heavy on programming and training with intense mentorship and intense accountability. We want to help you take this and get your idea to the 12
MARCH 2016
next level as quickly as we can.” The goal will be to help three to five high-impact companies a year. Whitt knows exactly the kind of entrepreneurs the accelerator should be looking for. A case study Nearly 10 years ago, Jonathan Hagmaier had recently given up his job as an assistant principal at a local middle school. As Whitt describes it, one day Hagmaier walked into an RBTC luncheon with an idea for a software product that would help
Jonathan Whitt says the region has done a lot to help entrepreneurs, but it needs to do more.
teachers better reach students based on their assessment scores. Whitt says people in the room recognized his potential immediately and realized they needed to help him get to the next level. Today, Hagmaier is CEO of Interactive Achievement, which has grown from two employees to 90 and recently expanded its offices in downtown Roanoke to 10,000 square feet. “This is the type of company we’re most excited about in terms of seeing them pop up in the region and stay here,” Whitt says. Hagmaier says he could not have built his company without the tremendous support he received from RBTC, the Roanoke Regional Chamber of Commerce and a number of successful mentors including Warner Dalhouse and Heywood Fralin. ”This is a place where people have heart and want to give,” Hagmaier says. “We do not sit where we sit today without those people. So many people who have gone through it around here are willing to mentor those coming up.” Samantha Steidle, innovation officer for workforce development at Virginia Western, says the accelerator will, by necessity, be far more selective than CoLab, which welcomes everyone. “The new accelerator will aim to identify far fewer high-potential, high-growth, early-stage startups and surround them with venture capital and highlevel advice for growth,” she says. Photos by Natalee Waters