FAIRMONT —
TechConnect West Virginia and INNOVA Commercialization Group hope their new program for entrepreneurs leads to success stories.
TechConnect and INNOVA recently announced the development of the StartUp West Virginia Venture program, which the U.S. Economic Development Administration and the State of West Virginia are funding.
“We’re very grateful for the support of both the EDA and the state to make this possible,” said Anne Barth, executive director of TechConnect.
As part of the EDA grant that it won last year, TechConnect put together a program to collaborate with INNOVA, she explained. As the “commercialization experts in the state,” INNOVA was the logical entity for TechConnect to partner with to help new companies in West Virginia get off the ground, experience growth and have the best chance for success.
INNOVA is an initiative of the West Virginia High Technology Consortium Foundation in Fairmont, and its programs are funded by the Claude Worthington Benedum Foundation, Appalachian Regional Commission, West Virginia Economic Development Authority and U.S. Department of Agriculture, said Guy Peduto, director of INNOVA.
TechConnect focuses on four technology areas: Biotechnology, advanced energy, biometrics, and chemicals and advanced materials.
“TechConnect is trying to spur growth in high-wage jobs and fast-growing technology sectors,” Barth said.
While entrepreneurs may have great ideas and be experts in a technology or service, they may not have the skills needed in business to understand the financial or legal aspects, she said. They often need help in organizing their business, writing a business plan, analyzing the market or finding capital, which is where INNOVA steps in, Barth said.
“The ultimate goal is to get new companies started that create new jobs in West Virginia and help expand the technology space and further diversify the economy,” she said of StartUp West Virginia Venture.
Peduto said the aim of the program is to assist those who have ideas that maybe aren’t fully developed and also to reach out to the different parts of the state to encourage people to bring their ideas to life.
“The services we offer will be business plan and strategic plan development and more fully fleshing out their idea, providing the professional resources they need to move forward,” he said.
Individuals or small businesses may not have access to this type of professional assistance, and the program is working to offer those services in a coordinated and strategic way, Peduto said.
Barth added that INNOVA’s experts will do an assessment of the entrepreneur or young company and see what startup services they need most. That assistance could include anything from executive mentoring and product development to assistance with legal and financial matters.
“Oftentimes one of the most pressing needs for new firms is a good understanding of the market,” she said.
Barth said entrepreneurs must understand who their customer is and who they’re going to sell their new service or technology to.
StartUp West Virginia Venture is a great opportunity for innovative firms that are trying to get started in the four targeted technology areas that TechConnect has identified, she said. This program will give companies expert advice and play a part in improving their chances of success.
After companies complete the program, INNOVA may continue working with some of them on an as-needed basis. INNOVA could keep assisting businesses during a one-year engagement to reach the strategic plan stage and continue to move forward, Peduto said.
“We are extremely happy to partner with TechConnect in this initiative leveraging the capabilities of both organizations in creating awareness and providing support for entrepreneurship and small business growth with a goal of growing and diversifying the state’s economy,” he said.
Once the first class is selected, TechConnect and INNOVA hope to hold a special event to recognize the participants. In the future, they hope to identify additional funding to sustain this program and offer it again, Barth said.
Interested persons can submit an application for the program by visiting innovawv.ecenterdirect.com/Welcome.action and clicking on the “Preliminary Application for Services” tab. The deadline for applications is June 22. For more information, visit www.techconnectwv.org or www.innovawv.org.
Email Jessica Borders at jborders@timeswv.com.
Business
Spurring growth
TechConnect, INNOVA hope to help entrepreneurs enjoy success
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