The Virginia Beach Economic Development Authority and Hampton Roads Partnership have joined together to launch the Virginia Beach Economic Gardening Initiative.
The economic gardening program will allow local entrepreneurs access to resources and information typically only available to larger, more established companies.
Specifically, the Virginia Beach initiative will provide high-tech research tools so participating companies can analyze their strategy and market dynamics. The program includes access to advice from seasoned entrepreneurs through a partnership with the Service Corps of Retired Executives.
In addition, companies will receive 35 hours of support from a national team with expertise in marketing, data analysis, geographic information systems, and social media. The program is available to 10 companies each year, and the first three companies selected include Morphix Technologies Inc., Virginia Toy & Novelty Co., and Klett Consulting Group Inc.
Economic gardening is a growing trend in economic development circles. Holding to the theory that entrepreneurs drive local economies, adherents support these smaller business owners by providing resources in the community to help businesses grow. This grass-roots approach, popularized by MIT researcher David Birch, is a complement to the more traditional economic development model of recruitment and retention.
The Virginia Beach Economic Gardening Initiative is an example of the innovative, pro-business environment that exists across the Commonwealth of Virginia. To learn more about the resources Virginia offers to help businesses succeed, click here.