Department of Economic Initiatives (DEI)

CONTACT INFORMATION: Our office is open 8:30AM-4:30PM M-F
703-324-5171 TTY 711
12015 Route 50, Suite 510
Fairfax, VA 22033
Rebecca Moudry
Director

DEI News and Notes

Below is a compendium listing of news articles and blog posts from the Department of Economic Initiatives. 


Fairfax Founders Fund Logo

November 3, 2023
  Fairfax County, VA – Fairfax County announced the winners of the first cohort of grant funding for the Fairfax Founders Fund. The five companies represent a group of visionary startups that exemplify local innovation and entrepreneurship. They were selected because of the potential of their innovative tech products and demonstrated business growth opportunities. The up to $50,000 in grant funding per business will provide a significant boost to their ventures, help them grow in Fairfax County, and showcase the region's dynamic and thriving startup ecosystem. The Fairfax Founders Fund is a Fairfax County Department of Economic Initiatives program designed to support early-stage, high-growth startups. The program provides grants and technical assistance to product and technology-based companies on the path to seeking institutional investments or awards and expanded customers. The primary objectives of the fund are to stimulate economic development, connect startups with local resources and partnerships, and promote economic mobility by ensuring that early-stage capital is accessible to entrepreneurs from diverse backgrounds. The Fairfax Founders Fund plays a pivotal role in nurturing innovation and entrepreneurship in Fairfax County and the region at-large. The grant recipients for the inaugural cohort are: NearStar Fusion, Chantilly, VA    BloomCatch, Centreville, VA   3D Orthobiologic Solutions (3DOS), Herndon, VA   Healp (fka Riley App), Fairfax Station, VA   Anapact / The Smart Headgear, Alexandria, VA (More information on these companies can be found here.) Fairfax Founders Fund is committed to fostering entrepreneurship and innovation in the Fairfax area by providing financial support and mentorship to startups. The grant recipients represent a diverse range of industries, demonstrating the potential for diversified economic growth in the region. "We are delighted to recognize and support these exceptional startups in Fairfax County," said Rebecca Moudry, Director Fairfax County’s Department of Economic Initiatives. "These grants will empower our local firms to advance their innovations, meet business goals, and drive economic growth and technological progress in our community." Applications for the second cohort for the Fairfax Founders Fund will open in late fall, 2023. Exact dates will be posted on the Founders Fund website.  For more information about Fairfax Founders Fund and the grant winners, please visit Fairfax County.gov and search “Founders Fund.” _______________________ The Fairfax County Department of Economic Initiatives (DEI) leads programs and initiatives to foster economic development and position Fairfax County to be an economically competitive and prosperous community for all. DEI delivers innovative solutions to cultivate a diverse and thriving local business base, facilitate development through public-private partnerships that address strategic priorities, and foster an entrepreneurial and innovative ecosystem within the County and the region, building on competitive economic strengths.    
THRIVE Logo
June 8, 2023
  County Seeking Business Coaches and Consultants to Power the Program [Fairfax County, VA June 12] — Fairfax County, renowned for its commitment to community well-being and progress, announces the launch of its groundbreaking initiative, THRIVE. Designed to empower and sustain local businesses. THRIVE represents the county’s continuing commitment to strengthen small businesses and encourage economic growth.  THRIVE is a technical assistance program dedicated to small business growth. Through this program approximately 600 businesses will receive targeted consulting services valued up to $10,000 to help them achieve unique business goals and continue their post-pandemic recovery. Fairfax County's Board of Supervisors allocated $7,000,000 from Fairfax County's share of the American Rescue Plan Act (ARPA) to fund THRIVE. The Latino Economic Development Center (LEDC) will serve as the program grant administrator. The first phase of THRIVE begins on June 26, 2023, to recruit business Coaches and Consultants via several RFPs to serve as technical advisors to THRIVE businesses. Links to the RFPs can be found on the THRIVE website. Specifically, the county, through its grant administrator LEDC, is seeking: Small business Coaches who will serve as eligible applicant case managers and help determine the targeted assistance. Business Consultants who will provide eligible applicants with up to $10,000 of technical assistance in their area of expertise. Areas of expertise being sought include: Hiring and Employee Retention Marketing and Brand development  Financial Planning  Online Sales or wWbsite Creation/Improvement  Real Estate, including lease negotiation, etc The second phase of THRIVE, the application period for businesses to receive technical assistance services, will open in mid-fall 2023. Key Dates June 26- August 4, 2023: Business Consulting and Business Coaching RFPs open Early Fall 2023: Business Consultants and Business Coaches Selected Mid-fall October 2023: THRIVE Program Opens to Small Business Applicants For more information on the THRIVE program and how to get involved, please visit Fairfax THRIVE!  Join us in shaping a vibrant future for Fairfax County! _________________________________________________________________ Fairfax County Department of Economic Initiatives (DEI) is a department of Fairfax County Government dedicated to fostering economic growth and positioning Fairfax County to be an economically competitive and prosperous community. DEI leads programs to cultivate a diverse and thriving local business community, facilitate place-led economic development, and strengthen entrepreneurship and the innovation economy. Fairfax County, located in the Commonwealth of Virginia, is a dynamic and diverse community known for its exceptional quality of life, robust economy, and commitment to sustainability. Home to a thriving business community, top-rated schools, and abundant recreational opportunities, Fairfax County has consistently been recognized as one of the best places to live and work in the United States. 
Fairfax Founders Fund Logo
March 17, 2023
  Fairfax Founders Fund Will Support Innovative and Disruptive Product-Focused Technology Companies Entrepreneurs looking to grow their businesses have a new funding option at their disposal. Fairfax County announced the Fairfax Founders Fund (FFF), a grant and technical assistance program providing funds to early-stage Fairfax County-based startups, will begin accepting applications on April 10. FFF will provide up to $50,000 in capital to help start-ups develop their business and prepare for later-stage investment. It is designed for early stage, high-growth trajectory companies seeking investment to develop. Goals of Founders Fund include expanding competitive technology clusters in Fairfax County and growing innovation-based businesses and jobs.  The county will allocate $1,000,000 from its Economic Opportunity Reserve Fund to capitalize the program. Applications for the first cohort will be accepted from April 10 through May 22. The program will seek companies who can demonstrate their company has innovative technology, a path to commercialization, a clear market opportunity, and development milestones. Recipients will be able to use the resources for prototype or product development, market research, customer acquisition, technology validation, legal costs and/or other approved areas. Importantly, Fairfax County will not take any equity in the companies supported through the fund. Applicants must provide a 50% match, which can be in capital or “sweat equity” and provide progress reports over a 5-year timeframe.   Fairfax County will conduct a broad marketing campaign with a focus on encouraging diverse and disadvantaged groups to apply including women, people of color, people with disabilities, and veterans who are traditionally underrepresented in tech product start-ups. Through Founders Fund the county hopes to foster economic mobility among founders of all backgrounds. Fairfax County is home to 8,800 large and small IT companies in a diversity of sector specializations. Businesses and research teams in Fairfax County are defining the cutting edge. From cloud computing and software development to artificial intelligence and data analytics, the “Silicon Valley of the East” continues to grow with more than 1 in 4 jobs being technology related. More information and applications can be found on the Fairfax County website at fairfaxcounty.gov search Founders Fund.  Fairfax County has instituted multiple initiatives to help businesses grow and recover. Programs including the Microloan Program, RISE Small Business Grant Program, PIVOT Recovery Grant Program and the Economic Recovery Framework, all spearheaded by the county’s Department of Economic Initiatives, have been foundational building blocks for the county’s economic recovery. Since 2020 the county has targeted more than $70 million in funding for community business support.  By the numbers – small business support snapshot: Small Business Support Grants (and Microloan): $52.6 million Fairfax RISE (Relief Initiatives to Support Employers) grants. Assisted small businesses and nonprofits in Summer 2020. $16.8 million for PIVOT Business Recovery grant program. Focused on the most impacted business sectors. Grants provided in late summer 2020. $1 million Small Business COVID-19 Recovery Microloan Fund. Loans given in Spring 2019 and transitioned to a revolving loan fund in 2021.  Total $70.4 million    _________________ The Fairfax County Department of Economic Initiatives (DEI) leads programs and initiatives to foster economic development and position Fairfax County to be an economically competitive and prosperous community for all. DEI delivers innovative solutions to cultivate a diverse and thriving local business base, facilitate development through public-private partnerships that address strategic priorities, and foster an entrepreneurial and innovative ecosystem within the County and the region, building on competitive economic strengths.  

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