Department Resources

Innovation Hub Initiative

Category: Capital Development

Approved: November 20, 2018

Innovation Hub Initiative

Project Status: Ongoing

Project Description:

Fairfax County partnered with Refraction, a non-profit which provides educational resources and entrepreneurial expertise to foster job creation and enhance the innovation ecosystem.

Refraction provides an opportunity for start ups and high-growth companies to be housed with similar companies. They provide mentoring and connections to potential customers and investors.

The partnership was contingent upon Refraction's commitment to remaining in Fairfax County for at least five years.

Refraction

FACTS AND FIGURES

Project Partner: Refraction, Inc

2024 Accomplishments:

Established LAUNCHPAD program to support FCEDA. Supported 4 target companies with;
- Subsidized Office Space
- Introductions & Mentoring
Hosted ecosystem events;
- Wharton DC Innovation Summit
- CONNECTpreneur Conferences
- NVTC Community Events
Supported the Fairfax Founders Fund by hosting a Pitch Clinic Event
Supported 15 Non-Profits & Charities
Subsidized 8 memberships for under-represented entrepreneurs, including; women, & people of color

Funding Summary:

County Investment: $1,000,000
Partner Investment: $2,000,000
Total Investment: $3,000,000

County Funding to Date: $1,000,000
Direct Revenue Generated: N/A

Project Milestones:

$1.56B in Capital raised by members & alumni
114 Member Companies served since 2018

$Refraction$

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Department Resources

Innovation Hub Initiative​

Innovation Hub Initiative​

FACTS AND FIGURES

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Innovation Hub Initiative

Innovation Hub Initiative