West Virginia Executive Spring/Summer 2020 | Page 70

3 Steps to
StartUp
Facilitating the
Growth of
West Virginia’s
Innovation Economy
3steps2startup.com
Innovation, ideas and talent are equally
distributed, but opportunity is not.
That maxim underlies the rationale for
the formation of 3 Steps to StartUp—West
Virginia’s first truly integrated, collaborative
and holistic initiative to assist technologyand
research-focused entrepreneurs in
taking their business concept from notepad
to marketplace.
We have all heard the statistics. West
Virginia entrepreneurs and innovators face
significant hurdles to business creation.
We struggle relative to neighboring states
to attract investment for startups; rank 49
out of 50 among states in adults becoming
entrepreneurs; place 45th in terms of business
births and patents per capita; and
receive fewer venture capital investments
with limited funding available for early stage
ventures.
These are just a few of the significant
impediments to diversifying West Virginia’s
economy from within.
To turn the tide, three West Virginia assistance
providers—INNOVA Commercialization
Group, the West Virginia Jobs
Investment Trust (WVJIT) and TechConnect
West Virginia—have launched the 3 Steps
to StartUp project. The initiative will generate
small business growth and economic
diversification by addressing three areas
of need for early-stage startup companies:
awareness and education, commercialization
assistance and investment.
Funded by the Appalachian Regional
Commission and the Claude Worthington
Benedum Foundation through a federal
Partnerships for Opportunity and Workforce
and Economic Revitalization, or POWER,
grant, the program builds on traditional
business assistance programs and adds a
suite of virtual resources. The overarching
purpose is to accelerate entrepreneurialism
and innovation to diversify the economy in
West Virginia.
The innovative program offers a range of
cutting-edge services and resources like those
found in more urban, tech-centric locales like
Silicon Valley and Boston. The program acts
as a virtual business incubator—an entrepreneur’s
toolbox with a structured modular
map for moving a concept forward.
Technology-focused, research-driven
entrepreneurs will have access to a wide
swath of assistance to carry them through
the startup lifecycle.
Step One: Awareness & Education
The first step of the program—awareness
and education—aims to identify potential
entrepreneurs, enlist their participation in
the program and engage them in networking
and education. 3 Steps to StartUp offers an
array of awareness and learning activities to
create a rich pipeline of entrepreneurs and
small businesses seeking startup growth
opportunities.
Networking events—which will include
high-level venture fairs, an online speaker
series and Linking Innovation, Industry and
Commercialization events—will facilitate
entrepreneurial education and program
participation. Training topics range from
corporate structure, intellectual property,
branding and marketing and sales strategies
to how to pitch to investors and much more.
Step Two: Commercialization
In the commercialization phase, a startup’s
status is assessed in terms of management
capacity, company formation, professional