West Virginia Executive Spring/Summer 2020 | Page 71

“Innovation, ideas and talent are equally distributed, but
opportunity is not. 3 Steps to StartUp levels the playing field.”
needs and product design/development.
The business strategy will be developed
with recommendations on how best to move
forward.
Entrepreneurs entering the commercialization
phase will have access to three buckets
of services: mentorship, professional service
and technical assistance.
The program’s mentor network provides
entrepreneurs with experience-based mentorship
and support from seasoned business
executives from across the state and nation.
Early-stage entrepreneurs also have access
to a diversified professional services network
of nearly 20 legal firms, accounting and
financial companies, technology review specialists,
sales and market forecasters and
others to assist with patenting or other specific
tasks. Startups will have access to grant
funding to help offset costs where needed.
A statewide and national network is available
to entrepreneurs who have need for
specialized technical assistance. Design,
prototype and beta testing contract firms
and entities are available to assist early-stage
entrepreneurs from concept through final
product development.
Step Three: Investment
The WVJIT is building an impact fund that
provides early-stage financing for 3 Steps
to StartUp participants and has partnered
with existing lenders and investors in the
region that are well-positioned to disseminate
funding to companies.
Catalyst for Change
The 3 Steps to StartUp program is led by
INNOVA Commercialization Group, a venture
development initiative of the High Technology
Foundation that provides access to
strategic planning, business devel opment,
networks of business expertise and earlystage
capital. TechConnect West Virginia,
which works to strengthen the state’s innovation
ecosystem, is providing program
awareness, networking and education. The
WVJIT, a public venture capital fund created
to expand West Virginia’s economy by making
investments in eligible businesses, is managing
the program’s investment impact fund.
The 3 Steps to StartUp program will serve
entrepreneurs statewide in West Virginia.
Upon completion of the 3 Steps to Start
Up program, an early-stage entrepreneur
will be aware of available resources and
engaged in regular networking opportunities;
be matched with mentors, professional service
providers and technical assistance that
match their businesses’ needs and grant
assistance to support these services as
necessary; and have access to the WVJIT’s
impact fund to help the company launch in
the market.
The goal of the program is to enhance the
startup pipeline and accelerate the development,
job creation, investment and market
introduction of new companies in West Virginia.
We know that innovation and good
ideas are equally distributed, but opportunity
is not. 3 Steps to StartUp is a catalyst for
change focused on providing opportunity—
and leveling the playing field—for West
Virginia innovators.
To learn more about the 3 Steps to StartUp
program or to apply, visit 3steps2 startup.com.
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