Danville, VA (March 10, 2010) - The Danville Regional Foundation has awarded a grant of nearly $1 million to the Dan River Business Development Center to expand its virtual operational capacity to aid entrepreneurs in Danville, Pittsylvania and Caswell counties.
The grant of $912,000 is for three years. It will enable the Dan River Business Development Center (DRBDC) to expand incubation services in the region. DRBDC will use these funds to build on the broadband infrastructure to better serve affiliates - virtual tenants who benefit from the services and occasional use of facilities, but are not in-house tenants.
The funding will enable expansion of entrepreneurial development programs for coaching and counseling inclusive of peer-to-peer training, business plan competitions and executive roundtables. The initiative will target start-up and small businesses in the process of implementing growth plans - targeting technology based or professional services that have high growth potential in our region.
Mr. William Pritchett, Chair of the DRBDC Board said, "Through this grant, the center can build from the successes of the small business owners who are critical to the economic vitality of this region. This is a confirmation that small businesses will drive the economic transformation of our region as they will across the nation. We are pleased that the Danville Regional Foundation has acknowledged the importance of the center's service to tenants within the building, and enabled us to expand the services to an even larger group of companies."
The DRBDC opened as a non-profit corporation in April of 2001 with the leadership of the City of Danville and Pittsylvania County to support entrepreneurship in the region. Over the last four years, center tenants have created 1758 jobs, 355 jobs created by the very small companies who generated over $227 million in revenues and capital investments of over $54 million. Increased capacity will result in an expansion to an equal number of external tenants, and should also enable higher return on investment for in-house tenants.
In 2008 the center was recognized as a finalist for the National Business Incubator Award and became the top recognized mixed use incubator in the United States, based on performance. The same year, the center was recognized as the US' sixth International Soft Landings Incubator by NBIA, joining five other US incubators and six international ones who attained this certification from among more than 5,000 incubators worldwide. The DRBDC is the only east coast incubator south of Maryland, to attain this designation, signifying the DRBDC as the best location for an international business to incubate their US operations. More importantly, the DRBDC nurtures opportunities for entrepreneurs in this region. It is about supporting the climate of innovation and rewarding the efforts and results of these businesses.
The announcement was made at the Dan River Business Development Center, before DRF and DRBDC board members, tenants, graduates, and local leaders who have contributed to the success of the small businesses in the region.
Karl Stauber, DRF President and CEO commented that the "The Foundation sees this investment as critical to the economic transformation of this region. A change in culture toward entrepreneurism is needed in the region, including a willingness to plan and assess opportunities and take calculated risks to reach measurable goals."
"This grant will enable the DRBDC to serve more entrepreneurs in Danville, Pittsylvania and Caswell counties and support one of the major goals of the Foundation, strengthening our economy." said Carolyn Evans, Danville Regional Foundation Board Chair.
The Danville Regional Foundation is a catalyst for innovation and an agent for transformation. Understanding that significant community change takes time, the Foundation invests for the long term in efforts that promise sustained positive impact for the Dan River Region. DRF seeks to develop, promote and support activities that improve the health, education and well-being of the residents of the City of Danville and Pittsylvania County, VA and Caswell County, NC.
