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The VABeachBio Innovation Challenge is Launching

Wednesday, March 22, 2017  
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The City of Virginia Beach is partnering with The Center for Advancing Innovation, a firm that has created more than 80 companies and more than 2,000 knowledge-based jobs by turning federally funded inventions into startup companies, to create the VABeachBio Innovation Challenge.  This challenge will be the first of its kind in America, bringing together entrepreneurs, industry and inventors who will compete to turn some of the most dynamic inventions from research labs into successful startup companies.

The challenge also seeks to help the region's large concentration of veterans in health, employment and education. Inventions utilized will be selected to target and improve veteran healthcare, and veterans will be given priority when competing to run the companies. Selected participants will also be mentored by the best minds in the biomedical business, including leaders from major pharmaceutical companies, investors, foundation leadership and universities. Local firms will have the opportunity to work with and mentor these entrepreneurs during the challenge.
Rosemarie Truman, founder and CEO of the Center for Advancing Innovation, said, "Through this unprecedented initiative, Virginia Beach is establishing a systematic paradigm that galvanizes and amplifies local and national resources to boost economic growth. I'm confident that this effort will be a force multiplier to power innovative veteran-led companies driving new technologies to improve patient health."

"This challenge will create jobs and allow for the translation of groundbreaking research into commercially viable products and services," said Virginia Beach Economic Development Director Warren D. Harris. "When companies graduate from the Challenge we will house them in our newly created VABeachBio Innovation Park, in the heart of the City's growing biomedical corridor. This opportunity will grow our biomedical footprint exponentially, boost our regional entrepreneurial platforms and establish Virginia Beach as a leader in veteran-specific healthcare and research."


To learn more about the challenge contact Virginia Beach Economic Development.

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