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High Technology Foundation Receives $848,800 from U.S. Department of Commerce to Support Small Business and Entrepreneurial Growth in West Virginia
Federal Investment to Enhance Entrepreneurial Support
and Foster Technology Innovation Across West Virginia
FAIRMONT, WV — October 24, 2024 —The High Technology Foundation has been awarded $848,800 by the U.S. Economic Development Administration (EDA) to fund operational expenses for a statewide collaborative entrepreneurial assistance program. This initiative is part of the EDA’s commitment to foster economic development in regions impacted by the decline in coal industries. The project will be matched with $212,200 in local funds, bringing the total investment to over $1 million.
The program will provide critical support to entrepreneurs and small businesses in the technology sector across West Virginia. Through partnerships with TechConnect WV, the Chemical Alliance Zone, Marshall Advanced Manufacturing Center, and the U.S. Research Impact Alliance, the initiative will offer comprehensive technical assistance, including coaching, advising, and business development services.
Additionally, the grant will support the creation of the West Virginia Investor Collaborative, aimed at establishing a network of investors interested in funding technology-based businesses within the state. In collaboration with TechConnect WV, the Collaborative will organize events over the next 12 months to connect investors with entrepreneurs, fostering economic growth and innovation.
“We are excited to leverage this funding to enhance the entrepreneurial ecosystem in West Virginia,” said Jim Estep, President and CEO of the High Technology Foundation. “This program will enable us to provide vital resources, create new opportunities, and support the growth of small businesses that drive innovation in our region.”
The High Technology Foundation’s efforts are part of a larger, regionally coordinated economic development strategy, led by the Regional Intergovernmental Council (RIC) and supported by the EDA. These initiatives aim to diversify the state’s economy, promote private capital investment, and create high-paying jobs for the communities impacted by the transition away from coal.
This grant is funded under the EDA’s Assistance to Coal Communities (ACC) initiative, which seeks to support economic diversification, workforce development, and job creation in coal-impacted communities across the United States.
About the U.S. Economic Development Administration
The U.S. Economic Development Administration (EDA) promotes competitiveness and prepares the nation’s regions for growth and success in the global economy. As an agency within the U.S. Department of Commerce, the EDA invests in communities and supports regional collaboration to create jobs, foster innovation, and accelerate sustainable economic growth.
ABOUT THE HIGH TECHNOLOGY FOUNDATION
The High Technology Foundation is a 501(c)(3) non-profit organization based in Fairmont, W.Va., functioning as an engine of economic change for growing a statewide and regional high-tech business sector. The Foundation has established a multi-faceted approach to maximize economic growth, including emphasis on business infrastructure, research and development, and commercialization and workforce development.
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