Startup Virginia Idea Factory is a 7-week hybrid program designed to guide aspiring entrepreneurs through the process of refining, validating, and testing their business ideas. The program, designed for anyone in Virginia with a tech-driven or manufacturing-based business idea, offers resources, support, and training to help participants assess their readiness to become entrepreneurs. With a weekly time commitment of 10 hours, including participation in a mix of in-person and virtual workshops, the program is free of charge, thanks to a grant from GO Virginia and scholarships from the City of Richmond, Henrico County, and Chesterfield County. Further resources and support may be available for those who complete the program and commit to pursuing their business idea. Applications are open until February 1st for the Spring session, which kicks off on March 7th.
Program Overview
Startup Virginia is excited to offer another cohort of the Idea Factory, a 7-week hybrid program where aspiring entrepreneurs learn how to test, improve, and validate their business idea and get ready to create a product experiment, often called a “minimum viable product” (MVP). The application deadline is February 1st for the Spring session, which begins on March 7. You’ll find the program details below with more information on our website: startupvirginia.org/idea-factory.
The Objective
The Idea Factory exists to (1) lead aspiring founders through the process of testing, refining, and validating their ideas, (2) provide accessible resources and education for those considering entrepreneurship, and (3) enhance our region’s entrepreneurial ecosystem and economy by building a more diverse and equitable founder community.
Who’s it for?
Anyone in Virginia with a technology-driven or manufacturing-based business idea is welcome to apply. The Idea Factory will provide the training, resources, and support to test your idea and help you decide whether you are ready to take the next steps toward becoming an entrepreneur.
Time Commitment
- 10 hours per week for seven weeks
- Participation in 2 in-person and 4 virtual workshops on Tuesday evenings
- Check in weekly with a mentor or facilitator
- Willingness to talk about your idea with others, including interviewing strangers
Investment
It’s free! The $500 program fee has been waived thanks to a grant awarded by GO Virginia and scholarships granted by the City of Richmond, Henrico County, and Chesterfield County. Those who successfully complete the program, validate their idea, and plan to commit a substantial amount of time to pursue a new business will be considered for additional support and free resources to help them keep going.
Am I ready?
All you need is an idea and a willingness to explore starting something new to apply to the Idea Factory. You don’t need business experience, specific training or educational background, or to quit your day job. So yes, you’re ready! Apply at startupvirginia.org/idea-factory! (Applications due February 1st.)
Question & Answer
What is Startup Virginia Idea Factory?
Startup Virginia Idea Factory is a 7-week hybrid program designed to guide aspiring entrepreneurs through the process of refining, validating, and testing their business ideas.
Who can participate in the Idea Factory program?
Anyone in Virginia with a technology-driven or manufacturing-based business idea is welcome to apply for the Idea Factory program.
What is the time commitment required for the Idea Factory program?
The program requires a weekly time commitment of 10 hours for seven weeks, including participation in a mix of in-person and virtual workshops.
Is there a cost to participate in the Idea Factory program?
No, the program is free of charge thanks to a grant from GO Virginia and scholarships from the City of Richmond, Henrico County, and Chesterfield County.
What happens after completing the Idea Factory program?
Those who successfully complete the program, validate their idea, and plan to commit a substantial amount of time to pursue a new business will be considered for additional support and free resources to help them keep going.
