What the region’s corporate history reveals—and why our next chapter has already begun.
For more than 70 years, the Fortune 500 has tracked America’s largest companies by annual revenue. Making the list is a milestone few businesses ever reach.
Since 1995, just six companies headquartered in Hampton Roads have appeared on the Fortune 500: Amerigroup (acquired by WellPoint), Dollar Tree, Ferguson Enterprises, Huntington Ingalls Industries, Norfolk Southern (headquarters relocated to Atlanta), and Smithfield Foods (acquired by WH Group).
Our analysis of Fortune 500 headquarters over the past three decades shows a story of growth, transition and renewal. At various points, the region added new Fortune 500 companies, saw others acquired, and watched one relocate its headquarters. Today, Hampton Roads is home to three Fortune 500 headquarters: Dollar Tree, Ferguson Enterprises & Huntington Ingalls Industries.
The graph above captures that evolution.
But the more interesting story isn’t how many companies have been on the list.
It’s how they got there.
Building companies that last
Two of Hampton Roads’ Fortune 500 companies were ultimately acquired. One relocated its headquarters. Another, Ferguson Enterprises, recently joined the list.
Those changes are part of the normal evolution of the business world.
Acquisitions often represent years—sometimes decades—of value creation. Companies are purchased because they have built products, teams, customers and technologies that others want. Headquarters relocate as businesses change strategies or consolidate operations.
Looking only at today’s Fortune 500 count misses that larger story.
The real takeaway is this: Hampton Roads has repeatedly demonstrated its ability to build companies of national significance.
Now is the time to demonstrate that our region can do it again.
A roadmap that didn’t exist before
For much of the past three decades, founders in Hampton Roads built companies without a clearly connected innovation ecosystem.
Today, that looks very different. We have a connected roadmap and ecosystem that didn’t exist before.
An entrepreneur with an idea now has a pathway.
It might begin with Start Peninsula, the regions longest-running community pitch competition, or through programs like The HIVE in Virginia Beach or the ICAP program. These organizations help entrepreneurs validate ideas and determine whether they have a viable business.
From there, companies can enter incubators such as Launchpad, REaKTOR or Neptune Shield, where they refine products, develop customers and prepare for growth.
As companies mature, accelerators including 757 Accelerate, 757 Defend and B-Force help founders become investment-ready.
Capital follows through organizations like 757 Angels, which has invested more than $120 million into more than 50 companies over the past decade, and VIPC, whose funding programs have supported hundreds of Hampton Roads companies while also investing in the organizations that help entrepreneurs succeed.
For the first time, Hampton Roads has something approaching a complete startup roadmap—from idea to investment to growth.
Looking for No. 7
No one knows which company will become Hampton Roads’ seventh Fortune 500 headquarters.
It may be an established business that continues expanding.
It may be a company that has yet to reach its full potential.
Or it may be a startup that’s still operating out of a coworking space, garage or small office somewhere in the region.
That’s part of the thinking behind the IHR200, Innovate Hampton Roads’ rolling list of the region’s 200 most important privately owned companies. The list isn’t meant to identify today’s biggest businesses. It’s designed to highlight the companies most likely to shape Hampton Roads’ economy in the years ahead.
Every Fortune 500 company started somewhere.
History suggests Hampton Roads is capable of building another.
The question isn’t if the region can produce a seventh Fortune 500 company.
The question is which company will it be?
