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Startup Virginia expands services, plans Henrico location
November 13, 2025
Richmond, Va., – Startup Virginia (SVA), a high-growth business incubator and entrepreneurial hub headquartered at the Michael Wassmer Innovation Center in the City of Richmond, announced today a major expansion of its incubator services – launching new stage-specific programs, strengthening capital access support for founders, and opening a second location, which is its first in Henrico County.
The expanded programming will guide entrepreneurs from idea through growth, while equipping them with knowledge and networks to better access capital. The new Henrico location, made possible through a major investment by the Henrico Economic Development Authority (EDA), will broaden the reach of these services and increase accessibility for founders across Central Virginia.
This growth is supported by a $1.47 million grant from GO Virginia, a state-funded initiative administered by the Virginia Department of Housing and Community Development, and additional match funding provided by Henrico EDA, Richmond Economic Development, and leading corporate partners.
Over the past seven years, SVA has incubated 285 companies, supported more than 19,000 entrepreneurs, and built a wide network of mentors, investors, and corporate partners committed to helping founders succeed. With this new investment, SVA is launching stage-specific incubator tracks – Ideate, Launch, and Grow – and expanding capital readiness education to give startups clearer roadmaps and stronger connections at every stage of their journey.
Powered by a $3.75M renovation investment from Henrico EDA, Startup Virginia at the Henrico Innovation Hub will feature collaborative workspace, private offices, and event space designed to connect more founders to mentors, investors, and one another. Renovations are underway, with Startup Virginia’s incubator programming expected to begin by late 2026.
“Expanding into Henrico is about more than adding space – it’s about building stronger pathways for startup founders to thrive,” said Richard Wintsch, Executive Director of Startup Virginia. “With Henrico’s investment in the Henrico Innovation Hub, our continued partnership with the City of Richmond, and this GO Virginia funding, we’re excited to accelerate the positive momentum built over the last 8 years.”
The Henrico Innovation Hub at 4912 Augusta Avenue reflects Henrico’s commitment to advancing a two-fold strategy. The first objective aligns directly with a goal in its 2030 Strategic Plan to connect and grow the region’s startup and entrepreneurial ecosystem. The second continues in the spirit of its Henrico Tomorrow initiative, a comprehensive collection of office-focused incentives aimed at elevating Henrico’s office stock and revitalizing key commercial corridors. The Henrico Innovation Hub will be the second major Willow Lawn-area office project, following Federal Realty’s planned renovation of the West Tower at Willow Lawn.
“Henrico is deeply committed to fostering innovation and supporting companies at every stage,” said Board of Supervisors Chair and Brookland District Supervisor Daniel J. Schmitt. “The Henrico Innovation Hub is an intentional investment that provides early-stage businesses with the space, resources, and connections they need to grow, strengthening our economy and community, both today and in the future.”
Richmond Economic Development is also contributing match funding to ensure that early-stage and underrepresented founders receive free access to SVA’s programs, reinforcing a regional commitment to inclusive growth.
“The Michael Wassmer Innovation Center is an incredible asset here in the City, and we are proud of its impact since opening in 2018,” said Richmond Economic Development Director Angie Rodgers. “We’re thrilled to partner with Startup Virginia to expand access and strengthen the entrepreneurial ecosystem.”
An unveiling ceremony for Startup Virginia at the Henrico Innovation Hub will be held in December 2025 to celebrate this milestone investment in regional innovation.
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About Startup Virginia
Startup Virginia (SVA) is a nonprofit, high-growth business incubator and entrepreneurial hub where innovators learn, collaborate, and grow. Through its incubator, educational programs, and collaborative community at the Michael Wassmer Innovation Center, SVA equips entrepreneurs with the guidance, resources, and networks they need to launch and scale businesses. Since its inception, SVA has incubated more than 285 startups and supported over 19,000 entrepreneurs across Central Virginia, driving innovation, job creation, and economic impact.
About Henrico Economic Development Authority
As enduring economic stewards for more than 50 years, the Henrico EDA is your single point of contact for business development and site selection services in Henrico. Our team of experts goes the extra mile in every initiative and interaction to ensure both companies and residents can enjoy the vibrant community that they deserve. The Henrico community is strategically located in the heart of the Eastern Seaboard, adjacent to Virginia’s capital city of Richmond. Learn more about our extensive inventory of commercial and industrial properties ideal for the advanced manufacturing, life sciences, and corporate services sectors when you visit Henrico.com, and sign up for our Property Now and Henrico Now newsletters
