The Need

  • Virginia had the third slowest growth rate in the country in 2013 with 30,000 fewer jobs than 2007.
  • 41% of the Hampton Roads economy is dependent on military spending with the potential of further sequestration cuts.
  • Hampton Roads is ranked 302 out of 382 metropolitan areas in employment growth since the end of the “Great Recession”.
  • In the second quarter of 2014, Hampton Roads ranked 99 out of 100 in overall economic performance in the Recovery Phase.
  • The private sector is not growing sufficiently to offset defense reduction . The community is focused on growth and diversity through entrepreneurship and unlike other areas of Virginia, no organized angel investing group existed … until 757 Angels.