VCU School of Business receives $1.2 million grant to expand small-business accelerator

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Growth and Opportunity for Virginia has awarded Virginia Commonwealth University's Small Business Opportunity Center a $1.225 million grant to expand its services across the state.

The SBOC at the VCU School of Business helps entrepreneurs who want to establish or grow their businesses but may not have the capital, connections or know-how to get started or expand. The small-business accelerator identifies high-potential, under-resourced entrepreneurs and provides them with training and resources to launch successful traded-sector firms, which are businesses that sell goods and services outside Virginia and typically generate higher revenues.

"We teach them how to develop a well-thought-out business model - which is the foundation of their business plan - provide small-business consulting services, help them meet people who can help them succeed and connect them with funding opportunities," said Patrice Perry-Rivers, Ph.D., founder and director of the SBOC. "This grant allows us to significantly expand the number of entrepreneurs we serve."

Diana Hatoum (standing, second from left), first-place winner of the SBOC Spring 2025 Pitch Competition, graduated in May, 2025. Hatoum said the SBOC "is an amazing opportunity for students" and that the training she received from the SBOC Business Launchpad Certification has been helpful to her in her first corporate job and helped her understand what it takes to launch her dream business one day. (Courtesy photo)

GO Virginia is an economic development initiative that promotes collaboration among local governments, higher education and private industry. By increasing access to technical assistance and sector-specific expertise, the grant initiative aims to strengthen the growth of traded-sector startups and small businesses throughout the state, specifically in the counties of Arlington, Charles City, Chesterfield, Fairfax, Henrico, Prince George and Stafford, and the cities of Alexandria, Fredericksburg, Norfolk, Portsmouth and Richmond. Perry-Rivers said the SBOC will partner with other state universities, municipalities, state agencies and entrepreneurship support organizations.

"Free enterprise thrives when talented people have access to the knowledge, networks and capital they need to succeed," said Brian P. Brown, Ph.D., VCU Business dean and professor of marketing. "With this support from GO Virginia, we can open doors for hundreds of entrepreneurs whose success will generate jobs, revenue and economic mobility in communities across the commonwealth."

The new funding is part of a $6.2 million GO Virginia package to advance the state's economic competitiveness through regional economic growth and expanded workforce opportunity.

"GO Virginia continues to be a catalyst for innovation and opportunity across the commonwealth," then-Gov. Glenn Youngkin said in December, when he announced the grant. "Virginia is stronger than ever, but we have to keep going. By investing $6.2 million in these projects, we are strengthening Virginia's workforce, advancing key strategic industries and keeping Virginia competitive for years to come."

With the new GO Virginia funding, the SBOC estimates it will serve 500 entrepreneurs over two years, create 195 new businesses, expand 165 existing businesses and generate 230 jobs across priority traded sectors including manufacturing, information technology and professional services. The total project budget of $3.3 million includes $613,000 in match commitment from private sector and local government partners, plus $1.47 million in additional leverage from VCU - demonstrating significant stakeholder confidence in the program's model and market relevance.

"Beyond the numbers, we are helping people achieve their dreams of business ownership, many in industries where they have historically been under-represented," Perry-Rivers said. "That has ripple effects for families, communities and generations to come as viable entrepreneurship can facilitate intergenerational wealth, which can be transformative in under-resourced communities."

Ashwath Balaji (third from left), a VCU computer science major and aspiring wholesale snack food manufacturer and distributor, won second place in the SBOC Spring Student Pitch Competition. After completing the SBOC Business Launchpad certification, he said, "The program has helped me get a better perspective on how to start a business, providing me with lots of information." (Courtesy photo)

Programming will be implemented in partnership with six state university entrepreneurship centers, multiple Virginia East Coast municipalities, state agencies and leading entrepreneurship support organizations including the Metropolitan Business League, Black BRAND, the Northern Virginia Black Chamber of Commerce and the Virginia Black Chamber of Commerce.

Grow Capital Jobs Foundation is serving as the regional lead for the multiregional grant.