Hanover County’s GreenTech Incubator

In November 2009, the Board of Supervisors and Ashland Town Council joined Dominion Resources, the Virginia BioTechnology Research Park and the Virginia Biosciences Development Center to establish a GreenTech Incubator in Ashland. 

Located in the Presidential I Business Park in Ashland, the GreenTech Incubator helps start-up companies in the alternative energy field with research, financial services, business planning and other issues as well providing office space. As the companies grow, they are expected to move to nearby locations, boosting the local economy. Its doors opened in January 2010.

An incubator program greatly increases the chances of success for start-up businesses.  According to a recent study by the National Business Incubation Association, 88 percent of its member incubator graduates are still in business after five years, while only 44 percent of the companies in the general business population survive four years.

The goal for Hanover’s GreenTech Incubator is to incubate 25 companies in the first five years and have 15 of those companies become flourishing businesses that stand on their own.

A press release from Dominion Resources in November 2009 announcing the project can be read here.

Hanover County “News Flash” announcing the ribbon-cutting can be read here.

The Department of Economic Development won a 2010 National Association of Counties award for the project. That press release can be read here. The award-winning submission can be read here.

The most recent press release from Dominion Resources GreenTech Incubator can be read here .

For more information about Hanover’s GreenTech Incubator, call the Department of Economic Development at 804-365-6460 or visit the GreenTech Incubator website.