Spring 2008
OED News
Congratulations to our graduates!

OED is proud to announce the graduation of two or our Graduate Research Assistants.

Whitney Bonham graduated with her Master's in Public Administration and graduate certificate in Economic Development. Whitney will be leaving us to join the city of Savannah working as the Management Fellow. Congratulations Whitney!

Ceylan Oner graduated with her Ph.D. in Environmental Design and Planning. Ceylan will be joining the faculty of Florida Atlantic University as an assistant professor of Urban and Regional planning. Congratulations Ceylan!


Alumni Spotlight: Michael Cooper

Michael P. Cooper

Director of Economic Development
Cumberland County, VA

Cumberland County is in the heart of Virginia’s Central Piedmont, about a 40 minute drive from Richmond, Charlottesville, and Lynchburg.  The County is home to 9,000 residents and includes part of the town of Farmville, which is home to Longwood University and Hampton-Sydney College.

Michael Cooper (BA ‘01, MPA ‘07) coordinates all economic development activities, manages capital projects, and oversees the grant administration program for Cumberland County.  In addition, Michael facilitates the County’s tourism and marketing initiatives.  He also serves as the County representative in various tourism and economic development organizations...
Read more about Michael here 

  

megaphoneCalling all Hokies
 in Economic Development!  We want to hear from you, email jprovo@vt.edu

Partner Profile
Virgina Tech Business Technology Center (BTC)

The Business Technology Center (BTC), a part of the university’s Pamplin College of Business, provides one-on-one consulting to entrepreneurs and businesses.  The center has recently collaborated with OED on market analysis for a proposed agriculture exposition center in Wythe County, a study of the nanotechnology industry’s potential development in the New River Valley, and a business plan and financial model for the new Academy of Motorsports.

All BTC projects are managed and directed by its Director, Dr. Richard Daugherty, who has degrees in civil and mechanical engineering and over 25 years experience in business venture development, technical competitive intelligence, business strategy, new business and product development, and competitive analysis. 

Typical in-depth BTC projects support the assessment of a business opportunity by providing any of the following:

-Market Research: the data needed to make an intelligent decision

-Market Opportunity Assessment: determine if an audience is big enough and willing to pay enough to support a profitable business

-Competitive Analysis: know who else is trying to meet the same customer need

-Market Strategy Development: what is the most affordable and least combative way to enter the market

-Business Plan Development: determine the near-term plan for the business

-Financial Modeling and Pro-Forma Development: estimate finances needed to get to a profitable business base
In This Issue...
Greetings from the Director
As spring arrives across the Commonwealth, the anticipation of graduation and the end of another academic year takes on a special urgency on campus.  While the students are preparing for exams and their new lives, the research work of our faculty continues on – winter, spring, summer or fall.  
ted
Locally excitement is building with the development of the Virginia Tech Carillion Medical School.  Drawing on the special strengths of Virginia Tech, the initiative will have significant impact on the entire western Virginia region.

Sibel Atasoy gives a report on her work with the Town of Shenandoah, as well as new ways to use an old asset by looking at efforts to construct agricultural expositions in Wythe and Pittsylvania counties.  I have a report on my work with the nation’s first motorsports boarding school in in Halifax County and Dave Nutter updates us on developments this session in the General Assembly.

Ted Settle
General Assembly Keeps Funds but Examines State Structures
In spite of a slowing economy and waning tax revenues, the 2008 General Assembly kept its eye on the ball concerning key economic development issues.

A critical item on this year’s agenda was maintaining funding for the Governor’s Opportunity Fund.  The General Assembly funded the GOF at the Governor’s proposed level of $15.1 million, however, that fund was split evenly between the two years to meet cash flow needs based on state revenues... Read Full Article
Agricultural Exposition Center as an Economic Development Tool
Agricultural tourism has emerged in various forms in communities throughout Virginia, with the common vision of promoting growth in the industry. Multi-purpose agricultural complexes are the focus of efforts in two counties in southwest and southside Virginia: Wythe County and Pittsylvania County. ...Read Full Article

Commercialization Corner: VT Knowledgeworks Concept Camp
Several times each year VT KnowledgeWorks offers a Concept Camp offsite shakedown for prospective entrepreneurs.  This two day workshop/retreat at a mountain or lakeshore resort helps prospective business founders explore
  • the strategic essence of their business concept,
  • the realities of entrepreneurial commitment,
  • business fundamentals, and
  • the overall start-up process.

Last September four concepts were represented at a Mountain Lake camp session.  Over the intervening months, four distinctly different outcomes have occurred.  The most fully-developed concept, an industrial safety service, has taken concrete form and is now an operating company with real clients.  A sports training product idea is now a working prototype with favorable initial field tests waiting for a detailed business plan.  A university program spin-out is putting finishing touches on the entry plan for its first step into the commercial world.  A bold and aggressive exercise and weight loss idea has fizzled at the idea stage, as many bold ideas do.

Possibly the most useful outcome of that camp session was to encourage second thoughts by the people considering the bold idea.  They are bright and have definite entrepreneurial spirit.  No doubt they have had dozens more bright ideas since last September.  And they haven’t invested any more energy and time, or money, in a concept that faced serious financial, developmental, and distribution obstacles.

You can check out Concept Camp details and even register online at www.vtknowledgeworks.com/conceptcamp .
Read this story and more on VT Knowledgeworks on-line at  http://annegilesclelland.typepad.com/insidevtkw/

Community Planning and Visioning in Shenandoah
The Town of Shenandoah, in Page County, is a small, rural community in the heart of Virginia’s Shenandoah Valley.  The town was undertaking significant revitalization efforts when it was hit by two devastating fires in March 2006 and May 2007. While the fires destroyed renovated buildings, its impact reached beyond monetary considerations and raised barriers to rebuilding.  As a first step to rebound from these disasters and move forward, the town, along with other partners sought assistance from OED in developing a guide for Shenandoah’s future economic development efforts...Read Full Article

The Academy of Motorsports in Halifax County
The nation’s first motorsports boarding school has been established through a unique partnership between Virginia Tech, Virginia International Raceway (VIR) and the Carlisle School in Axton, Va.

Building on the strong business ties with motorsports industry in the region, The Academy of Motorsports seeks to create a college preparatory program specifically tailored to attract the best and brightest students interested in motorsports from around the world...Read Full Article Here

Data Tools
Maps are powerful tools for communicating information that may be difficult to express in words.  A well made map should be easy to read and should express the point being made without further in-text explanation.  Maps show data in a geographic context and save space and effort in the body of a report.  They also add color and visual impact to reports, websites, and presentations. 

There are several convenient online mapping applications available to economic development practitioners.    The U.S. Department of the Interior provides National Atlas, a comprehensive national mapping platform.  National Atlas allows the user to make maps using 12 different categories of data such as agriculture, people, and transportation among others...  Read Full Article

 

We will continue to invent the future through our blood and tears and through
all our sadness.... We will prevail....

-- Nikki Giovanni, University Distinguished Professor, poet, activist

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