Advancing Innovation: Supporting Technology and Startups in West Virginia

From smart devices to 3D printing, virtual reality to artificial intelligence, it’s an undeniable fact: we live in a technology-driven world. Because of this, supporting technology expansion is vital to economic development and growth. In fact, according to the West Virginia Department of Economic Development, our state’s technology industry has a $2.5 billion economic impact.

One topic of conversation that goes hand-in-hand with technological advancement is broadband access. In late July, the West Virginia Department of Economic Development, Office of Broadband, West Virginia Broadband Enhancement Council, and the West Virginia Economic Development Council (of which our Executive Director, Christy Laxton, is president) held the West Virginia Broadband Summit in Charleston. The theme? Connecting West Virginia Communities. It was intended to “showcase the expansion of broadband occurring across West Virginia as we accelerate the pace into 2024.”

Now to get you up to speed a little bit with the most recent news: West Virginia is set to receive approximately $1.2 billion in federal funding for broadband expansion. The West Virginia Broadband Office submitted West Virginia’s Broadband Equity Access and Deployment (BEAD) Five Year Action Plan to the U.S. Department of Commerce National Telecommunications and Information Administration in August. 

Broadband is important in every economy. You have to have reliable access to have success with future growth and industry. Upgrades in broadband has already positively impacted Wyoming County, and West Virginia, over the last few years, and as that continues to progress, our area remains a good place for a business to remain as well as become more of a draw to other businesses.

Additionally, entrepreneurship is a key driver to an innovative economy.  Oftentimes, it is startups driving the change for new opportunities, perspectives and innovation. According to the West Virginia Department of Economic Development, West Virginia has over 111,000 small businesses, which represent over 98% of all businesses in the state and employs nearly half of all employees. The Wyoming County EDA agrees that the “entrepreneurs and small businesses are the backbone and driving force behind West Virginia’s growing economy. That is why we offer support and technical assistance to encourage business planning and packaging for startups and our loan programs are open to both new and existing businesses.