Commonwealth of Virginia
Abstract
Although the impacts of Sequestration and the decrease in defense spending has not been as drastic as originally anticipated, defense companies in the Commonwealth continue to be impacted by the uncertainty in the overall federal budgeting process. As a result of these reductions individuals have been forced to seek alternative careers and businesses to seek alternative markets for their goods and services. As uncertainty in the budget process continues, more of the small to mid-sized businesses are facing difficult challenges with these cuts. Under this grant, the Commonwealth of Virginia will assist defense contractors develop adjustment and implementation strategies. Companies will be provided training and specific services to assist them with business development, and expansion. The Commonwealth hopes that this project will alleviate the current stress on defense oriented businesses by developing diversification strategies while also persevering the capabilities and capacities of these businesses for future support to DoD should that be required. The Commonwealth is also providing regional programs to work with individuals and businesses on entrepreneurship. To address entrepreneurship in Northern Virginia the grant will continue to support for Capitol Post which has developed a program to offer to defense contractors considering entrepreneurship personalized guidance through mentoring, business counseling, and access to key leaders, resources, and programs. In Hampton Roads support is through a program with Old Dominion University focused on helping companies overcome the challenging barriers associated with moving from a reliance on government spending to pursue more robust commercial markets for their products and services.
Document Details
- Document Type
- DoD Grant Award
- Publication Date
- Sep 18, 2017
- Source ID
- HQ00051610187
Entities
People
- Michael F. Coleman
Organizations
- Office of Local Defense Community Cooperation
- Office of the Secretary of Defense
- Virginia Department of Veterans Services