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Hanover’s Perspective

Compete for $10,000 prize in Tech Challenge Hanover

Search for Most Promising Tech Start-ups is happening NOW

Dominion Resources Innovation Center to award $10,000 and free tenancy to winning business

Ashland, Va., October 5, 2012

Reflecting its newly expanded scope and mission, Dominion Resources Innovation Center, located in the Town of Ashland in Hanover County, has announced Tech Challenge Hanover, a start-up competition among emerging and second-stage Central Virginia technology companies that offers the winning firm a $10,000 prize, six months of no-rent tenancy at the Dominion Resources Innovation Center and free consulting services from the Center’s entrepreneur-in-residence.

Online applications are available now. The deadline for submission is Nov. 1, 2012.

“The Dominion Resources Innovation Center has recently broadened its focus, moving beyond ‘green-centric’ companies to now include all technology, knowledge-based start-ups in the region,” said Robert T. Skunda, chairman of the Center’s board of directors and chairman, president and CEO of the Virginia Bio-Technology Research Park. “Given the climate of innovation that exists in this region, we recognize that there are many emerging companies who don’t have the resources, or in some cases the know-how, to take their businesses to the next level. Tech Challenge Hanover will not only help to identify these companies in need but help provide the capital – both financial and intellectual – that will give them a more stable and strategic path to success.”

In addition to the first prize of $10,000, free tenancy will be offered to the second- and third-place finishers for six and three months, respectively. All three companies also will receive a $500 co-pay for Kauffman FastTrac classes offered through InnoVA Partners and free, ongoing consulting services from William H. Daughtrey, Dominion Resources Innovation Center’s entrepreneur-in-residence. Mr. Daughtrey, who has more than 30 years of experience as a management consultant and senior executive, will provide guidance to the companies in business planning, funding, networking and other legal and business matters.

“The Dominion Resources Innovation Center is not an incubator, in the traditional sense, but an ‘accelerator,’ a dynamic, interactive facility where young companies can hasten their growth by learning what it takes to spread their wings and take flight,” Daughtrey said. “Tech Challenge Hanover is not like other competitions of this nature in that we are looking to identify and grow companies for the longer term. This is not a one-time boost, but a commitment by the Center to help nurture and sustain some of the most promising tech companies in the region. Their success will ultimately be our success.”

The competition will culminate on Thursday, Dec. 6 at Randolph-Macon College where as many as 15 finalists will vie for the top honors, competing against one another with business pitches and interviews with the judges.

Judges for Tech Challenge Hanover include Bryan Bostic, CEO of SmartBox; Fatima Caldas, president of Fire Solutions, Inc., Steve Hutcherson, Innovation Evangelist at innoVArium, Art McKinney, chairman of McKinney & Co., and Mr. Daughtrey.

Sponsors for Tech Challenge Hanover include McKinney & Company, Foley Material Handling, the Supply Room Companies/Mega Office Furniture, Vallum Print & Digital Communications and Data Directions, Inc.

For answers to frequently asked questions about the contest, click here.