Staunton: Open for business

Staunton is finding new and innovative ways to compete in the 21st century economy.

Access to funding is often described as the most significant challenge to the creation and growth of start-up companies.  Not so in Staunton.  Staunton’s economic development team, in partnership with the Staunton Creative Community Fund, is quickly changing what the entrepreneurial ecosystem looks like in the region.

“It’s no secret: entrepreneurs are an essential building block of any local economic economy,” says Bill Hamilton, director of economic development. “In Staunton, we’re supplying the tools and resources to allow people to move from idea to action very quickly.”

The Staunton Creative Community Fund, which receives support from the City, is focused on helping qualified entrepreneurs start and scale their companies so that they are on the path for sustainable growth.

The purpose of SCCF is to help small- and micro-sized business succeed through flexible loans and accompanying business training.  Since 2008, the fund has helped more than 20 local businesses launch by investing approximately $300,000 of capital.  SCCF offers $500,000 in lending capacity.

“Right now we’re engaging in some intensive community outreach with local-food networks and the creative community,” says SCCF Executive Director Meghan Williamson. “This creative community includes designers, engineers, technology firms, as well as green industries and agri-artisan enterprises.”

SCCF’s outreach can take several forms. One of the ideas getting some attention this week is “Ignite Staunton.”  Ignite is a fast-paced, crowd-sourced entrepreneurial event.  Sponsored by SCCF and Mary Baldwin College, Ignite will award $5,000 to the winning start-up concept. To see Ignite in action – visit the Darjeeling Café in downtown Staunton at 7 pm on Thursday, November 17th.  The event is free and open to the public.

“At the end of the day, it doesn’t matter if the idea comes from a fun, public process like Ignite, or goes through our office in a more traditional channel – our job is simply to partner with the City of Staunton to incentivize, support, and accelerate the growth of small business,” says Williamson.

“Our goal is to launch the right startups for our community in a much shorter timeframe,” adds Hamilton, who sits on the SCCF Board and works closely with Williamson.

There are other benefits.  Local start-ups have a positive economic ripple effect; for example, they often use other businesses in the community (like accounting and legal services.)  Local businesses pay taxes that are returned into the local economy. Additionally, innovators contribute to Staunton’s community in ways that go beyond mere economics – by fostering a culture of positivity and creativity.

According to economic development staff, Staunton is cultivating business clusters in advanced manufacturing, arts and culture, hospitality and tourism, agri-business, and professional service / technology services.

Staunton boasts an impressive legacy of entrepreneurial companies:

·         Entrepreneurs like Martin Lightsey, founder of Cadence, Inc., have already had a profound impact on Staunton’s economy, providing both jobs and innovation. Cadence, founded in 1985, is an advanced manufacturer of cutting and piercing instruments for industrial and medical applications. Recently, Cadence announced that it plans to invest $15.9 million to expand its operation and create 65 additional jobs.

·         Art Fisher founded Fisher Auto Parts in Staunton. Now run by his son, Bo Fisher, the Staunton-based company is now the dominant regional provider of high-quality name brand auto parts in 14 states.  Nearly a decade ago, Fisher converted a major shopping center into a national distribution center for Federated Auto Parts. This summer, Fisher recently announced plans to further expand with the purchase of a 259,000-square-foot warehouse complex.

·         Other visionaries like Ralph Cohen and Jim Warren, co-founders of the American Shakespeare Center, took a big leap by building the world’s only recreation of the Blackfriars Playhouse.  Now 10 years old, the playhouse has entertained more than half a million people and is a major tourism draw for the city.

“Working together with partners like SCCF allows Staunton to start, grow, and stabilize small locally owned businesses,” says Hamilton. “Staunton has built an incredibly promising springboard for entrepreneurs.”