A venture capital fund seeking to help grow new technology businesses in Crystal City will receive economic development funds from Arlington County.
The County Board unanimously approved an incentive-based economic development grant for SineWave Ventures at its Tuesday meeting.
Up to $250,000 would be paid over five years to SineWave under the terms of the deal, depending on performance.
The agreement states that SineWave must attract five capital providers and partner companies to lease office space, and create at least 391 new full-time jobs. There are other goals for investment reviews and the provision of educational events for local entrepreneurs.
SineWave is aiming to develop a central hub of similar tech-focused venture capital firms at 2231 Crystal Drive, to invest in new companies. It will be in the same building as startup incubator 1776, and close to open-access workshop TechShop and coworking space Eastern Foundry.
A “sense of collaboration, advisement and mentorship” will come from the companies all being located in Crystal City, said Christina Winn, director of Arlington Economic Development’s Business Investment Group.
Board member John Vihstadt said such grants will help the county be less reliant on the federal government.
“This may seem like small potatoes to some, but frankly it’s part of the story where we really are working very hard to diversify Arlington’s economy away from federal contractors, away from the defense industry and towards really a 21st century economy, which is where the action hopefully is going to be,” he said.
Winn said AED spent two years developing the plan and ensuring there is little financial risk to the county. Board member Christian Dorsey said the requirement that SineWave repay the money if it fails to hit its targets is wise.
“These are not investments of the international high-risk equity variety,” he said. “These are of the safe variety, as if they don’t pan out we get our money back, which is the best investment to make because you can’t really lose.”
Recent Stories
Today may be rainy, but in general the weather is getting warmer, the cherry blossoms are in peak bloom, and it’s a great time to get out of the house….
Say hello to the curious bunny named Franscisca. This sweet girl is currently in foster and can’t wait to find her forever home! Her friends at Animal Welfare League of…
Public safety in Arlington County is poised to be increasingly automated and unmanned, with more traffic enforcement cameras and drones potentially coming soon. The updates came during a work session…
Retail businesses have struggled to make a go of it at 3800 Langston Blvd, but another looks set to give it a try. The condo building in Cherrydale has seen…
Synetic Theater Camps are a wildly fun, highly accessible choice for young people who love moving, playing games, and making memories. Registration is open now for Summer Camps (sessions June 20-August 25) and there are even a few spots left for Spring Break camp, April 3-7.
Located in National Landing, these performance-based camps are designed for students of all ages – no theater or performance experience required.
Led by professional teaching artists, campers learn acting, movement, and technical theater skills through the lens of Physical Theater. Physical Theater incorporates acting, movement, dance, mime, and acrobatics. If you’ve seen a Cirque du Soleil performance, you’ll find many similarities.
Most first-time campers are new to the performing arts, and teaching artists are well-versed in engaging students at all levels. Parents and campers report that one of the best parts of Synetic is the community, with many families returning year after year because they feel a strong sense of belonging.
EDBS Dental Billing Solutions is pleased to announce that it has achieved compliance with the federally mandated standards of the Health Insurance Portability and Accountability Act (HIPAA) through the use of Compliancy Group’s proprietary HIPAA methodology, The Guard® compliance tracking software, and HIPAA Seal of Compliance®.
The HIPAA Seal of Compliance is issued to organizations that have implemented an effective HIPAA compliance program through the use of The Guard, Compliancy Group’s proprietary compliance tracking solution.
Clients and patients are becoming more aware of the requirements of HIPAA compliance and how the regulation protects their personal information. Forward-thinking providers like EDBS Dental Billing Solutions choose the HIPAA Seal of Compliance to differentiate their services.
“Since the nature of our business being exclusively remote, we take HIPAA compliance very seriously. With the help of Compliancy Group, we are able to take steps to fortify our systems to protect PHI information and familiarize each employee about HIPAA and how we can further safeguard PHI data.” said EDBS Dental Billing Solutions founder Goldie De Leon.
WHS Spring Festival
Join us at the WHS Spring Festival on April 22, 2023, from 10am- 3pm at Wakefield High School(main parking lot). Come out to shop, play, and eat!
Shop local vendors, arts & crafts, new and used items, food vendors/trucks, and
District 27 Toastmasters 2023 Virtual Conference
District 27 Toastmasters invites you to its annual conference where you can hear phenomenal speakers, attend professional development and personal growth seminars about leadership, negotiation, communication, teamwork, and mentorship. Learn how to develop your personal story and how to improve
