Mission and Background
AdvanTech is a non-profit, small business incubator designed to foster companies that are in the second stage of business development. In 1999, the Economic Development Authority of the City of Richmond, in cooperation with the Department of Commerce Economic Development Administration and the Commonwealth of Virginia's Department of Business Assistance, contributed resources to create the first small business incubator in the Greater Richmond area. Extensive renovations and upgrades were completed in order to prepare the building for the demands of growing companies.
The goal and mission of AdvanTech is to contribute directly to economic growth and job creation in the area by providing physical space and business and technical support to entrepreneurs. The Economic Development Authority in partnership with business development experts will encourage the formation of new, high-growth businesses with wealth and new job creation as the benchmarks for project success.