Startup Virginia to open Henrico location, launch new programs

Startup Virginia, a Richmond-based business incubator credited with supporting nearly 20,000 entrepreneurs across Central Virginia, is expanding its footprint into Henrico County.

The organization announced Nov. 13 that it will launch new stage-specific incubator programs and open a second location as part of the new Henrico Innovation Hub at 4912 Augusta Avenue (adjacent to Willow Lawn) – its first physical presence outside the City of Richmond. The expansion is backed by a $1.47-million GO Virginia state grant as well as match funding from the Henrico Economic Development Authority, Richmond Economic Development, and several corporate partners.

The new initiatives are designed to guide entrepreneurs throughout their journeys – from their initial ideas to full-scale growth. They'll also provide support for accessing capital, according to officials.

Startup Virginia’s new program structure will include three tracks: Ideate, Launch, and Grow, each tailored to a different stage of business development.

The Henrico Innovation Hub, a project funded by a $3.75-million renovation investment from the Henrico EDA, will offer collaborative workspace, private offices, and event areas designed to strengthen regional connectivity among founders, mentors, and investors.

Renovations are currently underway, with Startup Virginia's incubator programming slated to begin in late 2026.

“Expanding into Henrico is about more than adding space — it’s about building stronger pathways for startup founders to thrive,” said Startup Virginia Executive Director Richard Wintsch. “With Henrico’s investment in the Henrico Innovation Hub, our continued partnership with the City of Richmond, and this GO Virginia funding, we’re excited to accelerate the positive momentum built over the last eight years.”

Henrico officials say the Innovation Hub will be a cornerstone of two key county strategies:

• advancing a goal in its 2030 Strategic Plan to strengthen the region’s entrepreneurial ecosystem;

• supporting Henrico Tomorrow, a suite of office-focused incentives aimed at revitalizing aging commercial corridors.

The hub will be the second major office redevelopment in the Willow Lawn area, following Federal Realty’s planned renovation of the West Tower at Willow Lawn.

“Henrico is deeply committed to fostering innovation and supporting companies at every stage,” said Board of Supervisors Chair and Brookland District Supervisor Dan Schmitt. “The Henrico Innovation Hub is an intentional investment that provides early-stage businesses with the space, resources, and connections they need to grow — strengthening our economy and community, both today and in the future.”

Richmond Economic Development is also contributing match funding to ensure free access to Startup Virginia’s programs for early-stage and underrepresented founders.

“The Michael Wassmer Innovation Center [Startup Virginia's home in the city] is an incredible asset here in the city, and we are proud of its impact since opening in 2018,” said Richmond Economic Development Director Angie Rodgers. “We’re thrilled to partner with Startup Virginia to expand access and strengthen the entrepreneurial ecosystem.”

Since launching in 2018, Startup Virginia has incubated 285 companies, supported more than 19,000 entrepreneurs and created a network of mentors, investors, and corporate partners, according to officials.

Startup Virginia will hold an unveiling ceremony for its new Henrico location in December 2025.