Arlington's Innovation Fund Sparks Big Wins: Double Victory in 2024
September 4, 2024 | By Destiny Esper
Arlington Economic Development (AED) is celebrating a series of recent accolades that highlight the success and impact of the Arlington Innovation Fund (AIF), a strategic initiative aimed at fostering entrepreneurship and supporting local startups. This recognition is a testament to Arlington’s commitment to innovation and its thriving entrepreneurial ecosystem.
Arlington Economic Development (AED) was recently honored with the Gold Award, the highest recognition in the 2024 Excellence in Economic Development Awards from the International Economic Development Council (IEDC). The award, given in the Entrepreneurial and Small Business Development Excellence category for communities with populations between 200,000 and 500,000, acknowledges the outstanding contributions of the AIF. The AIF has provided non-dilutive grants to promising startups, empowering them to innovate and grow within Arlington and, in many cases, beyond.
Since its inception in July 2023, the AIF has awarded $400,000 in pre-seed grants to nine startups, focusing on fostering diversity and inclusion. Impressively, seven of these startups are led by founders from historically marginalized and/or underrepresented backgrounds, reflecting Arlington’s commitment to equity. Among the recipients are companies like Dispatchr, a clean technology startup, and Seamless Transition, a medical device company developing a prosthetic knee that mimics natural limb movement.
The AIF has also forged strong partnerships with key organizations such as Citrine Angels, DCA Live, George Mason University, Smart City Works Innovation Hub, and ZEBOX. These collaborations have further strengthened Arlington’s tech community, providing valuable resources and support to local entrepreneurs.
The impact of the AIF extends beyond individual grants. Arlington officials emphasize that the Fund’s success will be measured by the overall health and vibrancy of the region’s startup ecosystem. In line with this vision, about one-third of the fund’s resources are dedicated to programs benefiting a broad range of founders. For example, a partnership with Citrine Angels includes a series of workshops aimed at helping female founders refine their business strategies, secure funding and scale their operations.
The success of the AIF has not gone unnoticed. In addition to the IEDC Gold Award, the fund was also recognized by the Washington Business Journal with a 2024 Fire Award, further cementing its reputation as a catalyst for innovation in the region.
Looking ahead, Arlington has committed an additional $250,000 to the AIF for the 2025 fiscal year, ensuring continued support for the next generation of entrepreneurs. As Michael Stiefvater, Director of AED’s Business Investment Group (BIG), aptly stated, “We’re proud to see how these grants and partnerships have empowered local startups to thrive. As we look ahead, we are excited to explore new avenues to drive innovation and continue making Arlington a leading hub for cutting-edge technology and business growth.”
Arlington is the place to be for those ready to innovate and grow. Explore opportunities with Arlington Economic Development today.