Norfolk Innovation Corridor Revenue and Competitors

The Norfolk Innovation Corridor (NIC) is an area paralleling the Elizabeth River Trail that stretches from Norfolk State University to Old Dominion University, including the Eastern Virginia Medical School/Sentara/Children’s Hospital of The King’s Daughters, Fort Norfolk, Downtown Norfolk, the Neon Arts District and the Harbor Park area. Under state law, it is designated as a “technology zone”, enabling qualifying startup firms and firm expansions to receive certain tax incentives, in addition to enjoying the other advantages of setting up business where physical, networking and economic assets are so densely clustered. The NIC serves to attract and retain technology companies while serving as a magnet for a talented and diverse workforce. Based on the considerable assets clustered in the NIC, our competitive advantage and business opportunity intersect within the suite of offerings referred to as “resilience products, services and technologies, i.e., products, services and technologies combatting sea level rise, cybersecurity breaches, supply chain disruptions, population health threats, behavioral health crises, civil disturbance and terrorism, and other menaces to the peak performance of people, organizations and communities. The significant maritime assets located along the edge of the Corridor also contribute to our opportunities in the resilience sector. PURPOSE: - To encourage growth in entrepreneurship and innovation - To attract new technology startups - To retain a talented workforce - To develop a dense community of entrepreneurs and innovators - To provide 21st century career opportunities for the residents of Norfolk and our region