Do you have a business idea you’re excited about, but need help figuring out if you’re ready to invest your time and money to bring it to life?
Stop thinking and start testing at the Idea Factory, a fast-paced, 7-week hybrid program where you’ll learn how to test, improve, and validate your business idea.
OUR OBJECTIVE
The Idea Factory exists to:
01
Lead aspiring founders through the process of testing, refining, and validating their ideas
02
Provide accessible resources and education for those considering entrepreneurship.
03
Enhance our region’s entrepreneurial ecosystem and economy by building a more diverse and equitable founder community
What You Need to Know
Who’s it for?
Anyone in Virginia with a technology-driven or manufacturing-based business idea is welcome to apply. The Idea Factory provides the training, resources, and support to test your idea and help you decide whether you are ready to take the next steps toward becoming an entrepreneur.
When is it offered?
The Idea Factory program is offered twice a year in the fall and spring months. Applications for Fall Cohort (Sept - Nov). This hybrid program has two sessions at the 1717 Innovation Center in downtown Richmond and four sessions on Zoom.
What is the commitment?
- 10 hours per week for seven (7) weeks
- Attend two (2) IN-PERSON workshops at 1717 E Cary St on weeks 1 and 4 (6 - 9 PM)
- Attend four (4) virtual workshops (6 - 9 PM) on weeks 2, 3, 5, and 6
- Check in weekly with a mentor or facilitator
- 2-5 hours of homework weekly
- Talking about your idea with others, including interviewing strangers
What is the investment?
There's no cost to you! The program is offered thanks to a grant awarded by GO Virginia and scholarships granted by the City of Richmond, Henrico County, and Chesterfield County. Participants who complete the program, validate their idea, and plan to commit a substantial amount of time to pursue a new business will be considered for additional support and free resources to help them keep going.
Am I ready?
All you need is an idea and a willingness to explore starting something new to apply to the Idea Factory. You don't need business experience, specific training or educational background, or to quit your day job.
REVIEWS





How It Works
7-Week Virtual Program
The Spring 2023 Idea Factory program is a 7-week product discovery process with two in-person sessions at Startup Virginia on March 7 and 28. Participants finish the program with a plan and free resources to move forward. The Idea Factory is offered twice a year in the fall and spring. Each cohort accepts 6-8 participants with a technology-driven or manufacturing-based business idea.
SPRING 2023 SESSION DATES:
Applications Open – January 1, 2023
Applications Close – February 1, 2023
Kick-off Session – Tuesday, March 7, 2023, from 6 - 9 PM at Startup Virginia
Weekly Program Sessions – Tuesday evenings from 6 - 9 PM, March 14 - April 18, 2023.
What to Expect
The program consists of live workshops and discussions led by experts in their field, individual meetings, and weekly assignments. Each Tuesday evening, you will learn practical and tangible lessons on how to build core interviewing skills and work on your idea.
THE BREAKDOWN:
- 7-week process to validate your idea in a group of 6-8 participants
- In-person Kick-off to prepare you for the program
- Four (4) virtual workshops and two (2) in-person workshops on Tuesday evenings to build core skills and work on your idea
- One open week to work on customer surveys
- Weekly check-ins to collaborate with a mentor or facilitator
- 2-5 hours of homework each week to test and refine your idea, like interviewing target customers (which we'll teach you how to do)
YOU'LL PRODUCE:
-
- Target customer list with insight on how to find your target customer
- Interview script to collect valuable data from your target customer conversations
- Survey questions to turn qualitative data into quantitative data
- Market opportunity map to see if you should revise or further refine your idea
- Value proposition statement to clearly articulate why your product/service should exist
- Customer experiment strategy* to move your idea forward or an understanding of why your idea does not support MVP development
* Participants who complete the program, validate their idea, and plan to commit a substantial amount of time to pursue a new business will be considered for continued support at Startup Virginia.
Applications for Fall '23 Cohort open in August
Have questions about the Idea Factory?
ideafactory@startupvirginia.org
THIS IDEATION INITIATIVE IS POWERED BY


WITH FUNDING SUPPORT FROM





