The Address for Innovation is 1717

By Rasheeda N. Creighton, Director, 1717 Innovation Center, Capital One

As I walk into the 100-year old tobacco warehouse in Shockoe Bottom which is now the 1717 Innovation Center, I’m reminded of the innovation that has taken place in Richmond for so many years. It was here that inventor Frank Sprague installed the first successful large-scale electric street railway system in 1888. Within a year, more than 100 similar electric railways were planned or in development on several continents. Today, talent graduating from Richmond’s six colleges and universities are staying to work for top companies and enjoy the area’s quality of life. As a Richmond native, I have seen this city go through tremendous transformation, and I truly believe that it is an exciting time to live here.

Raised by two local entrepreneurs, I was exposed to a strong work ethic from a young age. My brother was impacted by my parents’ example and has found success in building his own consultant practice. In addition to the creativity, passion and grit exhibited by my family members through entrepreneurship, I’ve always admired their commitment to giving back. I think often about a quote by Dr. Marian Wright Edelman that guides a lot of my own work in the community: “Service is the rent we pay for living. It is the very purpose of life, not something to be done in our spare time.” As I look at many successful entrepreneurs, I realize that this mentality, the importance about giving back to create a vibrant community, is a common thread.

It’s with great excitement that Capital One is opening the 1717 Innovation Center — a place for entrepreneurs and community organizations to learn and innovate together to build a better Richmond. We are investing in this project through Capital One’s Future Edge program which provides individuals with the skills, tools and resources they need to succeed in today’s digital economy. With 1717, our impact will grow as associates serve as skill-based volunteers offering mentorship and leading programs designed to help solve social and business challenges.

Partnering with us on this important work is Startup Virginia, a nonprofit, high-growth startup incubator providing member organizations with access to a mentor network of more than 70 multidisciplinary experts. Capital One is a founding partner of Startup Virginia who will nurture up to 50 startups at a time from 1717. We are also proud to work with UnBoundRVA, Lighthouse Labs and RVA Works that focus on supporting entrepreneurs from diverse backgrounds by providing access to resources for future business success.

One startup that will benefit from working at 1717 is Serving Up Change. Co-Founder Johnathan Mayo decided to leverage his experience serving as co-owner of Mama J’s restaurant to launch an online donation management platform. Through Serving Up Change’s “virtual give-back” events, supporters can purchase electronic gift cards from restaurants and nonprofit organizations can earn a percentage of the funds raised.

According to Mayo, “Startup Virginia has been a game changer for Serving Up Change. I have gained access to a network of experienced professionals that would have been difficult for me to reach on my own. In addition to the amazing mentorship on a range of topics, networking and learning from other founders has also been extremely helpful. I’m truly thankful for the opportunity to be a member and excited to work from the 1717 Innovation Center.”

Capital One is excited that companies like Serving Up Change are finding homes in 1717.

We have grown from being a Richmond-based startup 25 years ago to one of the area’s largest employers, and it is important that we give back to the community that has supported us for so long.

We have grown from being a Richmond-based startup 25 years ago to one of the area’s largest employers, and it is important that we give back to the community that has supported us for so long. Last year, Capital One gave $3.3 million in grants and 7,600 associates volunteered more than 130,000 hours in Richmond. It is our hope that we can find ways to learn from entrepreneurs and community organizations and use our best resources — our associates — to support them as they make their own impact in Richmond.

We all know that small businesses are the backbone of the American economy. According to the U.S. Small Business Administration, entrepreneurs create the majority of new jobs and their innovation fuels economic growth by creating new markets for new products and services. It’s abundantly clear that when small businesses do well, local economies succeed and communities are strengthened.

Capital One wants 1717 to be our community’s place where innovation thrives.

Capital One wants 1717 to be our community’s place where innovation thrives. I’m excited to see how our associates collaborate with talent across Richmond to grow the economy and strengthen our community, and I am honored to be a part of that journey as the Director of 1717.

Interior and exterior building photos courtesy of John Romeo & Associates.

These opinions are those of the author. Unless noted otherwise in this post, Capital One is not affiliated with, nor is it endorsed by, any of the companies mentioned. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. This article is © 2018 Capital One.