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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Mid-Atlantic Venture Association Opens Fairfax County Office
Fairfax County, Virginia, November 11, 1997 — The Fairfax County Economic Development Authority (FCEDA) has announced a major partnership with the Mid-Atlantic Venture Association (MAVA). As part of the agreement MAVA will open a Fairfax County office within the FCEDA suite in Tysons Corner in 1998. In addition, MAVA and the FCEDA will co-sponsor an annual Fairfax County Venture Fair beginning in the fall of 1998.
Fairfax County is home to more than 1,500 technology firms, many of which began as small, venture-backed companies. In 1996, Fairfax County was home to nearly half of greater Washington's 25 largest initial public offerings (IPOs). The agreement with MAVA is an indication of the strong regional and national interest in the area as a hot-spot for emerging companies and a growing focal point for venture capitalists.
"Our cooperative partnership with MAVA will bring Fairfax County and its businesses to the attention of venture capitalist nation-wide." said Patricia M. Woolsey, chairman of the FCEDA. "The fact that MAVA is opening an office in Tysons Corner is a clear recognition of Fairfax County's importance in the booming information technology industry."
Formed in 1986, MAVA is comprised of venture capital firms and service providers that foster the development of emerging businesses in the Mid-Atlantic states and elsewhere. MAVA encourages entrepreneurism by providing a forum for investors, young businesses and service providers to discover mutual interests. One such upcoming forum is the annual Mid-Atlantic Venture Fair, held this year on November 11-12, 1997, at the Sheraton Premiere Tysons Corner. The past seven venture fairs have helped young companies raise $1.3 billion.
According to Frank Adams, president of MAVA, "This is the perfect time to recognize the importance of Fairfax County as a center of venture enterprise by establishing an office in Tysons Corner to support MAVA members throughout the state."
The Fairfax County Economic Development Authority provides a wide array of services and information designed to promote Fairfax County as a business location for domestic and international companies and organizations. The FCEDA assists businesses by identifying possible sites and facilities, provides information for employees relocating to Fairfax County and is a source for up-to-date demographic and economic statistics. For more information visit FCEDA's Web page at www.FairfaxCountyEDA.org.
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