Posted on 06/26/17 by Guest Author
Guest blog post by Cyrena Pattillo, AED Business Investment Group Intern
Supporting and sustaining the growth of Arlington’s tech economy is no easy feat. Utilizing a variety of tools, Arlington Economic Development works to attract new business to our community. One of our newest tools is the Gazelle Grant — a program created through a $1 million incentive fund offering between $10,000 and $150,000 to fast-growing or “gazelle” technology companies with proven financial success.
Last weekend, the Arlington County Board approved the first two incentives under its new Gazelle Grant program. The deal-closing grant provides valuable first-year funds for growing companies to hire workers and secure capital-intensive real estate, making it an important tool to help recruit and retain growing technology companies in Arlington. In total, the Gazelle Grant is estimated to result in 600 jobs and 75,000 square feet of leased commercial office space.
The first two grantees, VideoBlocks and Stardog, completed a rigorous application and evaluation process that included internal staff vetting, a review by an outside financial consultant specializing in tech companies and final approval by the Arlington County Board. The companies have yearly performance reporting requirements and repayment obligations based on job and leased space targets.
The County is thrilled to welcome Stardog and VideoBlocks! They exemplify the next generation of Arlington tech companies this program hopes to attract.
VideoBlocks is a subscription-based stock media company that allows users to access over $10 million worth of video footage to create the ultimate creative media projects. VideoBlocks currently has more than 200,000 members who pay for unlimited access to the company’s library and content. Primarily driven by the company’s growth and desire to attract and retain top talent, VideoBlocks will move to its new 21,000 square foot office space in Courthouse later this year. The company will receive a $110,000 Gazelle Grant from Arlington County.
Stardog is a software company that uses smart graph technology to solve the massive data silo problem in large organizations by allowing companies to manage all of their data as if it were a single database. Last year, the company raised $2.3 million in series A funding and was looking to expand within the Washington D.C. region. After looking at locations in Washington, D.C. and Maryland, Stardog chose to lease a 3,500 square feet office at 1400 Crystal Drive. The company ultimately chose Arlington because of the workforce, proximity to clients and the Gazelle Grant incentive. Stardog will receive a $35,000 Gazelle Grant from Arlington County.
Arlington is excited to continue our work with gazelle companies interested in relocating or expanding here. Additional details about how to apply can be found on our website or by contacting Christina Winn, Director of the Business Investment Group at Arlington Economic Development.Topic: BIG Update