GENEDGE Announces Renewal Funding of $2 Million for Virginia Domestic Markets Expansion Program

September 3, 2015 | By Business Wire News

MARTINSVILLE, Va.

GENEDGE reports that its Domestic Markets Expansion Program (DMEP) will benefit Virginia companies for a second year by utilizing nearly $2 million of the $5.4 million Virginia received in Community Planning Assistance Funds from the Department of Defense Office of Economic Adjustment as announced August 24, 2015 (https://governor.virginia.gov/newsroom/newsarticle?articleId=12465) through Governor McAuliffe’s office. DMEP is a high impact program helping DOD supply chain companies with 20 to 500 employees replace declining defense revenue streams through strategic growth into new domestic industrial and commercial markets. The program is effective through June 30, 2016.

Maurice Jones, Secretary of Commerce and Trade stated, “Those of us supporting the Virginia Domestic Markets Expansion Program look forward to seeing more companies utilize DMEP to drive strategic, diversification based growth, ultimately helping to build and sustain the New Virginia Economy. We encourage DOD supply chain business leaders to consider applying for assistance through this high impact program.”

“Since the 2014 launch of DMEP, 62 companies have participated in the program, 34 applied for full assistance, and 22 ultimately received a variety of services to develop strategic growth plans, create innovative, new products, services and markets, and commercialize these opportunities to diversify their businesses. Collectively, these companies identified nearly $600 million in annual revenues at risk, as well as 1,500 jobs. These companies either did not have in-house capability or access to affordable, professional consultants to meet sequestration challenges,” said GENEDGE President/Executive Director Bill Donohue. “By focusing on strategic growth that builds business value we will continue to create new opportunities for Virginia companies to grow profitably and create and retain high quality jobs.”

Secretary of Technology Karen Jackson followed, “Given our technology base in the Commonwealth, this program provides a great accelerator for companies poised to enter the rapidly growing industrial and commercial cyber security, training, and simulation services markets.”

For details regarding how the program is structured and administered to qualifying Virginia companies, contact Program Manager Dean Young or visit http://dmep.genedge.org

About GENEDGE: GENEDGE (A.L. Philpott Manufacturing Extension Partnership), an industrial consulting organization, was created by the Virginia General Assembly in 1992 to support the health and expansion of industrial and manufacturing businesses across the Commonwealth. GENEDGE is the Virginia affiliate of the Department of Commerce, National Institute of Standards and Technology Manufacturing Extension Partnership, the unique program that supports advanced manufacturing across the United States. GENEDGE is a state entity, which is governed by a 24-member board of trustees appointed by the Governor. Based in Martinsville, GENEDGE has offices through out the state, and accomplishes its mission by delivering Strategic Growth, Process Optimization, Supply Chain Excellence, and Change Management services to our clients. For more information visit www.genedge.org