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Richmond, VA creates technology zone across the city to help tech start-ups

The finer details need to be worked out, but the Richmond, VA City Council has approved a city-wide technology zone. It is described as something similar an Enterprise Zone that will allow incentives for up to 10 years such as reductions of permit fees, user fees and any type of gross receipts tax.

According to this article in Richmond BizSense, the designation also allows regulatory flexibility through special zoning, permit process reform, exemption from ordinances and other incentives adopted by ordinance, as stated in the state code.

Richmond’s program is targeted at start-ups and limited to businesses with $100,000 or less in annual revenue. Technology companies would be defined as a business that makes money from “innovative or advanced technology-based products, processes or services” created and performed by that business. Examples include cybersecurity, biotechnology, advanced manufacturing, computers and electronics, e-commerce, data analytics, logistics, and information technology.

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