In the fast-paced world of startups, securing funding is often a critical step towards growth and success. For companies like Stone Tower and Endolumik, access to additional funding meant the difference between launching and expanding. Fortunately, with the support of the West Virginia Jobs Investment Trust (WVJIT) and the West Virginia Capital Access Program (WVCAP), these two companies had the opportunity to acquire the financial resources they needed to thrive.
In this blog post, we want to tell you a little bit about their journey and success.
The Role of WVJIT and WVCAP in Supporting West Virginia Startups
Both Stone Tower and Endolumik were able to find and team up with WVJIT. WVJIT and WVCAP are pivotal in the environment that fosters the growth of startups in West Virginia. By offering financial mechanisms and strategic guidance, they enable emerging companies to overcome the barriers to capital that often occur. WVJIT specializes in providing financing solutions that support job creation and business expansion within the state, positioning startups for success in a competitive landscape. Meanwhile, WVCAP concentrates on facilitating access to crucial funding for small businesses, aiming to bolster their capacity for growth and innovation.
Stone Tower had been around for 10 years and had successfully launched a brand and expanded. They had successfully opened three additional stores and employed nearly 100 people. Over a decade, they had several different types of funding, but when they were strapped for collateral, getting access to WVCAP gave them the access they needed to purchase a new building. They were able to get additional collateral support to make the deal work to open a Morgantown office with the equipment financing they needed.
Endolumik uses near-infrared light to make devices more visible and safer during surgery. One of the local surgeons had an idea for a medical device and wanted to build a company. Working with WVJIT gave them a connection that was transformative in their business. Without it they would not have been able to launch their first product in 2023 or hire new employees.
The Pathway to Additional Funding for StoneTower and Endolumik
The journey towards securing additional funding involved a meticulous process of aligning each company’s innovative projects and growth plans with the criteria and objectives of both WVJIT and WVCAP. Through personalized guidance and support, Stone Tower and Endolumik were able to tap into resources such as venture capital that helped with business expansion. This enabled both companies to refine their financial strategies, positioning them to attract further investment and partnerships. This strategic financial support accelerated product development cycles, enhancing market competitiveness and ultimately, helped them transition from startups to industry leaders. The collaborative effort with WVJIT and WVCAP not only facilitated immediate access to capital but also created a framework for sustained growth and innovation.
WVJIT is the state of WV venture capital– they believe the future of the WV economy is not just attracting big industrial players, but that there’s a lot of momentum around small businesses.
Read more about success stories from other businesses and clients who have received funding from WVCAP here.
If you’re a founder in the state of WV and looking for a way to step up your company, contact us today! In our program, Step 3 is set up to help walk you through each step of the funding process with our partners at WVJIT.
Fill out an application to get started.
Tags: innovative problem solving, problem solvers, Rural Entrepreneurship, successful entrepreneurship, Types of entrepreneurs, West Virginia Law