Page 7 - BusinessWest April 18, 2022

new alignment with the EDC really positions VVM to be a conve- ner regionally for the entrepreneurial ecosystem and be an advo- cate and a champion for entrepreneurship in the Western Mass. region. It’s a tremendous opportunity — for VVM and the region.”
Rick Sullivan, president and CEO of the EDC, agreed. He told BusinessWest that VVM, which will continue to be its own 501(c) (3) nonprofit and rely on many of its traditional funding sources, ranging from area foundations to long-time supporter Berkshire Bank, is now a “program” of the EDC, one that must ultimately pay for itself through fundraising, grants, program fees, and more, while taking full advantage of networking and funding opportunities presented by the EDC.
Rick Sullivan says that promoting entrepreneurship and supporting the startup community is vital to the Western Mass. economy, which explains the affiliation between VVM and the EDC.
Sullivan noted that entrepreneurship has always been one of planks, if you will, of the EDC’s platform when it comes to eco- nomic development. Elaborating, he said regions like Western Mass. can certainly hope to add all-important jobs by attracting major corporations. But a far more realistic strategy is to grow organically, by encouraging entrepreneurship and providing mentorship and several forms of assistance to companies at vari- ous stages of development and maturity.
“Our economy here is really reliant on small and medium-sized businesses, many of which are generationally owned — the ownership
is here in Western Massachusetts. And that’s what the future is going to be.”
“Our economy here is really reliant on small and medium- sized businesses, many of which are generationally owned — the ownership is here in Western Massachusetts,” he said. “And that’s what the future is going to be. A Fortune 50 company is not likely to build its headquarters here — our strength is the small-to medium-sized company that stays local, invests local, hires local, uses a supply chain that is also local. Do we all sit and hope that one of these companies that goes through VVM gets really big and stays here? Sure, but that is not the model.”
This explains why the EDC has always maintained a healthy relationship with VVM and why it has now made the agency one
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