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President's Message
 On April 28th, we were pleased to recognize 50 of the fastest-growing companies in Virginia at the 21st Annual Fantastic 50 Awards in Chantilly. These 50 companies are leading the way in advancing a better business environment in the Commonwealth, raising personal incomes of Virginians, attracting top talent, and making their communities better places to live and work. Many thanks again to our sponsors--Cox Communications, Avison Young, Westfields Marriott, Capital One, Dixon Hughes Goodman, SunTrust, Virginia Business and the Washington Nationals--for making this recognition possible. You can find the names of the 50 winning companies below. Be sure to check out some of the media coverage on the Fantastic 50 winners in the left hand column.
Next week, we'll host over 400 business and industry leaders in Richmond for the 2016 Energy, Sustainability and Resiliency Conference to discuss "business leadership to secure Virginia's energy future." We're excited to add the theme of cyber security and resiliency to this year's agenda, which you can view here. Tickets are still available, and I hope you'll make plans to join us.
On May 17th, we'll honor pro-business members of the General Assembly at our 92nd Annual Dinner as we unveil the 2016 Legislative Report Card. This will be the fifth year that we've released a report card, and we graded on the most bills ever this session--over 125--a testament to the importance of the voice of the business community. More information on the Annual Dinner can be found here.
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Virginia Chamber Unveils 21st Annual List of Virginia's Fastest Growing Companies - the Fantastic 50
The Virginia Chamber of Commerce announced the names of fifty of the fastest growing Virginia companies at the twenty first annual "Virginia's Fantastic 50 Awards Banquet" on April 28 at the Westfields Marriott in Chantilly. More than 400 attendees participated in the banquet to celebrate the success of these Virginia entrepreneurs.
"The Virginia Chamber exists to promote the free enterprise system and advance a better business environment in the Commonwealth for private sector businesses to succeed," said the president and CEO of the Virginia Chamber of Commerce Barry DuVal. "The 50 companies being recognized today are the ones who are leading that success by raising personal incomes of Virginians, attracting top talent, and making their communities better places to live and work. We are pleased to honor the entrepreneurial spirit and hard work of these business ventures."
At the conclusion of the awards banquet, the Chamber announced five Virginia Vanguard winners, recognized for the highest growth in the categories of retail/wholesale, service, technology, manufacturing, and recognizing the company with the highest overall growth in Virginia. The 2016 Virginia Vanguard Winners are:
Highest Overall Growth: Cynet Systems Inc., Ashburn
Technology: Synaptek Corp., Reston
Service: Patriot Group International Inc., Warrenton
Retail/Wholesale: Morooka USA, Ashland
Manufacturing: Devils Backbone Brewing Company, Nelson County
A full list of the Fantastic 50 award winners is available below.
About the Awards-Virginia's Fantastic 50 award program is a signature event of the Virginia Chamber of Commerce. Now in its 21st year, the Fantastic 50 program is the only annual statewide award recognizing Virginia's fastest growing business.
Nominations for the 2016 Fantastic 50 were sought last fall from local chambers of commerce, economic development organizations, and through the sponsors' networks; companies may also nominate themselves.
To be eligible, a company must be privately held with headquarters in Virginia, show sales between $200,000 and $200 million, and demonstrate positive revenue growth and positive net income in its most recent fiscal year over the previous year. Companies are judged on four-year sales revenue history. The professional service firm Dixon Hughes Goodman verifies all award entries.
The Fantastic 50 award program is sponsored by the Virginia Chamber, Cox Communications, Inc., Avison Young, Inc., Virginia Business Magazine, Dixon Hughes Goodman, SunTrust Bank, Capital One, the Washington Nationals, and the Westfields Marriott.
Virginia Chamber of Commerce
2016 Virginia Fantastic 50 Winners
- Cynet Systems Inc., Ashburn (Virginia Vanguard - Highest Overall Growth)
- Patriot Group International, Inc., Warrenton (Virginia Vanguard - Service)
- Synaptek Corporation, Reston (Virginia Vanguard - Technology)
- PotomacWave Consulting, Alexandria
- V1 Analytical Solutions, LLC, Arlington
- Pretek Corporation, Chantilly
- American Cyber, Inc., Clifton
- Ingenicomm, Inc., Chantilly
- E3 Federal Solutions, McLean
- Amatea, LLC, Leesburg
- Marathon TS, Inc., Kilmarnock
- Eagle Hill Consulting, Arlington
- Corps Solutions, Stafford
- Devils Backbone Brewing Company, Lexington (Virginia Vanguard - Manufacturing)
- Eagle Ray Inc., Chantilly
- O'Connor Brewing Company, LLC, Norfolk
- Macedon Technologies, Reston
- Concept Plus, LLC, Fairfax
- MindPoint Group, LLC, Springfield
- Insignia Technology Services LLC, Newport News
- Kitewire Inc., Arlington
- Technatomy Corporation, Fairfax
- ValidaTek Inc., Arlington
- Morooka USA, Ashland (Virginia Vanguard - Retail/Wholesale)
- Buchanan & Edwards, Inc., Arlington
- SimVentions, Inc., Fredericksburg
- TTC, Inc., Arlington
- IBC, a DBS Company, Reston
- Fusion PPT, Vienna
- Unissant, Reston
- 1901 Group, LLC, Reston
- Sevatec, Inc., Fairfax
- Zantech IT Services, Inc., Tysons Corner
- Grow, Norfolk
- Veris Group LLC, Vienna
- Phacil Inc., Arlington
- infoLock Technologies, Arlington
- InTec, LLC, Fairfax
- Higher Logic, Arlington
- New Bell Truck Lines, Inc., Chester
- Applied Predictive Technologies, Arlington
- ODUrent, Norfolk
- First Virginia Community Bank, Fairfax
- Search Technologies, Herndon
- SOLitude Lake Management, Virginia Beach
- NuAxis Innovations, Vienna
- Prevailance, Inc., Virginia Beach
- Millennium Corporation, Arlington
- Verity Commercial, LLC, Reston
- 360IT Partners, Virginia Beach
For more on the Fantastic 50, click here. |
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2016 Energy, Sustainability and Resiliency Conference Next Week!
Tuesday, May 10, 2016
Greater Richmond Convention Center
TICKETS STILL AVAILABLE--REGISTER TODAY!
Pinnacle Sponsor
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Platinum Sponsors
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Diamond Sponsor
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Signature Luncheon Sponsor
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May 17th, 2016
The Jefferson Hotel - Richmond, VA
The Virginia Chamber's 92nd Annual Reception, Dinner and Awards presentation will be held on Tuesday evening, May 17th in Richmond. Members of the General Assembly will be recognized with awards for their support of pro-growth, business friendly legislation during the 2016 Session.
Individual Tickets: $125
THANK YOU TO OUR SPONSORS!
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Presenting Sponsor
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Presenting Law Firm
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Gold Sponsors
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| Virginia Has the 9th Highest Individual Income Tax Collections Per Capita
The Tax Foundation has published a new map showing state-local individual income tax collections per person, using data from 2013 -- the latest year available. On average, state and local governments collected $1,070 per person from individual income taxes, but collections vary greatly across states, topping out in New York at $2,550 per person. Connecticut comes in second at $2,172, followed by Maryland at $2,061, and Massachusetts at $1,919. Rounding out the top ten are California, Minnesota, Oregon, New Jersey, Virginia, and Illinois.
At $1,318 per person, Virginia is higher than neighboring states such as West Virginia, Kentucky, Tennessee and North Carolina. According to the Tax Foundation, individual income taxes are the single largest source of state tax revenue in the U.S., accounting for 36.5% of all state revenue in fiscal year 2013. In Virginia, individual income taxes are approximately 70% of the Commonwealth's general fund revenue collections. Of note, 7 states have no individual income taxes (Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming).
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GSA "Making It Easy" Program for Small Business
The General Services Administration (GSA), an independent agency of the federal government whose mission is to deliver the best value in real estate, acquisition, and technology services to government and the American people, has launched the Making It Easier for Suppliers to do Business with the Government Initiative (MIE) with the goal of removing barriers to the Federal marketplace for suppliers.
A key initiative under the MIE objective for small and emerging companies is to conduct business with the government with as little delay as possible. This project allows prospective vendors that lack two years of corporate experience the option of submitting key personnel in place of corporate experience. For more information about the GSA's Making It Easier initiative, please click here. |
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Contrary to Claims of a Productivity-pay Gap, Compensation Has Been in Line with Productivity
According to data analyzed by the Mercatus Center from a study by labor economist James Sherk, "Workers' Compensation: Growing along with Productivity," worker compensation is actually closely tied to worker productivity. In fact, over the last four decades, employee compensation has risen in step with productivity, both on average and across industries. This chart compares the average private sector employee's productivity (red line) and compensation (yellow line) to the productivity-gap claim that real earnings changed at a nearly flat rate (green line).
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Hosted by Williams Mullen
Environmental compliance managers must maintain their facilities in compliance with environmental laws and regulations that constantly change. Keeping up with changes and figuring out what must be done is not easy, and the burden is only growing. This seminar for environmental managers offers practical, problem-solving advice on how to avoid mistakes, ensure operational flexibility, and resolve issues of noncompliance when they occur. It's presented by Williams Mullen lawyers who regularly counsel and work with manufacturers and who collectively have more than 100 years of experience practicing environmental law.
2 Dates & Locations!Richmond - Wednesday, June 1, 2016
Luncheon Speaker: James Golden, Deputy Director of Operations
Virginia Department of Environmental Quality
Virginia Beach - Thursday, June 2, 2016
Luncheon Speaker: Jefferson D. Reynolds, Director, Division of Enforcement
Virginia Department of Environmental Quality - 8:30 AM - 9:00 AM Registration
- 9:00 AM - 3:00 PM Program
Complimentary lunch will be served.
You will learn about: - Preparing for and Defending Against an EPA Criminal Investigation
- Top 10 Hazardous Waste Mistakes You Don't Want to Make
- Now What? Managing Noncompliance Under the Clean Air Act
- A Brave New World: Water Supply Planning and Permitting
- Accidental Release Reporting: A Refresher on Regulatory Requirements
- Managing and Contesting OSHA Violations
- Negotiating Smart Permits: Avoiding Violations and Achieving Flexibility
Fee
There is no fee to attend this educational event.
Click here to register now, space is limited.
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Request for Proposals (RFP) - Mixed-Delivery Preschool Grant Program
The Virginia Early Childhood Foundation this month announced the official RFP for the Mixed-Delivery Preschool Grant Program.
The Mixed-Delivery Preschool Grant Program provides Virginia's communities the unique opportunity to field-test potential solutions to barriers that have prevented all eligible children from participating in Virginia's preschool initiative by promoting flexibility, public-private partnerships, and increased collaboration between business, education, and community leaders.
To access the RFP, please click here.
Instructions for the application can be found here.
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New Study Reveals $4 Trillion in Lost GDP Associated with Regulatory Accumulation
According to a new study conducted by George Mason University's Mercatus Center, economic growth in the United States has, on average, been slowed by 0.8 percent per year since 1980 due to the cumulative effects of regulations. Using an economic model that looks at the effects of regulations on firms' investment choices, which drive innovation and efficiency, the study finds that: - If regulations had been held constant at levels observed in 1980, the American economy would have been about 25 percent larger than it actually was as of 2012.
- This means that in 2012, the economy was $4 trillion smaller than it would have been in the absence of regulatory growth since 1980. That is equal to $13,000 loss per capita, a significant amount of money for most American workers.
For years, the number of federal regulations have been growing. This study shows that regulations can slow innovation by distorting the investment choices of businesses. As a result, regulations can have a detrimental effect on economic growth, and over time, have a considerable impact on American families and workers.
What if the U.S. regulatory burden were its own country? The $4 trillion dollars in lost GDP associated with regulatory accumulation would be the fourth largest economy in the world-larger than major countries like Germany, France, and India.
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'Unsustainable: 45% of Americans pay no federal income tax'
(MarketWatch) -- MarketWatch.com reports that 77.5 million U.S. households -- or 45.3% -- pay no federal individual income tax. That is according to data for the 2015 tax year from the Tax Policy Center, a non-partisan Washington-based research group. "Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center."
To read the full article, click here.
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Interested in International Expansion? Take Advantage of VITAL!
The Virginia Chamber is proud to partner with the Virginia Economic Development Partnership on VITAL, the Virginia International Trade Alliance. As a VITAL partner, our member companies have access to steeply discounted rates for international market research as well as international trade shows and international trade missions facilitated through VEDP.
Click below for more information:
If you or a company that you work with is interested in learning more about VITAL, please contact Samantha Quig, Corporate Communications Manager, at s.quig@vachamber.com or 804-237-1457.
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Keep up with the Virginia Chamber on Twitter!
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