National Institute Of Aerospace Associates

The National Institute of Aerospace (NIA), together with the cities of Chesapeake, Hampton, Newport News, Portsmouth, and Norfolk, will create 757 Accelerate, an accelerator program that will focus on the development of high growth, quality ventures that will attract capital, create jobs, and ultimately, diversify and grow the Hampton Roads economy in Southeastern Virginia. The need for this project stems from the Hampton Roads region and economy’s overdependence on military spending, and with the recent cutbacks in federal spending have had serious effects on the economy. The 757 Accelerate program will focus on accelerating companies in emerging technology clusters as well as a focus on recruiting veteran entrepreneurs. The NIA anticipates that at the end of the grant period, they would have supported the creation of 15 new viable companies that would contribute 105 new jobs to their local economy.