10 Va. companies graduate from VEDP’s export trade program

VALET program now has more than 300 graduated companies

Published August 13, 2020 by Sydney Lake

Gov. Ralph Northam announced Thursday that 10 Virginia companies have graduated from the Virginia Economic Development Partnership’s (VEDP) Virginia Leaders in Export Trade (VALET) program, which now has more than 300 graduated companies. 

The VALET program helps Virginia companies to establish domestic operations for exports and encourages using international exporting as a growth strategy. During the two-year program, businesses learn international sales plan development services through trainings from international service providers, meetings with potential partners, educational events and market research. There are currently 45 companies participating in the VALET program.

“Lending its proven, extensive set of resources to Virginia exporters, the VALET Program positions companies to thrive in the global marketplace,” Northam said in a statement. “This program continues to be an important catalyst for driving export sales and private sector investment — and the commonwealth’s economy is stronger as a result.”

The graduating companies include:

• Dynamis Inc., Fairfax County
• FoxGuard Solutions Inc., Montgomery County
• Huntington Ingalls Industries Technical Solutions Division, Virginia Beach
• Innerspec Technologies Inc., Bedford County
• Line Power, Bristol
• New Ravenna Acquisition LLC, Northampton County
• Parabon NanoLabs, Inc., Fairfax County
• Spectra Quest Inc., Henrico County
• STR Software Company, Chesterfield County
• SYNEXXUS Inc., Arlington County

“Virginia is one of the most competitive states in the nation for exporting, and VEDP’s International Trade team contributed greatly to our standing,” Secretary of Commerce and Trade Brian Ball said in a statement. “From Bristol to the Eastern Shore, it’s exciting to see such a diverse group of companies across the commonwealth working to grow their international sales, which will bring jobs and capital investment in Virginia.”

Virginia exports more $35 billion in goods and services annually, according to Northam’s release, which supports more than 257,000 jobs and generates $2 billion in annual tax revenue. 

“VEDP is committed to assisting Virginia companies in growing their international sales, which is more important than ever in this time of economic recovery,” VEDP President and CEO Stephen Moret said in a statement. “We are proud of the continued success of the VALET program and its participants, who not only experience sales growth while in the program, but also learn valuable lessons about pursuing international sales that they can carry forward. 

“The impact of the jobs and investments these companies contribute in every region of the commonwealth cannot be overstated.”

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