Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Norfolk nonprofit awards $2M to small businesses to battle sea level rise

Norfolk nonprofit awards $2M to small businesses to battle sea level rise

RISE awards up to $250,000 to each of five companies

Published May 18, 2020 by Sydney Lake

Norfolk-based nonprofit organization RISE announced Monday that up to $2 million will be allocated among five small businesses to advance the design of products to help coastal communities adapt to sea level rise and flooding.

“Once again, RISE demonstrates the value of their unique model in providing economic development opportunities as solutions for Virginia to adapt and protect our coastal communities,” Rear Admiral Ann Phillips, special assistant to Gov. Ralph Northam for coastal adaptation and protection, said in a statement. “On behalf of the Northam administration, congratulations to RISE and to these five entrepreneurs who continue to expand resilience innovations for the commonwealth.”  

Each of the small businesses will receive up to $250,000 through the 2020 RISE Coastal Community Resilience Challenges to advance its products. As part of the program, RISE will help them launch their products in Hampton Roads, with the goal of building businesses that could be used in other coastal communities. Winners will receive a grant to set up in Hampton Roads and a revenue-based loan to scale products and services. 

“Revenue-based financing allows us to support our entrepreneurs by aligning our incentives with theirs ⁠— as their solutions become successful, so do we,” RISE Executive Director Paul Robinson said in a statement. “These loans enable us to provide funding to our entrepreneurs and generate revenue only when they do, and that can be very appealing to small businesses in contrast to conventional loans and equity investment.” 

2020 winners include:

  • Natrx: The company will develop and launch its mobile manufacturing units, which can be used to produce custom shoreline protection structures to prevent flooding.
  • Re:Public: The company will launch its map-based risk communication platform to help non-mapping professionals to track real-time flooding risk.
  • StormSensor: The company will create features for its stormwater monitoring software and hardware products. It provides communities with real-time tidal and storm analysis.
  • Virginia PACE Authority: The organization, which provides financing solutions for flood mitigation and resilience improvements, will expand its outreach and create an open-market platform.
  • WeatherCheck: The company will expand its product to include pluvial and fluvial flood threats, which now continuously monitors properties for severe weather damage and loss.

RISE is also accepting applications for its Urban Mobility Resilience Challenge through June 1, which will fund entrepreneurs to create a traffic application that can offer real-time vehicle rerouting to avoid flooding.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Related Stories

Virginia Business logo

Norfolk office building sells for $4.1M

The two-story building is in the Norfolk Industrial Park.

Virginia Business logo

Pamunkey tribe, city sign Norfolk casino agreements

Tribe has option to purchase 13.4 acres by Elizabeth River for $10 million.

A rendering of the planned Ryan Resilience Lab.

Elizabeth River Project receives $2.1M naming gift

Pru and Louis Ryan’s donation largest in organization’s history

Trending

13th annual Best Places to Work

Magical moments

Cox expands Myers’ role to East Coast

Morrissey’s Petersburg casino bill fails in Senate Finance

Danville pharma startup announces $6.1M expansion

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

13th annual Best Places to Work

Magical moments

Cox expands Myers’ role to East Coast

Morrissey’s Petersburg casino bill fails in Senate Finance

Danville pharma startup announces $6.1M expansion

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk