<p>for tb,</p>
<p>I am a Richmond native who has closely followed the Richmond business scene for the last several decades. Yes, Richmond’s current claim of 7 Fortune 500 companies sounds impressive…until you consider the fact that this is half of what it was a little over a decade ago and two of the current 7 are spin-offs-CarMax (out of Circuit City) and Genworth (out of GE and arguably controlled from an out-of-state location). The other 5 companies are the local utility (Dominion Resources), Circuit City, Performance Food Group, Brinks and LandAmerica Financial. Not exactly household names, except perhaps for Circuit City.</p>
<p>The truth is that Virginia has had its business lunch handed to it by North Carolina in several different industries, most prominently banking (where the NC banks acquired virtually all of the significant VA banks) and biotech (where VA made a lot of noise about investing in this area, particularly in Richmond, and developing a lot of jobs, but little of significance has actually resulted while NC has had some decent success in the Raleigh-Durham Research Triangle). </p>
<p>AOL and other tech/telecom firms had a hugely positive effect for job and overall economic growth in the late 90s (at least in NoVA), but we all know how that turned out. Since that time, the major saving graces for Virginia have been the real estate boom and the creation of businesses in Northern Virginia that have the government (primarily the DoD) as their raison d’etre. Compare this record of the state and the capital city to another east coast state with a strong technology industry, eg, the Route 128 corridor in Massachusettes, and then compare the business environment in Boston versus that in Richmond and you see a pretty big difference. </p>
<p>I still have family in Richmond, I was there this past weekend, and I would personally prefer to live and raise a family in Richmond over Boston. The pace and style of living in Richmond and most of Virginia is very attractive, but Virginia (and Richmond) is not a business juggernaut and to think otherwise because a handful of Fortune 500 companies are based there is looking at the scene through very rose colored glasses. </p>
<p>As for what this means for the University, UVA can play a critical role in the future business development of the state by attracting and retaining the best and the brightest students and faculty to the University and then enticing them to stay in the Commonwealth. Put me in the camp that wants to see the University of Virginia go upstream in its academic approach (and I don’t think we have to go private in order to do this). </p>
<p>The University of Virginia is a fabulous place and has arguably the best blend of academic and social life of any school in the county, yet it continues to lose the cross admit battles to nearly all of these schools. IMO, the priority should be making UVA the academic equal of some of the Ivy League schools and more competive with Duke and other top privates and non-privates. If the University can modify its approach in a fashion that will allow it to win more and more of these competitions, the benefits for the school and the state will be important and long-lasting. Among other changes, unleash the University from its 67% obligation to enroll in-state students and see the quality and reputation of the student body, faculty, and school blossom. That would be a reputational win for the University, a boost for the value of the degrees of current students and alumni, and ultimately, a win for the state as a higher performing, more diverse student body would likely stay in the state and contribute to its future growth.</p>