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Fairfax County on a VC Roll

More than $34 million in venture capital flowed into Fairfax County businesses during the first quarter of 1998, according to the Fairfax County Economic Development Authority.

Venture capital funding statewide increased 518 percent in the first quarter compared to the same period one year ago, the authority said. In 1997, more than $100 million in venture capital poured into Fairfax County businesses such as Landmark Systems, OneSoft, Net2000, Comm Site International, POMS Corp., Constellation Communications and Global Net.

High VC interest in these and other companies has spurred the Mid-
Atlantic Venture Association of America to open a Fairfax County office, according to a June 5 release from the development authority. Plans call for the association's office to be at the development authority's headquarters.

Gilmore Taps Stottlemyer

Todd Stottlemyer, 34, senior vice president at Fairfax, Va.-based BTG Inc., has been tapped to serve as vice chairman of Virginia's Blue Ribbon Commission on Information Technology. Stottlemyer will report to Don Upson, the state's first secretary of technology, who serves as chairman of the commission.

Gov. Jim Gilmore has asked the commission to address three areas: workforce education and training, taxes and the regulatory environment, and a statewide technology investment strategy.

That Mom-and-Pop Feeling

James Monroe Bank in Arlington, Va., opened for business last week, touting a plan to nurture the community and meet the financial needs of the area's fast-growing technology industry and government contractors.

The bank's headquarters at 3033 Wilson Blvd. in Arlington County officially opened June 8.

"We intend to bring back to this area the traditional mom-and-pop feel of banks. My staff and I are already assisting customers, small businesses, entrepreneurs and high-tech firms," said John Maxwell, president and CEO.

On the board of directors are Helen Newman, senior vice president of Gulfstream Aerospace Corp.; Alvin Nashman, retired president of the Government Systems Division of Computer Sciences Corp.; David Karlgaard, president of Performance Engineering Corp.; and Terry Collins, president of Argon Engineering Associates.

Heard any inside-the-Beltway news lately? Send tips and tattles to technews@technews.com with "Beltway Biz" in the subject line.

Copyright 1998 Post-Newsweek Business Information, Inc. All rights reserved


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