FAIRMONT, W.Va. - Graduates of FastTrac^® business and entrepreneurial programs offered in West Virginia indicate that the program has helped them yield increased revenues and has led to job creation at their businesses.

FastTrac^® programs are offered in the state by the West Virginia High Technology Consortium (WVHTC) Foundation's INNOVA Commercialization Group and the Ewing Marion Kauffman Foundation of Kansas City.

In a recent survey of FastTrac^® GrowthVenture^™ program graduates, 87.5 percent of those responding said that they increased the gross sales of their businesses. Respondents indicated that their gross sales increased by at least 10 percent and as much as 200 percent. Additionally, all respondents reported job creation at their businesses as a result of the increased gross sales.

"These are the kinds of statistics we really wanted to see when we decided to offer FastTrac^® programs throughout West Virginia," said Greg Clutter, Director of Commercialization, WVHTC Foundation. "These are early statistics on our programs because we're only in our third year of offering FastTrac^® programs, but to say this is encouraging is an understatement."

FastTrac^® GrowthVenture^™ is a program offered one evening each week for 10 weeks and targets people involved in existing enterprises who want to improve the performance of their businesses. The program features content and action steps to help businesspeople sharpen their strategic thinking and decision-making skills as they plan for the growth of their businesses. Program participants complete the course with a business plan, entrepreneurial strategies and a vision for success. The 10-week programs will begin in Beckley, Martinsburg and Fairmont in early September.

Perhaps one of the most visible FastTrac^® success stories has been that of the Spring 2005 Beckley graduating class, which continued to meet after the formal program ended. Participants continued to gather momentum and members, and eventually formed the Entrepreneurship Alliance, Inc. The group recently received a $200,000 grant from the Pittsburgh-based Claude Worthington Benedum Foundation, and its mission is to develop the entrepreneurial spirit and the business climate in southeastern West Virginia.

"FastTrac^® is a great program and a tool that can help develop the business climate in West Virginia," said Doug Bicksler, President of the Entrepreneurship Alliance, Inc. "It will give participants the ability to build a foundation for their businesses and grow. Businesspeople each have their own strengths, but FastTrac^® brings all the facets of business together and acts as a springboard for growth."

INNOVA is the statewide administrating body for FastTrac^® programs in West Virginia. The Kauffman Foundation is a national partner of FastTrac^® and a supporter of FastTrac^® programs in West Virginia. FastTrac^® GrowthVenture^™ programs have been completed in Fairmont (3), Beckley and Wheeling. The fourth Fairmont program, the second Beckley program and the first Martinsburg program will all kick off after Labor Day. The first Charleston program and the second Wheeling area program are anticipated in early 2007.

FastTrac^® is a comprehensive entrepreneurship-educational program that provides entrepreneurs with business insights, leadership skills and professional networking connections so they are prepared to create a new business or expand an existing enterprise. The FastTrac^® program includes practical, hands-on business development programs and workshops for existing and aspiring entrepreneurs.

Focused on the growth of early stage West Virginia companies, INNOVA delivers technical assistance and seed stage capital in addition to FastTrac^®. INNOVA's introduction of FastTrac^® in early 2004 marked West Virginia as the 42nd state to offer the Kauffman Foundation program. FastTrac^® is currently offered in 49 states and on three continents. More than 165,000 participants have completed FastTrac^® programs in the U.S. over the past decade.

GrowthVenture^™ programs cost less than the average college course and qualifying participants may obtain scholarships that pay for half of the program. Payment options are also available for registered participants. To register for FastTrac^® programs or for further information, contact Deana Keener at gdkeener@wvhtf.org or at (304) 366-2577.

The INNOVA Commercialization Group, an initiative of the WVHTC Foundation, is a statewide commercialization effort designed to advance economic growth by increasing the number of new products introduced into the marketplace by West Virginia innovators. INNOVA drives this economic advancement through delivering high quality entrepreneurial education programs, professional technical assistance and seed stage investment capital to regional businesses.

The WVHTC Foundation is a 501(c) (3) non-profit organization based in Fairmont, W.Va., functioning as an engine of economic change for growing a statewide and regional high tech business sector. The Foundation has established a multi-faceted approach to maximize economic development, including infrastructure development, research and development, commercialization and affiliate services.

For further information, contact Patrick Gregg at (304) 333-6773.