Since the establishment of the Roanoke Blacksburg Innovation Alliance (formerly Verge) in 2020, which combined the resources of the Roanoke-Blacksburg Technology Council (RBTC) and the Roanoke Area Metropolitan Partnership (RAMP), the tech landscape in the Roanoke-Blacksburg Metropolitan Statistical Area (MSA) has seen significant growth. The latest data reveals a remarkable increase in RBTC Tech Member Industry Index*, rising from 430 in 2020 to 653 in 2023. This 52% growth over three years demonstrates the region’s burgeoning appeal as a hub for innovation and entrepreneurship.
Industry Definition
RBTC Tech Industry Member Index is defined as the following NAICS industries:
| Code | Description |
|---|---|
| 325412 | Pharmaceutical Preparation Manufacturing |
| 325413 | In-Vitro Diagnostic Substance Manufacturing |
| 325414 | Biological Product (except Diagnostic) Manufacturing |
| 325998 | All Other Miscellaneous Chemical Product and Preparation Manufacturing |
| 512199 | Other Motion Picture and Video Industries |
| 513210 | Software Publishers |
| 517111 | Wired Telecommunications Carriers |
| 517410 | Satellite Telecommunications |
| 541330 | Engineering Services |
| 541420 | Industrial Design Services |
| 541511 | Custom Computer Programming Services |
| 541512 | Computer Systems Design Services |
| 541519 | Other Computer Related Services |
| 541611 | Administrative Management and General Management Consulting Services |
Tech-Based Business Thrives in the Roanoke-Blacksburg Region
The surge in new business formations has played a crucial role in job creation, fostering competition, and driving productivity. Each establishment, defined as a single location where business activities occur with at least one employee, contributes to the region’s economic vitality. This trend reflects a broader shift in the tech industry, where startups and established companies alike are increasingly attracted to the Roanoke-Blacksburg area for its supportive ecosystem.
As the tech-based economic development arm of the Alliance, the Roanoke Blacksburg Innovation Alliance (RBIA) has been instrumental in facilitating this growth by providing advocacy, funding, essential resources, networking opportunities, and support services that help tech businesses thrive. The combination of RBTC and RAMP has not only strengthened community ties but has also enhanced collaboration across various sectors, leading to a more resilient and dynamic tech environment.
Sustainable Growth for an Innovative Future
The data underscores the importance of these establishments in not only bolstering the local economy but also in positioning the Roanoke-Blacksburg MSA as a significant player in the national tech landscape. As we move forward, continued investment in this sector will be vital for sustaining growth and ensuring the region remains an attractive destination for tech entrepreneurs and innovators.
Attend RBTC’s webinar to learn more about the future of innovation investment and Roanoke-Blacksburg’s growing tech-based economy. The virtual event takes place January 7 at 9am and is free to attend with registration.
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Throughout his career, Stuart Mease has focused on connecting people to create mutually beneficial relationships. He has served within the private, governmental, and higher education sectors and currently serves as the Director of North Carolina Operations for ROCS Grad Staffing. Prior positions include Executive Director of Employer Relations at Wake Forest University and leadership at Virginia Tech Pamplin College of Business where he oversaw admission and diversity recruiting, mentoring, career services, and outreach.
* Member Industry Index refers to the North American Industry Classification System (NAICS) and, “is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.”
