Mentor Spotlight: Interview with James Ramey of VTC Ventures
RAMP mentor James Ramey has been with the accelerator since its conception. He’s had a front-row seat to RAMP’s growth and development, though he’s never been a simple spectator. From his work with VTC Ventures, to mentorship, to serving on selection committees, to speaking at lunch and learns, James and his team contribute meaningfully to every acceleration cycle across RAMP’s program offerings.
Originally from California, James earned his Juris Doctorate from the University of Nebraska and found his way into tech via practicing law. His career path took him from the West Coast to the Midwest and NYC. James was eventually drawn to Roanoke because of its strong potential as an engine for innovation and settled here to launch the seed and Series A venture capital fund, VTC Ventures, in 2017.
We had a chance to connect with James to discuss his experiences in tech entrepreneurship, his role in the Roanoke Blacksburg innovation ecosystem, and his vision for the future.
Can you tell us a little bit about your background? How did you find your way into tech and entrepreneurship?
After practicing law for a few years, I joined a venture fund in dual capacity – in house counsel and venture investor. I fell in love with the investment side of the business. After working my way up from Associate to Sr. Associate, I moved to the New York City area to be an investment banker. I ran a deal team at an ed-tech focused investment bank called Tyton Partners focused on lower middle market mergers & acquisitions and early-stage private placements. I joined Middleland Capital in late 2017 to launch VTC Ventures.
How did you choose Roanoke as a place to live and grow your career?
VT and Carilion were partnering with Middleland Capital to launch VTC Ventures here in Roanoke. I learned a lot of best-practices (and mistakes!) through my experiences in the Midwest and NYC venture ecosystems and thought Roanoke had strong potential.
What are your current roles/projects and how do they play a role in the greater innovation ecosystem?
We are a seed and series A venture capital fund, so we invest in startup companies across the VTC Ecosystem. In addition to investing in and helping grow top regional startups, we also find promising startups around the world and “import” them into our ecosystem via sponsored research, co-development, and clinical/animal studies/trials with VT, Carilion, and FBRI. Our non-regional portfolio companies also often hire employees in the Roanoke/Blacksburg region.
How did you get involved with RAMP and what is your role there?
I’ve been involved with RAMP since its inception as part of the selection committee, a “floating mentor”, and lunch & learn speaker. My team works closely with RAMP via on-RAMP and Exit RAMP.
What is your favorite memory or proudest moment working with RAMP?
Generally speaking, it’s been great to see RAMP mature and grow over the years compared to its inception. Specifically, it’s been great to see Tiny Cargo’s post-RAMP success. I also think there’s great value in the entrepreneurs who, through the RAMP process decide not to move forward with their businesses. As wonderful as it is to see a business flourish, it’s great to see an accelerator help a founder pivot, or make the tough, but correct, decision not to keep moving forward.
As you consider your career thus far, what is one obstacle that you’re most proud of overcoming?
It’s extremely hard for a small fund to build a brand name, especially outside the primary “venture hubs.” We still have a long way to go, but national and international investors are starting to take our fund, and as an extension, our ecosystem seriously, particularly in healthcare and aerospace in defense.
What piece of advice would you give early-stage tech/biotech entrepreneurs?
Your business needs to be an obsession for you. If you aren’t obsessed with solving the problem you’re addressing, someone who is obsessed will beat you.
What would you like the community to know about innovation in the region?
For starters, due to the collaboration of Carilion, FBRI, investors (including us), and resource providers like RAMP, we have a clinical innovation engine that surpasses metros twice our size. In deeptech, Virginia Tech is one of the nation’s most strategically positioned research institutions for the technologies that will define the next decade—drones, artificial intelligence, quantum, and dual use defense tech.
Is there anything else we should know about VTC Ventures and your work in the Roanoke Blacksburg innovation ecosystem?
Everyone who has worked with our team knows we are all as obsessed with our fund as we expect our entrepreneurs to be with their businesses. I’m happy to report our portfolio companies based within 75mi of Roanoke have raised over $60m of outside capital. Our portfolio has also driven over $14m of sponsored research into our ecosystem, and our portfolio companies currently employ 114 net-new employees in the region. I can’t share any specifics about upcoming investments other than to say this is one of the most exciting times to be an early-stage investor in decades. We are going to see multiple foundational and generational companies be created and mature in the coming years and I’m thrilled and humbled to be investing during this time.
RAMP is part of the Roanoke Blacksburg Innovation Alliance (RBIA), established to grow the region’s innovation economy, technology and life sciences sectors, and the supporting professional communities. It aligns the strengths and programming efforts of the Roanoke-Blacksburg Technology Council (RBTC), the Regional Accelerator and Mentoring Program (RAMP) and Common Wealth Angels. RBIA serves GO Virginia Region 2 and works to form collaborations with government, business, academia, and other organizations to advance the region and grow a thriving innovation economy.