The Michael Wassmer Innovation Center at 1717

RICHMOND, Va., Jan. 9, 2023 – Today, a special dedication was held for the renaming of Capital One’s 1717 Innovation Center, a startup incubator in downtown Richmond, that provides a collaborative workspace for community organizations and entrepreneurs to learn, innovate and build a better Richmond. The Michael Wassmer Innovation Center at 1717 E. Cary Street honors the legacy of the late Michael Wassmer (Mike). 

For 28 years Mike made Richmond his home. He joined Capital One in 1994 and grew to lead its flagship Credit Card business. Mike also cared deeply about his local community, which played naturally into his role as the Central Virginia Market President for Capital One. Mike guided Capital One’s philanthropic efforts, community investments and volunteer outreach in the region. His commitment to his Richmond community brought the vision of the 1717 Innovation Center to life. 

The story of the 1717 Innovation Center dates back to 2016, when a small group of Capital One associates had the idea of building a startup incubator. Successful models had been launched in cities across the country and the team saw an opportunity to bring the first of its kind incubator to Richmond. When they pitched the idea to Mike, he was inspired to build something unique that could have a lasting impact in the region. And he saw the opportunity to reconnect Capital One to its roots as a startup. For Mike, this was not just about a physical space. It was about listening to the needs of the community and creating a thriving city. Mike dove in and worked alongside these associates to bring this vision to life. 

In 2018, the 1717 Innovation Center officially opened its doors in downtown Richmond. It offered a place for dreamers to launch their ideas and find mentorship, providing unplanned collision moments and a supportive community for start-ups and entrepreneurs. In 2021 alone, 88 startup businesses called 1717 home. 

Last year, Capital One’s Grow@1717 Accelerator graduated its third cohort of small business owners. To date, the program has supported 19 small businesses in Richmond with over 700 hours of high-impact volunteerism and $145,00 in direct investments.

In announcing the renaming of the Innovation Center, Capital One’s Central Virginia Market President Matt Cooper emphasized that Mike’s early vision for the Innovation Center continues today: “We know that when small businesses start and thrive in our city, they create jobs, strengthen the local economy, and attract talent and investors. The ripple effects show up in stronger communities, better schools, increased support for nonprofits, a vibrant culture, and so much more.” 

Tied to the renaming, Capital One is honored to provide $350,000 in seed funding to the Michael Wassmer Foundation, which provides outstanding young adults with the financial assistance they need to accomplish their academic goals. Over $1.3 million dollars, including funding from the family, has already been committed to the Foundation. 

Funding will be used to grant multiple $30,000* need-based scholarships annually to passionate, motivated high school seniors from the Richmond, Virginia region. Applications will open January 15, 2023. 

"Mike and I shared a commitment to make a lasting difference in our adopted hometown of Richmond,” said Andrea Wassmer, President of The Michael Wassmer Foundation and wife of the late Michael Wassmer. “Our family misses Mike tremendously, but we are excited to honor him by granting significant need-based college scholarships to local students through The Michael Wassmer Foundation.”

To learn more, please visit the Michael Wassmer Foundation. 

*Recipients will receive $7,500 annually for up to 4 years for a maximum award of $30,000, assuming they maintain a college GPA of 2.5 and are enrolled full-time. All funds will be paid directly to the university.