Chevy Chase, Maryland is a small but affluent town located just outside of Washington D. C. Known for its beautiful homes, tree-lined streets, and prestigious country clubs, it may not seem like the typical location for a thriving entrepreneurial community. However, this charming town has become a hub for successful businesses founded by entrepreneurs in Chevy Chase, Maryland.
The Rise of Entrepreneurship in Chevy Chase
The entrepreneurial spirit has been alive and well in Chevy Chase for decades.In the early 1900s, the town was home to several successful businesses, including the Chevy Chase Land Company and the Chevy Chase Club. However, it wasn't until the 1980s that entrepreneurship really took off in this area. One of the first major success stories was Capital One, which was founded in 1988 by Richard Fairbank and Nigel Morris. The company started as a small credit card division of Signet Bank, but Fairbank and Morris saw an opportunity to revolutionize the credit card industry. Today, Capital One is one of the largest financial institutions in the United States, with over 55,000 employees and a market capitalization of over $40 billion. Another notable business founded by entrepreneurs in Chevy Chase is Marriott International.
The company was started in 1927 by J. Willard Marriott and his wife Alice Marriott with a root beer stand in Washington D. Today, Marriott International is one of the largest hotel chains in the world, with over 7,000 properties in 131 countries.
The Impact of Technology on Entrepreneurship
In recent years, technology has played a major role in the growth of entrepreneurship in Chevy Chase. With the rise of the internet and mobile devices, it has become easier than ever for entrepreneurs to start and grow their businesses.This has led to a surge of tech startups in the area. One such startup is LivingSocial, a daily deals website founded in 2007 by Tim O'Shaughnessy, Aaron Batalion, Eddie Frederick, and Val Aleksenko. The company quickly gained popularity and was acquired by Groupon in 2016 for $260 million. LivingSocial's success has inspired other tech startups in the area, making Chevy Chase a hot spot for innovation and entrepreneurship. Another successful tech startup founded by entrepreneurs in Chevy Chase is Blackboard. The company was started in 1997 by Michael Chasen and Matthew Pittinsky as a way to connect students and teachers online.
Today, Blackboard is used by over 20 million students and educators worldwide and has been acquired by several major companies, including Providence Equity Partners and Bill Gates' Cascade Investment.
The Importance of Community Support
One of the key factors that have contributed to the success of entrepreneurs in Chevy Chase is the strong sense of community in the area. The town has a close-knit community that is supportive of local businesses and entrepreneurs. This support can be seen through initiatives like the Chevy Chase Village Business Association, which helps promote local businesses and encourages collaboration among entrepreneurs. In addition to community support, entrepreneurs in Chevy Chase also have access to resources like co-working spaces, networking events, and mentorship programs. These resources provide valuable support and guidance for entrepreneurs as they navigate the challenges of starting and growing a business.Future of Entrepreneurship in Chevy Chase
As the town continues to grow and evolve, the future looks bright for entrepreneurs in Chevy Chase.With a strong community, access to resources, and a thriving tech scene, the town has all the ingredients for continued success in entrepreneurship. Some of the most promising startups in the area include Framebridge, an online custom framing company founded by Susan Tynan, and Upside Business Travel, a travel management platform founded by Jay Walker. These companies have already seen significant growth and have the potential to become major players in their respective industries.
