Virginia's
Innovation and Entrepreneur Ecosystems Fostering
Accelerated Growth and Opportunity Across the Commonwealth
RICHMOND, Va., Aug. 9, 2024 /PRNewswire/ -- The Virginia
Innovation Partnership Corporation (VIPC) celebrated the
Commonwealth's realization of 10,000 new high-growth/high-wage
startup companies created in Virginia within the first two years under
Governor Glenn Youngkin's
administration, the fastest such milestone has been achieved under
any Virginia governor
administration during at least the past 15 years, according to
Chmura Economics & Analytics, a leading labor market data and
analysis consulting firm based in Richmond, Virginia. Analyzing data from the
Virginia Employment Commission, Chmura's consulting team reported
that Virginia generated 10,337 new
high-growth/high-wage startups during 2022-2023, reflecting a
quarterly average of 1,292 new such startups which is +62% higher
compared to the historical quarterly average during 2010-2021.
Virginia's accelerated rate of new
high-growth/high-wage startups during the 2022-2023 period occurred
across all nine 'GO Virginia regions' of the Commonwealth,
demonstrating broad-based positive directional growth trends.
"All startups should come to Virginia because we are fostering an
environment of success!" -Governor Glenn
Youngkin
Governor Youngkin joined Virginia Innovation Partnership's
CEO Joe Benevento and over 150
entrepreneurs and founders, university commercialization
innovators, economic development partners, venture capital
investors, industry corporate leaders, and public legislator
representatives at a Virginia
startup celebration event on August 1
at ZEBOX, a startup accelerator and innovation hub in
Arlington, to announce this
momentous goal achievement. The startup celebration event featured
an interactive entrepreneur showcase exhibition sample of over 30
Virginia startups representing multiple geographic regions of the
Commonwealth and spanning diverse industries such as healthcare,
energy, logistics, transportation, fintech, agriculture,
cybersecurity, space, autonomous systems, and communications.
"At the beginning of my administration, I pledged to
reinvigorate job growth and foster an environment for 10,000 new
startups in Virginia and we've
achieved it in record time. Through our Compete to Win
strategy, we've reached this incredible milestone by driving
innovation, fostering entrepreneurship, bolstering our talent
pipeline, providing needed tax relief, and truly creating an
environment where startups and businesses can thrive. Our efforts
to bolster our business environment over the past two and a half
years have earned Virginia the top
state for business accolade. All startups should come to
Virginia because we are fostering
an environment of success!" said Governor Glenn Youngkin.
"It's exciting to see accelerated growth in new startup
formation as well as increased attraction of venture capital
investment here in Virginia,"
said VIPC President and CEO Joe
Benevento. "As part of Virginia's Compete to Win, VIPC is
expanding collaboration and partnership with public and private
stakeholders across the many unique ecosystems throughout the
entire Commonwealth to help foster a statewide environment that's
supportive of entrepreneurship, innovation, and growth."
At the Virginia startup
celebration event, host Liz Ward,
Head of ZEBOX America, shared how ZEBOX opened its North American
innovation headquarters in Virginia in 2022, and has since helped connect
numerous startups and large companies together, enabling them to
co-innovate, accelerate growth, and scale solutions to face today's
and tomorrow's global challenges.
"Virginia has a rich history of
fostering innovation and supporting new ventures,"
said Liz Ward, Head of ZEBOX
America. "We are thrilled to celebrate this remarkable
milestone and Governor Youngkin's unwavering support of the
entrepreneurial spirit that defines our Commonwealth."
Over 150 attendees also heard the inspiring story of
entrepreneur Ryan Joyce
and GenLogs, a Virginia
startup launched in early 2023 that is revolutionizing America's
truck logistics industry via freight intelligence. Following
a $100,000 technology
commercialization grant award from VIPC, GenLogs went on to
successfully raise a $3.5 million
seed round from early-stage venture capital investors late last
year.
GenLogs Co-Founder and CEO, Ryan
Joyce, shared "Virginia
has been incredibly catalytic for GenLogs since our startup was
launched in 2023. From Startup Shenandoah Valley to ZEBOX to
Lighthouse Labs to VIPC and beyond, we've been afforded ample
resources, critical mentorship and connections, and funding that
has allowed us to validate our technology and generate that
all-important 'spark'."
"Despite encouragement to set up our company elsewhere, our team
knew the talent, resources, and capital that Virginia could offer and were united in our
desire to plant our flag here. Not a day goes by that I'm not
reminded that Virginia is exactly
where we need to be to grow, succeed, and change the face of
industry," he added.
VIPC has worked with Chmura's consulting team since 2022 to
research and measure new startup company formation and growth in
Virginia, as new businesses are a
critical driver of Virginia's
economy.
"A high-paying job in a rapidly growing industry will increase
the state's average wage and growth rates, thereby enhancing the
overall standard of living," said Dr. Christine Chmura, Founder and CEO of Chmura
Economics & Analytics. "They significantly boost economic
productivity and offer the greatest opportunities for the residents
of the Commonwealth."
Additional research analysis support conducted by Chmura's
consulting team can be found here.
About Virginia Innovation Partnership Corporation
(VIPC)
Connecting innovators with
opportunities. VIPC operates as the nonprofit
corporation on behalf of the Virginia Innovation Partnership
Authority (VIPA). VIPA / VIPC is Virginia's designated authority for leading
innovation and economic development in the Commonwealth of
Virginia through research,
commercialization, and technology advancement; entrepreneurship,
startup, and venture capital growth; and regional ecosystem, tech
hub, and industry sector expansion. As part of its operations, VIPC
manages internal funds which make direct equity investments in
technology and innovation-led early stage / growth startup
companies and venture capital funds, provides research
commercialization grants to universities and entrepreneurs, and
offers resources and support for entrepreneurial ecosystems,
innovation networks, and public-private partnerships at local,
state, federal levels.
VIPC's programs include: Virginia Venture Partners (VVP) |
Commonwealth Commercialization Fund (CCF) | Entrepreneurial
Ecosystems Development | Regional Innovation Fund (RIF) | Smart
Communities | The Virginia Smart Community Testbed | The Virginia
Unmanned Systems Center | Virginia Advanced Air Mobility Alliance
(VAAMA) | The Public Safety Innovation Center (PSIC) | Federal
Funding Assistance Program (FFAP) for SBIR & STTR | University
Partnerships | Startup Company Mentoring & Engagement.
For more information, please visit www.VIPC.org. Explore the
latest news from VIPC and images from VIPC-supported stakeholder
events. Follow VIPC on Facebook, X (formerly Twitter),
and LinkedIn.
About Chmura Economics
& Analytics
Chmura Economics & Analytics is a leading provider of economic
research, analytics, and forecasting solutions for businesses,
policymakers, and organizations worldwide. With a proven history of
excellence spanning 25 years, the company delivers actionable
insights and innovative data solutions that drive informed
decision-making and fuel economic growth. For more information,
please visit www.chmura.com.
Contact
Angela
Costello
VP of Communications & Marketing, VIPC
Angela.Costello@VirginiaIPC.org
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SOURCE VIPC