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.
Startups and startup supporters from around the Commonwealth celebrate success with Virginia Governor Glenn Youngkin.
ZEBOX's, Liz Ward and Sarah Reat welcomed entrepreneurs and Governor Youngkin for the event hosted at their Arlington, Virginia innovation Headquarters.
New High-Growth/High-Wage Startups in Virginia (during first two years of Administration)
New High-Growth/High-Wage Startups in Virginia (quarterly average)
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'sCompete 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.
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.
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