Governor Glenn Youngkin announced today that his administration had met its Day One target of establishing 10,000 new high-growth, high-wage startups in Virginia. In the last 15 years, Virginia has achieved 10,000 new startup milestones faster than any other Virginia governor’s administration.
“At the start of my administration, I committed to boosting job creation and creating an environment for 10,000 new entrepreneurs in Virginia, and we’ve done so in record time. We’ve achieved this outstanding milestone through our Compete to Win strategy, which has driven innovation, cultivated entrepreneurship, strengthened our talent pipeline, provided much-needed tax relief, and truly created an atmosphere conducive to startup and business growth. Over the last two and a half years, our efforts to enhance our business environment have led to Virginia’s recognition as the best state for business. “All startups should come to Virginia because we foster a successful environment!” said Governor Glenn Youngkin.
On Thursday, August 1st, Governor Youngkin and the Virginia Innovation Partnership Corporation (VIPC) announced the milestone achievement of 10,000 new high-growth or high-wage firms in Virginia at ZEBOX, an Arlington startup accelerator and innovation hub.
“It’s exciting that so many entrepreneurs, innovators, and investors are choosing Virginia to launch and grow startups,” said Secretary of Commerce and Trade Caren Merrick. “It is phenomenal to see 10,000 new high-growth and high-wage startups created in Virginia just over the last two years, and I look forward to thousands more in the future.”
“It’s exciting to celebrate Virginia’s success in driving new startup growth and attracting venture capital investment,” stated Joe Benevento, President and CEO of the Virginia Innovation Partnership Corporation (VIPC). “We look forward to continuing to build upon and expand our collaborative partnerships with both public and private stakeholders to grow innovation and entrepreneurship opportunities throughout the entire Commonwealth.”
As of December 31, 2023, the Chmura consulting team reported that 10,337 new high-growth and high-wage firms had been founded in Virginia between 2022 and 2023. Compared to the previous decade, the rapid rise of new high-growth and high-wage startup companies has been broadly positive throughout all nine Go Virginia regions of the Commonwealth.
According to Chmura’s consulting team and the National Venture Capital Association (NVCA), Virginia will have the eighth largest venture capital investment dollar activity in the United States in 2023. This is Virginia’s highest national ranking and the first time it has been in the top ten in at least ten years, dating back to 2014. Private-sector capital helps Virginia startups establish and expand.
VIPC serves as an independent, non-profit corporation on behalf of the Virginia Innovation Partnership Authority (VIPA). VIPA/VIPC is Virginia’s designated authority for driving innovation and economic development in the Commonwealth of Virginia through research, commercialization, and technology advancement; entrepreneurship, start-ups, and venture capital growth; a tech hub; an innovation ecosystem; and industry sector expansion.
VIPC manages internal investment funds that make direct equity investments in tech-/innovation-led, early-stage/growth startup companies and venture capital fund managers, awards research commercialization grants to universities and entrepreneurs, and provides resource and funding support for entrepreneurial ecosystems, innovation networks, and public-private partnerships at the local, state, and federal levels.
