Richmond, Virginia – Governor Glenn Youngkin has announced a remarkable achievement under his administration: the creation of 10,000 new high-growth and high-wage startup companies in Virginia. This milestone, reached in record time, marks a significant success in comparison to the last fifteen years of governance in the state.
Driving Economic Growth and Innovation
Governor Youngkin’s commitment to revitalizing job growth began on his first day in office. His vision was to create a thriving environment for 10,000 new startups, a goal that has been realized through the “Compete to Win” strategy. This initiative focused on driving innovation, fostering entrepreneurship, enhancing the talent pipeline, providing tax relief, and establishing a nurturing environment for startups. “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!” Youngkin remarked during the announcement.
The announcement was made at ZEBOX, a startup accelerator and innovation hub in Arlington, symbolizing the state’s commitment to supporting new business ventures. The event was in collaboration with the Virginia Innovation Partnership Corporation (VIPC), emphasizing the role of innovative partnerships in achieving these ambitious goals.
A Hub for Entrepreneurs and Innovators
Secretary of Commerce and Trade Caren Merrick celebrated the entrepreneurial spirit that has been catalyzed in Virginia, noting the impressive number of high-growth and high-wage startups established in just two years. Joe Benevento, President and CEO of the Virginia Innovation Partnership Corporation, highlighted the state’s success in attracting venture capital investment, which has significantly contributed to the startup ecosystem.
According to data from the Chmura consulting team and the National Venture Capital Association, Virginia ranked eighth nationally in venture capital investment dollars in 2023, achieving its highest national ranking in over a decade. This investment has been crucial in supporting the launch and growth of startups across the state.
Ongoing Commitment to Innovation
The success story extends across all nine Go Virginia regions, showcasing widespread and positive growth in startup activities compared to historical data. This achievement is not only a testament to current efforts but also sets the stage for future initiatives.
VIPC, operating under the Virginia Innovation Partnership Authority (VIPA), continues to lead the way in innovation and economic development in the Commonwealth. Through managing internal investment funds, providing grants, and supporting entrepreneurial ecosystems, VIPC plays a pivotal role in shaping Virginia’s economic landscape.
The comprehensive approach taken by Governor Youngkin’s administration to foster a conducive environment for startups is a model of how state governance can effectively support economic growth and innovation. With continued support and investment, Virginia is poised to remain at the forefront of business and technological advancements, ensuring a prosperous future for its citizens and the broader economic fabric of the region.
For more insights and updates on Virginia’s thriving innovation ecosystem, visit the Virginia Innovation Partnership Corporation’s official website at www.VIPC.org.
