Virginia’s Innovation Dashboard
Tracking Virginia's Innovation Economy
Welcome to the Commonwealth Innovation and Entrepreneurship Measurement System (IEMS), a web-based portal that uses key metrics and outcomes to track the performance of Virginia’s innovation economy. Innovation is widely recognized as the premier path to economic expansion both domestically and globally – and it is clear that an important driver of innovation in our domestic economy are entrepreneurs of emerging, high-growth technology companies. According to a Kauffman Foundation report: “Entrepreneurial ecosystems are becoming recognized as a way to stimulate economic growth, innovation, and social change. Their implementation is gaining momentum across the United States and other parts of the world as their benefits are recognized.” (Kauffman, https://www.kauffman.org/what-we-do/research/2017/entrepreneurial-ecosystem-momentum-and-maturity).
The IEMS creates a dashboard and strategic path to new opportunities in the innovation economy using key indicators that can assist lawmakers, industry leaders and other stakeholders with determining public-private investment priorities and policies. Information about the latest indicators, including benchmark states and Virginia’s regions, is available here.
The June 2018 update is the final iteration of the IEMS. The latest indicators demonstrate Virginia’s continued strength in many areas essential to a thriving innovation and entrepreneurship ecosystem. These include Workforce Education Level, STEM Degrees, and Broadband Access, along with Entrepreneurship Experience and University Environment. Virginia’s universities are providing vibrant environments for faculty and students to pursue entrepreneurism and innovation and complement those in many communities and regions around the Commonwealth. The Kauffman Foundation’s The Kauffman Index of Growth Entrepreneurship: State Trends (October 2017) ranked Virginia as #1 among large states based on the rate of startup growth, share of scaleups, and high-growth company density. It also cited the importance of growth entrepreneurship in helping drive job creation, innovation, and economic vibrancy.
The IEMS was established by the Virginia General Assembly to further the work of the Commonwealth Research and Technology Strategic Roadmap, which links funding for research commercialization projects to Virginia's strategic technology priorities. The original IEMS indicators, announced in January 2014, are available here. The comprehensive review of indicators announced during the 2015, 2016, 2017 and the initial FY2018 update also are provided.
CIT acknowledges the important contribution of The Center for Economic and Policy Studies in the Weldon Cooper Center for Public Service (WCC) in preparing IEMS updates. The WCC is part of the University of Virginia.
Click on category headings and individual performance metrics below to learn more about Virginia’s I&E metrics and outcomes
View a one-page version of the Innovation Dashboard: PDF
View the IEMS in a comprehensive document that includes all category headings and individual performance metrics: PDF
Trend Data Not Yet Available